Bitcoin Forum

Hey,

You probably heard it before, but...

Is it still worth mining BTC.

I will buy a 15 TH/S at genesis, but I can read that they can stop my contract, if it do not suffice to pay the Fee.

1950 $ is alot of money.

Someone who knows something about mining BTC.

Thank in advance.

Regards
Christian

Don't throw your money on cloud mining it seems like a scam because there's a scam accusation going on about genesis mining here (https://bitcointalk.org/index.php?topic=1185909.460)  hope that helps you. If you really want to mine some btc you need to invest on some powerful gpus or antminers.

you are asking about cloud mining not mining. these two are very different.
mining is having the mining equipment yourself, spend electricity, ... and mine bitcoin (or altcoins)
cloud mining is paying a third party to mine instead of you. now this third party will obviously take a lot of fees and will only share a small part of the profit with you which makes this type of investment NOT GOOD. and also as the above post said most of these third parties are scammers.

now if you are interested in mining i suggest giving altcoin mining a try. you can do it with a simple GPU if your electricity cost is not that high.

WTF is WRONG WITH YOU OP? Don't you know how to use Google and check Genesis Mining reviews? There s NO WAY you ll ever reach ROI with them and I have not been able to find anyone who has ever reached ROI with them and I ve been into crypto for a long, long time.

Dont do it, you ll just waste your money.

There is an explain why every new day there is a new thread about someone wanting to invest in Genesis Mining cloud mining.

The marketing range of this business is very high. Anyone who access Bitcoin related sites, news and especially some content about mining will see a Genesis Mining Adsense banner. People will see it and think: "Hey, if they have money to buy Adsense banners and they are running their business since years ago it's legit, it's safe and I want passive income lifetime right now!"

Then many people see it and start imagining the profit, the lifetime source of income... Adsense worries a lot about faucets using their banners, but don't worry anything about having a customer like Genesis Mining.

I somewhat agree with mrcash02 when it comes the popularity of genesis mining. It wasn't that long ago (a few months back at most) that I have seen ads on YouTube from genesis mining.

I usually click these ads away when possible, but out of pure interest I kept watching it through ~ I must admit, it looks very sleek.

Everything is done in such a professional manner, that newbies have wet pants before they even bought themselves a "mining" contract. Money flows well it seems......

Not bitcoin mining no that's not profitable with any cloud mining but I can't say the same thing about altcoins mining with them, I've tried their services and so far I've received on time, however your incoming amounts start to decrease every week or so but if you know which coin to mine with them you could actually ROI.
Or you know you could invest that amount in yobit and get 0.2% daily interest on your bitcoins but that is also risky.

In the way that they blow money on marketing their not existing mining operations? If so, then you're correct. But still, people should spend some effort into getting to know where they put their money in.... If I am a noob in something not Bitcoin related, and I am looking to sign up to a service, I'll make sure I thoroughly research everything. I'm not a person that gets blinded by greed and discard all potential risks. Neither should others.

You'll never reach ROI with cloud mining. Just buy BTC directly if you want to get your hands on some coins.

Don't be mislead about the difference about mining and cloud mining. Its better not to trust your bitcoin's there and it's going to be good deal if you are going to use that capital for trading. It's much more profitable to trade rather than to mine bitcoin these days. It's a good alternative source of income as mining isn't profitable for us(small people) anymore.

Not a good idea to invest all of those money into contracted mining better to buy your own miners to mine your own bitcoin..
Or you can try to mine GPU mining build your own mining rig instead and mine altcoin.
I found a thread where you can find the software to mine ethereum or other supported altcoin to mine
check it here https://bitcointalk.org/index.php?topic=1433925.0

If you want to mine you can buy your own miner s9 instead than investing to genesis mining like other said mining with own build mining rig is much better that investing your money in contracted mining..
There are a lots of alternative to make bitcoin just to mine other altcoin and sell into bitcoin you can be still earn bitcoin.
Try other altcoin like burstcoin that you can only need HDD to mine burstcoin https://bitcointalk.org/index.php?topic=1863544.40;topicseen
Or you can mine other altcoin here https://bitcointalk.org/index.php?board=160.0

Mining is still worth it, but dont do cloud mining, it is wasting your time and your money, cloud mining is famous for its scam and there are no exception, so my suggestion is you take that money and invest in other place or buy your own mining equipment

Suggesting to go for actual mining must be a good choice for a any mining aspriant. But we need to make sure for following few things all the times :
1. Capable to reinvest more than 50% of profits into mining so that in long run will able to sustain with mining.
2. Invest based on USD value and should be capable of saving bitcoin (after re-investing) for some times so that ROI in USD may happen in quick time.

But you should reconsider on how much generation cost you will pay before executing the mining plan and be more selective on which coin you will gonna mine since bitcoins for now is quitely unprofitable at the moment and make sure that you've got the latest mining hardware so that you will not put your money at risk on some unprofitable situation since mining hardwares can be outdated when time goes by.

Mining might still work if we wanted to push it through since this is the conventional way before  but why mine if there are more efficient ways to earn more other than spending too much in generation fee,those fees can be an additional for investing purposes, or do trading and join campaigns to earn too.

It's all easy when you put it up like that, but in current circumstances, the highest tier of antminer hardware will more or less take you a full year to break even at current levels. I understand that mining is a great practice in terms of being an active contributor to the network, but in terms of profitability, it's not worth it for the average person looking to build himself a home-rig....

My straight forward reply to the topic heading Still worth mining BTC would be, yes, it is still worth mining if you are aware of what you are doing and good in calculating the debits and credits. However the mining company which you named is not a mining company but a ponzi scheme operator in disguise with lots of scams being levelled against.

Whenever I decide to invest my money on mining, the cloud mining specifically then I come to such a posts saying loudly don't get involved into such thing you will loose money. Then I come one step back and tell my self you saved your ass once again. I think I also need big money to invest on hardware and pull my sleeves to work on them.

With my experience ( well mostly my brothers) I have seen mining gets very tough over the time. When my brother use to mine with genesis the rate used to be fluctuating a lot. The rate of ROI was dependent upon the rate of bitcoin in the market. So when rate decreased his earnings decreased too. If that's the case then it doesn't seem to be profitable.

I think it is not worth mining bitcoins. It is better if you just earn it here in this forum. Let me talk about mining bitcoins, it will just consume higher bill in your electricity, and probably will destroy your cpu as they say. I dont know how it works but that's what they say about mining.

cloud mining is not good, majority only ponzi scheme, low profit, BEP very long time
if you still interest mining is good youre buy hardware and then self mining

Hi . Never use a cloud for mining , never ever . In my personal example , there are lots of companies who accept your gpus/asic/antminers etc hosting them in their house . You just need to cover a little fee for maintenance support monthly . Also you can always get back your antiminer or gpus and you can re sell them .
For example try to use bitclouder or starthash , they are located in romania and you can order antiminer from them and let there to run , you just pay 20 usd monthly for support and 80 power electricity

Your question was is mining still profitable if you talk about cloud mining it will never be profitable because genesis mining gives you 70-90% of your investment back and then terminates your contract. If you even do your research most people have only posted that within this much period they would have achieved their profit but till now their are very less proof of people who got their investment back. Stay away from cloud mining and mining on your pc is also not worth if you want mine any alts they are way more profitable than bitcoin.

I just notice many people here are mention about genesis mining that actually its also the same as other site.. who offering cloud mining that actually not really profitable.. if you want to mine and earn bitcoin buying s9 is a good idea.. but i notice the price of miner s9 was increase unlike before that its pretty cheap than today when  was check the price its increased a little bit..
Try mining altcoin i think there are many people are still trusting those altcoin because they are making profit..
Building solar panel with miner i think it will be more working than investing in cloud mining site.

In normal circumstances, the difference between legitimate operating services and ponzi schemes are huge. In terms of cloud mining, they both (legit and ponzi) have one big similarity -- you'll likely never get your initial investment amount back. People for once should look at real ways of making money, instead of constantly focusing on cloud mining. If you're looking for passive income, then look at freebitco.in, they offer 4% annually with the promise that you can withdraw your coins at any time.