Bitcoin Forum

Hey guys,
 I am newbie here, wanted to get something cleared. I dont want to mine btc but i want to invest in big companies mining btc and earn profit on my investment.
 Recently I came across a site "www.bitfarms.online" , there they have plans ranging from 7% to 12% daily with lock in period of 9 days. Please I need advice from those with XP on the credibility of this website.

Thank you :)

This site advertises itself as cloud mining.

First thing to know is that most "cloud mining" sites are scams: they don't own hardware, they don't mine anything and either run like a Ponzi scheme (https://en.wikipedia.org/wiki/Ponzi_scheme) and pay the first few users, either don't pay at all.
Second thing to know is that "if it looks to be too good to be true, it's a scam" and their returns look kinda too good.
Third: when you do cloud mining yo buy hash rate, you earn based on that hash rate and you pay for electricity. You don't "deposit" since it's not a bank. The site you said used the term "deposit".
Fourth: there used to be more known bitfarms.ca. Using name similar to others' usually rises a "scam warning" flag.

All in all, while there's no review on that site and I cannot tell for sure about it, for me it looks very suspicious. I would clearly not put my money there.


Edit: if you really want to try out cloud mining, you better look for the few established businesses (or at least others' opinions too) (https://www.google.com/search?hl=en&q=cloud+mining+site%3Abitcointalk.org).

This is a ponzi scheme. No legitimate investment can offer those kinds of returns.

What everyone else said. It sounds like a scam. 7% daily is an incredible return given that the bitcoin price is in the doldrums (and falling) and the cost of electricity to mine keeps rising, as does the hashrate.

If something sounds too good to be true, it's a scam.

If you want exposure to mining you would be better off investing in the shares of the companies that make the graphics cards for mining.

Run the other way. Cloud mining is an elaborate scam. I invested in quite a number and lost all my investments. I'm currently waiting on hashflare to exit scam as no mining has been done for close to three weeks now. Better to buy and hodl bitcoin etc.

7% to 12% daily on mining? This is to good to be true! Bitcoin mining now is not as profitable as before. Aside from that, we are on a bearish market so that promise return of profit is too far from reality. This is most likely a HYIP. You better be careful in investing on that site.

I'm not sure but a Hero Member doesn't it should know about HYIP? It is not most likely, but it is. Most of the people are willing to promote their freakin HYIP in a smart way rather than promoting it on the board where it should be published.

You guys have saved me!! ty all... and do PLz Give some info on ""www.cryptosuite.com""