Bitcoin Forum

Hello guys,
Probably going to be met with eye-rolls and "noob!".... But anyway, I'm brand spanking new to, and still pretty intrigued by cryptocurrencies and how they work. I have the basics down, I've done some research and I think I'm ready to start mining for bitcoins. Since I don't have the resources available to me to efficiently run my own hardware, I think that cloud mining is a better fit for me. I started an account on GenesisMining, and was instantly met with terms like Th/s, Gh/s, Mh/s, and other things that make no sense to me, with no explanation. ???

Can someone who is an expert or at least knowledgeable please give me a good recommendation on what the best cloud mining service is, and at what rate I should mine for the most cost-effective results?

(I do not plan on using cryptocurrencies for any unethical or illegal purpose.)

I like your disclaimer  :D, ok to give you the answer regarding cloud mining,you are purchasing the Hash rate in cloud mining,Kilohash or KH/s thousands of hash per second,Megahash or MH/s millions of hash per second,Gigahash or GH/s billions of hash per second,Terahash or TH/s trillions of hash per second,Petahash or PH/s quadrillions of hash per second,to calculate how much profit you can earn from mining,you can just search in google for bitcoin mining calculator. i suggest you to stay away from bitcoin cloud mining,i don't think so it is profitable, just use the calculator and find out by yourself.

Well today make investing on cloud mining is not worth and profitable because of high cost and increase difficulty of mining every days always growing up, but if you want try making investment into cloud mining service. You can try into hashnest.com of course with low amount capital and make sure for return of investment, before make investing again. Good luck

Could you elaborate on the reason for a "Cloud Mining" recommendation? If it's to make money, then your goal will almost certainly NOT be met. If you just want to spend money, and participate in Bitcoin, there are a variety of ways to do that. The may not be any more profitable.

Otherwise, I would suggest that you spend you money on something else.

You initial statement suggest that you already know the answers you'll get, so why ask the question?

And what about the google search engine?what about the bitcointalk toolbar search? just typewriting your keyword and a lot of answers will appearing for itself.
So... for a recommendation about the cloud mining is not worth at this time, but about more information for mining in the another section like mining section or beginner and help be a correct place for you.

do NOT even think about investing in a cloudmining service because simply they are all scams. in fact what you are investing in is a Ponzi scheme not a cloudmining service because there is no actual hardware to mine bitcoin. they show you some numbers on your screen and say yeah we are mining for you.

but until you see the hardware with your own eyes and see that they are mining with it don't believe a word they say.

Exactly,it is a matter of time until every cloudmining/hyip/revshare site collapses and the owner runs away with your money,even if you are lucky enough and make some money(which I highly doubt) they will be stolen from newer members who joined after you,how would you feel then?personally I wouldn't feel very comfortable.

Im kinda feel annoyed when people keeps asking info's about cloudminings while its clearly stated on many threads and incidents of scamming event happening on those sites and people should really pin point that all of them are scam, so its not really good upon thinking to invest on those since surely the scam incident will repeatedly happen on those one, so better leave and save your money for those frauds and think that we can't earn with that one.

Staying away from cloud mining industry is highly recommended as of right now due to bitcoin prices still not meeting the break even point. May be we can think about cloud mining again when bitcoin prices raise in over night. Slow progress of bitcoin price appreciations will not make mining profitable as mining difficulty also grow simultaneously.

...

I looked into cloud mining when relatively new (say two years ago) as well.  I read NO success stories among those (non-tekkies anyway) who tried...

So unless things have changed (probably not), I would stay away.  

Keep reading the threads though, maybe someone will come along and offer a legit service that promises a real (= low) rate of return.  

Interest rates are extremely low now (and so any passive income at reasonable risk would likely be low), and recall:

"There is no such thing as a free lunch."

Thats why its very recommended for other to stop thinking that cloudmining can be a good source to get some profits, its because all of them are really not worth it to invest on that scheme and hope that cloudmining sad stories will be the strong basis for them to stop investing at those all of them well do some repeated scam modus to steal our money,  CLOUDMINING is a bad idea and never been good nowadays.

My recommendations would be not to invest in cloud mining now but its not worthy any more specially after the halving has done this year the return are halved and getting back roi is gonna take much more time and importantly there are much trustable cloud minig sites runnig these days,most of them are all scam.

actually there's so damn much of succes stories floating around about investing in cloud mining and gaining success but unfortunately those stories aren't real or the stories are real but it's the cloud mining owner's stories because he's scamming through his ponzi scheme LOL.

Man better don't get in cloud mining, the profit is very little. The best option is just to buy BTC or get in trading. Trust me I've tried it.

In the pastm I remember that you could earn some money from cloud mining.

But knowing what I know now, I am rather sure it was not mining money you were earning but instead investment money.

Nowadays it is safe to assume that 99.9% of cloud mining is pure scam - they are Ponzi and will stop paying you at some point.

If you have balls you can try to invest and fuel this machine, but it is worse than gambling - you will always lose.

like a wolf in the sheep's clothing, some people still believe with some cloud mining site like hashnest and are you sure if that is very risk?today?in this place there are lot of people is keep their mind with hashnest and not care about the risk for using cloud mining site.

I would  like to recommend to stay away from those cloudmining site  because they are just total scam which   you would definitely lose your  money and  dont be fooled on the high returns on your investments because   they are  just  tactics to lure people  to invest  on to their site.

most of the topics asking for cloudmining recommendation and have an specific name inside their post are somehow affiliated with the named cloudmining and they are trying to advertise it in form of a question from a throwaway account.

you can figure this out when the account in question looks like this:

but there are some concerned members who have just seen an ad with big promises who want to make sure of it and they are more active than above.

Hi, I was you when I started out into the cryptos. Stick with genesis and Hash flare. I have been using them for 6 months now. Don't expect to make good money from them. I would recommend to try only and only if you can handle the feeling of loosing the fund you invest in them. they both seem legit for the time. But you never know when they may shut down. Try them out at your own risk. Other sites which promises you that you will get 50 to 100 percent in 3 to 6 months end up as scams or Ponzi schemes.

I don`t recommend cloud mining sites cause many of them, if not all become scams in the end. Also waiting for ROI is not something that can
happen in few days or weeks, you need to wait that for months, always in fear that one day when you open your browser you will not find their
site online anymore.
It`s much better to keep money you have, to try something else with it, or in last case spend it on something nice for you. Everything is better
 then to give them your money.

Yes, I agree, after CLDMine, Haschocean and big cloud mining has become scam, I never join and invest again to cloud mining. If we amount, I recomend to trading, it's very real to increase our bitcoin

Best recommendation: Don't get involved into cloudmining.

It is a well covered ponzi. Only a few people have gotten their ROI they accomplished this mostly by sharing their ref links. Otherwise its impossible to get your ROI. Cloudmining is scam.

I say the same that many others here already said. Don't invest on Cloud Minings. There is no recommendations for this kind of investiment. Too many scam sites and those ''legits'' are unprofitable anyway. You will wait forever and won't receive your investiment back. People who just keep their BTCs in wallet can make a biggest profit than investing on trap sites, because each new day the BTC price goes up!

ths is my story, my experience.
in middel 2014 im join cloudminig called cointellect, but the mining is down and scam before i take ROI, then i interesting to invest again at bitcoincloudminingservice and hashprofit, but the mining is scam again, now im focus at buying vga and build my own mining rig.

I wouldn't recommend any cloud mining at all right now since it isn't profitable and you might run into a scam. If you want to invest your bitcoins into a site, I'd suggest investing into a gambling site's bankroll. There is also haobtc in which they do have an ANN thread here: https://bitcointalk.org/index.php?topic=1023187.0(it acts more like a bank then a cloud mining though).

If you really want to invest in cloud mining then I can recommend hashflare scrypt option.

Paying almost 1,5 years for now. I personally like them.

If you not member and deside to have a try with them PM me for referral link.

Its very recommended not to use any of cloud mining sites because there are all scam they will get your money at any cost,

Don't be tricked to their good to be true advertisements that you will get big profit from them.

Even the once they tell that trusted cloud mining sites, scammed almost 700,000 users, so just stay away  from this kind of sites.

be careful to select cloud mining sites, because for now i think mining from cloud mining is not a recommended although you can get only small amount of bitcoin if you only have small hashrate.

in genesis, i can reach my ROI in almost one year. in hashflare, i am too far to reach my ROI and still work, but i don't know for now because i am not yet to make any deposit again just waiting for run to complete my first withdraw. the other cloud mining i use and still work is eobot, is the oldest cloud mining sites that still work until now, don't know until how long its still run but i hope eobot will run until i've reach my five years because the contract is for five years.

For now i can't really see a legit cloud mining sites because i do think that most of them can really run anytime they wanted, but i have known one site it is bitzfree basically it is  a faucet but they applied the cloud mining platform in which you can increase your power by converting your bitcoin earnings you don't have to worry about the funds because their ads providers is google and also do have some pop ups which tho quite annoying sometimes.

i have account on bitzfree for almost 1 year but its really slow to reach minimum playment, and i think the speed its really not good for me even if i am trying to hack other user account. can you make withdraw for their site? how long you have your hashrate?

You can't get enough power because you are hacking that is the one primary reason. I do always advice some of my referrals not to even try to hack because the more you hack the more chance also of getting hacked. I have a cute strategy in maintaining your power one of those is to not hacked. Now i have 1.5k power and i can withdraw my earnings every 15 days usually.