Bitcoin Forum

I just want to get feedbacks, there lots of sites offering bitcoin mining , is it legit? Do we really and from this , and can we withdraw it? Coz i wanna try but want to ask those who joined already there so i'll get some ideas about it. Thanks.

I assume you are talking about "cloud" mining, which is where you pay a site to mine for you. Most of these are outright scams. The rest are not likely to make a profit.

Your best and most profitable option is to simply buy the bitcoins instead of investing in cloud mining.

I've made a good profit from Genesis Mining. They do pay and are a legit company, but I would not recommend it as an investment. You will not make good ROI with cloud mining. I was only profitable because I won a free contract.

You are years to late it's not profitable to do mining now and if you go for cloud mining, there's no guaranty that you will make much here, in fact, cloud mining is perceived to be a Ponzi scheme, it's much better to grab opportunity at this point of time by buying Bitcoin

Bitcoin mining is legal if there is official legality, many illegal mining sites and endless scams, you must be careful when choosing a mining site.
I suggest that you better use your funds in bitcoin investment in exchange that will be more profitable

if some company could afford the equipment, electricity  and other costs, had the space,... then they wouldn't have been selling the hashrate to others in small increments for peanuts. instead they would have mined themselves and enjoyed the whole profit! something has to be wrong with their plans that they have to sell it like this...

1. Calculating hash value is a special way. It consumes too much energy and is too difficult to use ordinary computer.

2. Bitcoin has no super-node, can not get more tasks queuing, and has limited ability to grab resources.

3. Miner's function has reached the apex of utilization rate, and cloud computing is meaningless.

4. Bitcoin algorithm is so special that the processing speed of ordinary algorithm is obviously insufficient.

To sum up, Bit Miner is not suitable for cloud to publish tasks and work.

You have joined the forum right now and shared a mining site. I highly doubt you are the owner of this site as well as your site is probably a scam site.

I recommend OP to follow what odolvlobo said. Directly purchase bitcoin and that will be a better idea. I can assure you more than 99% of these mining sites are scam.

yeah genesis mining is one of the few legit cloud mining sites out there  . anyways  , good for you because you are lucky enough to win a free contract from them   .  your also right   , even if the said site is legit  it is still hard to make roi due to the current market conditions and also to the increase mining difficulty as well  .


better late than never and besides not all cloud mining sites are scams   .  cloud mining sites can be a good way to earn passive income aside from crypto investment and crypto trading .

You're not guaranteed to make a profit with cryptocurrency mining. That's why they sell contracts. They take all the profits upfront and customers take the risks of financial loss associated with mining.

Mining is unprofitable at the moment unless you want to keep your mined bitcoins for really long term. Also most of the cloud mining companies are scams and will probably run of with your funds. If you want to learn about mining you should get a rig for yourself and document how it does work. Still you won't make any profits if you don't have a low-cost/free electricity plan, but it would be great for learning purposes. ;)

there are risks involved with mining but the profit is not that unlikely. in fact profitability of mining bitcoin is one thing that you can always be sure about. for example right now price is very stable and miners are gaining a solid stable revenue from their computing power.

I got scammed from cloud mining site before, if you are asking for a cloud mining site, don't invest your hard earned on cloud mining it's not worth it, people have proven that this is just a Ponzi scheme and they don't have actual  mining rigs             

I'm assuming that you are describing and found a cloud mining, as said it's unlikely you'll make much with them and you are likely to fall to a scam one so stay way from them.

You can mine if you have a real hardware miner (Avalon, Antminers). But being a small miner, competition is tough since the difficulty keeps on increasing, you have no match for big mining companies.

It is good to be true that there are sites like this that you can mine for bitcoin But as much as I know there is no good thing about this because as most people commented here are all negative with cloud mining because most sites like this are all fraudulent I ones knew Aurora mining where on its first run you are using it is a good source of small amount of bitcoin back then we can surely withdraw from it and think of it as legit back then, Then on some point after they introduce the investment system that if you provided an amount on your Aurora account your hash rates will increase, But after a few months we can not find the site aurora mining anymore and with the investment we provided, So be careful on cloud mining just to be safe.

Without mentioning any names, I'm currently signed up with 2 "cloud" mining sites with minor investments of about 10$ each.  I've managed to make back about half my investment (if you want to call it that) after about a week.  These sites have since been flagged as scams and I think the only reason I may be seeing a return is due to the size of the contributions I've made.  I'd be scared to invest more than that.

I've joined a number of mines, and from what I've experienced, most mining sites are just scam. there are also some who actually pay, but only last a few days, after which it becomes a scam.

that is actually how they get you! first they show all signs of return and show a lot of good numbers to lull you into giving them your money and then they slowly turn the faucet off and after a while you realize you are losing money.
a couple of years ago they were even "giving away hashrate"! i even earned about 0.03BTC by claiming these free ones without investment before they realized they shouldn't let people withdraw without investing :D

The mining you taking about provided by some websites are I guess cloud mining and personally I don't prefer cloud mining. I also have friends who mine bitcoin and other cryptocurrenies and according to them it is not worth it,they prefer traditional mining ways with their setup.

Cloud mining isn't good business at all and that's because the mining difficulty grows fast, so if you get X number of hash power the income will decrease while the difficulty goes up, at the end could be hard to recover the main investment.

They are not worth joining anymore if what you mean are cloud mining sites I am in fact had a scam post about one cloud mining sites they are just plain and simple ponzi scheme and it will take you months to get a profit and much longer to get your payout if they will process your payout

I won’t recommend cloud mining investment for anyone at this time or other time because they don’t pay at some point wonits possible you don’t even make up to your capital before that happens. It’s even better to buy some coins and hold or learn day trading  and start it. With this you can confidently control your funds

there are a lot of bitcoin mining sites like that, and I think they often only pay up front, and the continuation never pays, it's very dangerous.

You means cloud mining right?? We invest they give hastrate and we mining using that. Most of them is scam and cant survive. I already try many cloud mining also i invest but nothing. They colaps and stole my money. So i never trust cloud mining anymore. Better you invest in crypto hold it and sell in the the future, you control your money. That's is safe

I agree. A lot of people shared their bad experiences with cloud mining as it turns out to be a scam after they pay for it. Some sites pay for the first month as profit but after that they will run for your money and that is a clear bait or trap for those people who keeps on trying these kind of scams. Buying and holding is definitely the safest way to invest and we all know that already. Trading is also good but risky.

Most Bitcoin mining websites are fake. They never pay the price. So I'm not believing on the Bitcoin mining website. According to my knowledge, no one could earn from the Bitcoin mining website to date. So I do not work on the Bitcoin mining website and do not invest. Because there is no reliance on the Bitcoin mining website. They can scam at any time. So it is best not to work on the Bitcoin mining website. If you want to make Bitcoin mining, it is better to do it directly with your own equipment. Because Bitcoin mining website will never pay you for mining

Thank you.

If bitcoin mining sites doesnt pay you , then do you think that mining on your own is more better ?  No meyt  it does not .  even if you buy your hardware  and start on mining ,  you cannot expect to earn a descent income . you cant recover your roi pretty easy because you will also shoulder the cost of your resource such as electric bills , maintenance cost  , not to mention the mining difficulty is now verry hard nowadays  .

I can give you a straightforward advice: stay away from bitcoin digging sites, if you don't listen to me, you'll have to regret it. Most bitcoin digging sites are deceptive, if you exploit cloud like EOBOT, carefully read the rules you will understand what I say

As present, I won't encourage anyone to invest in any mining companies. as I am yet to see anyone that pays contract termination when mining is not is not been made by the company, Hasfalre knocked me off my feet. I won't invest in any cloud mining as the reward is low since the bitcoin price is not so good.

i dont advice you to do cloud mining, because half of the cloud mining is a scam, because in 2015 i try the cloud mining and lost my money because the developer use Ponzi scheme on their cloud mining, i advice you to do the hardware mining with your own rig and find the good pool to be the mediator for mining your cryptocurrency

Botcoin cloud mining isn't really profitable and most of the Bitcoin mining sites is a kind of Ponzi Scheme. Online mining is not recommended if you want a big profit. Trading is better than mining because mining will no give you a lot of bitcoin but it can help as a fund raising. It is better to mine bitcoin with your gpu's that cloud mining.

It's better to hodl your thoughts on mining if you are interested in this, due to the downfall in the market none of the mining are giving you atleast a descent profit. Especially don't think about cloud mining which is suppose to be a big scammers in one word.

I think cloud mining is not suitable for mining, if you want to mine it is better to save and buy mining tools yourself. Lots of legit cloud mining, but I do not guarantee you will return the capital

I think it's better to have real bitcoin mining where you are in charge to manage your mining. I have been seen a lot of bitcoin mining sites but I never tried to invest because I always check the website and feedback before I invest. I know there many people get into mining because it is profitable but in fact you need to have huge capital before gain huge income.

Never ever invest in this Bitcoin mining sites, especially those cloud mining sites. You'll only lose money because most of them are scams. They seem good to be true but they end up being a pain. It's safer and more profitable to just buy Bitcoin directly in trusted exchanges.

Yes, there're different sources to mine bitcoin. But first you have to make sure that which is the best and reliable platform and you can start mining. If you want to mine btc through some other sites then i suggest you that you should start with minimum investment. And if you want a big profit then you should be join different platform not a particular website for cloud mining. Cloud mining is best for beginners or newbie.

For cloud mining

Join this website for zero investment or (minimum) investment.
https://www.eobot.com

This is reliable platform.

- Indeed, bitcoin mining sites in the present are not really good, it has too many risks, we will need a very long time to see the profit and sometimes we will not see when the bitcoin mining site suddenly disappears and becomes a dead mining site. Even for the purchase of equipment for mining, I am not too encouraging because competition and costs have become very expensive, if we have money, we should have plans for trading or if we don't have money, we should look for luck in bounty, those are the best advice

I think if the payment is just upfront it won't last long. the problem is that the miner must have a large amount of capital. so that everything runs smoothly.

Buying cloud mining hashrate should be considered a high-risk investment and it's hard to get more profit when to mine BTC using cloud mining service for now. If you have cheap electricity just buy some ASIC, instead of buying some hashrate from the cloud mining sites.

But if you don't have cheap electricity, it might be more profitable to buy BTC in the market rather than mine them.

Am very sure you have little or no knowledge about bitcoin mining.
Bitcoin mining requires huge electric power to operate it I don't really know much about any bitcoin mining site

Right, I have invested in few mining sites like hashflair and few but maximum are scams. After three years, i still haven't recovered capital at least 25%. So from my personal experience i want to say "don't think to invest in any mining sites".

3 year ? wow that freakin long  . if you will only invest that on profitable crypto i think you will earn alot after hodling and waiting for 3 years  but unfortunately you didnt  .  by the way i heard that hashflare is one of the legit cloud mining sites that are still paying but its seem strange that you didnt get your roi for a long time . may i know what year you start to invest on them  ?

Are you talking about cloud mining? If yes then nope, most of cloud mining are scams and even if not scams, it takes months or even years to get your investment to get ROI. No, it's not legit. It's better to buy yourself a mining rig.

not all bitcoin web mining is legit, there is also web mining that is not legit. You have to check the mining sites carefully. see if there are mining activities that are loaded on the web. if there is a high probability the web is legit.

it's not too late to get to know BTC, but it's better I suggest trading only, by trading your money, you can master it completely, and for mining, the capital needed is quite a lot and also many investors are losing profits due to difficulties in mining

I give the link below of 10 best and biggest bitcoin mining sites. Here you can chose yours best one for bitcoin mining. These sites are trusted bitcoin mining sites in online. These all are top listed bitcoin mining sites over all the world.

https://www.buybitcoinworldwide.com/mining/pools/

we have to be more careful in looking at bitcoin mining sites, because I don't think all mining sites are all good, and there are also sites that experience scams.