Bitcoin Forum

Hi there.

I reached my Bitcoin Mining ROI some days ago, which is pretty fantastic.
So these guys who are saying it isn't a profitable business, they're mostly wrong.
Always depends on power fees, mining rig costs, etc.

I personally mine on BitcoinCloudServices, but i don't know if they are really scam.
I just made my ROI with BitcoinCloudServices, which is a good sign.

Someone else already reached the ROI? It just interests me..

# if this is the wrong section for this, please move.

Greets,
jstyler.

Did you get ROI with an Cloud mining service? Or some ASIC?

Maybe be more specific.

I got ROI from various old hardwares S3 and KNC Jupiters, etc.

Got my ROI on Cloud Mining.
Because we have too much power fees in my country for an own rig.

I think cloud mining goes in different section but not 100 percent sure.

And you are lucky on cloud ROI most turn into ponzi.  I personally would not touch that site I've never heard of it.  Do you have proof of ROI?

1.4 BTC for 1T and a year of it running sounds way to good to be true. - https://www.bitcoincloudservices.com/product/bitcoin-cloud-mining-contract/

Its nice that you got ROI, I iinvested in genesis mining and have not recovered not even half, and I've lost a lot of time, and the worst is that every time I get less bitcoins, I think I will not get the ROI.  :-[

Just doing math on it.  Lets say for your 1T they run a S5 for 10 cents a kw.  (They would have cooling, employees, hosting, etc etc fees).

But they run the S5 for $1.39 a day.  Take that times 365 day's that they say are included in price.  They will spend over 500 dollars in a year not including the S5 for lets say 340.

So 840 dollars in cost they will give you that 1T for 1.4 BTC or 235 per BTC.   So you pay 329 dollars.  They would lose approx 500 dollars in a year to give you this service.... i just don't see it being real.

did you resold the hashing power? the only way to reach roi fast is to sell your contract at 50% roi

also i can't find anything on their site, but does they charge a maintenance fee? because for example cex.io charge a very big fee for maintenance(like 0.5 btc month)

On the site it say's "All pool, electricity and maintenance fees are included in the price." which makes it in my view ponzi level pricing.  I did the math above on 1T this company would lose around 500 dollars per sale if I am close to right.  That is part of why I asked for proof of ROI.

ROI - the mythical moment every miner strives to see :D
On cloudmining ? it isnt really possible with hardware so im pretty much envious :P

i think it is ponzi for sure.
Take a look here

https://bitcointalk.org/index.php?topic=878387.0

but if you do ROI...
good for you :-)

ROI on cloud service is all about luck, there are a bunch of ponzi cloud mining site and you are lucky you are not into one of them.

well they seems legit, but can you resell your contract at some point or you are stuck with it until it end?

because i might be interested with that price per giga, and no maintenance cost too

its just buy and hold, no selling :/
just try it out with a lower amount than a giga. (for example 100gh/s)

If it's real it's one heck of a deal.   No electricity, or fees at that price would be pretty great.   I just don't see at this price the company being able to provide it.

Wasn't the whole point to reach ROI when the price of btc goes up? As long as you aren't losing money you should at some point in the future reach an ROI regardless of your investment or current rate of profits.

the problem is that you need 5 months time to roi, it's a very long time for me, if those site run away, or anything like that, it would be a problem, there is always a risk involved

You could always consider doing an R-box (100 GH, 110W), or even a down clocked S3. The point is that you could, and should IMHO, start with something way smaller than $5000 of mining hardware. You won't make much money, but it would be quite reasonable to fit within your environment and budget, to see the realities of mining. You could also take a big chunk of your $5000 and just buy Bitcoins. It's not fun or sexy to just buy/hold, but at less $250/coin, it's about as safe as anything Bitcoin related gets.

In case no one has mentioned this already:

Don't put more into Bitcoin and mining hardware than you are prepared to lose!

i have searched on the site...
it could be nice if you could have the chance to sell, the acquired hashrate...
like cex-io...
but i think it is not possible

I also have a friend who ROIed with BTCS which is strange, I have to say. I always thought these guys are scam and ponzi. Now, I do not know what to think anymore.

The trick with scams/ponzi is if you get in early enough you can still make something, but eventually everyone loses.

I did the math a few day's ago it seems to be ponzi level priced.  Unless it's a typo that electricity and fees is included into initial price.



Here was math I came up with:

Just doing math on it.  Lets say for your 1T they run a S5 for 10 cents a kw.  (They would have cooling, employees, hosting, etc etc fees).

But they run the S5 for $1.39 a day.  Take that times 365 day's that they say are included in price.  They will spend over 500 dollars in a year not including the S5 for lets say 340.

So 840 dollars in cost they will give you that 1T for 1.4 BTC or 235 per BTC.   So you pay 329 dollars.  They would lose approx 500 dollars in a year to give you this service.... i just don't see it being real.



Again I could be wrong but most likely it seems like you would not be mining, just getting money back that you sent them initially.

That's why they rarely just sell contracts. Those who aren't trying to scam you use the money you gave them to trade and invest, maybe even convert to fiat and lend it and of course mine for themselves.
It can be possible to offer legit cloud mining contracts but the deal just not that profitable. Both parties the buyers and the sellers will be balancing on the edge throughout the lifespan of the contract, unless Bitcoin enters another bubble in which case everybody wins.


When they are mining for themselves somebody is always in the facility anyway, so there are no actual employees, there can be 2 or 3 investors, who are also looking after their own gear by being in the building.
Cooling is the cheaper the bigger the facility - here's where the costs are being cut compared to your own small mine, same with power cost.

Still even with that all being said.  Show a way they can sell 1T for a year for 1.4 BTC, and in that have fees and electricity included in cost.   I just don't see it, to good to be true.

If somebody is offering such prices at the moment it's most likely a scam. 5TH SP30s costed $2k, so the initial cost of 1TH is close to $400, which is already more than 1.4BTC. This was possible a couple months ago, when 1BTC was worth over $300 but not now.

That is my point.  OP's site he said he made ROI is https://www.bitcoincloudservices.com/product/bitcoin-cloud-mining-contract/ .  They are offering it at that price.  For almost the price of a S5 they are giving 1T for a entire year WITH electricity and fees in the initial price.

There is just no way this works out for a company.  I wonder if OP is with company since showed proof of ROI.

any chance you`d share some screen caps op?

or the return on your ROI that you mentioned, because thats a gamble. I never heard of the site as well, but hey if you got your ROI back then more power to you. I have a sense its a ponzi though but on a higher level.

there is a screen in the previous page but i'm still skeptical, because the amount he invested is too low, and with low amount the things are different, i mean it does not make sense to scam with such amount, they are waiting for big fish to do it seriously

otherwise if they are legit, they are very profitable, perhaps i'll try a low amount too to see if it work

I find it more then skeptical.  It's hard to believe they could sell a year for the price of the machine only.  They would have to have no electricity or any costs to make money.

Every cloudmine site that is at this level on low payment I would not go into business with.

Achieving an ROI with Bitcoin cloud mining is not impossible these days, but it is very rare.
If you do have the option of reselling the purchasing mining power, you will have a better chance at ROI [earlier].

A lot of it depends on the company, the hardware they use (self-produced or not) and how they can buy electricity (in bulk, self-sustained or otherwse).

Congratulations though, happy for you :)

This one is selling it at price of hardware basically.  I would like to see some real proof such btc address that received payments.

I think if just one sheet shown it's possible OP is with this site.  And I could be wrong just a feeling I have.

This is a typical early investor ROI from Ponzi mining scheme, before they go tits up and leave scenario.

Look at his screencap, it's a 5 year contract with no out it seems.   No chance this service lasts 5 years.

On the website it shows 12 months, and what looks like some sort of generic Bitcoin mine:

https://support.bitcoincloudservices.com/hc/en-us/article_attachments/201755314/Bitcoin_Pics_Wide_lens_002_Web.jpg

They say their mines is located in South America and Asia, that they have access to cheap electricity, and create their own custom miners, but this is the first I've heard of this outfit, and something about them just doesn't smell legit.


Just don't trust this outfit for some reason.  Something's off.

Came here to post exactly that... Maybe the first users who ROI'd are just some kind of bait. This company clearly has some red flags... As with every other cloud provider!

If you look at "proof"  it really is just a letter looking item.  I don't think it proves anything.  I think unless OP provides bitcoin address that "roi'ed" from this company, he is most likely linked to this cloud mining company.

Red Flag: Good to be true offer
Seems he is an early investor..

Haha, seems about right. But, some are legit beleive it or not. Its a matter of them being an asic producer or not like someone mentioned above.

But the site or services he used which isnt mentioned, more then likely got out early since more investors came along after. I see no other way that he got his btc back only for this reason.

Your giving OP to much credit.  He has a referral ID in his signature to the site that is scam/ponzi.

He is either making it up, remember he posted a letter looking proof, no btc address showing it really happened.   Or really lucky.  With referral and last logging in on Last Active:    April 12, 2015, 07:27:28 PM when posting proof.  I highly predict he is with site.

he could be one of the employer for what we know, and promoting his scam site

there are many newbies doing this lately, in all sections

I highly suspect him being part of it from what i posted here - https://bitcointalk.org/index.php?topic=1021759.msg11090493#msg11090493

I just have no hard proof.  Only feelings especially with referral hidden in signature.

This photo s what makes them ponzi 100%. Nobody puts miners so close to the wall. No cables, nothing.

If the photo s fake, then you can only ask, WHY FAKE IT IF THEY ARE LEGIT?

Looks toooooo clean to me. 

https://www.bitcoincloudservices.com/wp-content/uploads/2014/06/d1.jpg

https://www.bitcoincloudservices.com/wp-content/uploads/2014/06/d3.jpg

I need me some wiring mess like I have in my basement and garage!!!   :D

I made ROI with www.CloudMining.website. I invested in January. But, just like BitcoinCloudServices, there are legitimacy concern surrounding CMW as well...

Amazing  ;D

If you look at the third shelf up it appears to look exactly the same on all.  If you look it appears to bow in exact same spot.

I think you are right about it being fake.  It appears to me the photo had 1 rack at most and it was copied over and over.

i will reach my roi in maybe 6,5 months..
im mining over genesis-mining.. I hope this will be rentable in the future.

6.5 months is a very long way, everything could happen, they could run away any day with your money, and now it's more risky because the btc price is tanking, so the chance of those companies failing is very high

Anyplace that uses "Lifetime Bitcoin contract" makes it where I would not pick them.   They know at one time fees will be greater then mining.   There is no way to have lifetime mining contract.

This, exactly!  The picture from Bitcoin Cloud Services looks like it was copy/pasted from real legitimate cloud service providers(is there such a thing), touched up and sterilized to look like the perfect Bitcoin mine.

I mean even Genesis Mining's pictures look a little neat for me, even though it looks to be proven real:

https://i.imgur.com/NgaKfJS.jpg

This is more along the lines of what I want to see in a Bitcoin mine:

https://i.imgur.com/cnYh9kb.jpg

Wires everywhere!  Not sure about Hashnest profitability wise, but at least you know it's real mining.  

One big thing with the pictures ChuckBuck is showing is trust.  Some companies just are not trust worthy (especially cloud mining companies).

Personally one I trust the most is hashnest with picture of Yoshi.  He has my trust personally.

Exactly, this is the proof of an existing farm. A real person next to miners. It shows not only the farm but it also adds additional transparency cause you have a person you know. e.g. Marco from Genesis Mining, standing next to it. If the company s legit, this is 30 sec job.