Bitcoin Forum

Hello,

I am thinking of to start cloud mining for BTC or other altcoins - But I don't know which currency would be the most profitable/which cloud company is the best for this. I heard Hashflare is not bad and I heard Genesis Mining is a scam/unreliable - Are these infos right?  Moreover I do not trust of cloud mining sites calculator...Can someone tell me how to calculate the profit exactly?

I would much appreciate the help.

King regards,
Novi12

I put $24 onto HashFlare.io yesterday. My forecast is $96 within a year if i don'd add to it or reinvest the BTC (which i almost certainly will)

It is risky as you are never in possession of the mining gear when investing into cloud mining. Many are also ponzis and the only cloud mining operation I remotely trust is Hashnest. Just don't put all your money into it and keep in mind any cloud mining "operation" can disappear at any time.

I was interested in this when I first started researching mining... But then I saw hashing24 stop taking any new accounts. And then I found out that Genesis Mining (the other most-reputable cloud mining service) has not been paying people... The unconfirmed rumor is that they got hacked or ripped off in some other way.

You'd probably make a better ROI just by being patient, researching your options, and investing the money into crypto directly.

Hashocean was the big cloud mining scam in 2016, In this year there are so many genesis mining users already said that genesis already turned into the shady service, or others said that as the next Ponzi scheme. Do a little type effort in your browser and you will get a lot of answer from the internet about the cloudmining site right now.

I will put an 'X' mark for investing in cloud mining. If you are still not introduced to this thing it's risky. You got to know some important history events that happened with these cloud mining. Better put your focus with alt coin trading or just hold your bitcoin, regardless on what their investors are saying better to do your own research.

Don't bother. BTC mining is really saturated right now that if you don't have near free electricity and if you don't manufacture your own rigs and not have to rent out the place you are putting your rigs in, you're almost always going to be in a loss.

Plus, cloud mining services will take a significant percentage of the total amount you earn as a "maintenance fee". They will terminate your contract whenever your contract earns you a negative amount, and the "lifetime" is actually a few years, max.

Usually cloud mining sites will offer you a calculator that you are able to calculate with, but they are rarely accurate and grossly overestimate your earnings. There is really no way, because the administrator will decide all your profits. You don't even know whether they are a ponzi scheme, or whether they are mining at all. Stay away is my recommendation.

Do not use cloud mining, read on the forum, everywhere they write that this is a ponzi scheme!

Simple earnings scheme, this is:
- Buy power on a nicehash and send them to the pool.
- Then those coins that you namayili sell on the stock exchange.
- And for the received bitcoin buy again power on nicehash

And so repeat many times.

Just see that the initial investment was less than the selling price of coins after mining.

I'm not sure where you heard that hashflare is not bad but genesis is scam. I would definitely put genesis on top of my list for cloud mining sites, before hashflare. Because genesis mining actually has representatives that speak in public, and they have a youtube channel too. Hashflare probably does as well, but it's just a lot quieter and the site design isn't as good either.

The truth is, you won't benefit from investing in cloud mining. It's tempting, i know, when you look on youtube and you see a ton of youtubers promoting genesis etc., but they are different. They earn a living from dragging others into the company, and you probably don't have a youtube channel to make those referrals.

In the long term, your contract is going to expire prematurely and you won't be able to make anything. No matter what service you are with.

I don't recommend you or anyone else to start investing in cloud mining, whatever it is, bitcoin or altcoins. If you prefer to start cloud mining for altcoins which seems to be the new attraction to these investors I would recommend that you buy altcoins with that amount instead of starting cloud mining. Most of the cloud mining websites are scam with no real data behind them and the few that are legit you will never ROI with them.

You have got $400 which is a pretty good amount for investment. Why do you want to invest it in cloud mining ?
Most of the cloud mining sites out there are fake and ready to scam people . The only cloud mining site I trust is www.eobot.com but I still won't recommend you to invest any money in any cloud mining site. Cloud mining is less profitable which is similar to nothing. You can invest that amount in trading altcoins or you could just buy bitcoins and hold it. That would give you more profit than any cloud mining site.

Seriously you are going to invest 400 dollars in cloud mining? I will tell you something. If you buy bitcoin with that 400 dollars and keep it in your wallet, after three to four months you will get double profit from your coins. If you invest in cloud mining, I am sure it will take nearly one year to reach the roi.  I am telling this from my experience .

Thank you all for the advice.

Cloud mining isn't profitable, just hold your bitcoin and you'll see, in few months/years (depending on when you want to sell) you'll have a lot more that $400  ;)

Don't make yourself happy with that thought. You clearly didn't pay any attention to what people here have been saying -- cloud mining is not rewarding, and definitely not by your projected margins. People for once should stop putting money into non existing mining operations. This will only further incentivize them to continue making more victims. From there I believe those investing in cloud mining are contributing to them to continue making people lose money.

That is the point: referral system. All those guy promoting this Genesis Mining just want to grab their 3% comission over their referrals. They aren't worried if you will recover your investment or not, they just want comission (somehow like Ponzi promoters), but they give some legit aspect to cloud mining investment to make it different from common scam sites...

The reason to don't invest in cloud mining is simple: You aren't able to recover the same amount of BTCs you invested.

You don't even need to buy famous altcoin from the trader. You can get new ICO tokens with the additional percentage which is been expecting the grow further in future. Cloud mining is being Ponzi scheme for every btc users no one will invest s penny of bitcoin to that platform.

Guys, I don't know if you ever do the math behind.
I did, so please take a look here: https://docs.google.com/spreadsheets/d/1AtXK_-mabN0RaUTlROutF-Sx0u_NE2Q0rJbsNoa9IDY
Indeed the main condition for mining profit to overcome the value of HODL'ing the bitcoins, is the difficulty adjustment.
By following the pattern of the previous year (2017) - you definitely win with the mining.

Just play a little bit with the numbers and let me know what do you think. Just make a copy of the spreasheet do not edit the original document.

No! Stay away from cloudmining, you will not make any amount that will matter in your life. If you want to take the risk of having the chance to make money that could be considered meaningful, your chance are in the altcoins that might make 1000x returns.

Cloudmining is a ponzi scheme trying to look like a BTC mining company.

That’s a big no for me and I will advice you to avoid such same destination to be scammed like most of the cloud mining investors before. And I’m certainly one of them that was disappointed and even totally depressed because of the investment that gone wrong and obviously brought me in financial trouble a year ago.

hashflare is good but $400 will only get you 1.8TH

In mining you can earn only by waiting and if you investing big you can earn big too by that,it easy way to earn here in crypto but for me even it's not risky and for sure earnings but still it can turn to scam in time.So if that the situation i think invest your money in trading even it's risky it's more sure than mining to not turn in scam,another thing there's so many exchanger here with good history so it can't turn to scam.

Just stop doing this kind of questions, it is useless, and the cloudmining bussiness is much more useless if you are not the founder..


They are scam, and it is plenty of copycats just exactly as those and they are claiming to be real ones.
Do not buy a contract, they all are lies.


If you are interested on crypto mining, just buy a rig, start your own mining and that is the only way in that you are never going to be scammed.