Bitcoin Forum

Hello,

I'm currently looking to understand more about what are the top things you consider when it comes to mining in the cloud?

I personally don't like cloud mining or any other fancy names attached to it. 99.99% of them are scam or will be scam in the upcoming days. It is very hard to identify a legitimate cloud mining company these days. Some sites pays you too low for example genisis mining. Buying Bitcoin mining contacts there is a waste of time instead holding Bitcoins could be much more profitable! lol

Don't bother and don't understand anymore because these kind of things are useless and most of them are scams.If there are cloud mining then its not profitable at all and would really waste up the money you would invest to. Better to find another way of investment which would really be much better on this cloud minings and if you do have the money then why not create your own mining farm?

what we are expecting from cloud mining ?
we're expecting a cheap contract with a realiable service and costumer service.
other than that,we're expecting a transparancy in our earning and their report regarding fees.

but too bad nobody cares about that because most of them only find a way to promote their service,
just to make them buy the contracts so they can live longer from it.
most of it did not really care about their costumer,some of them even closed their costumer account due to 'unprofit' account aka no longer profitable.

What do I expect from cloud mining? I expect to not make profit.

Look around bitcointalk about topics about Genesis Mining or cloud mining in general. It's either:

• a ponzi scheme
• a straight-up scam
• or it's far far from being profitable

It's simply just one of those three, 99.9% of the time.

I know that mining isn't easy, at least by going solo I found out how frustrating it can be to get a video card burned down, software incompatibility and all other issues... and I was wondering why the heck other cloud companies prefer to go on scamming people when they could create a real business around this.
Still, are there any satisfied clients so far?

Don't do it. I'm massively against cloud mining and the people who use it and open them. It's a ponzi scheme and they never end well and many people will end up losing out.

I expect from cloudmining a big loss of my invest nowadays. Mining with own hardware is hard enough, cloudmining is even with the three legit services a big risk.

Don't expect anything. Cloud mining is not profitable anymore for big legit companies like Hashnest, because of difficulty going up every few days or few weeks at maximum and the electricity plus the maintenance fee. When Hashnest cannot make you ROI because of these reasons any other website which promise you ROI within 2-6 months is only a scam which will pay a few users in the beginning with money gotten from latest investors and then disappear leaving late investors with nothing.

You cant expect anything cloud mining is dead and you will make almost as with faucets right not. Bottom line is that this was more less good when it was introduced but now dont waste money into this better invest in bitcoin or try your luck in upcoming ICO you will have better income from this.

Mining in cloud (cloud mining) will always remain as standard ponzi scheme in crypto niche nothing new than thousands of other hypes out there. Even if those cloud mining platforms will have huge mining rigs, they will sell more mining power than what they actually own and will keep paying old investors with money from new investors.

^^ Is the correct answer. Cloud mining has never made any sense even going back to the days of CEX.IO when at least they were trying to make a profit for their customers. The problem is that mining will always only be marginally profitable at best because of the economics. If it is more profitable, more people start mining and the difficulty goes up which makes it less profitable. When you add to that a company running the cloud mining service has costs and overheads to cover and then will take a profit out of it the customer never can profit.

Profit from cloud minings are beyond my expectations. While talking about cloud mining, it seem to me an outdated terminology.
You will be ashamed eventually if not taken care of your precious time and money.
Bitcoin itself has changed a lot for world traders, it is better to invest in bitcoin than to lure for such contracts.

Why you want to go for cloud mining? Its really waste of money. It will take you more than a year to reach ROI in fiat. So whats the purpose of investing in cloud mining if you wont get any profit? Its better to buy the coin with that money and keep it in your wallet. Trust me in long run you will get more profit, if you just buy a coin and keep it in your wallet, than investing in cloud mining.

Cloud mining isn't profitable now even you'll invest to those well known and besides there's no more profit in cloud mining as others who are just popping out are scams. Don't mind if many are discouraging you to stop investing to cloud mining because you can be a victim of those suckers who are lazy developers and just want to ask people donating their money to their false promises about fake percentage.

It would be much a wise idea on holding your bitcoins instead on your wallet than on investing on these cloud mining sites.Cloud mining isnt really profitable at all specially the difficulty spike up which we can expect profits would really be mainly affected.There are really lots of cloud mining scams which they would really scam their investors money which you would really end up crying.

Think of cloud mining as a sort of MLM scheme like Amway, and i'm talking about the legit companies here like Genesis Mining that actually have a product to sell. The buyer of the contract will rarely make a profit, who actually benefits is always the referrer and the company itself.

Stay away from them. Tons of scammers in this field. You can never be too careful.

I don't consider cloud mining anymore and I'm not interested with it. After the devastation that happened with hash ocean and this makes me don't trust them anymore. It is something that many are avoiding because it's not profitable anymore. Some are operating for years but the same thing can possibly happen just like the old cloud mining that I mentioned.


Yes much better to hold your bitcoins instead of investing to cloud mining or you can trade it with alt coins.

How does cloud mining work?
 (https://www.cryptocompare.com/mining/guides/how-does-cloud-mining-work/)

answering your question: I will answer using my own experience, last year I invested in a cloud minig (true cloud mining) and I kept calculating every day and even then I did not understand how it was possible that my daily earnings were constantly lowering and what the more I was annoyed was that next to my daily earnings was estimated earnings that said that with my investment I could be earning more per day. months passed and it was a waste of time and money, so I gave up my money.

The problem of cloud mining is not the difficulty of mining, is the greed of the owners of the cloud mining company


lesson: Never invest in cloud mining sites!

Nothing,  I dont expect anything from cloud mining because it is a scammed,  I dont care it is brand new or old and how people brag about how much they earned,  I still considered it as scammed, I was scammed so many times by cloud mining and I realize that cloudmining is not a legit way to earn and I hope nobody will ever fall into the same hole

I would expect profit from cloud mining as any other investment, but after checking several sites, other's opinions and my own experience I can say it's just an illusion. Cloud mining maybe was created with good intentions, but on the practice it doesn't work as the mining difficult is constantly increasing with large competition. Also, there are many scammers on this business.

For now i could say that 90% are scam and 10% are legit, lots of cloud mining are only good at first to get more investor and if they hit their target amount they will run without saying nothing and do not return your investment capital. But there are leging mining site which you can invest it was your own risk because i do not want to get involve in that kind of method again, i know the feeling when you got scammed its hard to recover.

I expect all the cloud mining websites to be a scam as most of them want us to invest in their schemes. They are basically just programs which keeps running on the server without actually mining any currency. Only a few websites like Genesis are better to try it. Others are just a waste of time and investing in them will be like giving away your money for free.

I am not into mining but I think for you to mining now according to my study, you most joined cloud mining? If 99.9% are scam then how did people mining bitcoin and this micro mining can they stand alone without join mining companies. I believe coindesk is one of the authorities in blockchain news and information and you can even learn everything about blockchain technology on their site, this is what they said about mining pools https://www.coindesk.com/bitcoin-miners-ditch-ghash-io-pool-51-attack/

I expect better communication than what I see now.  It seems like the "lifetime" plans are the way to go but the good plans are "sold out"???  They can at least tell us a time frame for when they expect the service to be offered again on the website instead of just saying "sold out".  Sure you can find out by contacting them but why should I have to do that?  Just save everyone a lot of time and put the info up there.

Well, convince yourself that a cloud mining is not a reliable source of bitcoin, there nothing you need to consider with that as these kind of program aren't really going to last, a good and trusted cloud mining service which will give you passive income doesn't really exist . It is already expected since before that all of them will eventually turn into a scam after getting their target amount of funds raised from user's deposits .

And if you dont have the proper equipment, they will just mine you and you will lose more electricity without you being aware of it. It maybe of free service but its just to take advantage of people who wants free bitcoin. Some may say that not all cloud mining are scams but over the years they just are just taking mined coins for their own.

A lot has been said already and I agree, better not invest your money in cloud mining services.
But if you are curious how much you will earn for this service, you can try but just a piece of advice, only the money that you can afford to lose.
Just do your research here also and all your questions in your mind has been answered so many times already.

You look like a new player in the industry of cloud mining. The story is not satisfactory as cloud mining does not work in reality so you don’t really get anything. Yes that’s true because cloud mining is just virtually represented as real mining but the thing is worse when you see their calculator for profits. The contracts, the period of contracts and gash rates everything sucks. No body ever has got profits from it for more than a year. Sometimes people will not even get the ROI. So things are messy which you should know before you can get into it.

the top things that it comes to mining in the cloud of course to make profit as much as we can without paying electricity fee but the reality, we can not make profit in short time. we need to waiting a long time before we can reach our ROI. this is happen to me when in two years ago i am deposit my bitcoin into genesis mining, hashnest, and else. i am dream that i can have my own mining but after i read more about the fact and i see that there is many of cloud mining become scam, i realize that its better we build our own mining rig than using cloud mining. fortunately, my decision can give my first ROI and now i only make profit although now i am not making much because of difficulty of the coins is increase but no problem for me.

I don't expect from cloudming. Most of the people gets a big big loss. They losses much more than they make profit. They never can recover their invested money.

You will not get any hope when you try to invest with cloud mining. there is a lot of cloud mining that ends with a scam. you will only lose a lot of money from investing you do in cloud mining. I suggest never try luck with cloud mining because whatever you do then the results will be in vain. cloud mining only leverages investors' money and they usually run away when the targets are set and they will not refund the full amount of money you invest. This is a bet and in fact you should avoid risky things like this.

To add:
99,9% is a ponzi scheme or a straight-up scam
and even when it is legit, it isn't only far from profitable, but they also don't handle in the interest of their customers.