Bitcoin Forum

Hi guys
Like a lot of people here I am still new to the scene, I would like to know whats the most  preferred site to take out cloud mining contracts on? From what i can see the ROI seems to be around 6-8 months and then you start making profit.

There is a daily equipment maintenance fee on most of them, does that scale up ? Would that eventually become more than what I earn ?

Also how do payouts work on most of them? I have been looking at minergate, would it payout what i mined on a daily basis or does it need to reach a certain value like 0.001 BTC or something ?

I want to get into that, it seems like it could be profitable if you keep increasing the hashing power with some of your profit. I would only be able to spare $100 or less  for now.

Thanks for taking the time to help this noob.
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Sorry mods, I saw this is the wrong thread after i Posted, you are welcome to delete this and ill post in the correct thread.
Still new here :)

1. It may or may not scale up, it usually goes down as they acquire more efficient equipment but that isn't always the case.
2. It depends, you should read the FAQ at minergate or contact them to get your answer.
3. It is moderately less profitable than buying the hardware yourself and you'd gain more by just buying Bitcoin and holding it.
I wouldn't recommend it.

Cloud mining is a scam. All of them are HYIP. Or high yield investment programs. I am not saying  that nobody is earning. There are good "cloud mining" a.k.a. HYIP like genesis mining. And look what happened they stopped selling "mining contracts". Which goes to show that they are just a ponzi scheme whoever invested first will profit and those who came in late will lose everything. With minergate they have some options to earn Bitcoins but you will need to invest more. Minergate is a mining pool. Atleast this people are really mining and that is the good news.

I agree with monkeydominicorobin all of the cloud mining is a scam.
If you can invest money you can try maybe exchanges or buy some equipment to mine yourself if you have cheap electricity.

use hashnest.com

fees are 15%
https://i.imgur.com/Ndop3CM.png

you get 250 gh  for about 100 usd  and you can sell back whenever you want

https://i.imgur.com/PfArH2f.png

Once I was a beginner like you asking these question on various forums,
then I made my decision I will go with hashflare.io 2014 lifetime mining contract,
Now I regret doing so after they announce closing their lifetime contract. Genesis mining was around also on I heard they still keep their lifetime
contract for old users still.

Are you sure about the profit in cloud mining. Genesis and hashflare are best to go with mining in cloud mining category but the profit wise and investment wise cloud mining will not suggestable  to anyone. There are fees and hash rate purchase you have to do in for any cloud mining site.
I am saying as you noticed before. Every cloud mining is the scam and ponzi scheme for any investors.

It so expansive. So will care to handle. If start mining you will know the mining information. Some face mining is sales in market. So careful to use the mining. But software is the important of the mining. you find the software first supported for the mining process. So get the mining but you learn the mining how to handle the process. Mining is need to more powers and cooling place.

I am still learning to open mining, I still need knowledge like this.
how long do you get 0.05 until ROI happens?

I did not see any trustable cloud mining company till now. But if you find something, maybe you were more successful and then please let me know. ;)

Don't waste your money in cloud mining. It is good enough to invest in Bitcoin, well known altcoins and promising ICO projects. Go first to Beginners and Help section
https://bitcointalk.org/index.php?board=39.0
and get familiar with this forum and Bitcoin basics. After a while you will see, that 100$ are enough to make good investments.
You can even earn without investment. If you are willing to learn here, you will see many awesome opportunities.

Personally, i used to use genesis mining but it was not profitable like at all. My contract basically get ripped after a few months and i made around 60% of my initial investment and it was not a pleasant experience at all.

If you only have $100, i would actually suggest you investing it in an altcoin than cloud mining.

First off the minimum purchase for most is going to be more than 0.05 BTC. Secondly, transaction fees are going to take at least 3% each time you move your funds. Thirdly, it's just not worth it to cloud mine right now.

If you want to have the same number of coins as you started with or more, none of them.
Yes.  In the case of Genesis Mining, you make revenue for the first few months or so and then the difficulty starts to catch up with the price and your revenues decrease until the maintenance fee takes over.  Usually that's when you've made around half of your money back and lost the rest, but they typically pretend that you're in profit by showing you the money in fiat terms rather than in the BTC that you actually invested.
Yes, usually on a regular basis, sometimes daily.  But I don't know about the site you're talking about, so you'll have to check yourself.

Most cloud minings come up with scam offers and turn invisible at any time without prior notice.
Not pointing accusation to all but rest among those who are worthy, can be also less or none profitable due to fee involvement.
I would rather recommend to choose altcoins for your investments as the trust is a serious issue in trading.

If it would be profitable they wouldn't need to waste time selling it to you for less profit.

I would recommend against using any cloud mining service if you are serious about making money. Of course, if you just want to earn the minimal amount then cloud mining services are fine, but if you want to make a living mining Bitcoin then you should invest in the equipment and do it yourself.  

Also, be careful with a lot of the cloud mining services often they lead to scams.

Name: LtMotioN
Posts: 1
Activity: 1
Position: Newbie
Date Registered: October 26, 2017, 05:10:15 AM
Last Active: October 26, 2017, 05:37:00 AM


Wow amazing story that you told and from what I observed you seem to know a lot about cloud mining and its way of posting is not a Newbie, so here's my conspiracy theory:

In your signature we have  https://bitconnect.co/?ref=ltmotion

you want to promote bitconnect.co then you have created this thread to promote bitconnect.co and you get referrals

Cloud mining websites are mostly scam. It's just another form of ponzi schemes. Where usual ponzi website are gone within a week, cloud mining websites last a little longer. But the ROI is so lees, you won't be able to see profit on your investment. Minergate is somewhat different and they are still sticking around the circuit since a long time now. Minergate offers a mining software for you which you can use from your own system to mine currency. So it is more like an intelligent mining pool. They also offer cloud mining contracts but I have not tries it yet. But I will strongly recomment you to stay away from all kind of cloud mining website just to be on a safer side. Instead try trading.

if it's related bitconect i doubt it. I heard it is a company from Asia, not interested.
hard to believe if the OP is still looking for referrals.
and should I worry about their offerings?

I would suggest being cautious and doing research on both the cloud mining service that you want to use and the most "protected" method for paying for the service. Buyer protection offered by Paypal can cover discontinued service such as a scam or a legitimate company that can no longer mine for you. I started cloud mining a few weeks ago with CCG. I started with small amounts, I have reinvested and have made back about 5% thus far. I am really worried about the mining difficulty going up in turn I would receive less BTC per day. That said the value of bitcoin is only going to go up so I am confident that I will at least make my investment back.

If you are interesting in getting started message me, I can get you a few percent off of your first contract purchase from CCG Mining (https://ccgmining.com/aff.php?aff=121). Definitely start with a smaller contract for example $26 for 200GH/s. Other than BTC they offer mining contracts for several altcoins. Additionally they also sell/rent mining rigs if you happen to have a cheap source of electricity where you live. 

Correct. They know how to count and know that if they aren't responsible for anything. You have to accept an agreement that if your contract becomes unprofitable they have the right to shut it down and that's it. No returns!

iam going with genesis minig (https://www.genesis-mining.com/a/797444) since 2 years now and i got my ROI !
they also offer cheap contract in btc and eth minit is only 29$ !
they are one of the last proofed cloudming services out here !
with this promo code you getting 3% Discount on your order !
c1jFgO



kind regards

Genesis mining and Hashflare were the best ones, i still remember those times when everybody was investing in hashocean like crazy, they returns were impressive and everybody was convinced about that they were a legit company.. poor of them, all of them lost their money because they became scam.
Most of the cloud mining are scammy ones, i would not invest a penny in there.
I invested $100 in hashocean, it is not a big amount, but it was one of the first times that i lost money on bitcoin purposes.

Yap and for me its not that i am saying both of those sites are scams, but as a small time trader, i am not really into cloud mining. I for now ar earning for bitcoin mining buy my own machine. But off course it is not only is for mining. I've been thinking if ever i cant afford btc, then i can switch to other cryptocurrencies like monero or eth.