Bitcoin Forum

Hello,
I am new to cloud mining.

I would like to mine bitcoin on hashflare, but I am not sure if it will be profitable due to increased bitcoin mining difficulty.

I would buy $200 1.5 hashpower

The bitcoin calculator tells me I can make ~ $1,000 profit over 12 month.

But this is only if bitcoin price stays at $19k and current mining difficulty.

If bitcoin increases above 20k, I will make profit, but mining difficulty will also increase?

If it worth mining bitcoin on hashflare or is it too late to start now?

Most people on internet say it is profitable but they have profited from huge increase in bitcoin price.

Maybe if I mined another crypto like Litecoin, there is room for big increases in price in 2018?

What you think? Thank you.

i think u should just mine bitcoin because it has very stable price and always going up , i'm not sure about altcoins.

I think you'll not earn about 1k$ for 12 months cause the mining difficulty of Bitcoin is increasing day by day so the amount of Bitcoin you'll get everyday will decrease day by day. Beside I think you shouldn't spend your money to invest in cloud mining, it's not worth, beside almost cloud mining website are scam or ponzi scheme. Why don't you spend your money to buy a little amount of Bitcoin then hold it for years or use it to try trading?

First of all, let me tell you that you are going to lose everything in there, are you serious? how can you be saying that you want to put $200 in a cloudmining site?

it is not a lot of money, but you are going to lose it all...

came on, stop posting this kind of crap on the forum, there are enough posts to understand that all cloudminings are scam, or at least, they will be scam in some time.

Just buy your own mining rigs if you really want to make profit from miniing.

Bitcoin is the least profitable currency to mine for whatever regular person, which is why most people revert to mining altcoins. If we look at Bitcoin, then it's pretty much guaranteed that the difficulty will continue to go up hard, which will only further diminish your 'earnings'. Mining for the regular person is nothing more than capital destruction, which may sound harsh to some people, but it's the hard reality. People for once should stop feeding the cloud mining market with more money that will land in the pockets of those behind the scenes. If you're so desperate to get involved in mining, then at least build your own rig -- it doesn't mean that you will gain something, but at least you're actually mining....

Right now due to the price increase of bitcoin i think buying hashing power can gives you profit but just think about the high risk of investing in cloud mining because mostly they are scam.. So just invest that you can afford to lose..
Like the other said there are people are converting to altcoin to mine but those people are mining with GPU mining rigs which is they can mine with their own and the altcoin they mine will convert it into bitcoin and save for a long time just to get the benefits of the price increase..
For me if you wanted to invest in bitcoin better to hold your money in bitcoin or build your own mining build can gives you less risk than investing in cloud mining.

Don't invest in cloud mining! You can find numerous threads where experienced members explain how cloud mining works and why it's risky and offers low profits. There are much better and safer ways to get more coins, don't waste your money on shady deals.

See from experience don't invest in any cloud mining because recently many people experienced some problems with NiceHash. So think twice before investing in cloud mining, so better to start doing and take some profits with the investment you made.

You can make ~ $1,000 profit over 12 months ? Really dude ? I'm sure it will take more than 1 year to get ROI and you don't even know what will happen to the cloud mining that you invest in the future. Imo it's quite risky to invest on cloud mining like that. It's better to invest your money into altcoins or ICOs.

Sometime it will take more than a year to get our ROI through the cloud mining. In short terms you will not get your money and they will pay daily withdrawal and you can withdraw them to your wallet address.

Cloud mining contracts are worthless by both ways, either the bitcoin price remains on $19k or increases over $20k, you will be in loss at the end in both ways because cloud minings are proven to deserve you loss by decreasing their hash power and increase in fee.
I doubt nobody will advice you on cloud minings as they know by their experience. It is more secure if you buy and hold bitcoin than this method

Do not invest money in there if you do not want to lose your money. we all know that cloudmining sites are the biggest scam that has ever been created.
Do you remember about hashocean? if you do not, then make a little research about that project on Google, and see what happened with your own eyes.

Why you dont buy bitcoins for 200$  and hold for one year. It can save you from scamming hashflare

Base of my experience much better to avoid cloud mining, this method did not give you a profit all of cloud mining is scam, much better to invest in trading and buy altcoin to hold for long period of time and you made an income in a couple of months or years holding.
But if you are real risk taker go and regret soon.

Let us save you the trouble and tell you there is no such thing as a profitable cloud mining as an investor. The only one making money are the companies running cloud mining contracts. Of course, there are those who make profit but you need to be lucky: Bitcoin price must rise and difficulty must remain suitably manageable.

All those who make profits anyway actually would have made much more if they bought Bitcoin and held it.

If you MUST try cloud mining, wait for 2 companies in 2018 who will sell you power contracts instead of hashpower. Then you know you stand a better chance. One is gigahash another is hydrominer.

I disagree with all the others re: cloud mining.

I've invested in open-ended BTC mining and 2yr Ether mining with Genesis Mining and both have ROI'ed already and is now earning income.

But with regards to Hashflare. I'm currently researching on them because all contracts in Genesis have ran out and I'm considering them an option. But like what I said in this thread: https://bitcointalk.org/index.php?topic=1152278, I have some reservations.

1. How in the world can they keep up and not run out of hash power? Even if they are backed by Hashcoin, how can they keep up with Hashflare's auto-reinvest feature and with all the demand for cloud mining. All the other reputable competitors have ran out.

2. Where's the farm? I know they have some pictures in Instagram. But I don't see a farm there. I can set-up something like those in a any small room.

With these 2 things in mind and with the current issues they are having with withdrawals, I'm really apprehensive about buying anything from them.

A simple look on the various threads on the forum concerning cloud mining would show that its purely waste of time. Gone are the days where cloud mining would bring decent returns and you would even be happy to be engaged in it. But today, with the increasing mining difficulty and the cost attached, you don't expect any return any time soon even after the time frame you set for yourself. You will get more return even if its buying only to hold than to invest something as this.

It is waste of time to mine the cryptos on cloud platform you would not get the profit faster even you mine with the legit site and it's contract. If you think that investment you made on hashflare would be fine wait for 1 or 2 years get the investment back means go for it but no one here advising anyone to invest on cloud mining platform.
Keep invest on GPU Ming would be all time profitable for long time so check and invest on that bro.

Reaching out ROI on 1 year contract would really be still not guaranteed on making investment on this cloud mining no matter how legit they are since the main enemy on this one is the mining difficulty together with maintenance fees or any charged up made by them which would result on lesser profits on what we do expect and also not all things being computed on mining calculator is accurate because there are lots of factors would really affect profitability.I would rather see on other way on how to profit than on bothering myself on this cloud mining.

Yes, that estimative is worthless. They consider you can make $1000 profit in 12 months with the currently TODAY's mining difficult, but in 12 months the difficult will increase a lot. So each new day you will see this estimative decreasing even more... In the end you will make profit only if BTC price increases. Just buy Bitcoins and hold, it's much better.

Let's say with $200 you buy 0.011 BTC. In 12 months mining on the cloud with the same $200 investment, it won't be possible to get the same 0.011 BTC profit you would make by buying directly...

You can get more mining power if you can buy some real mining rigs rather than spending those amount in cloud mining but if you can't than you can invest small amount which you can afford to loss. Many cloud mining sites are just scam and hashflare is currently sending updates regarding bitcoin withdrawals, you will not be able withdraw amount less than 0.01BTC so you might have to wait for few months to make your first withdrawal if you will only invest those $200

Even by buying mining hardware you won't be much better off, honestly. It takes a significant time to break even, hardware can stop working, difficulty keeps jumping up, and the list goes on.

Too much negative aspects to even consider it a viable option. If you just hodl Bitcoin, or even do some occasional trading with how the volatility allows itself to be traded against, you'll be doing much and much better.

Nowadays basically every investment option is more profitable than mining, which should be a sign for people to stop draining their own capital for nothing. Common sense doesn't seem to apply to people anymore.