Bitcoin Forum

Hi Guys
Sorry if this seems like a silly thread , I am new to bitcoining and I would like to know a little bit more about mining / trading bitcoins. I have been reading some posts from fellow users here concerning cloud mining services. My question is this , How profitable is cloud mining and what is the minimum amount I could use to start mining / trading bitcoins , If possible I would also appreciate if you guys could suggest reliable cloud mining / trading services that I could use . I would really appreciate some response.
Thanks in advance

NO! Just NO! Mining days are over and so called "cloud mining" is just a scam to hook N00bs.
with the current prices, you will be WAY more profitable if you just buy BTC.

If you want to get into crypto, go to circle.com/coinbase or localbitcoin and purchase some coin. Hold it and the price will surely go up.

Cloud mining is risky because you are trusting the hosting company completely. If they go belly up, so does all of your "virtual equipment". If you still want to proceed, I personally have had some good results with gawminers.com. Apparently, LTCGear has a much cheaper price/MH (about $5.30 vs 20.95 for gaw) but it is seen as a much sketchier company.

Again your best bet is to just buy some BTC and hold it

Honestly, cloud mining is not that profitable, at least with GAWMiners. However, if you were to purchase a 1600 share package on LTCGear, which would give you a hash rate of 160 MH/s for Scrypt mining either Litecoin or Feathercoin, you'll make about .05 BTC per day and ROI in about 2 months.

You can make a profit on cex.io by buying GH/s and selling it.  Much like trading.  But just buying the GH/s won't be profitable at all as of the difficulty increasing. 

Cloud mining is generally overpriced and will not be profitable for customers. In order for you to profit from cloud mining the rate that difficulty increases will need to slow dramatically. 

Simple, don't do it.
Explanation: Do you think cloud companies would sell you their services for lets say 50$ a month if they can earn 60$ a month mining with those same equipment? Of course they would not.

Thanks for all the replies. Going by what most of you have said here cloud mining isn't the way to go . So I would like to know what methods you would suggest for making profit through bitcoin. Would bitcoin trading (bitstamp) work ? I need some advise on what would be profitable.

Best way to make money from bitcoins is to buy them and then forget about them for sometime. Good luck!

How do I know when to sell and where exactly do I sell ?

The issue is basically this:  In order for you to profit from cloud mining, the miner has to give you more BTC than you gave him. In other words, you make money if the miner loses money. Cloud mining services are not going to stay in business very long if they have to lose money to keep their customers happy.

This is not really true. If you pay 10BTC for the service, the miner makes 20BTC and you get 15BTC back, both you and the company would've made 5BTC each.

The price of hashrate is made by miner according to his predict of the future hashrate growth rate. If you want to win profit, he must be wrong with the predict. He is right at most of all situation. because he know more in mining than you.

In your scenario, the miner loses because he could have made 10 BTC if he didn't make the deal with you. The miner gave up 5 BTC and gained nothing.

If the miner would have made 20 btc then most likely they will not sell it for 10.  I would like to see a senario where with fees and charges you make 2x on any cloud miner.

Hardware mining in hand still beats cloud mining in my opinion as long as you have no vat, and decent priced electricity.

As other said , cloud mining is not profitable. If you want bitcoins better buy them.

Right... Easy and avoids future headaches ..

You can 'trade' as many bitcoins as you like! This isn't different from, say, trading gold or other tangible or intangible assets as stocks or whatever! Cloud-mining Bitcoins, on the other hand, is most likely not profitable (why would they sell their hashing power then, huh?) They could even not be mining at all (almost a ponzi scheme!)

But there is still possibility to get PROMO CODE, for example for DIGITAL OCEAN.. That's cloud mining site? Am I right? In many places I have seen 10$ promo codes for this site.. But I don't know how to set "DROPLET"  :/ for me thats complicated.. But maybe someone know where i can find step by step instruction?

Digital Ocean is not a cloud mining site.

Buy BTC and hold. Anything else is a gamble. You are not only putting your trust in the price of BTC to go up, but also people who have invested significant capital into mining equipment, yet don't believe they could make as much (or have acceptable risk) without bringing in a bunch of people to "share the wealth."

It is like impossible to tell how the price will move or when the price will hit the high/low. But if you are confident in bitcoin, you may buy some bitcoin and wait for a few years. Consider that a long term investment and don't invest more than you can lose.

Any reputable exchange will work, bitstamp, btc-e, coinbase, localbitcoins, etc.

Don't forget about the maintenance fee on cex.io. You need to pay $0.105 per month for each GH/s which consumes most of your cloud mining revenue.

That´s true. Sometimes you can have negative balance on cex.io during several days.

doesnt hash fast have something as well? or by bitmain.

Those are ASIC manufacturers which you can buy miners from. Cloud mining companies are a different thing that takes your money, (claim to) hosts a miner for you, and sends you the bitcoin mined after fees.

THere are cloud mining companies which also are ASIC manufacturers. Zeushash and bitmain are 2 prime examples.

Yup, you are absolutely right. Looks like I made a silly mistake lol.
I didn't notice that Hashnet page at all even though I have checked the Bitmain site dozens of time.

Cloud Mining of Bitmain is Hashnest and that of GAW miner is Hashlet. Which one u r talking about ?

cloud mining has risk based on the operator not running away.

I will advice you to trade in stockmarkets if you are interested in trading.
Stock markets are more matured and can play with your trading skills there and bitcoin markets.
You can buy bitcoins with the profits.

The cloud mining hashrate price is a bit too high now IMO, and so it is hard for you to get profit from them unless difficulty increases very slowly for the coming months.

Just buy one anniversary pack from LTCgear and use a credit card to pay for it. Go here, http://ltcgear.com (http://ltcgear.com) and use the coupon code " anniversary1yr ". Either you will ROI in +/-90 days or if they turn out to be a scam before you ROI you can charge back the full amount.

Also, I have done just fine with GAW hashlets, so I don't know why everyone is so down on cloud mining. If most cloud mining is a scam, we have not reached the breaking point yet.

you can always try pbmining like everyone else, despite not them giving you a physical mining location.

There's so many companies out there that it's hard to choose, but a competition is a good thing. Cloud mining can be profitable if you find a good offer (promo's codes and so on).

Cloud mining is risky because you are trusting the hosting company completely. If they go belly up, so does all of your "virtual equipment". If you still want to proceed, I personally have had some good results with gawminers.com. Apparently, LTCGear has a much cheaper price/MH (about $5.30 vs 20.95 for gaw) but it is seen as a much sketchier company.