Bitcoin Forum

Common sense will tell you that most of the cloud mining operations will not give long term profit for its customers because Bitcoin mining is very competitive and the difficulty is always rising as there are more and more mining rigs added to mine the coins. We have also seen many cloud mining operations closing down and most of them did not even gain return on investment for customers.

So I ask this. Was there ever a profitable cloud mining site? Is there one now? Please post your answers and I will try to do my research on your service to see if what you are saying is true.

By posting your favorite cloud mining site here, we have to first assume that they are not profitable and have to be proven otherwise.

By their very nature, they have to start off appearing to be profitable to draw suckers in. Like any Ponzi if you get in early and get out you may well end up making some profit. I can think of other things I'd rather be risking my money on.

Back to two years, i remember seeing people talking about cloudmining and how profitable it is, of course it doesn't mean making thousands of dollars  ;)
I didn't have bitcoin that time nor the experience to search about how legitimate/profitable they are but the two that comes in my mind are : cex io (closed) and the bitmain's PACMIC +/- genesis mining
For now it is hard for me to believe that there is a profitable cloud mining after the halving and the increasing difficulty...

If there are profitable cloud mining site, usualy they runs ponzi scheme and it is profitable in the begining. They are many examples (ltcgear,cointellect, scrypt cc and the last gone Hash Ocean). All of them disappear with costumers money, in my opinion for today there are not profitable cloud mining service.

I don't see either any reliable cloudmining services right now thats why i am avoiding those one so i will not become a scam victim since i already learned more lesson from the past, so thats why people should need to learn their lesson to since cloudmining business is not profitable as of now, mostly those running nowadays are scam and only exist just to satisfy their greed for money.

There is a problem with defining if cloud mining service which was active in the past was fully legitimate or not.
Because I know some companies which paid their customers and fulfilled their mining contracts, but then went bankrupt or simply disappeared.
I have trouble deciding if that was because there were Ponzi or simply mining turned out to be not profitable in the long run.

Unfortunately no real cloud mining at this time , I tried to invest in some sites which claimed that they are cloud mining sites , but they scammed me in the end , when I was newbie , I though they are legit sites .
Genesis mining might be good site , but I did not try it because they give small profits.

there are so many sites on cloud mining came and went , some were profitable ,but lot of cloud mining sites turned scam , in the beginning cloud mining sites give some profit  and after few days they turn scam , some sites are running from long years but profit is very less.

no one can compete with the mining farms any more. if they could then why would they share their mining power with some random idiot on the internet for pennies?

if I was scammer on the other hand, that sure looks like a juicy piece of low hanging fruit to get money out of people.

Scammers trying to gather goats for slaughtering.......That is all. If cloud mining was anything profitable then why wouldn't the admin mine for bitcoins himself........ :-[

What do you mean by "it doesn't mean making thousand of dollars"? If I invest $20,000 in a cloudmining site like what you mentioned, Genesis mining, are you saying that I will not be able to make thousands to get my investment back and earn from my contracts?

To the people who have tried Genesis Mining. If I invest $20,000 in Bitcoin mining contracts, how much would I expect to receive and earn monthly?

First of all don't ever do that mistake to invest 20.000 USD in genesis mining. The only people who will tell you that you will make money there are sockpuppet or shills looking to earn from their referral system.

This is how it works in Genesis Mining. Let's suppose you buy lifetime contract with your 20.000 gran . They start paying you out well in 2-3 or maybe even 5-6 months since your amount is a big one. Then all of a sudden they shut down your miner by telling you difficulty in bitcoin mining has increased so your miner are not anymore profitable that's why they have to turn it off.

This way you will never make back your investment with Genesis-Mining.

Know that there is not available for the moment any cloud mining that can make you profit, legit or not.

in my experience I don't know any profitable mining site that wasn't or isn't a ponzi
Hashocean was a good ponzi , so maybe it was profitable for many but at the moment there is no good site even ponzis

hopefully because people stopped joining these sites , but yeah other than ponzis I don't know any profitable site that operates or operated before

As of people saying in some existinh threads they are stating that the roi is to low and not worthy for the long wait so its ideal for you to weigh some things up before looking for cloudmining investments, and i think its better for you to have your own mining farm rather than investing at those unsurely profitable site, so you better be wise since scamsite are everywhere, 20,000$ is huge investment.

I wouldn't know if there was a profitable cloud mining site because I don't cloud mine ;) and I probably never will, at least for now ;). There may have been profitable cloud mining sites in the past but I'm not too sure on that. I normally put my bitcoins into Haobtc now since they are a very trusted "investment" site.

It is all about the ROI, as i mentioned before it was easier but I never heard someone making a big earning from cloudmining sites
Theses days if you invest such amount, the site will turn offline immediately lol and scam everyone's money  ;)
With such amount and a low price electricity i would say solo mining is more profitable (make your calculation before ofc)

You are lucky if you invest in a mining site and you got back your roi. Most of the time before people get their 100% ROI , Cloudmining site run or they just don't pay you and will give a lot of reasons with the delay. Some cloudmining will pay low investment and will wait for you to reinvest then they'll run. There's no safe nowadays.

Only legit and worth investing site I know is Genesis-Mining. They truely have proper data-centers and are legit cloud mining team.
They have had coverage in media as well and are quite popular not like the scam ponzi who are run by people whom we never really in real life.
If I ever want to invest in cloud mining it would be genesis-mining.

People would have recieved more than their ROI on the antminer S7 on hashnes's cloud mining scheme.
The hosted mining from miningsweden would give around $10 profit per month (potentially).
I think BW are still profitable cloud miners along with other laes able to do hosted mining.

Until ~june 2014 it was profitable to do cloud mining, specially for those who were living with high costs in electricity. It was a question of doin' some math to ser that was profitable. But 2015 was very bad for cloud because of the drop in BTC price. So, who invested in (most the 2nd semester) 2015 didn't take money. But answer the thead, there was a good time to do cloud mining indeed.

there was a site early 2013 that gave 1 gh test accounts for free (forgot its name)
I opened one for shit and giggles,in 2015 I logged in
and was surprised to see the site was alive
 withdrew around 48$
so yeah,there was a profitable mining site for me :)

Not really sure that's a mining site? It sounds like you're describing a ponzi scheme.
A ponzi scheme is arguably one fo the best ways to win and lose Bitcoin (get in the right placce at the right time and you may et your money back, otherwise, it's gone)!.

I dont want to sound judgmental but I honestly believe that almost all cloud mining sites are ponzi or scams and it is just a matter of time before they disappear.Dont be misled if they pay you for it is their modus operandi  to use you as a bait for other investors.Once they have lots of bitcoin,they will disappear without any trace

no it was a legit mining UK company
think they closed by now but they were still in business in 2015
a rare ponzi would survive 2 years of operation without collapsing
if I find their name in my browser cache or history I'll post it here

That would people would believe and i would agree with that either and i don't really trust cloudmining these days since mostly all of them are scam and others are just still operating by now as ponzi so we should closed some taugh's that we can sti earn on cloudmining since the one who's existing nowadays are not really a real company and just a hyip, thats why delist cloudmining in our investment plan so we cannot get compromise if they will turn scam.

for now, i think mining its not profitable again if we only have small hashrate because the difficulty of bitcoin was increase and there are no chance for us to get much of bitcoin. for the minimum hashrate i think it will be like more than 1000 ghs.

but for now, there are many cloud mining site that ready to scam every people which join with them and they can scam us in everytime. its hard to choose what is the good cloud mining site.

I never believed in any of the cloud mining sites even when some of those were giving good return because i know there is nothing like easy money.
The sites which promised to give good return scammed like hashocean and cldmine.And the one which are still running are giving very less return so as of now there is none profitable and trustable cloud mining sites.

There was a service called cex.io in which you could trade your hashpower for btc inside their own trading platform. Well, I never did any real profit from the cloud mining service that they offer but I did get nice returns on the hashpower trading they have. That was the only profitable cloud mining site that I ever participated because there is an option for you to always sell your mining power for a different price unlike others that would just lock you up in x years commitment and giving you dust every day.

In the beginning when difficulty of bitcoin was not so high and increases in difficulty didn't happen as often as they do now , in this time Hashnest was profitable.

Unfortunately this time was a short one as difficulty started to increase rapidly which starting to mean lower income daily until it was not profitable from a long time now.

Yes there was a profitable cloud mining site a long time ago but now it does not exist anymore such site.

I mean obviously there was. Mining in general is not profitable for most people but again obviously it has to be profitable for someone otherwise bitcoin would have been dead by now because no one would mine it. You need serious hardware and a lot of money to initially invest into mining to be able to get a profit afterwards.

Yea, I remember the PBMining days, and if I remember correctly I made more profit from their sig campaign back then, than the cloud

mining I did on their site. I actually believed that cloud mining was not a Ponzi scheme and that it was backed by real hashing being

done. I even bought some at CEX.io to spread the risk. Now, looking back... I cannot believe how gullible I was. Well, we all have to

learn the hard way.  ::)

I am not sure to be honest. I know that the only party that comes close was hashnest and even they can't offer real time roi. Simply because they corrupted their own market with so many price manipulation. With them out of the picture it's safe to say there are none.

Yes, there is no cloud mining site which is always profitable to investors. Practically, mining bitcoin will be profitable only if you are able to save the block rewards for some time, which is not possible with cloud mining business structure and they do get affected by bitcoin price fluctuations.

Common sense should tell you to not open this kind of thread. All cloud mining services are profitable for the owners, and people who get there first. And even if they get there first their profit is not guarantee. Pyramid works like that, people give, they get something in return in the beginning. but how things going forward they have more and more people and just in one moment they disappear with all that money people invested.
Here you are to inform yourself a bit, maybe you will find something interesting here.

https://en.wikipedia.org/wiki/Pyramid_scheme (https://en.wikipedia.org/wiki/Pyramid_scheme)

https://en.wikipedia.org/wiki/Ponzi_scheme (https://en.wikipedia.org/wiki/Ponzi_scheme)

Actually cloudmining are in horrible state right now and that is not really a good choice for us to earn some profit upon investing at those, and come to think of it we shouldn't close the idea upon investing at those since mostly of them are runned by scammers, so thats why for our safety we should stay far away for those anymore and find another good thing as investment so we can make sure to gain not to lose

No they weren't.

They were all scam. They ran their business for a long time. People wanted them to be real deal but it wan't the case. Soon they learnt the hard truth.

There is clouds mining running a Ponzi scheme but in the end they will be fraud because the cloud actual mining takes a long time for you to take advantage.

technically no there were never a good and profitable cloudmining site that you could just invest and make some amount that you could even call "profit".

although there were this one site called Ghash.io which is still available i think where you could buy GHS from through the exchanger (which is still active to this day) called CEX.io it was kind of profitable but it was a long time ago and most of the profit that i got from this site was through trading the GHS.

it means i could buy GHS and as soon as i bought it, the miner would start mining for me and i could sell it or a part of it any time i wanted and price of GHS went up and down just like any other altcoin so there were a good market for profit.

just FYI they stopped cloudmining when price went down and the maintenance fee became so high.

Not to promote ponzi sites, but a lot of people claim that they have made some money out of HashOcean. HashOcean ran for time longer than what we expected. Those people who have invested in the early stages of a ponzi site are the only ones who have a chance to make profit out a ponzi site. However, just because those people made money out of a cloud mining site, doesn't mean you will too. Don't invest on cloud mining site, ever.

Was there ever a profitable cloud mining site? No "technically".

Was there ever a profitable cloud mining site (as seen in their site)? Yes but that's not a real cloudmining site operation.

You can really get some profit in those famous cloudmining site back then because lots of investors are being paid resulting for more new investors but it doesn't mean they are really mining on action. They are just using some computation based on the mining difficult or any factors that will affect mining. In other words, virtual and eventually will turn to a fraud one.

Going on past some people are saying that they earn on cloudmining sites since they got some profit for it and i don't think they can be called legit since they are paying,  and HASHOCEAN and other cloudmining site has turn scam is the best example for us to decide upon telling if cloudmining is still profitable in these days,

Cloudmining are all scam and never been a good idea to invest  our money on these sites.

I would say https://www.genesis-mining.com/ 

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there is no cloud mining site, where you can get real profit. legit cloud mining sites has very low incoming, others are ponzi and will become scam and you will lose all your investment, so be careful and stay away from investment sites, just try trading or gambling. there you will have more chance and incoming will be defending on you

If you ask about REAL cloud mining service (not Ponzi - because was few profitable ponzis, of course when you get in at the beginning), HashNest is/was profitable. I sold all my power there few months ago, so i don't know how it looks right now, but it was profitablle in that time.

Ofcourse it was also very important in which moment and for what price you buy power..

I think genesis mining is a legit one. It's the only cloud-mining site tagged by badbitcoin.org as "safe" to invest.

As i know Genesis-Mining is safe cloud, but OP asking about profitable cloud mining servie. If you check their official thread, you can find a lot complains that GM is not profitable anymore.

i think for now, there is no cloud mining site will give profitable again for us, because the difficulties of bitcoin has increased and its really need another super strong hardware to mining bitcoin, unless you concentrate with altcoins which is have many altcoins with low difficulties that can give us big profit.

I invested in hashprofit cloud mining site for the first time and before that it was paying users but just after i invested it scammed just the next day and that day i was really dissapointed to loose my hardly saved money.And now i would say there are no profitabe cloud mining sites.

Its better to ask is there even any legit, real cloud mining site which have big mining rig mining real crypto. I will say no, no any cloud mining ponzi are legit or real miners, better not to invest in any of the cloud mining sites.

Even there is a legit cloud mining sites  it's only giving a small % profit for waiting too long time so still not profitable ill prepare trading than investing in cloud mining.

So the answers there are not profitable cloud mining services, because the difficulty of bitcoin mining and high fees electric for mining, it will be hard for looking for profitable cloud mining service.

But in my opinions seems hashnest is still profit but caused by halving that's will decreasing a lot of the percentage of profit... in this time i never seen the cloud mining is a real cloud mining and not using a ponzi system...

For me even hashnest is not profitable and could not be my choice if i want to put up for some investment, i am reall long time away for that scheme since i don't believe their is true among them an as experience i can really say that all of them are on ponzi system and turn scam whenevet they have reached the money they want, thats why we should consider those site as scam so we cannot get scam and don't make them more richer.

I think genesis mining is running fine these days and probably the only one which is not scam site.But its not profitable specially after the having the return has been halved and it would take along to time to get ROI .So i will say none of them is profitable.

yes there was, hashocean, the early investor claims that they already enjoyed the profit, and from what i heard eobot is also one of the cloud mining that give investors profit, but i dont know whether its just a rumour or not, but i choose not to invest in such a risky thing anymore, and i also suggest you to do the same, the one that is going to make profit is the owner of the cloud mining

There was? Where? I don't see any profitabl cloudminings at this moment and it could not be profitable when years will passes and many halving will reach and in that time mining business is totally done and i really believe that all of cloudmining are running on ponzi system and should be avoided since there are so many incident happen and they use cloudmining just to gain more success upon there bad doings.

Cloud mining in general is a horrible industry, but I also remember some people that were saying they had made their initial investment amount back, and thus could continue with from there only profits.

I think it was with PB mining that turned out to be a scam. But those that indeed managed to get their money back are a far minority as probably 95% of the people have never been even close to getting 50% of their initial investment back.

Cloud mining was not terrible industry - scammers make it looks bad - the fact that is is so easy to fake mining operation and scam people made it really terrible.
For 1 legit cloud mining services there is 100 fake ones. So now when you hear "cloud mining" you think: oh, another scam - and the worst part is - you will probably be right.

I use eobot and nicehash and they work well. Nicehash is nice since you borrow someone elses hashes. I like that you can sell back your hashes by trading them so it gives ROI more easily. I know there have been many scams but you can easily check by using a mining calculator. So if their rate is better then the calculator then you know something is wrong.

Yes. NiceHash/MiningRigRentals is, was, and still can be profitable, but it all depends on luck. The more blocks the pool your mining at finds, the higher chance you will ROI. Other then that, if cloud mining is profitable, why would the people selling contracts not keep the profits for themselves? There is never a 100% guaranteed profit opportunity in cloud mining. Those that aren't ponzis aren't profitable usually.

Yeah 2 cloud mining has an excellent performance and healthy. 2 cloud mining is still standing and has no problems. But I'm not sure that it will always survive, because all the things that exist in the cloud mining will definitely have problems. From the start the tools existing funds, mining, or maybe they're wearing something that is not supposed to be used

their are some people have investment at their and their  feedback is really half or shall we say there are telling bad and good,  but for me cloudmining is done on my system and i cannot trust them anymore since that business are in horrible state where we cannot guarantee to earn our profits for certain time,  and so by that its  really better to find. another thing that we can benifited the most.

Me either I don't trust any cloud mining anymore even though I didn't became a victim of it. Because upon seeing their schemes they are just going to be turned to be a scam in the future. Even though you guys are saying that those websites are trusted and paying for me as long as it is cloud mining, it is going to collapse in the future and your bitcoins will fly to the clouds.

On 2014 there was cloud mining service that gave short time for return of investment about 3-5 months, the service was zencloud that been supported by gaw miner for the hardware miners, but in the ending every body knew it was runing ponzi. Today there are not profitable cloud mining site even if just for return of investment is hard.