Bitcoin Forum

my question up  8), but lets just say <h1>pls response to this question</h1>

Most cloud mining websites are scam. So my suggestion is to stay away from those, else you can easily end up with the money taken and nothing mined at all.

Majority of the cloud minings are an evolved form of ponzi. So no, I wouldn't recommend any cloud mining platform except Nicehash. But again do a thorough research before you actually invest your money into their system andnknow about the risks of doing so. Also with 400 ISD initial investment, you won't be able to buy so much power that will give you a guarantee to find a block. So please refrain from such investments. It's a personal recommendation.

There is still Bitdeer, it's owned by Bitmain, I haven't heard any issue with them but I wouldn't recommend them
- their packages are 99% of the time over OP budget
- if you break down the numbers and take into account a rising hashrate which will definitely come you're better off just buying BTC and waiting for the price to rise, I made a projection a few days ago and if the hash rate would have jumped by 25% in the next 90 days you would be losing money even if there was no growth afterward with the current offers, and we just had a 10%.

So OP, better stick to buying and hodl.

You won't be able to mine Bitcoin efficiently with $400.

You'll get a much better return by just buying Bitcoin directly with that $400.

mining in the cloud is complicated.

All cloud mining companies have a "we can fuck you at anytime clause"

So if BTC goes to the moon they will cancel your contract rather than pay you the btc. You will get a refund at best

and if btc crashes and burns they will cancel your contract rather than mine at a loss.

So for cloud mining deal to work you will need to hope Difficulty and BTC price move in such a way that you make a small profit.

Not a loss = the fuck you clause will be used to cancel you
Not a big gain = the fuck you clause will be used to cancel you

My suggestion is hope for a crash and buy some coins.

BTW we are down to 38900k

so buy 100 usd worth and then hold 300 in cash.
If we drop to 35 k buy 150 usd worth and hold 150 cash.
 If we drop to 30k buy 75 usd worth
If we drop to 25k buy 75 usd worth.

hodl all of the coin above for 4 years no matter what happens.

 Then thank me.

worst case is you only buy 100 worth at 38900 and it moons.

best case you get to buy all this levels you hold for 4 years and it moons.

99% of cloud mining available is all and the few legit is only offering a very minimal profit which will take you a couple of years to make a ROI rather than just trade the token that you want to mine. The price volatility of crypto is a good opportunity to make tons of profit compared on the passive income side given by cloud mining. Staking in DeFi is much advisable and I believe the new form of cloud mining.

Some years ago I have used cex.io service of Cloud mining (yet some years ago they have offered that service and It was also possible trade computational Power).
At a certain point the whole process become completely inefficient with high fees, and practically negative gain or ROI (at this point as suggested you can earn more Just hodl your Coin or with DeFi etc).
Most of Cloud mining sites are just Ponzi all user with experience agree on that and you can check by yourself... No sites provide real proof of mining but Just fake information.

Look into DeFi projects. I keep seeing your posts about $400 lol

buy btc now... when your 400 becomes 800 you can buy a second hand miner :)

First part of suggestion seems simply obviously but isnt because buying directly Bitcoin Is the easiest solution (and the best one with that conditions)
Second part should be revised because difficulty will be higher... Like "inflation".
It Is required a more and more expensive miner (more or less )after each difficulty adjustment...

With $400 budget the best thing you can do is buy btc.

I've always wonders what is the point (profit) of all that cloud mining and if the price goes down who's gonna mine at all on a loss. I never though about the price goes up scenario here.
With these 400$ maybe only a lotto mining if you want to see how it works.. that's all. A guy hit a block with some USB miners lately, right?

You are talking about most cloud mining websites are scam. So, there are websites that provide cloud mining without being a scam? Can you name those that have proven themselves well and can be trusted?  Or should all cloud mining websites be treated with suspicion and caution?

Cloud mining is another example of "not your keys, not your coins". If anything happens to a cloud mining project or decide "to do something shady", you will never get your money back. Moreover, in case something happens with them, you will own nothing. You mention that you "cannot buy a good miner", then in lose scenario, you will have at least a hardware device, which you can sell later. But in a lose scenario, your investment in cloud mining turn to zero.

If I knew I would have been mentioning them. Last time I've seen cloud mining that was not scam was many years ago; I no longer remember their names and they're most probably out of business.
But that doesn't mean that I can tell for sure that there are no legit cloud mining businesses. I just cannot rule out that possibility, hence generalizing like "all cloud mining sites are scam" can easily be a lie.

You can also bet that if the price goes down other miners would fold before your plan starts losing money so you make money even in a bear market, but that is one huge gamble and it's more on testing the company to not f*** you over as phil said.

A perfect example on how probably the only still legit company is screwing its customers right here, you can check the bitdeer plans and you're going to see:

https://talkimg.com/images/2023/06/12/AKY3T.png

t first nothing wrong but I was rather surprised the plan is still making that much taking into account the change in price and difficulty, so I went to the archive (https://archive.ph/0Rgw0) and surprise:

https://talkimg.com/images/2023/06/12/AKf9l.png

Despite the t19 being less efficient than the s19 suddenly both the rent cost per TH and the electricity cost per TH, have gone down!
From 9.37 + 8.10 cents to 8.53 + 6.75, just to make the plan more attractive.
Fairly obvious that they were simply charging extra before, fleecing the customer as much as they could.

In general I'm skeptical about all those cloud mining services, every time I hear about it, someone already has call those scams. Actually I cannot recall crossing a positive message about them in general from a reputable member at all. People are always at a loss, at least those I've read about.
If I go back to bitcoin mining again, I would definitely use my own hardware.
Looking at the solo mining  (https://btc.com/stats/pool/Solo%20CK) stats, really started considering the lotto mining for fun. 4 blocks since the middle of Jan is not bad at all :)

Is there at least one cloud mining site that has been operating for more than three years? Unlikely. That's the whole answer.

Bitmain's Bitdeer has been around for many years but - historically still a very poor investment.

no every single cloud mining site has the we can fuck you any time we want clause.

so even if they are honest. business practice will dictate cancel contract if mining totally sucks.

and or cancel the contract if mining explodes and whales.

so once again if you buy a contract it can make a few bucks if both difficulty and price move in such a range that your profits always exsist but do not go really high.

it is no more complex than this .

A huge gains = cancel
B any loss = cancel
C small profits = you make some money if they are honest.

Cloud mining is never a good idea. Buy bitcoin, or something from GekkoScience :)

Actually you should be able to get an old S9 if your electricity is cheap enough.

  I am familiar with cloud mining. It was in 2017. I made no deposit for cloud mining, starting with Bitcoin/altcoin rewards, usd, pound, ruble and so on. almost all scams in a matter of days and do not pay. sad. at that time it was very popular, even though on the web it was promised with a hashrate that varied every hour. days and months and even years. really tempting. including the free one without a deposit, it feels very slow even though if you are lucky you might be able to deposit/buy the features offered. It was the Hyip era and it was like mining for an unreasonable profit

  the rest, what other users above are talking about bitdeer and antminer, I don't have the money to buy them and don't know what it's like to mine with those tools.

  In conclusion, as long as I know cloud mining, I can't get any profit.
really (OP) which cloud mining would you like to try?

I will support all of the above, cloud mining is most often not exactly the way you imagine it, most often fraud, I have not met cloud mining, which is really transparent and brings income to its miners.

Cloud mining is completely fraudulent because there is no system that can generate such high income with the money we give, instead, very high earnings can be obtained in the staking event of unknown cryptocurrencies. If you are going to staking, you should know the project well and trust that project, so that you can gain big profits both when it increases and with the stake you make. This process is definitely more reliable than cloud mining if you ask me.

Mining projects are mostly scams. So I advise you to stay away from these, you can do small trading of it and make some money from it.
However, you must have experience in trading. Because if you don't know it properly then you are likely to lose all your money,

A tough one, I would say no, at 400, if you are looking for stable returns I would start by finding some single sided staking options!

i have done it in nicehash . and the result is the same as buying bitcoin directly on the market even i lost more money. In the past, I usually used cloud mining for rent hah power to mining new coin mining, which still having high blocks reward and low difficulty. and for fun purposes only. the point is cloud mining is not worth it. and if you still want to try and do it. be careful! real cloud mining is like you rent someone else's miner. not like an MLM investment or money game. many people still fall for the Ponzi system that claims to be cloud mining.

you could use miningrigrentals.com (pm me for ref if you want)
I'm kind of shocked it hasnt been mentioned before a service such as nicehash or bitdeer?
the next best thing is to get a graphics card for around $400 and get your foot in the door that way.

This is a possibility. However, you should check the legitimacy of the operator beforehand. Do not calculate in USD but in the cryptocurrency you want to invest in.

We'd better go for buying bitcoins if the result is still the same as when we cloud/mine because the goodness of buying a btc is it is on the go, you can do it anytime, anywhere with no commitments. You are also holding the btc that you bought so it is more safer unlike to cloud mining where you deposit btc in the platform but nicehash might be a legit cloud mining since it is always been recommended by the users.

The only problem is like you said can be the potential earning that we can get is small and doesn't meet our expectations. If its purpose is for fun only, I don't think someone can enjoy the process of waiting. I mean you are not doing the actual thing (mining).

Cloud mining is a scam, almost all! Don't believe it! , it is better to buy bitcoin directly! As for what machine you recommend to buy, it depends on the electricity cost of your mine.

Recommendation is not to do cloud mining and instead save up additional funds in order to buy a good miner.

Dont ever use a cloud mining site unless its verified by lots of people. The "free" ones scam you and take your crypto.

Kucoin recently sold another round of their mining contracts. I have calculated that buying a contract and hodling mined BTC for all 220 days would get the same revenue just as if you bought BTC for roughly 36k$. Right now it seems like a good deal but it was not so clear when people bought contracts while BTC was  at 40k$.

Generally, if you find a legit service provider then you may try it. If BTC goes up then  you are cool.

Can't you just buy a Goldshell LB-BOX ASIC miner? They only use 150w and they're very quiet. I bought mine for $350 or so 2 weeks ago.

So how is it going? How much time would it take to pay off 350$?

I've checked this cheap miner via mining calculator and with 0.06$ per wt it shows that you would lose 2 cents daily only for running it. Pretty sure it is hard to find cheaper electricity so unless you are stealing it (or running a solar panel). SO right now it seems like a waste of 350$ and further losses. it is better just to buy BTC.

You're right, it hasn't been going very well. Right now the daily profit is $0.50 for me, meaning the payback time is 700 days. Profit dipped to near zero many times this month. Bad decision. I just bought a bunch of Antminer L3+'s for $600 each, and the payback time on those is 350-400 days. Well, the Goldshell was my first ASIC miner, so good thing I only paid $350 for it.

op could look into helium mining gear , $450-700 equipment cost , 1k for a nice setup
5~ watts a day
depending how its set up can make up to $5-$10 a day realistically looking at $2-$5 a day though with a easy setup.
go for a bobcat

Even verified or legit cloud mining sites won't give you the best profit. And hardly, you will get the ROI of your money. This is why, even legends here are not advising to invest on a cloud mining site. Better buy your own equipment. At least, if you are not earning anymore from that equipment, you still have the hardware that you can use for other purposes or something to sell. But with cloud mining, once they stop paying you, hard to run after them. Your money is considered lost.

It's been said a few times above, just buy what Bitcoin you can with your funds. Mining is like committing long term to bitcoin with initial upfront and ongoing costs... the deliverables ultimately being bitcoin.

To me must of this cloud mining site are scam. So the best thing to do is to buy Bitcoin with your money. Because even legit cloud mining site wouldn't give you a good profit and sometimes hard before you get back your money. Is better to avoid being scam by cloud mining site especially, the free mining site. The better way is just to buy you equipment instead, because cloud mining is never a good idea.