Bitcoin Forum

I mean is cloud mining profitable and trusted?
There are many platforms for cloud mining such as Genesis Mining and Bitdeer...
Has anyone ever bought SHA256 computer power sharing plan or X11?

I would be grateful for any advice! Thanks!

you can trust Genesis Mining

it profitable?  i don't think so when you choose 53Th 24 month plan it cost 3972USD

im go calculate at whattomine  if price of btc like today at 5K  you not have any profit.

or you wait to sell when btc hit 12K you have profit in 12 month around 1854USD 24 month = 3708USD.


it worth to try if you belive BTC in next 24 month price skyrocket more than 14K.

Firstly, there are a lot of scams in this "cloud mining websites"

So, let´s talk about the legit ones, like Genesis or Bitdeer (at least they are here for a long time)

Please, just do the math about buying hashrate and the fees they have considering the difficulty of BTC
Yes, you have to put diff on the math, and you see you'll only gain money if BTC rises in value, so it's easier to buy the coins directly.


All the math you see on the websites are based on the today's diff, but it will change

Aside from the scams you have to know what you're doing. It's somewat like day trading
but also like gambling due to the luck factor. You're competing against pros as well as bots,
so you have to be better than they are to be profitable.

There are a lot of risks, like the recent 40% price drop. Had you bought hash at the high price
then got paid at the low price you would have taken a big loss.

Had you bought hash at the high price
then got paid at the low price you would have taken a big loss.

This isn't accurate, because usually the prices are in BTC. So you will pay in BTC and receive in BTC for example (you can mine another coin, but the idea is to pay and receive the coins you "mined")

You are correct. The loss is from fiat to fiat, which would have occurred without cloud mining.

Its only worth it if you know for certain that in the near future the price of bitcoin and altcoins will be much higher than it is today. However in that case you can just buy the coins directly.

However with cloud mining you need to understand the terms. Usually when mining goes below a profitable mining point, the contract will be void. So most likely after what just happened recently, unless the price rebounds and stays above maybe $8000 or so, then the contract will be voided and you won't get any mining profits anymore. Just doesn't make sense to cloud mine. Either buy the hardware and mine yourself or just buy the coins.

I prefer to choose Genesis Mining than Bitdeer because I already tried with both in the past. Bitdeer gives you a discount for buying the hashrate to their machine, but you should pay the electricity to them. It's not worth it because your profit will be reduced because of the electricity fee and that will happen too in Genesis Mining. Right now, the cost to buy a big hashrate is not worth getting the reward from the mining because you should calculate the electricity fee that will need you to pay.

Most cloud mining platforms mine on latest hardware for themselves and give old hardware for customers.

But if I believe BTC will hit 14K, buy BTC at 5k with 3972USD now seems better? What's the advantage of cloud mining...

Thanks a lot! I also don't see any advantage of cloud mining...
I guess buying coin directly is better if I believe the price will rise...
So why cloud mining platform like Genisis Mining can still exist? Who will buy the service?

Because they offer something that looks good
People thinking they are on the game of mining, seeing some hashrate on the website, but most of the cases are just fake
The real mining you can do is with your own hardware or nicehash for example where you rent the hashrate and can point to any coin or pool you want

when BTC price higher more than 10K USD  you calculate it will show you have profit soon.

customer think wow we only invest in cloud mining and wait for profit no need to worry anything. 

but in real life it not like that.


if you want to mining you can try with some gpu  if it not going well you can sell it to gamer.

Currently investing in cloud mining is not good idea just investing in coins is much better and profitable if someone thinking to invest in this then surely he is going to scammed because its all about scam nothing else good and profitable from this.

If you want to obtain coin and don't have the HW to mine it then buying it on an exchange
is more efficient and reliable than cloud mining.

Cloud mining is mostly for speculators that think they have an edge on everyone else or
when mining is the primary goal instead of obtaining coin.

Thanks! it does look good speak of mining, but it actually not mining right?  lol

yep, i guess in real life we should consider the electricity fee, the price fluctuation even the mining gigs upgrade(which influence the hashrate)?

Thanks! All people replied the thread have the same opinion with you lol

Cool, thanks! I will keep on using hardware :)

I've tried a number of cloud mining providers. most of them were scams and the ones who stayed are also stopped paying (Genesis was also stopped paying at one point). So in general cloud mining is not profitable at all (because they drop the reward when mining currency's value jump).

Genesis also stopped paying?? ??? I thought it might be the most trusted provider(because it has operated for some years)

I think the best cloud mining provider in 2020 is Bitcoin.com: I wrote a bit on cloud mining Bitcoin here, for anyone that may be interested: https://bitcoinminingsoftware2019.com/cloud-mining-bitcoin/ :D

Cloud mining was profitable back 6 or 7 years ago but now I don't think so, the halving is the big factor why it's not profitable, you are right on telling people it's many advantages but still, the disadvantages outweigh the advantages, buying Bitcoin at when there is a dip is more profitable than buying a plan on cloud mining.

Back then everything was profitable, buying hash, selling hash, everyone made a profit.
It has nothing to do with any one method.

Buying hash from a rental service is biased toward the seller. They get to set the price and
and the buyer can take it or leave it. As long as their minimum price is above cost they make
a profit. The buyer only gets hash when the seller is guaranteed to profit an dthe buyer probably
overpaid.

A service like Nicehash is an open market like the stock market. They are just brokers between
buyers and sellers and have no influence on price, the market determines the price. It's arguably
a fair market, if you consider trading bots fair, that pits trader vs trader and the more skilled
(or better bot SW) will profit more.

Cloud mining may be profitable if you expect the markets to go up. The prices are relatively close to what you can mine during that period, so if the prices jump you can yield profit.