Bitcoin Forum

Is it still profitable to mine or invest in cloud mining?? Or better we set up our own rig?
What are the pros and cons of these cloud mining site vs setting up our own mining rig

Waste of time and money to invest in cloud mining. All the cloud platform are consider as a scam and ponzi schemes. They will ask to you buy the hash power to mine the coins and you can find the cost for maintaning your mining account as well. I am saying this fees in Genesis. If you go to others in some days they might lock your account leave and support will not answer for your worries. Better try to buy the ASIC miner which can produce the high hash rate.

It's basically scam with a more fancy name. The idea was interesting and if well executed, could be big but well, it wasn't.

Build own mining rig is better choice...

I agree most of the cloud mining are already scam it's no longer profitable nowadays given the fact that big numbers of bitcoin is already in the circulation also if ever it not a ponzi scheme you will need a good technologies and tools to mine added that your place must also have a good electrical tools otherwise it's totally a waste of money and time

Please! avoid it at all cost!, Cloud Mining  may sound a good investment but the thing is most if not all cloud mining are scam. I think it will be better if you just set up your own mine. buy an asic miner that will generate a lot of hash but before you do that just do your research first, consider the set up cost, hardware and stuff as well as the electricity cost. There are other ways to earn bitcoin other than mining.

I don't think cloud mining still profitable. It's better to set your own rig if you have enough money. Profitable mining hardware are expensive and should be well managed to have best profit from it.

In my opinion, would be profitable if the cloud platforms are decentralized

I advice you to buy your own mining rig to earn big amount of money, investing on cloud mining is not even worth it, you are just going to waste your time on it, because mostly they are just all scams. The difference between having a mining rig and investing in cloud mining is that mining rig gives you more potential to earn big amount of bitcoin or whatever token you are mining, while investing on cloud mining is like those micro earnings out there which isn't worth to spend our time with those things.

Mining rig is expensive, but trust me, you'll never regret on having one, if you have the money to buy one, then buy now, don't waste your time, just grab the opportunity.

There are no pros on investing in cloud mining that is why I suggest that never waste your money and time on cloud mining sites because most of them are scams and only using ponzi schemes to attract investors. there may be some legit that pays their investors but it is not worth it because it will take years before you can get the ROI and profit. If you really want to get involved in cryptocurrency mining and earn money. Setup an effective GPU mining hardware for altcoins mining or buy ASIC if you want to mine Bitcoins. Good luck.

From some calculations that i did, it is very profitable but when you consider the amount of money that they are going to deduct which includes power charges, i think its rather wise to buy your own miner and set it up rather than joining cloud mining which is very expensive too.

99.99% of all "cloud mining" offers are a scam.

The remaining 0.01% are simply a bad choice.

Stay away from could mining.

Strongly agree with this, all of those cloud mining company's I've heard about and dealt with all turned out to be scams.
Don't join any.

cloud mining have many disadvantages than hardware mining, the biggest disadvantage is scam, you gan got scammed if your investment web is not thruthful, secondly you need to pay mining fee to them to pay electricity bill, my advice is build your own rig to mining as youw ant

I am not a big Gavin Anderesen fan, but you have to give him credit when he said that MOST cloud mining schemes are

Ponzi scams. {This was back in the day, when he was still a Lead Developer and Cloud mining was all the rage} In the

beginning every Tom Dick and Harry was hosting cloud mining sites and MOST of them did turn into Ponzi schemes or scams.

https://99bitcoins.com/bitcoin-developer-gavin-andresen-suspects-cloud-mining-operations-ponzi-schemes/

That sounds about right. Most cloud platforms are scam. They offer people some daily percantage and then giving referral bonuses using people to spread the words and in the end all of you got scammed. I actually used to invest in a few cloud mining sites/hyip and honestly got 2x of my investment with some of them but then I got scammed too. If I have to compute all my investments and income I'd say I just got even. And now I don't recommend it at all as they are very risky. I stayed out of it for good.

I dont trust cloud mining because you cannot assure if its scam or not. I prefer to mine on your own than to invest cloud mining and it has too much maintenance and fees

Thanks for your answer...at least you are realistic:one cannot assure if its scam...
Some people here they say scam and do know absolutly nothing about.

Unlikely.

Even in a p2p scenario individual miners know better than to sell their hashrate below value, ie. the expected mining rewards for a given timeframe. The majority of buyers know little about mining -- otherwise they'd just mine themselves -- and are thus more likely to overpay. Only a handful of buyers that don't know how to properly evaluate a mining contract are enough to drive the price of mining contracts beyond profitability for the individual buyer.

Ummm.. in my opinion, cloud mining these days is a big NO NO. It is nothing but bullcrap. It is nothing but a complete waste of time and effort. Useless in short. It sure was profitable back then. But not anymore. These sites probably tell you that you are gonna get a lot of profit etc. But believe me, they are lying. All those sweet talks are nothing but lies meant to decieve you so that you will invest and waste your precious time and money for their shitty cloud mining. Which are  clearly scams.

No cloud is not profitable.never invest in any cloud minning sites.there are many ponzi cloud minning sites are available but nevere invest in any of it beacause it's totally scam.i also invested in one cloud minning sites.but after somedays the site was closed.i also lost my all investment.So stay away from such ponzi schemes.and if you want to do investment then invest into the bitconnect.it's quite profitable.

i dont think using cloud mining is profitable anymore, it take us to much money and too much time to have a bitcoin, and sometimes they may not give us back the money we spent on that mining cloud, so i recommend you should not do that because you are giving your money away.

most of the cloud mining are scams. If it was built properly it would have been a success.

Right now I just recommend for cloud minning because sometimes our count and income is not comparable. I have 5 rigs with $ 25,000 capital but the results I get do not match the capital

Cloud mining for me is not profitable so its better to buy mining rigs. All bitcoin users are saying that cloud mining is a scam and I completely agree with it so go away with cloud mining sites and don't do some investment with it.