Bitcoin Forum

i have been hearing alot about cloud mining. the first i tried wasn't successful. i lost about 100usd in the site. it was clearly a scam. i wish to ask from the community here if anyone has tried Honestminning and is convenient?

Time and again at least once a week folks continue to ask that question and the answer will always be the same: Virtually ALL cloudmining operations are scams. Period.

If you want to mine you need your own hardware to do it.

By the way that answer was written down below to your post.
The problem isn't that we have to give same answer on such questions, problem is that people ask and ask them again and again, they don't ask this question: What benefit to cloud mining companies with my money especially when they offer so amazing promises. Yes, they don't ask this question to public and to themselves too.
Even real mining doesn't work well and why the hell will cloud generate any income for you.

It doesn't on a smaller scale, but at least you still have value in the hardware that you can resell or use to mine other SHA-256 coins.

People are too fixated on passively earning Bitcoin that they are willing to take extreme risks without even realizing that. Bitcoin's price has always outperformed mining rewards in terms of percentage gains, and it will keep doing so. Best option is to use your fiat to buy Bitcoin, or in case you have Bitcoin, go long 2x and reap the fruits of your trade over a longer period of time.

Or use a part of the funds to buy a hardware wallet and then forget about your coins for a couple of years. There is almost no risk to this.

Honestmining.com has nothing to do with Bitcoin, it's P(iece) o(of) S(hit) Masternode garbage with its very own shit token.
Same meat, different gravy.

All cloud mining sites are pure scam (even if they are legit they are not profitable, but they keep on saying that you will eventually make profit which is bullshit. Hence they are also considered as a scammer). They are just some pyramid/ponzi scheme. They old play old investors by using new investors money. This way they will gain your trust and then once you make a big deposit, boom. They are gone!

That site claim they are helping their users to join masternodes to earn rewards.

BUT THE BOTTOM LINE IS, these  kind of sites shouldn't be consider to put your money.

No need for further details. Use your common sense and you are good to go.

Never ever consider on putting up money on any cloud mining   sites because its never been profitable and 101% of them are scams. There are legit ones like Hashflare and Genesis mining but they arent profitable even on longer contracts.Setting aside on other sites are scams and dont get blinded by high returns which most likely newbies do fall.They believe that they would make thierselves rich on a short span of time without even thinking that they are just being scam.Sooner or later they would realize that they already lost up money and whine later on. I havent seen the site since these are already on my automatic ignore list.

I woudn't consider Hashflare as a legit cloudminer. They did some shady shit like reducing lifetime contracts to 1 year, setting ridiculous withdrawal limits and offering no transparency at all. I've asked them about their electricity price but didn't receive an answer how much it is, only that they "can't disclose it"  ::) ::)
So we don't know how much they are making as own profits...
In addition, they are accused to do fractional reserve mining or at least they never presented a proof that their contracts are fully backed by hashpower.

And yes, Genesis is a legit company and AFAIK also Hashnest and BitDeer (I've never used them and won't do it, so I can't say for sure).

I don't know anything about Honestminning but most likely the name Dishonestmining fits better.  :D :D

I am sure you have only heard the specific lies about cloud mining being successful. Let me keep it short. Its not so. Cloud mining is a disguised scam HYIP/MLM. People only fall for it because they become greedy and think they can make huge returns that which even banks cannot give.

You are one strange person. You already lost money in one scam and now you are going for another one? Keep doing the same thing over and over and you expect different results? No cloud mining site is legit my friend. All of them are scams. Never put your money in any of them.

I hope you actually read this because it is this of wrong thinking process that makes all the newbies in crypto lose money like anything.

you should not confuse site hyip/ponzi that lied that they are cloud mining with real cloud mining sites that use obscure methods so that their customers do not make a profit


look at their thread:

[ANN] HONESTMINING.COM - Everyone's Cryptomining Partner (https://bitcointalk.org/index.php?topic=5137298.0)

you can see that people are not interested in this... just buy bitcoin and hold for a long time

Did you find another place to get profit instead you only choose cloud mining which was gave you lost your money?

If I were you I'll not fall to the same mistake, I mean when I felt to something that harms me I'll leave it and find another place. FYI there are many thread who tell that the cloud mining is most likely scam, ponzi scheme that you should avoid them.