Bitcoin Forum

Dear all,

This is my first post on the forum and I would like to share my experience.

At begining of september, I wanted to test some Cloud mining services so I invested in several actors as Dualmine, Bitdeer, Mastercloud, Virtualfarm AND Ecos.

In a month, all the contract made some gain; some of them more than others, but hey, at least something. I quickly understood Ecos was the worst investment of all. I asked for a refund in a week after contracting with them and then my gain suddenly went up.


Since BTC falled last 25th of septembre, I asked again for a refund again then the told me they would not do it.
My gains went slower on all sites but with Ecos after my message, ladies and gentlemen, it went negative!
So now, for the last 12 days, my balance is slowly going down until it will reach 0btc (in less than 2weeks at this rate).

The contract is antminer 9 and the fees charged by Ecos are so important they represent more than 110% of the earnings!

You understood I hope, this message is intended to prevent any investment in this company.

Thanks and good mining for all!

Cloud mining contracts and services in general are either:

• A scam
• A waste of money

The chances of cloud mining being worth it is probably <0.5%. You're far better off just buying the coins and simply holding it while waiting for a price increase.

I agree with this. Since long, long time ago I have decided not to believe cloud mining anymore and I'm sure that all of cloud mining is a scam or eventually be a scam. It's worthless to join even though you get paid. It's just kinda wasting much of your time and decrease your opportunity to make your capital grow faster.

Most of the cloud mining sites are scam that is why I stop investing in them because I thought that I can gain some interest while mining but when I tried to withdraw my balance is stuck. I tried to contact the support but they tell me that they will fix the issue but never fix the issue until I heard a lot of complaints about their cloud mining site they are turning into scam. Many people telling that they are legit because they can withdraw but after they gaining popularity they turning into scam.

So I believe they are just the same as other cloud mining. But I hard Bitdeer is legit the only problem about investing in their site it won't give you a profit based on what I heard to other people who invested in Bitdeer due to expenses and maintenance.

Sorry for that experience you went through. Honestly speaking, cloud mining is a waste of time and also money if you happen to land on scam. Some ponzi schemes also like to present themselves as cloud mining companies and therefore it's sometimes very hard to distinguish if it's a ponzi scam or legit company.

Avoiding them is the best thing to do because if they are not scammers, they will give you very low returns or even negative returns. You are better off using that money you would have invested in them to trade by yourself or buy mining equipment and mine by yourself if the capital is enough.

ECOS mining may have a nice support system with someone replying their thread regularly but that does not make their credibility high. You dont know who is operating them and their team members wont ever show up their real faces. If you think that the pictures shown on their site are legit then you are mistaken because they are fake.

Every cloud mining scheme is like this, you need to understand this. There is no way to mine profitably without having a large setup with a number of ASICs and also the equipment for cooling and maintenance. These are better done at your own place thna trusting someone with your money. Buy their contract to only enter a ponzi/HYIP and get scammed one fine morning.

As most people have said before, cloud mining is a huge scam and you'll either never get your money back from it, or they will simply just run away with your money. There are way better investment options then them, you just need to rack your brain and look for them.

ECOS has decent support and they talk to you pretty well, but they don't be fooled - they are still a risky cloud mining operation.

What is this information about getting a refund, what entitles you to a refund, and should be you entitled to one for Ecos?

I honestly wouldn't recommend anyone to even buy mining hardware, unless people are interested in getting to know how mining works while acknowledging the fact that it will very likely cost you money instead of make you money.

Mining is interesting when there is a massive global crypto bull run, where the available hashrate of any coin just can't keep up with the price. It was like that back in 2017 and some months in 2018. What are the odds that we will face another bull run like that? It might never happen again.

I'm so glad that after my first (negative) experience with CEX years ago I never touched a single cloud mining contract again. Buy and hold the BTC is all I can say.

Easy way to make yourself understand that is to ask yourself why these companies are selling profitable contracts.... it literally makes zero sense and for that reason should make you avoid them.

The main reason why cloud mining is still a thing today is because of all the newbies entering crypto. They don't know what we know, which is that it is a scam only profitable to those selling these contracts.

It's important to keep telling newbies to avoid investing in them, which seems to be the case on this forum. Every newbie we can warn early enough means less money flowing into the pockets of scammers.

For now i can still saw on what most people are hoping into which is on that similar year of 2017 on last quarter where all prices do shoot
up into the moon and those impressions and beliefs cant still be easily removed on ones mind thats why people do keep on hoping and engaging to things
where they do invest up and thinking that it might happen again.

Cloud mining is never been profitable after that 2017 bull run.I remembered correctly that Hashocean ponzi scam when im still a newbie believed out that
its an actual cloud mining company.

You could have avoided the experience if you would have gone through their topic and paid attention to older members:
https://bitcointalk.org/index.php?topic=5156577.40

Let's count
- fake members
- miners that were supposed to be hashing for sale in Moscow
- although challenged twenty times to present pics and videos all we got was a 7 seconds clip at 32p resolution
- claiming they are an official reseller for Bitmain when Bitmain denies having any
- topic full of one line spammers that bump the ann with worthless replies, otherwise they don't get one genuine poster (see the gap in September)
https://bitcointalk.org/index.php?topic=5156577.320  when from 2-5 posts a day they went to none for three weeks except the owner's post.


Sorry for your loss but I hope you've learned from it.

ah you beat me to it, i was going to post that here.

but yes, they hit a lot of red flags, learn from your loss and move on. There's not much you can do assuming you paid in bitcoin. do your research and learn what the red flags are.

If you cannot retrieve your money and more favorable conditions to you are provided for refund then in 100% of cases your money has already been spent. Serious firms should not have problems with refunds, they have a margin for this.

Its safe to say you brought this upon yourself. However, you would have done more help to others who might be thinking of investing in any form of cloud mining activity under any guise when you put up some evidence such as screen grab of conversations and correspondences followed by a chronological depletion of your account so as to give credence to your claim. I believe this is not the first time and several threads have been created in asking for the viability of investing in a cloud mining business and it has been established times without number that, the era of profitability in cloud mining has gone. You looking for investment in crypto, try something else other than cloud mining because its simply going to bite you at the end in which you have just become a witness to.

Although I'm not seeing any reports of a scam happening based on the search results in Google I am still advising you to step away from this cloudmining service. I've went ahead and look at their contact page and they have given a non-specific address for their office which is instantly a red flag for services like this trying to hide their identity, they don't also have any legal info about their permit to operate and the company name they have which is another know red flag for a scammer. Aside from that they lack pictures of their hardware, they don't really have any kind of evidence to tell that they own mining rigs to be rented for you. The site might look good but if you look around it you will see the things they have done to fool you.

I haven't try to choose cloud mining to earn money althought the service is really tempting. Just invest it and we can get passive income per day or per months. But yeah this forum has gave me many thing, because when I got some information then I'll search on this forum and I learn hard to understand it.

Honestly, there is a lot of thread regardless cloud mining who say them negatively, you can try it if you don't believe such as this thread who I got on scam accusation board  https://bitcointalk.org/index.php?topic=1326821.0 and it has gave me enough to avoid cloud mining although the profit calculator is really promissing.