Bitcoin Forum

Is it cheating or the truth you can earn the bitcoins in the cloud?

Before you sentencing people to jail why don't you move this thread to service discussion (https://bitcointalk.org/index.php?board=85.0) and then talk about cheating?
It's true, it's not a magical thing, miners sell their hash power to people remotely without giving any profit in return, they call it cloud mining. you will send your money and receive a contract that's all totally legit but the question remains unanswered, will you earn any profit or even get your initial investment back at all or not? as an experienced cloud miner I'd tell you not.

Unfortunately it's almost 100% sure they are Ponzi schemes.

I advise you to stay away of both sites. It's happened to many times before: they all end the same, the program stops paying or goes offline directly.

Not a good idea to use or invest money in those site there is no investment site are giving free money..
If you really want to invest building or buying mining rig is the one the best to mine altcoin.. that you can exchange in bitcoin...
Like other said better to stay away just to safe of your own money..

Such a briliant topic is always repeating in service discussion and newbie are always posting about this kind of investment site you are not reading the service discussion  there are a lot of thread telling that its not safe to invest almost all cloud mining site they are not profitable and most of them in the end they are ponzi scheme. if you really want to earn a good profit better to stay hold in bitcoin and wait for a long time to sell them and gain a good profit..

The services like Genesis-Mining and HashFlare have a lot of machines mining Bitcoins for them all day long, 24/7. So they give you an opportunity to earn passive income by investing on their businesses. They probably use the money you send them to expand their business, pay employees, pay bills, etc...

The catch here is that they offer you a lifetime plan, which theoretically would generate Bitcoin for you forever! But each new day the income become lower and lower, at some point you will probably receive 0 satoshis per day... The only thing I know about this kind of investment is that no one was able to hit ROI. Take your own conclusions about it.

Well, you can definitely earn bitcoin from mining. But whether it is profitable, or not, is a completely different narrative.

Both of these companies are supposedly legit and has good communities, however you'll basically never ever break even with them. Genesis mining i have personal experience with and i can say you'd be lucky to get just 50% of your initial investment back.

But if you're really wanting to get into it, nobody can stop you. I'll say genesis mining because there's just a lot more trust and they have an active youtube channel. Also, their team seems to be more transparent.

Between any cloudmining sites, profits you get from one will not be significantly bigger than the other. They require you to reinvest some or even all of your profits to keep up with the rising difficulty in mining.

Go with Genesis if you really want to try cloudmining. But it's all the same. You all will lose money in the long run.

@hello_good_sir

Earning implies that you actually make money, and this isn't the case with cloud mining. Them paying you fractions of your own money back is NOT earning.

Genesis mining is a well set up ponzi scheme with quite a hefty marketing budget due to all the idiots throwing their money to waste by "investing" in their platform.

Them being transparent means that they openly share all their mining addresses, which simply isn't the case. No show of any mining addresses means that they aren't mining.

Of course people could get profits through cloud mining, but the owners who get the biggest portion and for the rest, just good luck for them. Because there are too many scammers around, plenty of scam cloud mining, or very small return if you invest on them.
So, it clearly doesn't recommended to risk your money into uncertainty of cloud mining. If you want to prove that, be careful and don't forget to give us enlightenment after your capital paid off.

I have good experience with Hashflare. ROI-ed with them once. I am going in again. :) But do it at your own risk - and use money which you can only afford to lose.

Although those two sites are legit it doesn't mean you can easily earn money from there and from what I have heard till now, cloud mining isn't a good idea to invest your money even the sites you invest are legit because you need capital to earn something from cloudmining but it takes long time to pass ROI.

It is virtual mining and they insures that they have real mining hardware with them that will keep mining for you but there is no way to verify how much mining power they actually have in their mining farms so it is quite risky to invest in them.

- It is true that you can actually earn from cloud mining but there is no guarantee that you will make any profit out of it.
- Talking about genesis-mining they are registered company and are trusted by community but that doesn't mean they can't ran away.
- Most of the packages these cloud mining platforms have are not profitable if price of bitcoin doesn't sky rocket in near future but along with price mining difficulty will also increase that will lower down your reward per day

So in overall if you can afford to wait for years to get back profit in your initial investment than you can buy cloud mining packages with them but you have to remember that you can even loss what you will invest in them.

No don't even think of earning bitcoins from genesis mining or hashflare and many people's contract get's suspended because of their fee structure. It is not your fault many do get attracted towards the lifetime purchase but in long run it will be a loss for you. Instead but any of their 2 year plan i bought few mh/s dash plan and got roi in 6 months and currently I'm earning pure profit for next 1.5 years which isn't bad. Try their other plan and buy the plan in which you get the fastest roi.

On my experience, to make profits by cloud mining. I wouldn't recommend hashflare. The ROI is awful. Only the one-year-contracts for example with DASH or ETH could give profits on longterm. I didn't try genesis yet, but I mine also on eobot because I can cashout 5-years-contracts by exchanging to 24 hours, if needed.

The fact there are all not profitable and most of the cloud mining site are turning it to scam in the end this is base what i experience before that until now the other people are still abusing and scamming other people they are making a good deal like 10% daily or more. What i said there is no profitable cloud mining site most they are scammers and and high risky invetment this is not a good habit to invest.. if you really want to make a good profit invest and make your own mining rig and start to mine altcoin it will be more profitable than you are just investing in risky sites..

Someone on reddit asked the following question:


"Where's Genesis Mining in all this? They've supposedly got a massive massive mining operation. Yet I never see them on any of the pie charts ..."

The subject of the discussion was about:

82.1% GB Miners just started signalling

Where is genesis mining? If they are a mining company because I do not see them in this image:

https://i.redditmedia.com/w1X-frSd4-z8aHAOf5-r_TD83IGTG4b0gu3568PYZdE.png?w=406&s=628f3bfed486d3875c3613afc824ff5a

Hashflare is the same story.

---

You should already have read everyone's comments, and everyone agrees that these 2 cloud mining companies are not profitable.

Oh I speak from experience myself and I gave up this genesis mining a long time ago

Both have operated a long time. Genesis Mining seems to be a legit cloud mining company. People have different opinions about Hashflare. However, at Allcloudminers there are calculations published from all contracts from both Genesis Mining and Hashflare. Also, read complete reviews.

www.allcloudminers.com

Well genesis mining could be in the other pools, and so could hashflare.

However it seems extremely unlikely that when you have such a widely known cloud mining operation going on you choose to entire other people's pools and pay a fee and risk your funds instead of just doing it all yourself. Yeah it's more risk but you get more in the long run.

If you were to choose one between the two then definitely genesis mining. Hashflare definitely has very little reputation compared to Genesis mining. More effort has been put into creating their site by genesis as well imo.

cloudminers are all scam. so none of them.

Whether it be genesis or hashflare, all will get to same non earning point where you would be unable to get your invested money back. It would be a good option to buy your own miner from amazon.

This website will help you:

http://www.cloudmining-discount.com/en/top-5-provider/
 (http://www.cloudmining-discount.com/en/top-5-provider/)

You can improve your ROI when using a discount code.

@Slow death

Since the very early days of the existence of Genesis mining, people have been bombarding them with legitimate questions about their mining operations, but all the way till now, no answer.

In the same way, they are "heavily" involved into altcoin mining, but once again, they consistently prevent themselves from answering anything related to their operations ~ people should wake up for once.

its true because i see there is many people get success with cloud mining and the two cloud mining you mention is a good company. they have been online since almost more than 3 years ago and until now, they still paying their members. i think its good to join with them but you need to thinking how much you want to buy the hashrate. i think i am prefer with genesis-mining because in genesis-mining, you can have several option for mining and not just mining bitcoin.

I am still confused after reading your topic and then the question in the post. What in the name you think that topic name is matching your question. They don't relate at all. Why are you trying compare the two ponzi sites and then making question whether they are scam or not. Of course they are scam and cheaters because they will never afford paying you by mining with no hardwares behind the scenes.

It is like sitting in for an objective type question with only two options to chose from. What if someone like me says, none of the above ?

Though both of the mentioned sites are running for a long time, there are speculations about both of them, or in cloud mining as a whole, so I would prefer to avoid both or any in the same lines.

There is chance that both of them are legit until now. I'm saying chance because they are currently paying but like others they can be scam sooner we think. The pool distribution for both of them is not that significant and the progress has decreased in recent years. I tried hash flare with ROI of one year, I never achieved it because pulled out my earnings and reinvested nothing.

What does legit mean in your book? Registered? Paying taxes? Paying their customers and not planning a scam?
Cloud mining companies that sell lifetime contracts and reserve the right to shut it down when it becomes unprofitable for them is an obvious scam. You are lured in by "lifetime" and do your calculations based on that, but when a company closes down after a year your predictions go down the drain.

Ok, i will answer based on my experience

I use hashflare (just buy 10 GHS for test on 2016) and i use Genesis mining too (not invested to much) . Hashflare i invest 0.001 on that time. Its almost 11 month but..... sad I just got 0.0003?? Well i know bitcoin price and difficult always increasing so im not trust cloud mining again.
But i back on genesis and already get my investment back on 3-6 month (im not remember) because i got some referal too. Of course i still have passive income from genesis, So genesis is better.

But, i dont reccomend use cloud mining for now. A lot peoples already say it. If you still want invest, then invest with your own risk.

I already know this two cloudmining for bitcoins and altcoins actualy i have a acount too in ginesis and hashflare but i never try to invest in this two some people say this two is leget and good but the ROI is too long to get your investing money so for me i prefer to do a signature campaign rather than cloud moning.

My answer for this inquiry is simply "No one is the best on both of them".

Why? Its because those site is ponzi scheme and if you compute the profits you can get for long time investing on them surely you will be discouraged for the result of it so its better to disregard this type of investment and look for better oppurtunities since you cannot earn good money for just waiting for money to drop of on your pocket so you must work for it to see more better result.

Don't use any of these.
If you want to mine coins buy some hardware and start mining by yourself.

Neither, don't fall for cloud mining. Don't waste your money, if you give them $500 I guarantee you in a year time you'll not be able to earn your $500 back. Either buy your own GPU miner, or buy bitcoin/ether outright and keep it in a cold wallet. This way you can get better returns in a year.

I will give positive reviews to hashflare because I have used it before and been paid out from it. I was on lowest hash rate of 0.05 Th/s which made me $4 a month. Yeah I know that's too low but I was just trying the site. It paid me twice when I reached my minimum payout limit. Now my hash rate is still running but minimum payout is heavy for my returns.

I think the 2 companies are legit and we can make money with them and I don't think it's a ponzi scheme.

But two aspects disturbs me a bit about cloud mining :

1/ --------------
The client doesn't have control over the mining pools where the hashing power will go. It's controlled by the cloud provider.
Let's say I've created my own mining pool, and want to send all my rented hashing power there, then this is not a possible
way for cloud mining. You can't lead the mining where you want...
So you don't know exactly how many coins were really mined for you : 100 coins, 150 coins ? only the provider knows...
You are forced to blindly trust the daily earnings shown to you, without knowing exactly what happened during the hashing day...
Nothing can stop a provider to keep some coins apart. You will never know that.

2/ -------------
Why a provider would rent its huge hashing power when the company can mine itself and make money without us...
I would say the paid money would be to buy extra hardware to let you mine. Hmm, I suppose that when you buy hashing power, your mining starts instantly, isn't it?
So they have the hardware at hand already...
Also, won't it be more profitable to let all their mining hardware run altogether instead of waiting a contract to
be paid before letting the hardware start mining? I'm sure they buy extra hardware to handle more hashing power, but I suppose that every machine is used to mine ,
even with or without a contracts linked to running machines.

Cloud mining has its potential, but I would be more reassured when a cloud mining service will let us
set where the hashing power will really go... I would like to see, live, how many coins are mined with the power I would pay.
The only way for that would be to let us tell on which mining pools we want to use the hashing power and by using our own mining credentials on pools.

Why many people are still believing in cloud mining site even almost all cloud mining are just good from the start and the end they will run after they got a lot of profit.
That is why other people here are not recommending cloud mining site because they know actually what will happen to your money and they are just help you to save your money safely or much better to invest in bitcoin and hold that investing your bitcoin in cloud mining site that anytime you can be scam..
the best that you can do now is to buy more bitcoin and save it for a long time you can make profit in few weeks or months because i believe that the price of bitcoin will increase more soon..

@crairezx20

Buying Bitcoin, or basically any crypto currency, has always been the better option. People however find simply hodling to be a boring practice, where some of them even refer to hodling as being a waste of time.

People are looking to increase their actual coin count instead of just the value in fiat. In most cases cloud mining pops up as being the best option to generate passive income.

But the reality, as you also stated, is that the only winners are those behind these cloud mining sites. But then again, no matter how many times people get warned to not invest in cloud mining, they will do it anyway. ::)