Bitcoin Forum

I am new to this but I am very interested in reselling cloud mining/mining farms. What are the major players in this industry? Are there any companies that have partnership programs?
I have software/hardware background and used to run a hosting company some time ago.

Thanks,
M

The reputation of cloud mining is not good and many people trust that mining farms are nothing but a method of fraud, so even if you are honest and want to run a serious project, you will need a lot of confidence before anyone thinks of depositing an amount with you.

In short, as long as you have the experience, try anything except cloud mining.

In order to resell a mining farm, you first need to own that mining farm and in order to own that, you would need to have bought that farm from someone. Seems ideal and if someone is really renting out their farm then this work out nicely.

But in reality this is not the case. In the name of "Cloud mining" what exists are MLM/HYIP programs that use new investors money to pay off old investors like a ponzi and keep running this with no mining actually happening in the background.

If you have real contacts then you might be able to set up a legitimate business. However dont look for cloud mining online because they are all scams. Even Genesis mining which was considered the only legit one is facing a lot of questions.

Look for any other venture to resell, but not cloud mining. All the players who claimed that they were legit and were even paying people at first eventually collapsed or stopped paying people, which means there's something wrong with cloud mining apart from the fact that most people now know that 99% of cloud mining is scam.

So even if you have genuine intentions, it probably is not sustainable in the long run, and you may end up losing all the time and money you invested in reselling the services.

Try-you check this thread- https://bitcointalk.org/index.php?topic=562238.0

Maybe-you-will find a solution.

To tell you frankly cloud mining now isn't good, investors have learned already from investing cloud mining investment because usually, it ended up scamming people and running away their investment, not unless if you really have mining facilities and at the same time you have a mining cloud, it's good to encourage people to invest if you a proof that you own mining business but if not, they will think that it is the same as before because this kind of business is really hard to build trust.

Why not focus on the mining business, just invest on your own and build trust if you're new to it.

Do you want to enter the mining business more specifically in the cloud mining business and are you looking for a partnership? well everyone has said that this mining business is haunted by bad reputation due to many scam cases and because it is not profitable for investors, but looking at the owners side of this business it seems to me that cloud mining owners must have stayed rich, because they always profit from investor losses


to be honest I have no idea what the biggest cloud mining is currently and I also doubt they have a partnership program

This is not necessarily true. It would be possible for someone to sell pre-order cloud mining contracts that are estimated to start at some future date. In order to stay in business, you would likely need to have contracts with a manufacturer of ASIC equipment that will guarantee you will receive the miners by a certain date.

Cloud mining has historically been very bad for customers, but I can't think of a time when cloud mining was bad for the sellers of cloud miners. Customers will eventually get burned, and the operator profits (or runs away with customer money).

IMO a more consumer friendly product would be some kind of synthetic contract that pays out up to a maximum of nBTC that is sold for something less than n, at price x, and the seller has to put up n-xBTC as security. The contract would pay out based on what a particular miner would be expected to produce, based on a preset electric consumption and electric cost assumptions, and based on the difficulty.

Thank you for your comments. I didn't know that cloud mining has a bad reputation.

What else can I resell then instead of cloud mining? I am interested in something that has a technical component, so I can use my background

You don't need to use a technical background to sell technical products. Often, buyers of technical products lack a technical background themselves.

If you want to utilize your technical background, I would suggest creating some kind of service that can be used by potential customers.

I would disagree with this. Do I need a technical background to sell AWS or ElasticSearch? I guess yes, so the same is with Crypto, blockchain services

Not all of those who come are potential clients, as is the case in most of these forums. For the initial offering, anyone will test the service and ask a lot of questions to gauge how skilled the team is in their field.

---

@OP, don't mean to discourage you but as the people above said that cloudmining services have lost interest. It's not always associated with scams or ponzi schemes, but we're not in the mining trend right now. If you want to continue, it looks like you'll have to work harder for just 1 client and your time will be at stake.

just think how realistic it is to service like cloud mining can be real. how is it possible mining without hardware?


If you have good technical knowledge, then you probably know what the potential is possible. spot the problem where you are most competent, find a solution and go out on the market with it.

He is right, if you have a technical background you should rather go for selling your own product rather than reselling stuff which has more to do with marketing.
If you're aiming at reselling stuff you should start by looking where the volume is and how high your chances at getting a better deal than the others are.

For mining plans the market is done for, the only legit ones have so little margins you will really need to fleece your customers to make a profit and at the same time hope nothing gets wrong with your main partner. One of the few that was legit terminated the plans just a week ago:
https://support.viabtc.com/hc/en-us/articles/4402753997721-Announcement-on-the-Termination-of-ViaBTC-cloud-mining-service