Bitcoin Forum

Hello,
I have some Bitcoin and I wanted to make them useful.
I am thinking about using a cloud mining provider to earn money with my bitcoin safely.
But is cloud mining really profitable ?
If yes, which cloud mining provider can I take ?
And in which pool should I mine ?

It was before, not sure about now. CEX and a few other cloudmining companies shutdown due to the fall in bitcoin prices. So its risky atm.

I think you'll find the following thread very interesting:

[Cloudmining 101 - How not to get scammed]
https://bitcointalk.org/index.php?topic=878387.msg9697654#msg9697654 (https://bitcointalk.org/index.php?topic=878387.msg9697654#msg9697654)

take cloud mining as a game. play but only as much you can afford to lose. you can earn good money from cloud mining BUT be sure that the collapse will come sooner or later. :)

there are lots of scams in the cloud mining scene. Look for the cloudminin 101 topic for more details


and even legit sites have low profitability with the recent prices drop, so I doubt it is worth right now

Short Answer:  NO.

Long Answer:  The legit ones either lose money or dont make much while the rest are straight up Ponzis that are collapsing constantly

 Stay away from this scene if you value your BTC and sanity

If you can find a legit cloudmining website, you might make a penny or two but it's really hard to know whether a company really has a farm set-up for mining or did they just made a website to collect money of investors and run away.

cloud mining is a kind of ponzi sites
there were only few legal sites and one of those biggest cloud mining site cex.io shutdown their operation due to lower bitcoin price

Ok thanks, any other idea of where I could invest my btc safe ?

Perhaps you'd like to invest on Dice gambling site?
You can invest CLAM on https://just-dice.com/ (which is dice game run by a very trusted member)
Or invest BTC on https://pocketrocketscasino.eu/

Investing BTC on gambling site doesn't guarantee profits, you may lose a bit, but in the long run you are very likely to gain some profit. Good luck! ;)

not a good idea, since bitcoin prices fall and many cloud mining service become scam or bankrupt
you can't get profit from cloud mining
just keep your bitcoin and wait for right time to sell

it isnt..
because of bitcoin prizes fall, it is not profitable now
and there is a lot of ponzi in cloud mining world..

Absolutely not a good idea!
They offering a good interest just to attract more investor.
Once circular transaction is enough for the operator ( cloud mining developer )

They only paid for now and will just vanish without being noticed !

Not all cloud mining companies are scams or ponzis.

Please check out https://BIT-X.com, their partnership with BitFury (an ASIC manufacturer has been confirmed officially)

it is like a ponzi this one too.

 ;) on a serious note i think you should not invest in any cloudmining now, maybe if btc price rises a little bit and AMHash4 will be released then it could be worth considering, most of the other companies legit or not are just a joke this moment, at least at the current btc price and their offers.. ;D

I'd like for you to please prove your claims before throwing around accusations.

You can usually start with quite low sums of money (starting from $10) and still make a good return on investment.
Then, if you make things right, you will also get a nice return on it, similar to Bitcoin lending.
You also need to be careful with fees on these websites. Anything that lowers your payouts will compromise your chances to break even,
Be sure to get the lowest price possible on the Bitcoin mining power and choose a website without fees.
Finally, you have to be very careful about scams around cloud mining. Even more than other Bitcoin websites, cloud mining is well known for Ponzi schemes.

i dont think any cloud mining is good period, just buying btc is probably the best option for anyone at this point.

i dont think its a good choice for investment like most people mentioned already.

the best thing would be focusing on your job and using it to buy it then put it in a cold wallet.

Just because a company has actual mining equipment to back up the mining capacity they sell does not mean what they sell is a good deal. Often times the price on cex has been substantially overpriced and anyone that purchased GHs would ultimately have capital losses.

Definitely the first thing to check is that your cloud mining provider is doing actual mining. I would generally tend to assume that anyone who can't provide strong evidence of actual mining is a scammer.

Since almost all cloud mining company payout nearly 0
this is not goog anymore
will be better for you to HLOD your bitcoin :)

While this is a valid point, there are somewhat legit reasons to not want to provide evidence of such mining. One would be that the operators of cloud mining would be afraid that their pool accounts would get hacked and have their payout addresses changed. (this is one of many potential excuses). Although it would generally be advisable to not want to deal with companies that are of this small of sizes

Extremely weak excuse. Take a pool like Eligius. The miners tell the pool what bitcoin address to mine to. There's no "account" to hack.  You'd have to hack the actual miners. If you can't secure your miners, you shouldn't be running a "cloud mining" operation.

Cloud mining operations don't show their hashrate because they don't have it.

not profitable atm
you can see like cex closed their mining service
better trading for now i think

No, it is not a good investment.
Try lending your coins against an interest rate and collateral.

Nope.

Just trading bro.

Become day trader.  :D

Possible yield and ROI calculations for cloud companies considered legit updated live is here:
http://nextdifficulty.com/#roi