Bitcoin Forum

Hi I have been looking into cloud mining from various places like BFL and bit-x and I was wondering if it was profitable. If anyone has experiences with it they can share that would be great as well.

I don't have any experiences but I just wanted to warn you that cloud mining services can be huge scams. Even if there are 50 people that say it's a good, legitimate business, first try it with the minimum amount of BTC you can deposit there. Good luck  :)

I used to use cloud mining until I took a ponzi to the knee.
 ;D
Jokes aside, most cloud mining sites are ponzis, why would they need you to supply investments if mining is so profitable. Pretty sure zenminer just shut down, not receiving my payouts anymore

Also even if people are saying they are "getting payouts" and "good site" they are either shills or they genuine posters. Either way if its a ponzi the early investors always get paid well..

Scams I have never heard of them being scams before this.

What cloud mining sites did you try?

Exactly. So, lesson learned: get in early (< 10 pages of comments) and sit back and enjoy. Just remember to cash out on time, that's the important part. I'd love to hear some stories about big "winnings"  ;D

I used to do that, get in ponzis early dont be greedy then leave after payout. Some people get greedy and reinvest then ultimately lose money. Time is money in the bitcoin world

I dont think so because there is a risk of scam. There are so many examples here about cloud mining sites closing down with everyone bitcoins, its just worth it.

I put some money one but then the script broke so i didn't get it back i think it was next ponzi that double paid a bunch of people.

Also problem is, since most cloud mining sites are ponzis, but they actually have quite low payouts so the risk reward isn't very good. I would not do it if I were you

I guess it is tempting when you have thousands of btc in the wallet and you could run and get away without any negative effects.

Do you have any proof of cloud mining sites being ponzis?

I think cex.io has been paying out well and hasn't crashed so I don't think thats a ponzi, since they also do the best mining pool ghash.io
Most other ones you can be on being a ponzi however

Its no Ponzi but they keep a rough 80% of your minings as a fee

and a very good one is genesis mining

I guess I could see them being ponzis as a bunch of people are putting in money expecting returns.

80% that is a lot. What is the fee on genesis mining as you recommended it?

gaw is a ponzi because they dont mine

add cex.io you can request your mining power in physical hardware

genesis I dont know if you can request hardware but they have a proofed realtionship with spoondolies tech

Request your mining power in physical hardware? So they send the hardware to you or like a picture? If so that would be pretty cool.

its 0,002 cents per 5 or 10 ghs yes I can recomend genesis using them for a rough 7 months now and never had a issue only negativ is for me that they payout when ever they want during the day sometimes 8pm sometimes 8am sometimes 1 am and so on but they pay every day


cex.io actually send you the hardware not a picture still you will not make a profit with cex.io only good thing with them is buying btc wit a credit card

80% commission from profits is absolutely huge. Just checked the genesismining website and website looks snazzy as well. 0.45 per ghs is pretty good I think, I don't do much mining so I don't really know

could you link me to the genesis website?

its expensiver than actual hardware but you dont have to wait for it and you dont have to maintain it only if you pay buy credit card you have to wait 30 days until you get the payout for your purchased power but it always shows you how muched it mined every day

https://www.genesis-mining.com/

Lol nice grammer, but actually its cheaper to run than hardware, they have experience and better efficiency and power costs so they can make more profits per GHs. ROI is more than 100 days I believe, but since the rise and fall of bitcoin, and the rise in difficulty you might never hit ROI

its quite good grammer for a non native thats the same for physical hardware aswell and I made Roi on Genesis I even made Roi with Homero but thats a different story

Yea I mentioned that earlier about the hardware cost. And is it like having your own miner? Can you set it to mine a pool or is it there pool or just solo mining.

How long did it take you to make roi on genesis and with the current difficulty would it be possible now?

I believe some cloud mining business allow you to specifically pick your own pools, but they usually choose their own to maximize profits. Cloud mining usually uses private pools or well paying and well maintained ones.

Ok that makes sense.

https://i.imgur.com/ZxVvM4F.png


You cant choose the Pool they chose it but you can choose wich coins even what % of every coin but the pools they have choose where always very good

With 200GHS how much btc do you net every day?

https://i.imgur.com/inHZrfG.png

not much but hey it was for testing I will invest more at the end of the month and when you ask why doesnt it show up payment for 08.03 it will come in a few hours

if you every want to purchase use this code MGlCkE pls you will get a discount of 2.5% and I will get some more mining power

so it would take about a year to roi currently assuming difficulty does not go up. That is not bad at all. Can you sell mining contracts as they are lifetime on genesis?

you can only sell them to other people not over genesis

but look at mining like this I do only use money you are able to loose no one knows exactly what is going to happen with the btc price their is a point even gensis has to shut down and for them it is when it falls under 150 per btc

Good news actually, there actually might be a difficulty decrease, price is too low and people aren't profiting. Many people closing down mining business because they are just losing money. Difficulty actually might fall making your ROI much quicker

Like selling the account they are tied to. That is a good point being there is no reason for them to honor life time contracts when they just lose money.

yes profit if web cloud run 1 year++ i use genesis, eobot(1ghs=0.0009btc), cex.io

yes but they are upfront about it so its a liftime contract in the lifespan of btc but I actually belive this will be a good year for btc mainstream etc

and yes you can only sell the hole account not parts

This is what I posted earlier if you had read.

Time comes when profits are less than positive and the customer will agree it is waste of money to keep going so customer and cloud mining business will both agree to stop down. It isn't really lifetime, just until profits are less than 0. Keep that in mind

Ok that makes it less sketchy because they are up front about it. I can see that it would be good if btc blows up. Does genesis take a fee to cover power and such or is it just upfront cost and nothing else.

as said 0,02 cents per 10 ghs but they deduct that from mining what you see in the payout picture is maintainence fee allready deducted but if you write them a email they can tell you in more detail

also hear https://bitcointalk.org/index.php?topic=768931.0

and I belive that it was lowerd to 0,015 per 10ghs but not 100% sure about that

Ok sorry missed the fee that you mentioned earlier. I am going to think some more before I commit to anything.

Yes check this site
http://www.coinwarz.com/calculators/bitcoin-mining-calculator
And input your data before doing it. You want to know roughly when you will ROI and how much your making per day/hour/week, whatever you want to do. Fees take up quite a bit.

most important is make your resarche and make your own choise email them ask them about everything you want and go by your feeling you get from their answers and other user reports

that goes for every cloud mining provider and if you choose genesis pls use my code MGlCkE ;D

Thanks checked it out.

Thanks for all the info I really do appreciate it. And if I go with them I will make sure to use the code. (how much commission do you make off of referrals?)

Sorry to rain on your parade but I think posting REF codes is not allowed here. Or is it just ref links? Idk but I would refrain from it, your post might be edited or flagged by mods.
I think there's a cloud mining comparison website but as with any investment do some background checks on each sites and see which one looks best. Asking the forums might not be a bad idea either.

you get a 2.5% discount and I get the same mining power you purchase for 1 year

Wow that is actually really good. I will definatly make sure to help you out if it go with them ;D

dont know if its allowed but whats the diffrence between what i said and you said

Be very careful with mining sites allowing for a good ref system. Ponzis work with new investors as that is there only profit, new investors. So therefore offering a nice ref scheme will allow new investors to look at this ref scheme and be happy about there 2.5 discount, and the referrer gets nice bonuses for bringing his friend.

thx

np I should be thanking you for the info

Only because a Ponzi popps up every 5 sek not everything is a ponzi not even if someone gives out a ref code

Do actual resarche about companies before posting the Ponzi scam bullshit I am very sorry for your probabel lose in one of the quadropel your btc in 100h but not everything in crypto is a ponzi and as said they will shutdown if price drops under 150 and for actuall mining power just wright spoondolies an email why their sp35s are out of stock

Cloud Mining can be profitable but there are too many scamming cloud mining company around. Suggest buying cloud mining only from Hashnest as it is the most reliable and is pretty cheap.

This very very nice ref scheme is pretty big. Doubling mining power? Providing 2 mining power plans for the price of one for 1 referral is quite large. I doubt its even profitible to provide 2 plans for 1 person buying one on top of the 2.5% discount. No one knows its a ponzi before they run, or fail to provide accounting or proof of income. People don't just say their company is a ponzi.

ok your hopeless as said everyone has to make their own resarche and decide for them selfs I just gave back my experience with genesis and actually discoverd affiliat during the process of making the screenshots

but as you said with out resarche and because you are a forthen teller it has to be ponzi scam even do you dont even know what actuall ponzi sheme is

but because Ponzi is the crypto word 2015 parrots like you have to repet if they are to lazy to do their own resarche

ok last hting for tonight everyone has to do his own freaking reaserch do it well and informed and dont be a parrot make up your own mind

P.s. and just to clear it up thats why doing resarche before speaking is most important I dont get the same hashing power I also get 2.5% of the power the person purchases for 1 year I did read that wrong in the affiliat explination before

How much return can you get on Hashnest . I mean in how many months are people able to ROI  on Hashnest ?
And also, is it giving the GH/S for an year or for lifetime ?

At least check my sig and use that to help assess Ponzi risk.

We had a Ponzi not even last a month (MinethatCloud from memory) recently and people still invested in it after being warned.

Lost the lot..

genesis-mining        1+4+7              => 3/7 = Probably legit (risk of fractional reserve mining)

Looks shady but not as bad as many cloud miners who are obvious ponzis and still people invest.

Seriously though the referral program sounds bad.  The are offering twice the hashing power you pay for basically.  I doubt they supply the rest out of the goodness of their hearts.  Im guessing fractional reserve

no it is all a scam.  you will loose.  no free lunch here.