Bitcoin Forum

Hi Everyone.

I have seen many advertisements about Cloud Mining. Do you think it is worth to use cloud cining or are they trustable ?

Nearly all cloud mining services are scams. If you participate in cloud mining, there is a very high likelihood that you will be scammed.

They are not trusted in my own opinion most of them are scam if you really want to gain a good profit for mining better to buy your own hardware mining like s9 or build a rig for altcoin to mine.. Better to forget about those cloud mining site..

Honestly your question is already been answer by many members here and i hope we use the search button first before proceeding to make a thread. well we can not blame newbie because we know you don't know what you are doing..

Thank you all for your answers . I tried searching the forum about answers to cloud mining but I could not find before

Just a reminder mining  these days is not profitable ,some cloud mining sites will turn into scam before you get your roi back. Do not invest in cloud mining, and even doublers you will only lose your money without nothing in return.

this topic has some good information about cloud mining: https://bitcointalk.org/index.php?topic=878387.0
it is a bit old now but the principle is still the same. try to read it and try to check the "Criteria" part on your own trying to find answers about a new cloud mining on your own.

Even you invested in a trusted cloudmining doesn't guarantee you could get profit from that. Cloudmining is a risky investment. Many are complaining about them. Cloud mining can collapse anytime and possibly never return your investment. Plus, its not profitable anymore. You lose on both. Stay away from them.

Mining is just a waste of time buddy. Much better to do signature campaig and some trading bitcoin, but to do that you need to learn how to analyse and study the coins project.

No its not. Its mostly scams.
Best investment is to just HOLD it. Thats it, no need to try to loose it.

Hi dude , stay away from cloud mining.. All of them are silent scammers. Most of them spent their advertising campaigns from high affiliate commissions.

But once a target fund achieve they will just disappear ,and all invested Bitcoins are scammed.

Minning can be highly profitable. It just depends on various factors, like coins you mine, electricity costs and etc.

I understand that cloud mining is a risk(legit and trusted ones) but if you invest a large amount in those trusted services and keep your coins instead of selling them immediately after mining you could get a nice profit when price goes up.

You might as well just buy and hodl coins then... Bitcoin is already a risky investment, there's no need to add more risk by cloud mining for little reward. Cloud mining is just not worth it considering risk/reward IMO.

Thank you all guys :)

It's a common question made by who is new in this world, and the answer is always the same, it's a scam.

     Most of the cloud mining sites are scams and not trustworthy. Besides,cloud mining is no linger profitable nowadays.

Your computer earns about $0.04 worth of BTC per day, or about $14 worth of BTC per year. If you want $14 worth of BTC, it would be much easier, faster, and convenient to just to buy it.

Also, consider that your computer probably uses at least 500W, or 0.5 kWh/hour. If you pay $0.10 per kWh, then you are paying $0.12 for that $0.04 worth of BTC.

What about renting cloud computing for yourself like Amazon?

Well, it depends. If the coin is relatively new, has low difficulties and no pool mining available yet, most likely you will be able to mine a lot.

It rarely ever works, you'd have to be on the lookout for coins that were just pumped really hard, but their difficulty is still low so that you can then mine it with profit for a day or so... Not really worth it IMO.

If you see about the genesis mining and hashflare it looks like the legit cloudmining site but it will never give back your ROI and it's also including on the scam site.  :D

Included on which scam site list?
I think both have been around long enough to survive. And isn't genesis mining part of the Winklevoss exchange genesis? They are the one's creating the bitcoin ETF. So they will only run if their ETF fails to get approved and then their exchange of bitcoins loses enough money and goes under.

If we talk about hashflare.io - is listed on http://www.badbitcoin.org - some people are sure that they are legit, but I personally doubt in that.
I also doubt if Genesis-Mining have anything to do with Winklevoss brothers - any source?
Genesis-Mining many times show that they really have mining farm, anyway from long time contracts with them are not profitable.

Even if there is a lot of publicity for something it does not mean it is any good for you, just look at a TV ads and you can see what I mean, so just stay away of cloud Mining since most of them are just scams.

Exactly, you are right, there are many sites who are offering higher % of income daily through cloud mining. But how they are paying we have to analyze are they have their own farms for bitcoin mining. Firstly, you need to verify these things when it comes to cloud mining investment.

There are many cloud mining sites get into scams when they collect large amounts of money from people because it is not possible to pay higher amounts if the site is alive after a particular period of time.

Not much trusted sites available currently because Cloud Mining is a good way to scam your money and even you do invest to cloud mining it takes very long time to get back your money.

No it is not a trusted site, no matter how old is the site, cloud mining is a scammed sites, i ever being scammed by brand new cloud mining site and old cloud mining site, so my level trusting for cloud mining is 0, please stay away from it

Both,not trustable and not worth it. Cloud mining these days , its like a waste of time.  If you invest on it you will get nothing in return cause it will surely turned into scam.

So it means that you didn't investigate services where you deposit BTC or buy miners in the right way..
Check HashNest.com, and your trust level will have to change from 0.
And yes, time of running have matter, not always (Madoff), but with cryptocurrency it is one from the most important factors.

Well I would like to go for brief with this topic of cloud mining.

As everyone knows what is mining and what it costs. Day by day mining is becoming tough.
Currently many user use their on hardware for mining any of specific altcoin. It costs them charge for maintenance and electricity.

Rather cloud mining is great option for it. I would like to take a look at Most Advanced Crypto Currency Cloud Mining (http://coinsinfo.xyz/altcoin/nicehash-advanced-crypto-currency-cloud-mining/). Mining with such cloud flatform can reduce your risk of capital.

But still matter of price can affect equity.

Cave! Almost all of it not trustable. Especially big earnings promises.

They have one wish. Take your money. That's all!

Also btc mining is no profitable at now.

They promises about make money earning amounts are not realistic. It is impossible to earn those amounts.

I can agree that is difficult to trust in legit cloud mining services, but if you write that Bitcoin mining is not profitable it means that you don't know much about that.
Of course mining of BTC is profitable, but everything depends on what kind of rigs you use and how high are the costs of electricity.

For those who says BTC Mining is no profitable they're wrong because they just answer it from Halving point not about other things like interest from Bitcoin. Like you said, your profit depends from rigs and cost of electricity.

It is better to stay away from the cloud mining. Most of them are indeed scam. Those which are legit offer very low earning to invest. Those offering high return are probably scam.

I can only say one thing, don't invest in cloud mining. It's not worth putting your hard-earned income at high level risk type of investment. ROI? hmmm.. It will take long to see that, if ever you'll receive that. Did I say, don't invest in cloud mining?  ;)

It is been ponzi schemes always. Instead of investing money share for cloud mining, you can put your fund on trading. Actually is trading do not have much riskier fact like other kind of bitcoin investment. Please avoid to investment on gambling, lending, cloud mining and etc...

Those are the only two names I would trust when it comes to cloudmining.
They have a lot to lose when it comes to tarnishing their company name with not paying or doing any sort of funny business with customer accounts.

Why to don't invest in gambling, lending? The return is low, but at least you can earn passive income. Different from trading that is very risk, principally for newbies that don't have experience on it. Lending on Poloniex is safe, gambling investment is a bit more risky, but there are some trusted casinos here on forum where you can invest.

99% of cloud mining services out there are mostly scams, such ponzi schemes that are there to attract you towards their proposals and if you invest at those sites seeing something which looks highly promising but impossible to get attained, then you will surely lose there. So, it's better to stay away from these cloud mining sites, and if you want to invest, then go for the ones who offer genuine returns like genesis mining.

Maybe in the eyes of many users Genesis Mining and Hashflare appear to be trustable, but for example I have a lot more trust to HashNest!
The most important difference is that when you sign a contract with GM or Hashflare, you can not withdraw from it. HashNest has its own market where you can always sell your power, withdraw funds and go.

I used hashflare and genesis cloudmining, so far they trustable. I dont trust cloudmining that offer interest if we deposit out btc there

I disagree because I cannot understand what has to do investments with gambling. Gambling is mathematically proof that in the long run the gambler will loose. I could say that is for fun with small amounts of money so as someone feels the excitement which gambling offers but after that is nothing. In addition, as far as it concerns lending, imo, is more riskier than trading. Maybe someone has to do its own research but how many scammers there are around who will not repaid their loan? So I believe is better to trade and loose your money because you did a wrong movement than somebody totally strange scams you and ask your money back.

Trustworthy, perhaps. But have you actually made money? How much BTC did you invest, and how much did you earn?

Have metokr finally decided that cloud mining is not really a good investment at all?  ;D

You don't have to ask him :) Just check Genesis Mining or Hashflare ann thread.
As i know only ETH contracts in Genesis Mining have been profitable, and with this price rising it is very possible.

Yes, both of them are trustable when it comes to cloud mining investment, they will pay on time without any delay. So it is not a wise decision to invest in other sectors of the cloud mining because most of them are scams, their % of interest will be high and soon they get into scams.

I read somewhere that also % in affiliate programs is very important. All scams have very high % for referrals to be very fast popular and have more victims. For example Genesis Mining have only 2,5 % for referrals and it is resonable. If some cloud service gives 10% or more it means that it is impossible to be profitable and better stay away!

i will say that hashflare and genesis is legit cloud mining but those site need too long before you can get roi and if you don't be patience then you can not make your roi, its better to wait and doing another thing.


i agree with you because for now, many investment site is trying to reach more member by offering some good promotion to the member but if we don't read any info about them, we only make deposit to them without make any single profit and its not good for us. i think before we make invest in cloud mining, we must have to read all info about the site and its better to know as many info as we can so we can invests with safe.

for cloud mining, there are website that giving review about each of cloud mining and i think we can read on those site so we know almost  everything about the site, you can try to visit on cmmonitor.com

dont ever invest in cloudmining it is very risky as other member here told you, i you had better to invest in staking , buy some pos coins and just running the pos coin wallet online you will get rewards for staking its pos coin, i think it is better than cloud mining.

Isn't that's what it always come down too really?
But with the sudden rise in eth mining should be profitable if they don't adjust your payout for the mining of eth using them to reflect the rise in price of ethereum as a whole.

I think they are still reliable at this time. My advice keep careful because some sites were initially trusted and pay could be turned into sites that carry off our money, LOL. If you are ready to lose money in any investment you do like cloudmining I guess it does not matter but if you are not prepared to lose the money I suggest you do not invest. But if you have a large capital is better to do the hard mining dude, Thank you

How long have you been using their service?  Have you got your RoI?  I am also attracted by cloudmining but the review of this forum keeps me away from it.

How long have you been using their service?  Have you got your RoI?  I am also attracted by cloudmining but the review of this forum keeps me away from it.

I would really discourage you on joining those cloud mining sites and speaking or asking with roi i would tell you out the minimum would 6 months onwards and not only that because we do know bitcoin mining difficulty do really rise as the days goes by which means our profits on cloud mining site would lessen gradually and remember most cloud mining sites are scam excluded on the two mentioned.

I have a 150mh/s contract with X11 algo on Genesys Mining.... personally, with the same investment I've moved to 5 VGA boards that has a medium ROI of 1 year...actually with Genesys mining after 7 months I've a return of the 25-30% of the 1BTC of ROI.... And I've choose BTCauto mode wich they says that select the most profitable altcoins and payouts are in BTC.... actually, they pay to me about 0,2 DASH per day.... At this moment, Is most profitable learning more about trading than mining in the most parts of the worlds where you pay electricity. Cloud mining for me is a thing that centralize power and not decentralize...so I suppose that the effective better way is 1: build your own miner or 2: start trading seriously with altcoins or simply speculate of the up and downs of the BTC...

there are several cloud mining sites, witch are legit, but you need more then year to get ROI and some profit, all others are scam or may ne become scam unless you get your money back, so stay away from them and try other thing to earns some money.

good luck

As much as the comments are saying, not all cloud mining services are scams, tho that doesn't mean you should be investing in them. Difficulty is through the roof and requires a lot to mine bitcoin today and if cloud mining services were somewhat profitable, they'd be costing a lot, lot more. I've invested into cloud mining myself and made some profit on CEX but that was a few years back.

So today, I'd not invest into cloud mining at all, there a re a few legit ones out there but not very profitable to say...

Cloud minning is nothing but a total shit scam. Do u think they will buy a real hardware or power from your deposits and start mining more. No way. they will just eat up your Btc leaving you empty handed.

Well, as i read the article about it, its not that trustful because other people said that its a scam you're only wasting your time on that Cloud mining. But surely if you don't believe me you should try it yourself and you can see the scam of it but just find another profitable mining profit their are many ways and some of them are not a scam for all i know is cloud mining is a scam i don't really apply mining in my profits because its risky and takes too long.

About 99 % of the mining sites are scam , they are offering high Profit and ran away after scam Because they entered in the market to scam only .
Here if you will try to Invest in some of the more trusted website then you will get hardly the return of your Investment in the year .
So I will suggest to keep himself from such types of Mining sites to keep himself away from the scam .
Even the big site in the mid of 2016 hashocean scammed the people then what we can say for the small sites that are giving more profit than what was paying hashocean .

 
In cloud mining you will only waste your time and money or else before you will get your roi back the site already disappeared.
Some cloud mining  sites now are scam. You will only lose your btc without nothing in return.

Yeah , you are right about every site which are offering for the bitcoin mining are scam only because it is a very simple business in the internet market to make enough from the scam with the name of the cloud mining  , this is just a sort of tradition of making money through scam .
Here I will suggest you for the mining , if you want to do real Mining then try your PC for the mining .
If you have your PC open for.long time during your office work , then connect your PC for the mining of bitcoin or any altcoin , since the profit is not.much better but still it is a way to generate 5-6$ per.month without spent anything .

Yeah I am agree with you 100%, cloud mining is a scammed project, never ever trust cloud mining, the ROI is long and the risk is high, just stay away from cloud mining, you only going to make the owner rich if you joined cloud mining, and no cloud mining is legit, there are so many victim that losing money, hopefully you won't become one of them

But what about the sites that have been around for the last 3-4 years?
Hashcoins and to a lesser extent Genesis mining.
Those seem to be the longest running ones and people have said they have already roi from their contracts at the end of last year and are in solely profit from here on in.

But the question is can they wait for atleast 1 year just to get back thier roi?  Some will say yes they can others cannot wait , what if the site will suddenly close or shutdown can they refund thier btc?  Investing in cloud mining is too risky .

Who says investing on cloud mining is not risky? We do all know that most of them doesnt last too long which means we cant even reach our roi and they already ran away on our money.Cloud mining are just a total waste on our bitcoin and we should really avoid it no matter what if we do value our bitcoins.

Because of what happen to some cloud mining sites before,  they turned into scam when somebody invest a high amount of btc..hashocean made a deep scar on  those cloud mining lover including me ,thats why i do nit invest in any cloud mining site.

So far, we can see that almost every cloudmining site will die sooner or later.
The thing is that the % of income you gain every month / year is so high, that it is impossible to provide so much gain to your investor, as a prosperous company on a real market.

Good example? Hashocean.
Many people were saying that it is 100% legit, and not investing into their programme is simply dumb- this HYIP lasts for really long and pays.
but after 2 years as we can see, the Hashocean site was suspended and the bitcoins sent there are gone.

My advice?
Stay out of cloudmining.

Scams. Stay away.

Based of my experience, I don't advise anyone to use cloud mining sites, Almost of them scams. We should avoid that type of earning money which they based on pyramid scheme. I had a bad experience in them. one of them is hashoceans which it scams last summer. So be carefull to investing in cloud mining sites, and if you are insist to investing there. just put a low amount.

I am afraid to give my money to anyone without legal agreement of some sort. If you dont control the private keys then you don't control your bitcoin

Mining can be profitable if you know when to stop. If you already got your roi back dont invest again just wait for your profit,cause if you invest again but higher than your first deposit it could be one reason why mining sites turnes into scam.

I noticed a cloud mining mostly just paying at the beginning, about 2-3 months after launching. after past 3 months mostly be a scam

well thats a ponzi. They lure you in to deposit more by acting as a legit cloud mining services. :) a few years ago, I've actually made a profit on cex.io while they offered cloud mining service, but now 90% are scam and the rest 10% require huge investments and time  to make some profit.

In my point, it's not worth investing to the cloud mining. it's nearly 99% ponzi scheme otherwise you can not collect all funds invested to the cloud mining and I never invest money to the cloud mining as well.

I think it can be trusted.
live look how just how does it work

Cloud mining is always Ponzi schemes. None of them seems like trusting and we  can investing. Instead of cloud mining you could have try to investing your fund in trading, lending, btc projects and have etc. These low risk when compared to cloud mining.

Cloud mining is almost always a scam. If they cannot produce some form of proof like pictures if their so called miners then do not trust them. Most will not produce proof so best just stay away. Spend your bitcoins elsewhere.

Bitcoin is still growing and everything with bitcoin is growing.. so some companies make it some don't.. keep trying

go to slikmov.com tons of sites that pay with much else headaches. you could find every thing you need t get started.
 i gotten paid well
see try it out. less headaches, simple you could have your first satoshi in minutes.. Satoshi is a smaller amount of bitcoin

The people making these ponzis spend bery little buying a Ponzi script maybe $100 and they don't need to validate anything including owning the miners. This is a mistake for any investor. Don't believe just anyone claiming the have miners let them show you the pool the mining and the hashratr they generating. If they can't produce then you can be certain it is a scam. Keep those Bitcoin safe guys.

I have a friend which is very concerned about the bitcoin situation, because we still have massive amoounts of scammers across the whole network, especially in different kind of forums and services, where you are able to speak with another users.
I totally agree with him, because in my opinion it is a cancer for cryptocurrency world, it doesnt encourages other people (outside our business) to join the ride, because they might be scared of getting scammed.

Doing ponzi scam is something extremely easy, you basically dont need any amount to start with, except the money for domain.
I have seen so many sites that are soo easy to unmask, and people are still depositing in there, because of the greed! It makes people earn on the newbies here, without any kind of an investment.

I'll tell you from my personal experience with cloud mining since I like to experiment with those.

I've invested in CEX.io a few years back and I've actually got ROI and a pretty solid one, but that was some time ago when cloud mining could be profitable and I don't think cex.io hosts cloud mining anymore but I've pulled out my investments before the fees went through the roof. I've also tested a few minor ones and the only one that I've got profit from was hashprofit (not really sure tho) but all other have huge fees and needed bigger amounts to be invested to profit.

Today, I doubt that you have some good and profitable cloud mining services since btc diff is high and and requires a lot more fees to be taken in order to maintain those mining costs, so my suggestion is to stay away from bitcoin cloud mining services. Maybe if there are some alt-coin mining services but otherwise, no.

You are correct. Have experience with a few cloud mining. At the end they will terminated your account and will not respond to your question. Can say most of them are scam.  >:(