Bitcoin Forum

Good evening,

I hope you can help.

I have up to £35,000 to invest in bitcoin. Rather than buying and holding I’d prefer to invest that money into a mining operation, although it’s become apparent after some research that’s it’s being dominated by some big companies mainly out of China not to mention the speed of which hardware becomes redundant.

That leaves me with cloud mining, after some research I have found that Genesis mining whom are extremely well marketed are operating a scam. Which has left me with Hashnet… I’d appreciate your feedback on them?

Many thanks

Make it's time to think to not invest into China mining because their situation with bitcoin is failing starting with their exchanges so you would think their mining monopoly is to follow.
I would rather think of joining into this one instead:
Atleast you can see they are operating in the EU and have offices for payment in the UK and not going to China. :)

Well, they are 100% legit because they are producing antminers. Also they don't offer lifetime invest like genesis, you can sell your GHS anytime you want. One problem is that GHS price is changing sometimes and when selling, hashnest takes some percent as a fee.
If you invest, don't be afraid that they will scam, this won't happen but your ROI will be very low. Another way here is to trade with GHS.

Don't invest in cloud mining. With £35.000 you can have a very good passive income from lending or investing in casino bankrolls.

Lenders have good profit on Poloniex, an exchange where you can receive daily interest. But don't do it now, wait for the hardfork as Poloniex won't pay BU proportional to your BTCs if they are lent there (if the hardfork really happen). At this moment few people are lending there because of it.

Don't throw away your money, better use it for gambling then to invest it in something that will collapse very soon. I don't know did OP saw this section, there is many similar threads, and most repeated comment is 'stay away from cloud mining services', 3.5k is big money don't risk it in something where you can't make profit. If you risk make it to worth at least, and aim for higher profit.

Can you personally guarantee that it will be profitable? How? Do you have firsthand experience in dealing with Hashnest? Please post your proof of earnings here in the thread.

The reason Im concerned is because Crewbear is a newbie and hes willing to invest 35,000 pounds. That amount of money is big enough to hurt if he loses it.

Crewbear, be patient and wait for a good entry price for BTC. It will be the best investment of your life.

I found many members here not positive on cloud mining. Is that I'm lucky enough that I earned around 0.02 from it. Of course I've quit already now  ;D

Yeah you are lucky for it because all cloud mining make turning back at scam so your lucky for it, again to OP don't try it its just a HYPE or Ponzi Scheme much better to keep it or if you want that to grow find a good one that will make you better just saying but if the cloud mining you find is trusted go! We our just saying what we expreince......

Whatever their name will be, almost all cloud mining sites are not profitable if you consider increasing mining difficulty.

Cloud mining sites also sell more mining power than what they actually have in their mining farms. Just buy bitcoin and hold, current price is very good entry point.

Instead of believing with cloud mining, why not just go with casino's? I don't mean that go gamble that capital but invest it to their bankroll's. It's more reliable and good though the return is not that high but almost the same thing as you what you want to happen with cloud mining. Cloud mining will always had the same reputation to the community, it's not trusted.

.02 BTC is not worth it and how do we really know youre really telling the truth? How long have you waited to earn it and how big was your investment? Then finally give us your proof of earnings to make us believe you because you might be a shill account for all we know.

You cannot blame us to think negative on them since it was stated that cloudmining is unprofitable and ruined business, Blocks are getting more harder to mine aswell as electricity cost and other maintenance cost will surely eat your profits in their thats why don't ever believe on them anymore since surely the one who's still running for now is scam. Although some of them are running for so long still we cannot assure that they can still intact in next halving.

I always thought it's simply not worth the risk. You don't have to be a genius to see that you're giving money to a company that:
Can be fake from the start
Can disappear at any time
Is very difficult to pursue in court and even if you try it's going to take years to get anything back
Pays very little
Needs a lot of time to pay back your money, which means you will start to earn money usually after 12-18 months. In a bitcoin world, where the price can go up 10% in a day, it's a very long time.

Thank you all for your feedback and comments. There's alot of different views on this, at this stage perhapes i'll hold off and just buy and hold coins but ideally i'd like to contribute to the cause.

The market price of GH S9 on hashnest is rising high, I wish I didn't sell my ghs. :'(

Thats a very good choice. Dont support the schemers by buying into their scams. The more people they can trick in giving them your BTC the more of them will be set up to scam a new group of newbies. Dont give in to them.

Buying and holding coins would be be ideal. You see, with just owning bitcoins you are investing and can potentially achieve great profits, there is no need to risk even more.
Bitcoin prices rose more than 100% in 2016, isn't that good enough for you? With mining, both physical and cloud you have different kind of dangers waiting for you.
Standard mining is not worth the hassle, it is no use to compete with Chinese miners, and it is too risky to buy contract for extended period of time from cloud mining company.

Don't do lending on Poloniex although the profit may sound optimistic there has been a lot of complaints in this section of poloniex and some people didn't care and didn't pay back their debt. They didn't care at all that poloniex closed down their accounts. I think now this section in Poloniex is not that active anymore.
With that amount the best to do is buy and hold and is much better than any mining operation. Hashnest are legit but not profitable.

Really? I didn't know about it, I tought Poloniex had a mechanism to make it 100% profitable for the lenders. Who wants a loan need to have a collateral in altcoins balance to get a proportional loan in Bitcoins, no? If the person doesn't pay the loan, Poloniex take his balance and use it to pay the lender. At least it was what I thought.

We can only help you by suggesting what we think what is right and base on our experience. And I can say that it's better to buy and hold rather than investing to any mining operation.


There are people that earned to those cloud mining but it's reputation in the bitcoin community is just the same, they will soon collapse and it's tagged as scam.



It is because many of the people here experienced to be scammed with that cloud mining, though I haven't experience to happen with it, that was close to me to be encourage on investing there but good thing I don't.

You are one of those very few that earned with that amount, good decision and don't invest to them again.

I would think that most of the mining pools are doing this type of business to sell off their hash they are accumulating anyways. Makes perfect business sense to do so. ;)
Just saw a website from the states who have started a mining pool with their mining farm and are offering to sell off the hash to who wants to 'rent' their hash which is what cloud mining is.
Whether that company is legit because they claim the hash they are selling from one location in China another from Brazil and one from Britain. How they can prove this? They didn't on their site. They are just saying they are. ::)
So you judge whether a company you are renting from actually has what they claim to have in operation for them.

Hmm i checked the site and it looks legit to me but of course at the first site even genesis mining felt legit to me.Cloud mining is really risky to  invest and get a profit and if they claim to be legit and are actually mining then it can take more than year and a half to just get your investment back. It's better if you invest in any dice site and leverage 1 and enjoy 1% profit per month.

Invest in a dice site?
You jest right? :-\
How is investing in a site where gambling in bits be more profitable then a cloud mining site even if it is considered a ponzi scheme at least you would get back you investment in a year. While putting your btc into a dice site you are not guaranteed to get your invest back within that same time frame.
Atleast you know those miners are working to get hash and you don't know if these dice sites will sudden decide to fold and close up shop because someone won the entire bank in an impossible roll due to probably fairness imposed on these sites.
Doesn't make much sense to me. :-[

Are you implying the cloud mining company are not going to fold? What if BTC price drops so much the mining is not profitable? You will be loosing money or your contract will be cancelled (like genesis m. is doing ... notice I wrote CANCELED and not put ON HOLD till price climbs back up).

You can always withdraw your investments from casino but from cloudmining? How would you get your invest back if you decide to quit? You would have to sell the account or so.
Also it's improbable for player to win entire casino bankroll ( max amount to win is usually only fraction of it ). Player would have to be superlucky and win multiple times in row.

Check this (https://bitcointalk.org/index.php?topic=1585408.0) thread about investing in dicesites
 

I do not recommend that cloud mining is a profitable investment. today many cloud ended mining scam.
they only calculated data mining hardware have without having actually means.

I agree that it is better to buy Bitcoin directly and hold it than waiting for many years before you ROI and worst, company shutting down before you even get 50% of your funds.  (I have been there and experienced it)


The only people who earned from those cloud mining are the owner.  It always takes several years before you can see your investment to return.  Worst is that most cloudmining never lived that long.


Why  did you quit when you are earning?  It only means one thing, you know it is really not profitable in the long term.  I bet the earning you got are from the affiliate program of that  cloudmining.

Even I won't suggest, many members about cloud mining because you won't make enough money on your investment. Only few cloud mining companies are paying to their members on time, but also they are taking a long time to get returns from them. Many small companies are completely scamming the people after some time.

I don’t know why people don’t like it. Is it profitable to keep it?
I don’t think so ( I haven’t done the math so do that yourself you if you want to make sure) but there is a simple math out there.

The price of hash drops, the amount you make from mining drops too, but you keep mining. If your mining profit is bigger than the loss of price drop, sell. That way you can keep making profit.