Bitcoin Forum

I am pretty new to bitcoin and have basically been using faucet sites to get started.
I know faucets are slow and labourious but at least they are giving me an insite into how bitcoin works
Cloud mining is something that i am seeing advertised a lot.
People will say it is a scam
Some people will say it is not a scam I know that

I would just like everyones opinion on it if that is ok

So is cloud mining a scam yes or no

Reasons why appreciated

Many Thanks

More often than not, cloud mining is a scam. Doubler sites may be masked under the name of cloud mining. Essentially, if you see something that has an insane payrate (120% every week) that just does not make sense, chances are that it is a scam. This applies for cloud mining.

"SCAM"
Stay away from these things since they would just scam out your money and ended up on getting broke.Dont believe on anything which do offer too good to be true returns on a short period of time but yet there are service which do offer cloud mining which is genesis and hashflare but still i wont recommend these stuffs because mining isnt really profitable already as the days goes by considering on the mining difficulty.

Stay away from cloud mining. Even if it was legitimate, it is a very slow process and the model behind the business doesn't make much sense to me - iirc, I ran some numbers and it was about 18 months to begin to see a ROI.

This is not what I have heard from someone or read somewhere on the internet but it's my personal experience that almost all of them are scam and are there to rip off your money. Some of them pay initially to early birds but eventually they disappear with your money so my personal advice based on my personal experience to you is don't trust any cloud mining and yes stay away from them.

As of now there is no cloud mining site are giving a good profit and what i experience before i just wanted to share it with you that i was always excinted to make profit i invest in 2 different cloud mining in the first time they paid me and withdraw it, since i experienced of withdrawal process and received i was encourage to invest more but this time after a week my withdrawal process was stuck in processing and scam in the end..

So if you can afford to lose go invest but i recommend to your there is no cloud mining that can guarantee you to make profit..
Think that what is the purposes of  offering to rent the hash rate of their miners to customers even they can mine with their own and make some cash.

Cloudmining isn't scam. But most services, who offer "cloudmining" are scam. Why shouldn't it be possible to put a mining farm  together without being scam? But as preposters already explained, it is not very profitable because mining isn't very profitable anymore except you find an easy mining coin, that will hype like Bitcoin did.

Under the aspect, that cloudmining isn't profitable (at least on shortterm), I had good experiences with eobot and Hashflare. Hashflare suddenly turned lifetime contracts to one year contracts and eobot maybe will not offer cloudmining anymore, so cloudmining is for me now finished.

Cloud minings that aren't scam aren't profitable and the profitable cloud minings are scam. You know there isn't easy money on Crypto World, otherwise faucets would be much more profitable and I think you have already reached to the conclusion it's not... Why would anyone give others so much profit like the cloud mining banners you see everywhere? These are just Ponzi HYIP schemes.

Without a lot of initial money you won't be able to earn decent passive income investing online.

Depends on which cloud mining site you're planning to invest in don't trust shady sites which offer insane ROI, do your research I wouldn't recommend investing in cloud mining there are better things you can invest in and make more profit in long term.

There are legit cloud mining sites like Genesis mining. But most of the schemes you see that advertise fixed returns are most likely to be scams and i would avoid them at all costs if that is possible since you never know when they are going to scam you.

Even with legit services such as genesis mining, you could not even make your initial investment back.

Only invest what you can afford to lose.

most of cloud mining is scam but there are legit cloud mining such as genesis mining, hashnest which is the oldest cloud mining and still online until now. i have an account in both site and until now it gives me additional income in bitcoin but somehow with the higher diff in bitcoin, the income is reduce. my advice is better you use your bitcoin to trade than using for cloud mining or you can split your income from faucet to do trading and cloud mining. its no problem if for first time you only earn small satoshi, you can continue to playing faucet and do trading, i am sure that soon if you consistent with what you do, you can collect some nice profit.

As I have always said, 90% of the cloud mining website are scams based on HYIP or ponzi. The remaining 10% which aren't scam, are firstly very hard to find and even if you do find one they profit you will earn is absolutely useless. IMO cloud mining is a big no, you are better off doing faucets than cloud mining.

Not all cloud mining platforms are scams but investing in the legit one is also not quite profitable because of increasing mining difficulty. Also there is risk involved with every cloud mining contract (legit one) because when reward from the contract will be lower than the maintenance fee than that contract will end sooner than what you have dreamed of.

Nice that you have posted it here first before putting your money in a cloud mining site. But let me warm you that most of them are really a scam. I'm not into it because a lot of members here are warming about it. So please follow the advise because we don't want you to open another thread saying that you have been scammed by the cloud mining site. Thy are just masking their site but I'm sure its gonna be a doubler or HYIP scheme. And if you are late in your investments, chances are you are not getting paid and they will just close and ran together with your bitcoin.

About 90% of forum members would not recommend you even 10% to go through cloud minings.
As the market of cruptocurrency rised,the mining equipments became expansive.
Thus there are many scam groups in market who explain themselves like a traditional company but they are intended to loot your money cleverly.

Not recommended to join cloudmining, there are so many scammed case from cloud mining and usually they target on the beginner who is tempted by making a good profit with investing, I had been scammed few times from cloudmining, and as I know in the end the sites will closed down and run away with your money, you are gambling with your money, either you making profit before they run or you lost your money

Most of them are scams, faucets are even more reliable and trustworthy than those cloud mining. Some cloud mining websites have been operating for a longer time up til' now and was trusted by many investors.

But I don't want to say that you must trust them too, there are the same scenario just like hashocean which was also on that stage of being trusted because it's operation was running for years.

And look on where are they right now, they hopped on and gone like a dust very quick, so I don't trust them anymore even those others that are running for years.

Cloud mining websites are most probably fake because they tend to scam people in one way or other. The ones which are not fake provide very less profit and that's the reason why people are not much into cloud mining. If you want to mine coins then i would suggest you to build a mining rig and then mine coins. If you have already decided to do cloud mining then Genesis will be best among all and other websites will most probably be fake.
So be careful and make your decisions wisely.

Even if you find cloud mining which is not scam(and 99.99% of them are scam), you will hardly earn money unless you have lots of referrals, and in that case your referrals will hardly earn money.
Ask yourself - if you would have mining equipment, would you rent it to someone and pay interest for next 1-2 or i don't know how many years? I don't think so.

Most of the cloud mining we have right now are just scammers because they claims very high daily return on mining contracts which is not possible considering current mining difficulty over every crypto.

Genesis mining is registered company but I don't suggest anyone to invest anything in any cloud mining contracts because sooner or later you will be fuc### up by these companies like hashflare have recently changed their contract terms in middle.

There are only few legit cloud mining websites and all other sites are scam but with Legit mining site it'll take too long to take your money back. For example with Eobot cloud mining you need to wait at least 2 years to take your investing money back. I think you shouldn't waste your money in cloud mining, it's better to mine yourself or if you don't have much money I think you should try trading :)

I think you mean to say about Genesis mining. It is legit but you will be charged the maintenance charge for your account and you have to purchase the hash rate from the network pools so that would cost as another factor. Trading will be fluctuate always you cannot start the trading as it is. You have plan for it very focused.

There are indeed just a few legit cloud mining services, but genesis mining definitely isn't one of them. Legit cloud mining services are pools that happen to offer cloud mining as optional service -- think about Antpool and ViaBTC. Every mining service that isn't willing to prove existence should be seen as an outright scam. In this case, these scam services account for +90% of the cloud mining market. Best thing to do is just to buy and hold Bitcoin. It requires zero effort, you don't depend on so many factors, etc. Only benefits.

Scam might be a strong word for most of them, but it happens. Generally it is just a company or group that found out, like everyone else, that machine mining is past the profit line and will never make a black revenue stream again. So, rather than sell off the machines or trash them, they continue to mine and let their new clients foot the loss.

How would you call a company that knows the only reason they are profitable is because cryptocurrencies are going up? All these people that made money with them did so when the prices were going up. Go back a bit and read forum posts from 2014 and 2015 when cryptos were at a decline, but there were even more cloud mining companies than now. Most of them went bankrupt.

They are not true miners they are Ponzi schemes and the people offering that will always act as if they are mining but they are not really.


Sometimes they will mine but they will not return you your money because they will be using that money for their is rig and to make it bigger one. There have been so many big players in the industry but unfortunately none sustained for longer period than expected. They all just disappeared in the thin air and scammed everyone involved.


The genesis and hashflare, these were the good players but unfortunately they look like frozen too now and they have lost the trust dye to ultra negative reviews around the forum itself.

I don't really see any way that this is different from all the other Cloud mining Services out there. It looks like it may have started with a handful of equipment moved up from there but this is pretty much the way the most cloud nine eight starts off. What exactly can you say that's going to make us trust this company more than any other company out there.

Nothing last forever even those cloud mining giants would really have the time to close their service.We don't know on when but for sure as mining difficulty rise they less profit or money they would made would possibly make their company close.This is why investing or putting up money on these cloud mining isn't really a wise thing to do its much better to find another investment than minding on this one.

This is based on my experience so be aware of it. I'm pretty sure that 90%-95% of these cloud mining sites are scam. They are just getting money from the newcomers to provide payouts for the old ones and once they hit their target "profit", they'll just vanish in thin air without any trace leaving their current investors/users without any money. I experienced this first-hand to almost all of the cloud mining sites that I invested in. Lesson learned from those experiences and I will never put my money (BTC) again to those scam sites. Don't get fooled by other people saying that they are legit because more often than not, they are also invested in it and would just want to have an exit as soon as possible.

I will assume that you will actually read these posts, so I'll answer your question



according to wikipedia

"Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. Since Cloud Mining is provided as a service there is generally some cost and this can result in lower returns for the miner. There are many cloud mining scams.


Types of Hosting

Users of hosted Mining equipment can either lease a physical mining server or a Virtual private server and install mining software on the machine. Instead of leasing a dedicated server, some services offer hashing power hosted in data centers for sale denominated in Gigahash/seconds (GH/s); Users either select a desired amount of hashing power and a period for the contract or in some cases can trade their hashing power.

Pros and Cons

There are several advantages over the normal home-mining.

Pros:

A Quiet and cooler home
Lower electricity usage
no need to manage the equipment - no need to repair and no need to configure the hardware


Cons:

Management Cost - cost for the maintenance of the equipment
Lack of control - most providers don't offer the possibility for one to choose their desired mining pool
Security – some cloud mining service providers have turned out to be ponzi schemes

https://en.wikipedia.org/wiki/Cloud_mining

"
this is cloud mining:


https://www.genesis-mining.com


this https://www.skycoinlab.com is not cloud mining.
was ponzi and became scam




cloud mining (legitimate cloud mining) are not profitable, you invest bitcoin and spend months or years and see no profit

In my opinion, not all cloud mining sites are scam. There are legit ones also. For example genesis mining is a legit site. Last year I deposited nearly 600 dollars in that and they are still paying me. So I can confirm that its a legit site. One thing you should  keep in mind. It will take a long time to reach your roi in bitcoin. Since I invested in fiat currency, I was able to reach roi within 8 months.

Almost all are scams or ponzi always or some dont even work but some works but it is not profitable wasting time and rigs to that business electric bill will increase as well you cannot even have your capital on starting  even in 2-3 months truly a waste of time only certain coins can be mined and as i said so not profitable  but if you have mine earlier in year it would have been easy and profitable that time but this kind of work is just like faucets

I agree with you, it's not all mining site are scam like hashnest that's the only mining site we've already know is legit. And that like what you said  its too long to take our money back. And yes your right much better to trade our bitcoin rather than invest to investment site.

Cloud is often used for deploy web and database applications. Mining would need CPU & GPU intensive tasks which is not suitable for those system.

Just go with the Minergate review about cloud mining. They are one of the classic cloud site which provides the mining option. Please go with the Radeon cards mining which cost little low than the amount you have to invest in ASIC mining set up. Get profit delay and all fine but you will be scammed by them.

in my opinion, cloud mining is not scam because i am getting ROI with them but some of them is scam. you can choose cloud mining which is recommended by members here and still be careful if you decide to invest with them. each people have different opinion because we have different experience. maybe i can say cloud mining is not scam, but the other people will say that cloud mining is scam. i hope you don't become confuse and its better you thinking before invest in cloud mining or other programs.

No it's not scam. It's pretty clear bussines model that works but was misused multipletimes to scam people.

I think it was around 2015 when a big boom in cloudmining started and so many doubtful cloudmining services appeared  (most of them was just ponzi schemes). Lot of people fell in and got robbed. Thus marked all cloudminings as scam.
This would never happen if people would investigate a bit more.

Two big red flags are: affiliate system and free hashes to start. Once you these two it's 99.9% scam.
Secondly you should investigate whether the company is actually mining. Anybody can claim he is mining but unless proves it you cant trust him.

Hasnest, BW and bixin (those are the only cloudmining I trust) are really mining BTC ( you can check it using any chain explorer).
Moreover hashnest and BW are ASIC manufacturers (which makes me sure there is no scam attempt at all).

most of cloud mining is scam but,, there are legit cloud mining such as genesis mining, hashnest, hashflare,
but for hash flare not recomended coz only 1 yeras contract

There are many sites are now scam that is why more people doesn't want to invest in this kind of method but there are also legit cloud mining site, just try to invest in Ice Rock Mining you can found the link in my signature this is new but it has a great project and i feel that it will last long that is why more investor will be get profited in the long run.
But i advise that just invest the amount that you can afford to lose specially we are in online investment we do no hold anything than few letter of our account and password. This is one of the risky method but it could return profit.

Legit? How can you say such thing since they are just on ICO or funding period which means its still no operating.How would you compare this cloud mining in genesis or hashflare? Most cloud mining sites are scam or ponzi.
If you do tend to join on those operating i would say it wont really be worth it at all if you do trying to check mining difficulty for sure profits would really be affected when it tends to rise up.As a newbie i would really discourage op not to join on this one.I know you are wearing companies signature but it his own choice if he would decide to put up money on that.

in most cases, it's a scam, in a more less often cases they can't keep up with the difficulty and just can't pay out therefore a failed investment. Stay away from cloud mining, it was a thing a few years back but now, I can surely  say that 95% of cloud mining services are a scam. That time has passed.

Don't collect from faucets, you will waste your time. Better invest 100$ and buy bitcoins for it, it will spare you half year of useless clicking.
There are ponzi scams - they will tell you that they are mining but actually they are only depending of new depositors.
And there are real companies where you will reach ROI very hard and it is not worth of money.
Find other ways to earn bitcoins.

i think the only legit cloud mining is genesis mining !
iam working with them since 2 years now and the owner is also from germany like me so iam supporting my locals :D

Genesis mining has many video proofs of there mining in iceland !
I like them a lot and get great paymens every day ! mind payout at moment is 150 000 Satoshi its mined fast if you own some ghs there!

kind regards

There are actually a few legit paying cloud mining sites out there e.g. hashnest although that doesn't guarantee you that they will remain like that always so my advice will always be to stay away from cloud mining sites as much as possible. Also experiencing problems with them should be expected so if you wanna try you have to be ready for it. Always invest an amount you can afford to lose although i think a person who profits on his first try will likely invest more on his second try.

You're supporting your locals? I thought all their miners are supposed to be in Iceland.

Genesis Mining Ltd. Chinachem Century Tower, 31/F, 178 Gloucester Road, Wanchai Hong Kong.
Very local, indeed :D

Cloud mining is a scam, that's all there is to say.

yes there mining farms in Iceland but the founder and leader of this company is a German guy ;)
if he minign in germany he has to pay 16x more than in iceland ;D In iceland there is allways cold no hot summer thats best for minig ;)
and this is no scam its real ;)


kidn regards

Who cares where they are located (if they even actually are mining)? Cloud mining is a way (even for legitimate mining operations) to generate income from which they in advance know the far majority of the users will never reach ROI. It's basically a legit form of scamming people, and the funny thing here is that a lot people don't realize that. It's them carelessly pumping their money into whatever service that looks promising when it comes to its rewards. It's pure capital destruction.

Are you working with genesis mining company? It seems that you are being offended and trying your best for defending them. Don't get hurt if someone says that cloud mining are scam, the operation of GM isn't even proved that they are real, who knows?

---

And it doesn't matter on how long they've been operating, remember with what happened to hashocean.  ::) I didn't invested with it because since before I was doubting CM's.

Indeed, cloud mining has been known as scam project due to many of them were ended as scam. But, there are few cloud mining which has been around for years and consider as legit such as genesis mining. Newbies always looking for an easy way to earn bitcoin and interested to invest on scam cloud mining which offers high return and fast ROI than other legit cloud mining, so i do not recommend to invest on such sites. If you have like $1000 to invest on cloud mining, it may be profitable after several months if you can be patience, waiting for ROI which takes, usually 6 months. But, most people will advice to not do it, and prefer to invest in bitcoin or altcoins.

yeah, that was true almost cloud mining site are not legit, do not trust. wasting your time into that site making your invest loosing. it's better to participate to a signature campaign instead of investing to scam site like cloud mining.

In my way of thinking all of them are scams, I never invested to a cloud mining but base on what I've studied most of them are just giving every investor a sore when they are saying a lot of percentage that will be distributed to the investors. It's too good to be true and don't be some quite ignorant without knowing if that company is a legit one hence just choose trading instead of cloud mining.

  well for me when i heard cloud mining i remember all of my experience on it when i started. I've been scam for many times in any cloud mining which is promising. i am agree that not all of cloud mining is a scam but after how many weeks it will end into scam. So much better to invest and not to mining cause you really wasting your time on it . Cause now adays all over the Internet some of the offering sites that promising also like the classified site is a scam. Such as clone site the same website design like the legit site . I suggest to do a review first put some time for reading so that you can avoid scammers.

There is no legit base on what i experience of many cloud mining site there are some cloud mining site that can stay for long but in the end they will give a reason that they hack even its not .. the same happen in exchanges like MT.gox
I experience of scam by many investment and cloud mining site and there is no legit almost all are scam you can be experience of paying but its just a disguise to attract more people to invest and encourage people to invest more until they are satisfied what they collected before they will going to be scam..
So if you really care about your money and you don't to scam better to be careful and stay in bitcoin instead or like you suggest trading are also good not the same risk as investment or cloud mining..

yes everyone how investet inc lcoudmining knows that it migth end before ROI ;9
but the only think i can say, wiout offers from GM XD, i got my ROi on GM and its mining since now.
maybee they stop towmorrow but all contract you buy ther are with open end !!



kind regards

I strongly discourage the use of cloud mining. Until now, cloud mining only perform calculations only. In fact most of them do not have real hardware mining. I am quite worried because they play the Ponzi system because they do not have a clear system. This is evidence that cloud mining is not an investment you should choose. You will only lose your capital and get some satoshi only. There is also cloud mining is blurred and bring all the money belongs to the investors. This is a risk and we should really never try cloud mining.

There are some cloud mining now that are still operating and many are investing to that cloud mining. And for sure many are familiar with hashflare and genesis mining. Many says that these two are legit but I don't give them my trust since I was aware on what happened with the other famous cloud mining before which is hashocean. And that made me not trust all of the cloud mining anymore and there's no way for me become convinced with them anymore.

Cloud mining is not worth buying ever and i think there is better ways like holding coins or mining yourself. Don't waste your time with it which is nothing more than a scam.

Cloud mining is just a step to waste time we have. as a person who knows bitcoin makes me believe that cloud mining is a system that can destroy the money we have. the proof of many people who lose a lot of money because of losses after investing in cloud mining. although there are some legit cloud mining but that does not guarantee that we will benefit, they will play time until we finally lose all the investment we have.

When the cloud mining new open their project , their will pay you fast , trusted and can withdraw , but when their have much customer , they will be scam ur money and never pay for you again , u lost u money. they scammed u. i never trust any cloudmining btw.  :D

Well as of for now we dont have the good mining site yet though in 2012-2013 when still many minings and more profits made through that . Then our dawn is not the right tme to prepare such thing as mining because a lot od that lately has no profitable guarantee that you can make ammends on your capital youll only waste time and precious energy to such a slow income business why struggle to that if you have bitcointalk forum

I started in faucet too and then proceed to join cloud mining because it promises huge returns and I end up being scammed. There are sites maybe that are not scam but it gives so small earnings that you will still end up losing rather than earning. There are so many HYIP sites that promises just days and you will get back your return of investment but more often than not those are scam too. One hint for you is that if the return is too good to be true then maybe it is.

OP, I was once in your shoe.
When I first started with bitcoin, I did  quite a lot of faucet, viewing ad and so sort of others things.
Then I saw cloud mining and I thought it was the deal and better than faucet, guess what, I was cheated!
I paid but wasn't evening receiving the profit of what I paid for, it will take you months to recover your normal payments not to talk of the normal profits. There will be a time that they stop paying and they will expect you to upgrade..(another scam).
My opinion OP is that they are not worth it, though you might find good ones but it will b quite hard.

Cloud mining is almost always a scam. You only have to search the scam accusation board and you'll find several cloud mining threads there. I think I've seen 2 successful companies running cloud mining. But then it's just a pyramid scheme in disguise. Don't do cloud mining guys

In 2013 ago, I searched the faucet and searched for cloud mining.
no one pays, it's just a waste of time.
until finally i found this forum.
I recommend no longer believe in faucet and cloud mining.

Not almost but they are really scams and if you don't want to be a victim of those cloud mining don't believe if someone endorses and advertises a cloud mining here in forum. And with those successful cloud mining companies you had mentioned are they hashflare and genesis mining? They are the most popular cloud mining but still I won't put any single penny on them just to be sure.

Successful in what way? For the people being dumb enough to buy themselves into cloud mining, or for the cloud mining services? I go for the latter.

That. I see cloud mining also as something with close similarities to one major rule when it comes to casinos, and that's basically that the house always wins in the long term. In both cases people are chasing an easy way of generating income, while in reality they aren't earning anything. It only results in losses. Compare the returns of any type of investment with just buying yourself into Bitcoin, and you'll see that buying Bitcoin has greatly outperformed each and every investment option with great ease. Now it's waiting for people to realize this. ::)

I agreed with you there are has been some faceless scams around this cloud mining companies, majority are fraudsters when you invested your money with the aim of recouping your investment, in a long run your money is gone, in fact you cannot even control them, I prefers diverting my investment to something else rather than cloud mining.

Good you found this forum pretty fast. Faucets are apparently a waste of valuable time and PC RAM and some people even end up having a malware infected browser/system in the process, while 99% of cloud mining websites are nothing but scams and even the 1% are not worth it as the investor will be happy if he/she ends up managing to collect their ROI.

I see a lot cloud mining was scam , their want us deposit first time , then their will withdraw for us.
But if you deposite more than $1000 , maybe their will take ur money and never withdraw your money to ur wallet.
I know because this my experience.  ;)
Becarefull , dont trust any cloud mining , their will scam u when ur deposite a lot balance on ur account  ::)

The cloud mining scam sites that you are talking about who shut down after receiving decent deposits, are nothing more than shitty sites that are being operated by a few noobs who get excited by just a few thousand bucks. If we look at how certain cloud mining services are operating, perfect example is genesis mining, they don't have to shut down in order to scam people -- they can keep paying out till a moment comes your contracts will get terminated due to them not being profitable anymore. Funny thing is that a lot people here consider genesis mining to be a legitimate cloud mining service -- just shows how delusional people here are....

Correct me if im wrong some cloud minings are not always a scam they really provide money for the interest and then eventually it became a scam to others because it pays low and could think that it is a scam wqste time and influence on the forum gets you all the idea it is a scam but some are not always a scam just not paying enough to your capital

Cloud mining is most of time scame.only very less site are legit for cloud mining.but it is very slow process and take too much time.so I suggest you to not do  cloud mining.some sites are legit but still I suggests you to not do investment in such sites.because if you invest in that then they closed you account .so be safe.

Yes there are most of cloud mining sites is a scam.
I got scammed by startminer please be aware before investing these kind of websites.
Because once they get enough profit from consumer they shut down website.

One of the legit website but i am nit using it
Genesis mining

There are many cloud mining scams out there. Dont invest in new cloud mining companies that guarantee you a certain profit per day. Also, be careful when they give away free cloud mining power. Genesis Mining, Hashflare, Hashing24, Hashnest, Minergate are examples of legit cloud mining companies.

Read more: www.allcloudminers.com

Even these trusted legit mining sites also not giving profit to anyone. Their money will be looted back in the form of maintenance fees and for buying the hash power from the network pools. Ignore any type of cloud mining sites, your time will be wasted and you cannot make any income you giving out for electricity too. In these list, Minergate mining will be mining via CPU cores and GPU cards.

If you ask me i dont really recommend  cloud minings it has many reports as such in scams or ponzi  . Some not but considering the time and waste of money because of slow flow of incomes so really not suggesting cloud mining almost 70% of cloud mining spots are scams well im just predicting theres no perfect evidence for me but thats my estimation and as you said  some people will disagree but who are we to judge on a persons perspective or decissions2

Yea probably its the people who thinks cloud mining could generate such kind amount of money 24 hours or so . So people tend to say that it is a scam because as you say it has a small amount of interest than your money dropped but eventually wont happen after some time because some cloud mining site also tends to lure the some people in their stand and let them have the first or two but the third one and or last it wont happen again

Thinking off the concept on how Ponzi works which old investors would really be paid up by the amounts being invested by new comers which means payout would really depend if there someone new do join but coming to a point on where no one would able to join now then for sure this is the best time for them to ran off all the money have been invested.They are really just good on 1-2-3rd payments but later on expect that you would be scammed.Nothing on this world do gives huge interest for a short period of time without doing nothing.

Way back 2 years ago there are legit cloud mining site (I forgot that site but i am participated on that site) which has lots of investors and supporters but suddenly bad something happen on their management and they turn to scam. Then after that i do not see any legit cloud mining site until now most of them are only wanting to scam investors and their target is the users who are greedy to make income. They post great screenshot with withdrawal to show that their site is legit but in behind those proof is not legit.

Disclaimer: Not all but most cloud mining sites are scam.

I started 2016 on bitcoin and one of my friend asked me to join “HashOcean”(its a one year ago hope this is the right name) correction is appreciated.
At first I’m earning bitcoin and litecoin thru to that mining site for almost 2 or more months. For some reason I invested to upgrade the hash power rate(don’t ask how much). Then after few months they shutdown instantly with all our investments, my friend and many more. It was been a hot topic that year. I even stopped on bitcoin because of disappointment and anger. I would not say all of them are the same but through my bad experience I will never do it again. And I also not recommend others to do so.

Almost all cloud mining sites that I joined before has run away after some months of going online and make thousands of money until now I can see some cloudmining sites that offering huge profits and I advised we should stay away in this kind of sites very risky much better to invest in legit ICOs.   

Until now because once they have gathered enough profit then they would just deactivate the cloud mining so that the users who have thought earned something cant get their proposed plan at the beginning of their mining. But sometimes most beginner users would want to join just to know how mining actually works. I think this sited should show the longevity of their site and not the running time.

Man if you click it will post a lot of advertisement in which if you carefully see through it's too damn good to be true imagine at a minimal point of effort you could earn a lot of money.

Services that happen to shut down at some point don't do that because they have gathered enough money, but just because of the fact that they notice a massive decline in new money flowing into their service. As long as new money comes in, these services will constantly be able to pay people what is being promised, but as I said, if the money isn't coming in, then they have no other option than to shut down an run. It's not for nothing that Genesis Mining has been able to stay operational for quite some time now -> excellent marketing is the main reason, followed by noobs vouching for GM like imbeciles, etc. For 'fun', let no one invest even a single satoshi in GM for one or two months, look at how soon they will shut down their service. ;)

Genesis Mining probably is a one site that still paying till now. Although, it takes maybe a year to pass the ROI because Bitcoin difficulty and halving. The rest are scam and you shouldn't ever touch and invest on those sites, because they are clearly scam.

Most are a scam and the ones that are not, well the profit is not what they promise when you first sign up

How about cryptomining.farm?
I've been registered since 2014. And now they are still alive.
I was withdrawn some money from there.

It's hard to choose the legit one, but if you ready to let your money gone it's your choice Cloud Mining is Ponzi scene, high risk high profit

Most of cloud mining is maybe scam , but some cloud mining maybe legit and profitable.
But becarefull , they will be a scam site sometime.
When they got popular they will scam the customer and never withdraw your money.

there are a scam and there are legit
dont thrust cloud mining give u free GH/s, high recomended
1.genesis mining
2.harashing24
3.hashnest
u can review that 3 above

Cloud mining cannot be profitable! Try to think the simpliest thing. If it would be profitable, cloud miners would themselfes be their best customers! That is so simple...

its legit but there's a limit in cloud mining because its turn to scam after a weeks or months.I think invest your money in cloud mining is good when its new but some are really legit and they back your money if their site are already none profit like entrade.org and eobot mining this two is legit but they already gone and they back the money

personally I  do not like investing in mining sites For several reasons  such as the slow rate of profit or the long period of return of capital

I would advise to hold your bitcoin instead of cloud mining.
So far all the cloud mining companies I tried were scams: GAW, LTCGEAR, Genesis Mining, hashie all use customer funds and eventually run away. Or offer you anything but ROI.

Hold bitcoin and you will thank me later.

It's not for nothing that people are constantly looking for ways to invest their coins. Their main target is to increase the number of their coins, and in order to achieve this, they are going pretty far. Investing in cloud mining is an example, investing in ICO's, casino bank rolls, etc. In easy terms, holding isn't an option for them. I have even seen people refer to holding as being boring. It just shows how greedy people are here, and for that reason they will ignore everything we tell them to avoid. It's their money that they are burning through this way (i.e. capital destruction).

You cant blame those people who do really like to risk their money rather than on idle state.We can say that they are dumb and wasting up money but atleast they do tried out.I have experienced before when i was still a newbie investor which do have limited knowledge i did able to experience where i do tend to invest on cloud mining sites because i do see the profitability but later on i did learned after the consequence that i did experience.

Based on my learnings to this forum. What i mostly read is so bad about cloud mining. There's no one who trusted this cloud mining company. Because they said its all scam. So i think cloud mining is not legitimate.

I hope they are legit since I just bought some HIVE via robinhood....

 Never been able to make much mining myself it seems to me that many or even all the cloud-mining is actually ponzi-type activity but  Genesis seems to be actually doing something that you can get a cut of for some cash in advance....

I once bought 5 shares of GBTC for 240 total and sold them for about 550 each....Silly I should have saved them they are only going up...
  But now I am into HIVE (not on the NYSE when I bought them, but they are now.....) and so far we are only going up up and away....

If the site is paying a too good to be true rate then more often than not, it is scam. I have been scammed before by a "cloud mining" site that's why I don't invest on them anymore and I realized that most if not all are just scam anyway. Many are enticed to invest on it because there is no hard work to do. You just invest and after sometime you will get the interest of your investment. Some cloud mining sites offer 10% a day return which is just unbelievable and from the moment you saw it, you know it is just scam but many are still attracted to invest because they are paying. They are paying at first to attract more investors that would testify that they are paying but after maybe weeks or a month, they would suddenly be gone and re-appear again with another site name. If you value your money then better learn trading because that's where you can earn significant amount of money that is legit.

Let me add my another legit and profoundly studied vote - NO.

This question is being asked over and over agin and people making too many threads for it. I think these guys should read the threads first and then ask about it. Anyway why I understand from the cloud mining, once more, that its not legit because it is not affordable for those so called virtual cloud miners to pay you once there is payment day which is daily usually. There were use to be good sites like hash flare and genesis but they went down with disappointment because of few updates they release recently (month ago). In general its hard to get these ponzi schemes to pay you so its better to stay away from it.

I think it will be very unfair to categorically state that cloud mining is scam. there are so many mining sites that are out to scam people of their hard earned Money, so also there are a few legitimate ones that will deliver on their promise.

I don't think so. They might be operating for a while but the thing is they want it to grow bigger and you fell on their trap thinking they seems to be more legit because they lasted for few years but they are just waiting for the right moment accumulating much money before they disappear.

For a newbie i suggest to search first using the search bar  of this forum instead of making existing thread to prevent spammers. Sorry for interrupting i just want to help you out with easy steps to obtain more information based on your question. Regards

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