Bitcoin Forum

I see a lot of scam cloud mining websites that are really just HYIPs that will shut down after a month, take all the money, and start a new website.  What are some the real legit mining sites that will actually give you a return and might actually still be there years from now?

AFAIK, Hashnest is the only reputable provider for cloud mining, they've been around for a long while now and some people have made profit with them.
That said, cloud mining is still generally not profitable and most of the time it's better to buy bitcoins and hodl. Do the math and calculate when you'll ROI, but don't forget that the difficulty rises quite fast.

I agree with above stated. Hasnest works for a long time, is backed by miner manufacturer so probably will be there for a long time.
They offer two invest options ... to purchase standard Ghs or so called 'pacmic' ( you can find my experience with pacmic in Hashnest's PACMiC experience (https://bitcointalk.org/index.php?topic=1702022.msg17064187#msg17064187) ). But most of my profit come from trading the Ghs rather than from mining itself.

Also BW.com is regular mining provider but I have no experience with them ( using their interest wallet only ).

so with Hashnest you can either buy your own physical miner to be shipped to you OR you can get pacmic for a minimum investment of 1BTC?  What about us smaller guys who don't have a BTC?

only hashnest that is real cloud mining with real hardware and you can start with them but you need to thinking about bitcoin difficulties that have increase more than yesterday and if you don't have much of hashrate, then you can not get much of bitcoin from your hardware. if you decide to mining bitcoin, you need to thinking and calculate how much you can get in a day, how much the electricity from hashnest and the most important is cloud mining is not give you short return, you need to wait several month before you get your return.

There are a good amount of reputable cloud mining sites at the moment that are paying regularly and without issue such as Hashflare, and Genesis Mining who have actually fully prove their ownership of miners. This is not to say these companies could just go any-day and exit scam everyone's money who they have at the moment and just close house without an issue in the least.

I personally think that if these companies don't end up being exit scams, they're just not going to turn a profit for the people that actually bought the contracts and they'll close the contract because once it doesn't make profit for them anymore they stop mining. Plus all the fees and other bullshit they squeeze of out of the customers is just a waste in my opinion

Avoid cloud mining operations and find something else, it's the best thing you can do for yourself.

Best cloud-mining operation at the moment with the best source of recourse at the moment in my opinion would probably have to be NiceHash, I know it doesn't fill the normal definition for these sort of companies as they usually own their own hardware but Nicehash allows mining of tons of coins INCLUDING Bitcoin, Eth, Zcoin, XMR, and so on.

Plus, you only pay for what you use so you can be able to calculate earnings for that time period and it's not as tough to estimate earnings for a long term amount of time (As you don't usually do long term mining with them, usually short term things you plan out beforehand)

Would avoid these cloud mining sites that can just cancel contracts, thats a bunch of bullshit, stick with Nicehash they have real peoples hardware and no bullshit as you can get paid out whenever your pool allows you to.

I think that its hard to achieve ROI with these cloud mining sites and it is likely better to put your coins to work elsewhere. A lot of cloud mining sites tend to be somewhat scammy.

Only few cloud mining sites are paying on time but they are also taking a large amount of fee for daily withdrawals. Daily many cloud mining sites are launching but it is very hard to predict which one will pay and which one is not. So it's better to find some other possible ways where you can make more money apart from cloud mining.

How many of you will invest in a company with no credentials, other than the virtual creds they have on the internet? This seems to be the norm these days. If a company has a fancy website, and some information posted on there, people seem to think that it would be OK to invest with them.

Gavin Andresen might have been wrong on some things he did and said, but when he said that Cloud mining is a scam and a Ponzi scheme in disguise, he was spot on. They cannot sustain that financial model, and then they turn Ponzi or they start out as a Ponzi from the start. ^hmmmmmm^

Forget about cloudmining, dude, while it may be possible there is an honest operator here and there, most of them are scams so not only you will waste your coins but your time as well.

AND OR you can buy Ghs ( currently 1Ghs of Antminer S9 costs 0.0001 BTC ).

It's a regular business ... you want to make money (or BTC) you need to invest money (or BTC). Mining is no longer game for smaller guys.

A friendly advise to you my friend. Get out of cloudmining. Its not profitable anymore. Just find something else profitable than this. You'll just lose in the. If you still want to invest in a cloudmining. Make sure the contract is infinite or unlimited. Some cloudmining has a contract which gives you limited time. Theres a possibilty that the contract ends but your ROI still didn't return. That not good. Some cloudmining also are just scam. So the risk is high. We can't say that a cloudmining can operate forever. Just like what happen to hashocean and others. They are legit but turned to scam later on.

For cloud mining to work you need to know that as in case of every investment, it is CM operator which needs to make money from this.
Investors always come second, mining still might be profitable but you can't split rewards anymore.
There are cloud mining calculators you can use to determine your profit and ROI.
Numbers there all look pathetic, something like ROI after 17 months? No thanks.

Cloudmining systems are all fraud and scam!
You have to be an early invostor to make profit with it and bring other people to do the same as you do.
But always remember that you make the profit from a scam, what is very much the same than scaming the people yourself.
I only can recommend to stay away from every cloudmining service.
And I can't say this often enough!!

I'm not sure if all Cloud Mining sites are scammers. Until now some of them are working and paying their members, unprofitable amounts anyway. The real scam sites are the Ponzi HYIP schemes, those offering good interest return in a short time period. For me both kinds of investments, the "legit" and the Ponzi cloud mining don't worth, like you said: Stay away from every cloud mining service, and I would say: Being real cloud mining or not, stay away.

even if a cloud miner is legit, and that's an exceptionally rare thing, the speed that mining is developing means that you're basically throwing money away.

a year or two ago you could've 'bought' some cloud mining. had you not been exit scammed you would've made a pittance. compare that to buying and holding the final product.

Don't use cloudmining to mine. It's a waste of time

Cloud mining is easy to get scammed win or end up with large losses, i'd rather suggest entering an investment vehicle or wait for a better one long later without further complication.

I'd admit that mining Bitcoin is outdated because of how little nodes are to halve, however some alt-coins are promising or that much better in the long run.

True, better play or trade with altcoins instead of cloud mining.

That seems to be the impression I'm getting.  Now that the price of BTC has skyrocketed, more people are trying to get in on it, which means the diff will make it impossible for all but the largest operations to make money.  Too bad I didn't get it on it years ago.

True, everytime btc going up, more cloudmining appear. Take care.

Like a lot of others have said up-thread, a lot of cloud mining operations are either outright scams or they were
legit at one time but the owners closed up shop and rode off into the sunset when their business model stopped
being profitable.

I am only using one right now and that is Genesis Mining. I've been with them for over a year. I'm testing a new
site, Metizer, but I've only been with them for a week or two so I can't speak to their legitimacy just yet.

Hope this helps!

Cynthia

A few member said Hashnest the reliable cloud mining so far, but it's been a long time for me to stay away from cloud mining mostly cloud mining I'm joined became scam, so that's why i'm not interest to join any cloud mining again, if you still want to join better to make research and asking to this forum is one of the best way to avoid the cloud mining scam.

This subject has always generated several different points of view

I will give my point of view, I will not speak of technical aspects because I do not understand,

Months ago I invested in a legitimate cloud mining site and honestly I just had headaches.

Every day the balance of my account received a reduced value, at the time of withdrawing had a very large withdrawal rate, I gave up using legitimate mining cloud sites.

Well most people do already answered the question regarding on this matter which is actually right that hashnest is the cloud mining that is still operating now and does have legit mining hardwares but putting up money on these services does have longer ROI.

True, but still there are peoples with their ego still invest on those Cloud mining for their own benefit. Don't invest all your money into cloud mining just little and you should take care with the site you do invest.

Regarding Genesis Mining: What was the cost of your mining contracts, and how much have they paid (in BTC, please)?

I bought .06 btc worth of sha256 hashing power (approx 0.35 Th/s) and they have paid out 0.04 BTC so far.

Hope that helps!

Cynthia

So, you have lost 30% so far. Do you expect to break even, given the ever-rising difficulty?

My mining calculator shows that you will break even only if the difficulty rises less than 2.5% each period for the next 18 months. Unfortunately, it has been rising at the rate of about 10% so far this year, which means that your mining fees will exceed your revenue in about 4 months, and you will never break even. Are your results the same?

Bro do you know any traders are selling old miners in Gulf region in Dubai. I have heard that it would cost big amount if I could purchase from Amazon and I need to pay international custom charges also there.
Is it any possibilities to get from here. Please if any members in the forum also

Real cloud mining companies are rare. Even if they claim, that they work for let say 5 years, they can shut down the all mining and go away. This is in fact big problem in Bitcoin mining. Plus there is also profit problem - if you invest in cloud mining, what will be the ROI ? In real Bitcoin cloud mining ROI can be very low, because company will have own expenses, electricity etc.

As long as they don't shut down anytime soon, I will eventually break even. It's certainly not a fast ROI by
any stretch.

I'm curious why you invest in cloud mining when your goal is to just break even.

Yeah, right here is the biggest issue when it comes to the cloud-mining sites that are actually legitimate (or close to the definition of that) They're going to be making less and less money on a daily basis or at least have something that fluctuates on the downward trend due to the difficulty increasing.

Plus, they're only going to mine until the profitable ends for them they're not going to care that you bought a Lifetime plan or whatever bullshit you thought you got into. They're going to look out for themselves and only themselves, anyone that says otherwise is easily going to be lying straight out to you.

So in short, if the companies are legit they wont make you money and if they're not they'll just steal your money. Pick your poison when it comes to these shitty operations.

Forget about cloudmining there is almost no way to tell the difference between a scammer and a legit business because it is simply not profitable anymore to do cloud mining.

That translates to the truth that never invest in cloud mining. I've lost a lot due to cloud mining contracts before & I'll not do that again ever. Period.