Bitcoin Forum

They are offering 0.001 BTC/GHs for Bitcoin Cloud Mining. If u have used them, please share your experience.

Update: SCAM

which site......most of it are scam so beware

and i buyed pb pbmining 30/ghs acc

pay me weekly 0.008

so i m ok with it..........

He is talking about cloudmining.website. They are paying...

Do they show proof of mining? Are there pictures of their operations, and more importantly blocks they mined? They might be a scam so be careful and do your due diligence.

Ironically, almost none of the cloud miners show any real proof. Moreover, pictures are no proof at all as those can be easily faked. But 2 reasons of not showing proof are acceptable...

1. Most countries dont have clear bitcoin law. So miners dont want to invite unnecessary problem by revealing their physical location.

2. Most large miners sell block to mixer services as those have a premium price. So, most of the time cloud miners's payment come from customer's fund, rather than generated blocks.

There are accusations against pbmining as well, accusing them of being a ponzi scheme. :)

And how much these cloud mining services cost you per month?

cloudmining.website does not charge you anything per month. U pay for GHs only once and get weekly automatic withdrawal.

Most of them, probably are ponzi schemes. No one would recommend investing a large amount at it. The ROI is also, not much profitable, and isn't worth the risk.

With the sudden increase in bitcoin prices over the last few days, you will have to check whether these cloudmining sites have lowered their prices or not.

Almost none of the prominent cloud mining players like PB mining, cloudmining.website or CEX.io have lowered their price against the recent price fluctuation.

That is probably because, they also suffer losses on the same, and the price hardly matters for mining.

The price of mining equipment is denominated in fiat. So if they are buying new equipment to fill your orders, they can definitely get it for a cheaper price (in bitcoin) to fill your order. Hence it makes sense if they reduce prices as well.

But doesn't the amount of bitcoin that is mined, is the deciding factor on how much they earn? I guess, that is why they have fixed prices.

That is true, but since they are selling hashing power, I guess the price should be linked to the cost of mining equipment. The payout can be linked to bitcoins, because that is what they earn.

I dont think it happens like when u get an order, buy more equipment. That would take a lot of time. Equipment is probably already there. They are just adding it to the network to increase hashpower. Their pre-investment is covered by post-sales.

Is there anyone here who has invested in www.cloudmining.website ?

how long will it take get your ROI?

I think this question remains unanswered. Do they pay or not?is it a scam?

I am missing yesterdays payout, anyone else too  ;D