Bitcoin Forum

first of all let me clarify that i am talking about Real Cloud Mining not the Ponzi scheme with the name cloud mining on it.

i remember a couple of years ago there have been legitimate cloud mining businesses such as GHASH.io or as you may know it Cex.io and when bitcoin price went down to $200 and stayed around <$400 they paused it (explicitly called it pause) because of higher maintenance fees.

now all the difficulty rise aside, price is nearly $3000 and that covers more than enough of any kind of cost mining has and it is producing a lot of profit for miners.

so my question is, why is there no cloud mining these days? for example why didn't Ghash.io resume their mining again?

ViaBTC offers a 'real' cloud mining service similar to how CEX.IO was doing it.

But there is a huge catch, as soon as the contract isn't profitable for 10 days straight, your contract will be void automatically, and thus your investment is gone.

Another negative aspect is that they charge like 6% in fees per reward, per block. To add ~ their total network hash share has decreased to sub 5% levels. It's not worth it.

There are a few cloud services which are "legitimate", albeit some of them can be shady.  A few of them are:

-Hashnest.
-Hashflare.
-Genesis Mining.
-ViaBTC.

Cloud mining is far from dead.  The problem is that people don't actually get ROI on it.

With Genesis Mining for example, people sign up to loads of two-year altcoin contracts, and then they end up actually losing money because every time the difficulty catches up with the price after a few months.  These surges in price don't make cloud mining profitable in the long term, because Bitcoin and (stable) altcoin mining is now matured enough that mining remains barely profitable, and only goes beyond that after a significant rise in price.

When companies have to make profit, this makes the actual money for the investor about zero.  Not to mention that you're buying hashrate, so price rise = difficulty rise = hashrate means less in the cryptocurrency, since you're actually investing using cryptocurrencies in the first place.

Genesis mining is a straight scheme that will collapse at some point, not sure why you find it necessary to list it here.

Time on time again they have refused to publicly release their general mining address, while there is absolutely no reason for them to keep it hidden, other than the reason that there isn't a mining address at all.

Infact, whether you talk about a real or a scam bitcoin mining programs, there is no trustable mining on the whole internet.
All are ponzi scheme platforms even if they pay you for awhile to build their trust among people.

ive had a 2 year dash contract bought in March 2017.

i would have bought a x11 miner but they had sold out.

so far 90 payouts worth 2.39 dash. which today equals 439 dollars. i didn't sell at high price, but still still made over half my roi in 3 months. yes difficulty will increase but so many people keep saying scam scam etc it is unbelievable.

Probably same people that make bad investments. i saw at the time it was a good buy at 475 dollars for 100m/hs, but like i posted 0.39 btc would be worth more. Not everyone want to trade, i mine myself, have my genesis contract and trade a bit, at least i add more to the system than others who just sit on there coins until they die.

My service has been great it is nice to have a wallet accumulating with no effort, you can mine other coins as well, and customer service get back pretty quick.
 

Yes mate though only altcoins mining is somehow near profitable with genesis mining, I'm not sure about Bitcoin contracts, generally speaking

Bitcoin now needs at least half a million bucks investment to be able to stay in the race with other miners, it's not like cloud mining services

Share whatever they truly are earning, if you buy altcoin contracts I believe you could ROI, coins like ETH, DASH, DOGE, if you try hash nest

You'll need more than 100TH/s to ROI and you'll automatically support BU/EC.

I believe because it became a very hard niche to get in. You have much expenses, big investment, need to have access to sustainable electricity cost or sources. People looking for creating their own businesses maybe found another ways to do it, cloud mining is something that stayed in the past...

Also, I think possible new cloud mining owners may think they will have difficulties to find new investors, as this kind of investment is saturated and most people in Crypto-Currency world wouldn't invest their money on it, as other's experiences were terrible.

Actually cloud mining is still working, but not as it was in past. We still can find farms as Hashnest and Genesis-Mining, but nowadays more popular is just renting place for mining rigs.
Guys who know how to construct and take care of farm just looking for place with very cheap electricity costs and then looking for investors who want buy ASICs  and use their place to mine BTC (or other crypto). Good example of project like this is this guy:
https://bitcointalk.org/index.php?topic=1694162.0

There are only maybe a couple of cloud miners that can give you ROI but dont expect high profits. The model of cloud mining was proven to be unprofitable. A lot of players came in and failed because they simply cant compete with the biggest players in the space. Plain and simple.

There is cloud mining, GM provides it, Hashflare provides it. Here is the link:

https://bitcointalk.org/index.php?topic=1579210.0

Whether you have enough skill to actually reach ROI, that s a separate question. I always prefer building my own rigs and using cloud mining alternatives, like PoS for example.

Here is another link for you for PoS:

https://bitcointalk.org/index.php?topic=1931773.0

Let me know if you need help, I ve been in crypto for a long time.

Its because real mining business doesn't find it profitable anymore actually you can read more facts about it when you search it on google, And the only cloudmining left standing right now is Nicehash,genisis-mining and hashflare but they are not truly profitable and its very not worth it to invest there if you calculate your profits upon investing at them for long time periods.

i dont know a lot about cloud mining but from i see some threads in this forum. They always say "Cloud mining itsnt profitable anymore". But i know still use hashflare, genesis and hashing24 since hashing24 is part of bitfury so i think hashing24 is better choice.
But yeah, all investment program like cloud mining can close someday(or maybe become scam) we will never know that.

I am very disappointed with the cloud mining system. Until now I have never made this investment, it is just a scam and we will incur losses. The owners of the cloud mining site just take our money without leaving a single bit.

The only one that still exist and considered as legit cloud mining platform is genesis mining but there will always be risk of losing when you buy contract with them. Their price also fluctuates with price of bitcoin so if bitcoin price drops dramatically you may end up with nothing as profit.

no actually i can't find anything about "why mining business is not profitable" on the google. and also i believe it IS profitable and it is very profitable in fact.

have you checked out price and the rewards lately?
price is above $2700 and a block reward is more than 15.5BTC (12.5 + 3+) which is equal to $42000

and also i find the reason why the cloudmining (not mining) is not profitable is an intentionally bad design to make it more profitable for the owners not the investors.

There is Hashnest which operates similarly to Ghash.io but a bit more in a shady way. Even when price of bitcoin is 3000 dollars they don't give you the profit you deserve citing all kinds of service maintenance. I wonder what they gain from this behavior as I sold my Ghs and I am out of this website for good. Not worth the time. Many people say this is the only true cloud mining but in my experience this is not true cloud mining at all.

That's pretty obvious.  Bitcoin mining is designed to only just be profitable.

Cloud mining companies still exist and receive huge investments, but the way that cloud mining companies manage to receive these investments is by misleading investments with estimated ROI times and the income that they will receive.  The estimated time to ROI is always based on the current difficulty - but when the price rises dramatically in a short time, the difficulty just takes a bit longer to catch up.  A short way through their contract people start realising that their profits are decreasing, as they should.  As soon as difficulty catches up with price, cloud mining fails because the company makes profit on top of what they're paying users.

What they gain? It's obvious -- they keep as much of the invested funds within their system. You having sold your GHS shares just means that the new owner of your previous shares will be going through the same annoyances. I never understand why people despite all the warnings to not invest into cloud mining, they ignore it, and proceed anyway.... Glad that you got out. May I know how much of your initial investment you managed to pull out?

If business want offer legit cloud mining, they would need big initial investment. And after all they can't guarantee ROI for their investors, or it would be very low and people wouldn't be interested to invest.
Also, now it would be hard get users trust after all these cloud mining scams, because now people are looking very suspicious into cloud mining projects.
Freebitco.in is sharing part of mining operations profit with their users and they are giving fixed interest.

Cloudmining is another form of hyip. Hyip is not famous anymore because of ICO. And now many scammers are launching an ICO to scam others. Scammers are also improving their method and cloudmining are left behind  ;D

scammers understand that people are now smart.people knows cloud mining sites are ponzi scheme.I invest bitcoin many site but at the end I cant even get back my investment.I Just can tell you keep away from Cloud Mining.withdraw your investment soon otherwise you have big chance to lose your investment.I was try cex.io well known site but lose my investment.

because i think people is getting smart to choose cloud mining and i think they can used the calculation on how much they can get the profit with limited of hashrate. especially to mining bitcoin, we need a big hashrate to make good income in a day, beside that to mining altcoin, we need to the same big hashrate so we can make much of amount. we know that many cloud mining become scam or cloud mining is not profitable again because the difficulty of bitcoin is increase and it makes too difficult to mining.

I saw lots of cloud mining advertising at the social media and most of the people nowadays are don't want to waste their money for this crap investment programs where you're the one who gonna buy the hash profit and it will mine it for you the best one is buy an original ant miner and start with your own business with mining.

In facebook and twitter we may see that. However, there is much ad about the cloud mining or doubling. These two are most crappy option in bitcoin investments.
Genesis mining is only one cloud option just be a discussion in this section as well. Better you can avoid any cloud mining because all are comes with ponzi schemes.

I do not recommend using cloud mining. Whatever outcome we get will definitely make us or others feel harmed.
This can trigger bad image of bitcoin investment by many people. So cloud mining is not a solution to earn income.

i paid 3000usd for my mining rig and electricity and all the other gubbins.

some people want to mine but don;t want the hassle of the kit etc. Cloud mining offers a way to mine actual coins, and remember GM allows you to use you hash rate against other coins on some contracts.

not everyone wants to trade maybe they just want a steady stream of coins on a daily basis. my mining rig will take 12 months for roi on best case.

People should be allowed to make up there minds with all information available, you wont get rich from it but it will generally return better than a bank i have found. i don't follow the crowds i like to diversify, so owning coins, mining them both cloud and physically covers all bases for me.

Tell me, why should anyone believe you if you're wearing their signature and posting about their services. I mean you're a walking advert for them, even your 2 last posts are praising them in 2 different threads. Is this your way to say "thank you" or are you on a payroll?
GM is a ripoff and 3% discount won't change anything. You'd need to be offering at least 20% to give people a chance at earning anything with them.

Believe what? I haven't posted any untruths i even posted all my payouts on another thread, which i think was 90, added up to i think 2 something dash. Unfortunately people seem to live in this on/off argument, i gave a middle ground viewpoint, based on actually doing it, something 99% of poster cant actually say.

 I have my signature the same as you, i post on loads of threads but have knowledge in this area, and have a affiliate code the same way you get rewards for having your signature, so your argument is pointless and mute.

Again your argument is wrong, 2 dash are currently worth 320 usd, i paid 475 usd in march, so like i said roi should be 6 months unless difficulty increases vastly.  Maybe i got a good deal with dash but i researched it beforehand.

i post because i get tied of the same ignorami posting the same rubbish without anyone actually offering another valid viewpoint.





 

Yes, I have seen some of cloud mining offers in this forum, not all of them scam or failed and then closed.
But, here the things: cloud mining offers small profit and it takes like forever to doubled your capital. And why those people willing to share their project for others while they could make more money if just for themselves? But they choose to get more money from investors who don't know how to mining.

People are understanding things and know that cloud mining doesn't worth even if there is any service currently running, now the trending is more focused in ICOs where there are being "created" new coins every day or every week and people are extremely investing in these ICO but not all of them are getting successful.

The rewards are being reduced after halving and on top of that, because bitcoin price was fairly high at the moment, miners should be compensated well even with drop rewards. So nothing changed and cloudmining must be operational.

But here's the thing I can't see. People nowadays are not that interested anymore in cloudmining because of low profit or let's say too much waiting for return of investment. Low capital = Low returns = Long ROI. Let's say no more ponzi anymore but rather than to invest on cloudmining, then invest directly with the coin or joined some ICO projects which is more profitable even just for couple of months.

People before are smart they are choosing to invest in cloud mining even its risky but there are some cloud mining are legit but for now its impossible to see a cloud mining site today even they are planning to be legitimate its impossible people will invest like you said low ROI even you have high capital you will be still get low returns ..
Miners are wise they are choosing to mine for their own after block halving many changes happen in bitcoin price movement and difficulty is increased more. that is why cloud mining today are not exist.
Instead people are investing for other altcoin because they seen large changes of the price of other altcoin like ethereum that the price was touch at $400 value. so other people want to be the early holders and make a good profit in the future. and forgot about cloud mining..

Many people are more aware on what is happening on cloudminings thats why there's less cloudmining scam business has been build at this moment and that is the simpliest explanation we can plant here, Aswell as surely All those scammers are now Joining the altcoin scene thats why we can see so many shitcoins building up nowadays and some of them are just behiding on good roadmaps so we should be carefull upon choosing on altcoins where going to invest with.

Maybe because people found more profitable ways to invest their money, ICOs for instance, you can gain much higher ROI by choosing the right project, a lot of people accuse ICOs of scamming, but I think there are some legit companies that aim to disrupt some industries.

Whether it is real or scam cloud mining is not profitable for anyone only who is running is in profit as he collects transaction fees and maintenance fees so they wont be in loss but who ever is investing it while all expenses goes out their wont be much left and if you see in long term you wont be in profit. So now the users have become more smart and instead of going for cloud mining they are going for trading in bitcoins and altcoins which is more profitable if you properly research and do it.

cloud mining was always a scam. you can still cloud"mine" on several sites, they're just ponzi in disguise.

Guys there is one thing why legit cloud mining doesn't exist (only hashnest is legit as I know) and that's following: why the hell will someone buy miners and mine for your profit when he already can to mine himself and get a good profit for his own? And after this imagine some cloud minings which offer you lifetime contract, that's very fun. Hashnest is legit because they are under bitmain and also you can to sell your hashrate. They take fee from selling hashrate and that's mostly how they profit.

Because there is no real financial incentive for anyone to open a legitimate cloud mining site. It's not worth the effort of the admin to prove every single day to users that they have their rigs actually mining coins. If they don't do that, people accuse them of a ponzi. Even if they do, people complain about fees. So why not run a ponzi anyways because you're going to get blamed either way for losses?

I used to hold some hashpower at c-cex.io before they closed as well. The fact that you could both mine from their cloud mining service which was 100% legit and also you can sell the hashpower when you wanted to for real bitcoin was amazing. But unfortunately they did close down, which is pretty sad. The only legit one that i'm aware of is genesis mining at the moment. But it's not profitable either - don't bother investing in any of them, scam or not scam.

Personally, I will choose to invest my coin into safe wallet, it's more profitable than spend into kind of investment like cloudmining.


Agree with this, besides selling their hashrate, they charge member with maintenance fees which this is an extra income from them.

Not all contracts do, my dash there are no maintenance fees. i would have bought a x11 miner but they sold out so at the time the 100mh miner cost 500 usd a 2 year x11 contract cost 500 usd, so made sense.

i think like any product, like i have said before they don't research and make mistakes, but spend a bit of time research and look around. remember you can use your hashrate on other coins as well, which i think is handy.

 the thing if there were no mined coins there would be no new coins(well pow), so it does make you feel part of a process instead of trying just to make a quick buck.

I think that a big reason why this is occuring is that there is simply no demand for these services to exist. There used to be c-cex which was immensely popular and people actually made a profit because you were able to trade your GH/S for bitcoin on an open market, even after you decide to stop mining with the hashpower. C-cex was also connected to one of the biggest pools at the time, GHash.io.

The legit cloud mining sites like Genesis mining aren't connected to any proven pools directly, which basically makes their legitimacy not very verifiable. People now invest in cloud mining like a sort of game - they expect to get a profit, quick and fast, just like a HYIP game and they can afford to lose what they invest. With legit cloud mining sites, nobody wants to pay 30% maintenance fee, pay $50 for a contract and never get his full ROI back. But how else is the company going to profit apart from doing this? So again, a lack of demand for non-ponzi cloud mining sites due to the unprofitability historically means that admins do not have incentive to open up new sites.

People losing interest over cloud mining. Not trusting them anymore due to various ponzi/HYIP scams. Huge maintenance fee and other costs are also making the cloud mining company lose their interest as they are not getting satisfied with the outcome of how much effort they are giving. There are other legitimate cloud mining sites which still exists but get ROI is quite impossible and takes ages.

I think one of the reason that cloud mining sites are dying is because of the bad reputation that many of the sites are actually just a scam, after the users purchases their contract on mining, the company just simply shut down and ran off with everyone money. One of the biggest cloud mining site hashocean was one good example on how unreliable this type of site are after they shut down and ran off with everyone bitcoins.

Why exactly do you think some cloud mining ponzis are legitimate? I don't understand that part of the question at all. Obviously they weren't making money and went into another business, that's why they didn't start back up. Consider yourself lucky if you didn't have a ponzi collapse on you. No one in their right mind would lend out hashing power for someone else to make money unless it's a scam.

i would never trust to any kind of cloud mining it's risky and most of them was scam there is much more to do before you can ask for withdrawal but in the end you did not get your currency and some of them did not confident in cloud mining,   they trust more in trading sites, signature campaigns, etc. for the sake of their currencies.

I only know Genesis mining, nicehash and hashflare. They are long-running cloudmining. But i don't really call them a legitimate since they are screwing with their clients. They are breaking their own rules like lifetime contract turn into two year contract. I don't even know if it can cover the ROI you give to them. Some are just ran away together with the money of investors. Remember hashocean. Hundred of thousands were scammed by this ponzi. They called a legit cloudmining. But turn to scam. I never erase in my mind the possibility that this can happen to any cloudmining. I don't know why theree a lot of people who are attracted to this. Can't even give a decent profit.