Bitcoin Forum

Guys,

Would be good to get your opinion on cloud mining contracts from Genesis or Hashflare. Has anyone got any good/bad experiences with them? Are they profitable?

You can get  10,000.0 GH/s Hash Rate for $1200, apparently gives you a return of $60 a week.... Seems like a good investment no? (Worth noting you can invest just 12$ if you wanted a lower hash rate)

~Lucas

Don't trust any cloud mining sites. They are scam most (99.99%) of the time. They are more like a ponzie scheme. Just stay away from them, else you will end up with nothing and regretting later. I suggest you to invest on alt coins and try to make profit by trading instead of investing on those shit cloud mining sites.

Fair, I have invested massively in alt coins too, just looking at other ways of potentially getting an income.

I've read a lot of reviews on Hashflare so maybe its the 0.01% of non scams?

Was also half debating investing in a mining kit, maybe plug it in on the works electricity supply  ;D

As far as i know genesis and hashflare are the companies on which still operating as of now which do offer cloud mining and they are already operating quiet long years as of now which there are still users or investors who do engage with them.In my own perspective and believes if you can able to handle the risk on putting money on them then proceed but thinking off that nothing last forever and maybe there would be a time on which you can able to reach out your roi when they suddenly shut down.

Risk wise, we are all taking huge risks by investing in altcoins, my portfolio seems to jump up and down by 25-30% a day.

I'm going to give it a shot, I'll report back if its a scam or not worth it! Worst case scenario, I loose a few 100$

There is no other way, cloud mining is not a reliable source of income, you are simply fueling mining operation of some company and they pay you dividends to cover it up.
The best way to get the most from cryptocurrency is always to bought the coin when it is cheap and hold for the significant amount of time.
I've read some testimonials from the miners who claimed if instead of investing in mining they would buy coins straightforward - than their profits would be much higher.

Did you ever do withdraw ?. I do not know, though they (cloud mining) offer a very lucrative offer, I still feel unsure of them, because no one will guarantee that our money will come back. I prefer to do mining using my own hardware.

That's fair, I've only just purchased my mining contract today, so will update everyone in a couple of months if it was easy to withdraw. Multiple of respected review sites are stating that its pretty simple.

I wouldn't mind getting my own kit, just concerned with electricity bill / heat from the rig.

This definitely isn't a get rich quick scheme, but a really easy way to get bitcoins (if its not a scam), it's a lot less hassle than doing all the verifications with the exchanges and you can buy the contracts with a credit card

with that investment I think you can start a small rigs which you can earn some more btc than investing it inside any cloud mining online as you have your own control just incase btc mining is no longer profitable you can sell your rig.

Cloud mining isn't the most reliable thing to be using as most of them are proven to be scams and close down as soon as they get some deposits. Usually it's hard to run a mining company and if they're paying you from their profits because you invested, it's hard for them to maintain profit themselves and end up running away with everyone's money.

You could always save up the small amounts you wish to invest and eventually you'll have enough to buy and run a small rig yourself which seems much more feasible than putting trust in a cloud mining venture.

Thanks 13abyknight, good post. In theory I could buy a ridiculous mining rig now, but then I don't want the hassle of the maintenance/heat/electricity.

The calculator on the site suggests I'll have paid off the mining contract price in 135 days... anything after that is profit, its a life time contract too, so they will always run and its just free money ticking away. - It does seem to good to be true, but I really don't think Hashflare is a scam, or Genesis by that matter.

I dont see that you would able to earn 25-30% more in a day even on bitcoin or altcoin profit unless if theres a pump knowing that mining difficulty does rise overtime as the days goes by which means earnings would really mainly affected and if you can able to handle the risk then it isnt bad at all to put money just be aware that anytime you can lose money on the thing you made.

Not just profit, I mentioned up and down. To be honest it's mainly been the last few days as I have a large Ripple holding.... Should of sold yesterday *cry*

Most people will say it's a scam. I'll say that I haven't tried it and at a time I wanted to, but then I lost interest. If you want to try it out, do so and post here if you got your money and desired hashrate.
Mining is a more reliable source of income, because it's stable to a point, my whole portfolio went red when BCH started rising.

Apparently you get daily return information, I'll ping over some screenshots etc.. once it gets going and if i'm able to withdraw ok.

Never wonder for any profitable cloud mining these days of modern times and that advice of buying cheaper coins to hold is a nice idea for now. Who knows that coin will grow of it's value triple that what price you bought for your trading assets. Mining coins is not as profitable this time, it may take you to more energy consumptions and even other sites promising the so called legit was really resulting to ponzi or referral type of investments.

You have a point on that. I think in mining is also a good contributor throughout countries because their job is too difficult to handle. Cloud mining maybe not a reliable source but if you buy coins then it will gain or you will get big profit of it. Look for other ways to trade it or keep reading or asking others testimonies.

You shouldnt cry since you didnt still miss the train on earning profits with ripple. I would say just a little bit more because theres a news that price would rise up again on XRP. If you do hold large amounts then it would really be an advantage for you to make good profits later on.

I can't say that it's a good idea, but I also can't say it is bad. But even so, i think it is legit. I have seen it a long time ago and still is running to this day. It has risks, but any profit driven man will alaways say that nonrisks no glory. So i say if you have the extra bucks for the investment and all the other needed things for mining, go and do it. Better to try and fail if ever than to go and think about what ifs at night just because you never tried. Hope this helps, cheers.

If you want to start mining, then don't mine Bitcoin. Try mining some alt coins which might give you a higher profit later. Don't forget about all those maintenance you will have to be doing. Check the forum to know which coin is currently more profitable to buy. There are some online calculators which shows you how much you are going to be making, not sure about the accuracy though.

All of the cloud mining site that offers you a good profit monthly is almost a scam don't trust on any ponzi scheme site like they will run your funds better to put your money on altcoins and learn to trade because now alts are cheap because of bitcoin is rising, There's no legit cloud mining site but if you want to mine try to buy your own GPU and look for guide on how to mine bitcoins using your computer.

Back when I didn't know any better, I dropped some money on Genesis. Was never in any danger of seeing any kind of ROI. And Genesis is actually one of the better ones. Didn't learn my lesson the first time, so I bought a big contract from zeropond when zec launched. Needless to say, rekt to shit. There will never come a situation where I will waste another penny on cloud mining again. It's all shit, scam, and more shit.

i have good experience with genesis and hashflare but i think my recommendation would go with hashnest because genesis and hashflare, they are cloud mining, but hashnest, they are really cloud mining and they have their own hardware. so i think you can thinking first before you invest with them. but i admitted that genesis mining, hashflare and hashnest is the best cloud mining until now and they are the oldest cloud mining.

I have tried mining myself, cloud mining and bitconnect and buying the coins and holding over the past 12 months
bad to good in this order
cloud mining is not that profitable unless you can get a few hundred refferals dont bother
also Genesis is in a crisis at the monent and people havent been paid for over 2 weeks
stay clear you have been warned
Genesis is a real company and have real mining facility  in Iceland but they are really a referrals ponzi mlm type of company
that sells its hashing power to make to bigger profits for uneducated bitcoiners who fall for it and a smart miner would mine
on there own at home
Bitconnect looks better profit that cloud mining but dont gamble what you cant afford to lose and of lately they have been
losing money over a website glitch so wait till they sort this out
home gpu mining has been good for me and i have all of my ROI back after 5 months
buying bitcoins at £1850 and now its £3300 has also been a winner for me
so to some it up cloud mining is notprofitable unless you can get lots of referrals
creating a youtube channel like Trevon James and Craig grant and talking bullshit every day has worked for them
to generate referrals off stupid people  they brain wash
home mining is much better for me i can make £1500 a month without a risk on a ponzi scam website closing down
I made my money buying 10 houses and renting them out over the last 20 years  
I can only tell you my experiences and you can do what ever you want it doesnt matter to me chaps

thx
steve

Thanks Steve, good post. I've made quite a lot on just investing in altcoins so I have put a small amount in Hashflare just to see what its like, it's definitely one of those which will take a while to start turning a profit. But I'm happy to wait.

I'm debating getting some mining equipment, what would you recommend? How easy is it to set it up?

Well its your choice on seeing on your profits to earned on hashflare and i would say it would really takes time for  you to reach roi. Its good that you put lots of investment on altcoin and i hope you would succeed on that one and if you are really serious on putting money on cloud mining sites then it would be fine but if i were you i do have the money then better to go in self mining since you would able to operate physically and seeing on your own mining rigs operating. I recommend antminer s9, setting it up? Its hard to explain since its technical.

No, it's not a good investment. And if you are just planning to invest just avoid those cloud mining sites they will never offer you a good contract. It's good to invest your $1,200 into decent alt coins and just do nothing hold it and wait for the pump and take your profit immediately. This is a better way to earn from your capital.

I think it is a terrible idea to play in cloud mining, none of the cloud mining sites are legit, you better invest in other place, and yes I had a bad experience with cloud mining, a brand new cloud mining closed in 3 months where I invest 0.03 inside, so I dont believe in cloud mining anymore

Bought my Genesis BTC mining contract a few months ago and it should start on the 31st. That's just 8 days time, I was quite pumped about it but not so sure now after having read the comments ^^^ Only time will tell I guess, anyone else in the same situation I wish you well.

I bought an ETH 2 year contract as well and that's paid out about .7 ETH so far after 43 days but the returns are diminishing week on week started out looking like I should get around 14 ETH return which would have seen a fair profit based on $300 per ETH but it's dropping off slowly, not sure if this sort of thing has good months and bad months again only time will tell I guess

Never hurry, never worry and always stop to smell the flowers

Hi Guys,

Thought I would update you all on progress. So I bought a mining contract with HashFlare 2 months ago, I spent 500$ on this contract. To date I have mined 300$ worth of BTC.

2 Months, 300$ great right on a 12 month contract?! Should easily make my 500$ back and more.... but... that said, there are some downfalls. First is, BTC price has increased a good 25% since I bought the mining contract. So in theory if I had bought BTC rather than investing in my mining contract, I would have $625 by now. So now I only have recouped about 45% of my initial investment.

In theory I should still make a good ROI as I have this mining contract for another 10 months, it is worth noting that the difficulty has increased when mining BTC, so I am making less daily than I did when I initially took the contract out.

I also tested the withdrawal functionality with Hashflare, worked fine transferring my BTC to Bittrex.

My advice..... I think now with the current difficulty its probably not worth worth cloud mining unless the cloud mining companies lower the price of the mining contracts, just buy BTC direct from an exchange. If I could go back in time I probably would have still bought the cloud mining contract, it will be interesting to see if I will make more than what I would have if I had just bought BTC.

~ Lucas.

I don't really like the cloud mining. Because most of them are pretty sure  scam. If i were you, i must join to signature campaigns rather than investing to cloud mining companies that are not liable to your investments.

I don't think your calculations are correct; first: you should only think in bitcoin - because as you said you could have bought bitcoin at the same time. When you think of earning in $, your earnings will fluctuate as much as bitcoin price will do.


And that statement is from a newbie, who has no experience with signature campaigns on bitcointalk at all.

This is true, I probably should have made a note of the amount of BTC I could have bought, I'll figure out the BTC price at the time of the cloud mining purchase and work out the difference in BTC.

You can take a look at https://www.coingecko.com/en/price_charts/bitcoin/usd/
There you can find an option (under the chart) to look for a longer period (say 90d or MAX), then you can see the exchange rate for every single day.

So I've worked out what I could have bought in BTC on the day I bought the cloud mining contract.

If I had invested my 520$ directly in BTC I would have been able to buy: 0.12BTC (End of August)

In the 3 months since I've had the cloud mining contract, I've mined in total: 0.05503711BTC. So In theory, I should be able to get to the 0.12BTC in the next 3-4 months - depending on difficulty.

I'll update this thread in 3 months and let you know where its got to!

don't just don't , you can't be lazy and earning decent amount of money at the same time ,just just build your mining rig and learn all the process , I assured you will earn more going to the cloud mining approach

Seeing on those numbers you are definitely reaching out ROI very soon and just as expected because mining difficulty do rise and come to think off that mining contracts now do have duration which means possibilities that might still able to lose up on your investment is there this is why mining on cloud or rending others computing power isn't really worth at all specially for longer runs.

True, cloud mining will never pay out, they are offering 1 year contracts and if you reach ROI that is all you will reach, it is not worth of money. Mining or trading is best way to earn crypto, if OP has place for rigs he should go with it, cloud mining is big no.

Calculations on your investment in cloud mining isn't accurate. And why in the first you guys keep on believing cloud mining? Don't fall for it, there might some "stable" cloud mining but still it's your decision if you'll get into those cloud mining. I didn't invest to any cloud mining after those big cloud mining site started to get out of their service and scammed their investors, it's not trustworthy to invest on it.

The problem is I don't have place for a rig + electricity in the UK is stupidly expensive. The investment of 500$ is a very small part of my portfolio, every other coin I have just bought.

Stating that cloud mining wont pay out... We shall see, I have already withdrawn the 0.05BTC into bittrex without issue.

I expect that I will make the 0.12BTC which I would have been able to buy in August in the next 3-4 months. If that's the case I will have a run of 6 months of profit.

I'm not preaching that cloud mining is a good investment, this was more of an experiment + I wanted to give everyone accurate data just in case they were thinking of doing it. Saying that, at the current rate, it will turn into a good investment.