Bitcoin Forum

 Ive read alot about cloud mining and have a small  eth/zcash/monero contracts with genesis.  I was just wondering if anyone could share some experienced info as most of my contracts are only a few months old and I wanna know if its worth expecting much a return... thanks

same thing i came on forums today in hoping to learn. Hashflare is the last cloud miner that is trusted and isn't out of stock. the fact that all other cloud mines are out of stocks goes to show that yes it is profitable but I have many questions; my biggest one being: after the next 6 month mark won't the difficulty get 2x'd and then the cloud mine can't support its 365 contract deal? <--- my biggest concern.

also: Is it even worth investing anything over 2k into a cloud mine? can't i just buy a sh-258 whatever it is..lol i'm a noob. Somebody show me the ropes

Genesis mining is popular but it's not worth of investing there anymore, another one is hashflare but I'm not endorsing them. There are people who are still investing to those websites but I don't recommend anybody to invest into any cloud mining site anymore. I advise you to stay away from any of them now on.
Check Service Discussion (https://bitcointalk.org/index.php?board=85.0) there are too many threads there about Cloud mining.

99% of the cloud mining companies are scams

1% of the cloudmining companies are "legit", but you have to realise that if it was safer/more profitable for them to mine for themselfs, they would do so... They are companies not charity's, and the mere fact they're selling cloud mining contracts means that it's either safer for them OR more profitable for them to sell you a contract opposed to just mining with their own hardware.

So, even if you are using a "legit" cloud mining company, you can rest assured that they're either selling all their risks in exchange for a small cut of the profit, or their contracts are constructed in such a way that the odds of you losing money are bigger than the odds of you making money.

Bottom line: if you buy a cloud mining contract, you're either buying the cloud mining company's risks (so the company no longer has to worry about price and diff fluctuations, cause they can just bill you for their service and terminate you contract if it's no longer profitable) OR you're just gambling...

No, it does not pay. In the sense that it will not make you a long term profit.

I recommend reading this thread first: https://bitcointalk.org/index.php?topic=1185909.0. See the calculations and the discussions going on. A lot of people who say that cloud mining pays are going to be using their affiliate links to earn referral earnings.

There are three types of cloud mining:

1. Outright scam: the site will just scam you out of your money, without providing any returns. Just take your money and run.
2. Ponzi scheme: the site is not actually mining but rather just using cloud mining as a cover. You'll eventually lose your money if you keep reinvesting, which you will be tempted to do.
3. Legit: They are actually mining but charge a hefty maintenance fee every single day. You will not make a profit as the difficulty continues to climb.

If you need ways to earn bitcoins, i would suggest earning a real life income and converting it into btc, or even freelancing for btc jobs.

Most of the cloud mining sites targeting on the newbies who ever coming to the forum and some of the people whoever invested on the cloud mininig platform already seems shared to friends and make them to invest on the crypto platform.
There are many people invested on the cloud mining sites, I advice to all to ignore investing on this and start invest on buying GPU rig with the any number of cards you can able to invest. Even Genesis and hashflare are also have to boycott from investing.

Better alternative than investing to cloud mining which is paying(very few legit) and trusted by most investors.

These legit cloud mining websites aren't profitable anymore and most victims are newbies that wanted to earn that much easily but isn't willing to conduct research are falling to scam ones. Stop becoming greedy, try trading which is a better way of earning some mbtc.

You can't expect that much return / profit with cloud mining anymore.

99.99% of the time it is a scam: https://www.reddit.com/r/Bitcoin/comments/6gbf9x/cloud_mining_is_a_scam/

Wrong. It's a 100% scam rate. If we look at their TOS, which is something they are hiding themselves behind as some sort of a protective shield, it makes most cloud mining services a 'legal' scam. You up front know how things are, what will be done to put you in a losing position, but you can't really complain because you agree with all their terms when you finalize the purchase of whatever number of contracts/shares. It's a system of which the far far majority of the people can't win from, and these services know that. On top of that, certain people know this too, but they just gamble on a good outcome, which is them reaching ROI before contract termination, or a complete shutdown of that service. Pathetic beings.

Name: wpcbtc8820
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created an account just to ask that question!

welcome to bitcointalk :D

answering your question (many have answered and I will only add some things) and making some observations.



so you already have a lot of knowledge about this industry and its risks


to be easier to help you:

- how much money you invested?
- what the days you invested?
- how much you earn per day with these contracts?
 


Like I said, you need to give more details.

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They have high withdrawal value minimum to receive payment, we are talking about 0.05BTC

There is thread about genesis mining which shows their mining service us as an proven scam. So strategy is following: You get what you deserve for 1-2 months, then this number falls and falls. Finally there is high chanse that you can't ROI and it will take your time + nervous.
I suggest you hashnest, at least you can sell hashrates at any time.

How much profit have you earned?

About those altcoin contracts if we do base on 1 year duration which is commonly being set by them I do see that you would really gain profits but wont be an assurance for you that it would last until into those days that you reach roi. Genesis is been here for how many years already. This would only be worth if they do offering lifetime contracts but now they do have duration which would really put hesitation for me to invest and come to think of that most cloud mining sites are scams.

No, cloudmining is not a good way to invest. Most cloudminers are scam, who don't pay out. Even if you would find a legit cloud miner, you would get your investment back in earliest one year. That is a long time, too long to get your investment back, before the service will shut down.

don't know where you get your figures from but they are wrong
currently on hashflare ROI is just over 5 months for the current bitcoin price and difficulty.

https://www.dropbox.com/s/9ingc2td343ou21/Screenshot_20180123-215042.png?dl=0
https://www.dropbox.com/s/9ingc2td343ou21/Screenshot_20180123-215042.png?dl=0 (https://www.dropbox.com/s/9ingc2td343ou21/Screenshot_20180123-215042.png?dl=0)

A better option is to just buy a miner and get it hosted or buy miners that are ready to be hosted, e.g Bitmainwarranty/Myrig who sell miners that are ready to be hosted, electrical fees payable through crypto or credit/debit card. You actually control the miners and you have the ability to switch pool, etc. Plus Bitmainwarranty offers free repairs on hosted miners, and the PSU is included on hosted miners.

Did you have a contract over 5 months? I have and my ROI from beginning up to now went significantly down. I even can't withdraw anymore, because I will not reach the 500$ withdraw minimum.

my contract started in September last year and already got my initial investment back last month but back then the price was 150 not 220 as it is now
so now ROI is a about 5-6 months unless the bitcoin price goes up which I hope it will do
but with the difficulty going up it will be 7-8 months so very soon it will not be profitable anymore unless the bitcoin price goes back to 20k
https://alloscomp.com/bitcoin/calculator

Genesis is legit but you will loss more than that than trading. You invest an incredible amount of money for years to be paid of as in all of your invest will only be paid for almost more than a year. Waste of time and money don't continue or you'll regret it.

Most people will not support to invest in cloud mining services because now a days we can see many scams happening in cloud mining. It is always risky to invest in cloud mining, giving higher % on our investment is always risky.

For OP you can compute own your own how much do return your investment, and of course me as older that you in this field i can say that cloud mining is not profitable even genesis is legit for now but their contract will not gives you good profit. I do recommend to invest in trading than putting your money in cloud mining which you money will stack for long period of time but the income was too small and the risk is very high.

I have some experience about cloud mining but like others, it did not work well. Their descriptions are well, written on their site that will make a great deal of money on their site but all of they say was fake literally they do not really give a profit. So my advice is don't waste your time and money in cloud mining sites it is better to join in signature campaign than to become victimize by scam site.

for me most of cloud mining are scam, you need to invest to increase your earning or deposit first before you withdraw then it will closed the site. Better to trading than cloud mining because trading you can earn big profit, and cloud mining we don't know if they are legit or scam but mostly they are scam.

Cloud mining are totally scam they never pay your money.i have personal experience of it.Before some month i invested into one cloud mining site.in starting of somedays it give good intrest but after some days they banned my account without any reason and i couldn't acces it more.so i lost my all investment and got only scam.so i suggest you to never investment in such ponzi skims.

Look, it's pretty easy to understand cloud mining today. Just look at how much money is needed for a bitcoin farm to be effective?  Now, if you were to have a huge operational and effective mining farm, would you be renting that power and take cuts from users here and there or would you be running it by yourself?

Cloud mining is long gone, it used to be profitable for both parties a few years back, as I did make a ROI with CEX.IO.

The way I look at it is: if the cloud mining service is only offering bitcoin mining than it's 99% a scam (the only way around would be if they're mining various alt-coins and then sell trade them to pay you in btc).

Don't invest in cloud mining services that are only focused on "mining" bitcoin.

 

Most people may say: do not invest on cloud mining, most are scams or ponzi scheme, or it's not profitable as the difficulty increases over time and there are a lot of costs for maintenance, electricity or pay fees for bitcoin transactions.
That's true, that's why you should be careful about choosing the company which offers cloud mining, so far there are few trusted cloud mining such as hashflare and genesis mining, I won't recommend to invest on both if you don't know the risk of investment. Just put some money that you are willing to lose, but according to people who have invested on both, yes it does pay contract holders.
May I ask; which cloud mining that you have invested? as you said the contracts are only for a few months.

How do you know that Hashflare and GenesisMining are trusted? Just because they are paying out consistently? If so, then that's pretty much a nonsensical factor. If you can't prove being responsible for whatever percentage of the network power of whatever coin, you simply aren't mining at all. Also, advising people to invest only money that they can afford to lose, is not the way to move forward. People regardless of what you say will end up losing with cloud mining, and especially so if people are stupid enough to reinvest their earnings. The more you reinvest your earnings, the lower the chances are that you will see even 25% of your initial investment back....

Not all cloud mining are ponzi schemes, there are legit ones but it might take a very long time before you reach ROI, some says it will take a year before you get your moneyback

I also have read so much about cloud mining and it was my first focus when I started to learn about cryptocurrency investment. 90% of the cloud mining sites are scam and just very few that are really paying and those few that paid has little returned on capital.

90%? no but it's 99% of the cloud mining are scams. Considering the number of the total cloud mining all over the bitcoin society, only few of them are legit not even landing a single percentage though let's estimate that will be there. And those "legit" ones are even paying low now.

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I never invested to any cloud mining, even those "legit".

Based on my observation there is no high ranked members in this forum gives positive feedback for cloud mining and i think that is now worth to invest, i review genesis mining and i see the long term return of investment which is not good for having small amount of capital and looking for good profit. For me i recommend to avoid this kind of method to make our money secured and find other way to earn more bitcoin or money.

Don't focus solely on high ranked members saying something. In times where accounts get bought and sold frequently, hero and legendary members status doesn't represent knowledge or good advice anymore. Just look at how much resistance there is against cloud mining in general, and let that be an indicator for people to not invest in any of them.

Amounts are pretty insignificant when it comes to cloud mining. Percentage wise, you'll still not be able to get anything out of your 'investment'. There are so many fees and variables involved that are set up to work against you, that you by default don't stand a chance. If you actually 'reviewed' genesis mining, you would see that it is a scam hole. The only thing that keeps them thriving is their superb marketing, which makes sure there are enough rookies bringing in the required amount of money to pay out the earnings of the earlier entrants.

There's no relation of high rank members or positive feed back to cloud mining. It's in general that everyone is aware of what a cloud mining website can be at the end. And with your review, it's also another good reason why just start avoiding cloud mining.

Your observation is so wrong mate since high rank members cannot guarantee anything, remember that their is an account sale happening in this forum and might those cloudmining owners bought some account just to give positive vouch to their scam business. Their so many selection we can choose anyways and why go on this kind of shady business? Cloudmining is rotten schemes and the real miners are shifting their ways to earn with their hardwares.

I really cant understand how cloudmining works.
If they actually have the datacenter and equipment required for mining at the rates advertised,
why dont they mine and keep the profits in the first place?
I dont get it.  ???
Cloudmining sounds interesting at first but after you do a research i think it sounds too good to be true.

Because i know that most of the higher ranked is much aware that us who is new in this forum they are much experience member that is why i will based in their review and follow their recommendation and that recommendation should need to follow by us. Also many people (mostly newbie) are lazy to do research that is why the possibility to put investment in that kind of method is very high.

Good thinking which its always been good to follow up the words on most veteran members here since they do have almost the experience when it comes to these kind of investments which do exist on previous or earlier years.This is also my mindset when im still a newbie which i do really need to read up past experiences for you to able to avoid such circumstances. Time goes by experience and knowledge would be acquired and related to topic its never been profitable for you to engage with even they are offering altcoin contracts with short duration would really be not worthy to invest.

If you are asking if the Cloudmining pay, yes they do pay but the question is until when.  There had been a lot of scam cases here regarding cloudmining investment and yet people never learn.  I am not saying that all who offers cloudmining is a scam but I will definitely say that it is not worth your investment.  The reason is, ROI is very slow.  Aside from that, the rewards depreciate unless you upgrade you hashes.  But then that will still consume more time to get our ROI.

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In short, it is not a wise decision to invest in cloud mining company.

Even on legit ones ROI isnt still guaranteed depending on which coin you are investing to.Cloud mining companies do exist but only few on numbers and most of them are just scams and if you arent aware or alert then you might get scammed by them.If you dont like slow roi or returns then cloud mining isnt for you. Compounding profits is hard to do its much better to secure profits rather than on compounding since you are doubling the risk.

roi is still depends on your hash rate if you have a high hash rate then you could expect for a much faster roi or return for your invested capital , sounds easy right?  yes it sounds easy but it does cost alot to top up those high ghs/hash rate and not only that cloud mining is also risky because as everyone said there are lots of them are just plain scam therfor you gotta think twice while your still planning to invest on them and always make sure to do a proper research before jumping in.

They exists bigger in numbers but the cloud mining platform use to scam the investors says the account banned or contract closed. If you do not want to see these messages in the cloud mining wherever you invested. You should stay away to avoid the future loses.

ROI can expected in the mining rig with GPU or ASIC but with the cloud mining, we have to forgot the word ROI completely. LOL.
To explain about even I have to say the same as you said. Keep avoid investing on the hashflare or genesis cloud mining too.

I see, I understand the purpose but even low ranked members they know that cloud mining are just scams.

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But that's the fact about newbies, they are not doing their own research and they keep on asking if its profitable even there are warnings that they shouldn't invest on it.