Bitcoin Forum

Hello all,



The last years I have been trading BTC and Litecoin with 1:20 and 1:50 leverage on broker sites like Plus500 and Avatrade. Yesterday, for the first time I decided to buy some BTC directly via an exchange and some Ethereum. I now have a mere 0.4 BTC there and 4.0 Ethereum. The entire night I have been awake to read all about Bitcoin (price predictions) and cryptocurrencies on this forum and on other bitcoin related websites. I also made a bitcoin wallet at blockchain.info and set it up for 2FA. Anyway, as I am really interested in investing more in bitcoin I was wondering if cloud mining, in this case by a company called genesis mining, is viable? They offer lifetime 200 GH/S for a onetime payment of $30 and then $0.00028 per GH/S per day. I tried using the calculator at castrox.com, that says I will ROI about september this year if price stays the same. If price increases, which I am thinking, is cloud mining then a good way of investing? So far my plan was to do the following: Split 70/30 budget BTC Ethereum to own myself directly and then every month invest $30 or upgrade about $30 in Ghash via genesis mining. What do you guys think, viable or not anno 2017?

PS. I know my initial investment is far from 70/30 devided BTC/ethereum but that was just first deposit, will maintain 70/30 thru the year.

Genesis Mining is legit AFAIK, but the ROI is.... ?

If you start mining it looks like there is a ROI in about a year, but due to difficulty changes it slowly going down. When the BTC/USD rate is dropping it vanishes even faster, but even with a BTC/USD rate slowly growing it has a very long time for ROI - if you reach ROI at all.

On the other hand, if you reach ROI after that all earning is profit. (Yes, a big if)

i think genesis mining is still legit, but the ROI need almost a year before you can get your investment back. the only problem with cloud mining is the long time for ROI and the chance to get scam. but if you can find the legit site, i think it still profitable.

its good idea to invest in every month to buy GHS but how long you want to do this? i agree with you that you said you want to split your btc because if somehow the bad thing is happen, you still have your btc in your wallet.

before you make decision, i hope you can thinking about the longest ROI you can get with genesis mining, but that site is still legit.

Thanks for both answers so far. I see it exactly like this. IF there is any ROI (even after a year) thats all profit. But maybe it's better to just buy $30 every month in altcoins as an alternative way of getting higher ROI, what do you guys think of this idea? Like splitting $30 in lets say 5 different altcoins $6 each per month. The ones I am considering:

1. Ripple
2. Monero
3. Doge
4. Maidsafe
5. Factom

Better than $30 per month in cloud mining?

If I knew what those altcoins are doing in the future I could give you an answer if it's good or not. So here are my thoughts (but they are not to be considered an advice in investing or not!):

Ripple and Maidsafe I don't know
Monero seems very good
Doge started as a fun coin, but is doing it very well. I prefer Doge even over Litecoin.
Factom I heard good stories, but I'm not so familiar with it.

You can also think of Dash (DRK) or Ethereum (not the Classic).  But I guess everyone has it's own favorit, and noone knows for sure what will happen with them.

Hi Brobbel,

I have the Ethereum new one, not classic. Just bought 4 extra. Monero account is pending verification now. Doge I read good stories about. I will keep everyone updated in my bitcoin trading journey.


As for now, this is my second day trading cryptocurrencies:

Started with 400 EUR BTC +-0.4 BTC
Then bought 4 Ethereum for about 40 EUR
then bought another 4 Ethereum today for 40 EUR again

so far I have invested 480 EUR

400 BTC / 80 Ethereum   80/20 now, planning on moving BTC/ETH to 70/30.

I bought the 400 BTC at 959, now at 980 considered selling this morning and then buy altcoins from the profit, but decided to hold on to them as I have very little BTC and I think the transaction costs surpass the +- 8 Euro earned.

Comments, tips, advice?

Try to do some research about Ethereum and Ethereum Classic. ETH price is too high to start investing in it with a small amount of money so its better for you to buy some ETC instead. My knowledge with both is fairly limited but the philosophy behind ETC is where my beliefs aligns with. Blockchains should be immutable.

Ish..... cloud mining gold days are far behind us.

But to my knowledge ETH is better accepted then ETC. Please correct me if I'm wrong.

Nowadays, only the owner of the cloud mining company has a profit, This is not to say that you invested in a cloud mining company like genenis mining will not make a profit, you will make a profit, but your profit will be very low plus the withdrawal rates, you end up with little profit and with many headaches.

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Think long before investing in  genesis mining, making  trade BTC/USD is very profitable.

Making altcoin trade becomes very risky and you can lose money with it.

It is not good idea to freeze your money in cloud mining company with very low profit rates, there are better investment opportunities in some altcoins and ethereum tokens, you can buy a new promising token if you are looking for a long time investment, I personally hold ICONOMI as long time investment, this token will give you dividends for holding it, the team will release their first product soon.

Could you please stop spreading false info? To get ROI with them you'll need much more than a year, people are getting barely half of their money back in a year!
No, it's not a good idea to invest.

Think of the longest ROI and multiply by 2 :D Also, you won't be getting any profits from this, they will take care of that. Even if you ever get ROI it will only mean getting your money back but you haven't invested to get money back! You did it to profit!

ROI time depends on
1) date of investment
2) sort of investment (SHA256/Scrypt/Zcash/Ethereum/X11)
3) amount of investment

So ROI in a year is possible, but not for most. Barely half of the money is also possible, for a bigger part. And most are somewhere in between.
And after ROI there is profit - if you reached ROI.

cloud mining were good in the past? i don't remember such thing, they were always bad trying to steal money form investors and working as a HYIP, aside from few of them like hashnest and bitcoingenesis all the other are scam, in the past was more easy for them to scam because many naive people were investing


they are both not really well accepted, but yes ethereum original is better than classic, but classic solve some problem with centralization

if you compare about profit or return of investment, trading and cloud mining
is trading still the best and above cloud mining, profit in cloud mining is very low

Thanks for all the advice, I have now +-20 hours spend in watching docus, analysis, reading stuff on forums and have decided that doing $6 in those 5 I said before is WAY better than $30 in cloud mining.


I will keep all of you updated in my cryptocurrency trading as I think it can serve as a value for others wishing to start the same business in feb 2017.


SO far:

I own 0.4 BTC total, 0.1 BTC in cold wallet (safe) 0.3 on the exchange.
5.5 Ethereum, all on the exchange, to either trade commissionless (yes 0.0%) versus BTC or versus EUR or USD. I basically use it as sort of a hedgebet, as in my newbie oppinion if BTC rises ETH falls and vice versa, could be wrong.

I am happy to say that I am trading this just one day (almost 2 now) and that I bought 0.1 BTC at 959 yesterday and sold for 992 today (EUR), small profit but still after transaction costs profit and profit is profit in trading world. In the near future I would never ''cash out'' such a small amount to cold wallet, but it was just to see how it worked basically (exchange to cold wallet and what I keep), don't really care bout a buck or five. I am now considering spreading this 0.1 BTC (about $100 for all you USA Cryptoinvestors) in the 5 cryptos suggested earlier on, 0.02 BTC in each, what do you guys think? Please be aware that I do not call myself a day trader and am more a buy and hold kinda guy + I love diversification. Comments, suggestions, advice all welcome and highly appreciated.

I am about to deposit another $500 into the crypto economy by tomorrow, what mix of btc versus eth do you guys suggest?

I think BTC is the most common crypto currency, so I hold most of it in BTC.

The other ones I hold are together no more than 50% of the BTC-value. When the value is growing over 25% I start to think about exchanging to BTC and when I think the time is right I do an exchange.

Hi Brobbel, once again,

So what do you suggest, should I do like (assuming I deposit 500 Dollar or Euro): 400 in BTC and then lets say 36 in ETH and 64 in altcoins? What mix do you suggest for a $500/500 EUR deposit for a newbie?

Kind regards,

Dennis

Seems okay to me. Biggest part in BTC, and the rest diversified.

Okay, so thats exactly what I will do then. ''upgrade my BTC acc with 400 EUR'', getting me to 0.7 btc on exchange +-. 36 EUR in ether, basically buying me 3 extra getting me to 8.5 ether in exchange, and then 64 about 12,25-12,50 EUR in 5 different altcoins which I think are viable? (Ripple, Maidsafe, etc.)

Thanks for the advice, definitely stay in touch, as I will keep posting my crypto investment journey and think it can be an interesting read for beginners and expert investors alike. Once more thanks a lot for the recommendations.

To be back on topic... If ur looking to long term....simply buy n hold Bitcoin for a few years.

Yes Cloud mining which is genesis mining is viable, only thing before you get back your ROI will take more months, that depend on the flow of the current price of bitcoin the more it grow more is more favorable to to you. But once the value decreases the period of your ROI will also be extend.

Unless the price of bitcoin falls, then the contract will be suspended until it's profitable (so maybe never again, because of the growing difficulty and the growing competition).

You can't look at a short period to claim that you will reach ROI. Bitcoin is so volatile that's simply not predictable.
While in the long run bitcoin prices will be skyhigh (I surely hope so), it's still possible that you never reach ROI.

I don't think cloud mining has ever been "viable"... and after the most recent halving, I doubt any reputable cloud mining service will be able to provide much in the way of return. The numbers just don't stack up.

Honestly, the sooner the whole cloud mining industry disappears, the better as far as I'm concerned. Then we won't get so many threads asking if "XYZ Cloud Mining Inc" is a legit operation :P

There are two factors influencing the profitability of cryptocurrency mining systems, not just price levels.

For example with bitcoin, beyond prices of bitcoins, difficulty of bitcoin mining network will decide how much share you will get for your mining has power. No one will able to predict the growth of this difficulty factor accurately hence that calculator does need to be accurate.

Cloud mining = most of them scam
Genesis mining = it looks profitable but you have to wait for more than 2 years to get your ROI back

Please read hidden terms each of the cloud mining contract have, they will stop mining when reward will be lower than maintainance fee. Also with rapid development of new efficient mining hardware mining with older hardware will be insignificant to get some profit out of them.

http://themerkle.com/genesis-mining-review/


IMO, Legit because it's not a scam site, but ROI you never see them again. In this case, you will get ROI - Your maintenance cost = Your final result.

HashNest is the best bitcoin clouding mining platform.
All the hashrates are based on AntminerS7 and Antminer S9. With rising of BTC, ROI is shorter now and you can also buy/sell hashrates at any time in the market on HashNest.
Easy, credit and profitable!

The only thing I know on which cloud mining is legit was Genesis Mining, though I don't trust any of it. I just said it because for so many cloud mining that are totally scummy only genesis so far that I saw as legit and viable can be consider but the ROI will gonna be happen after a years I think.

I'm with hashnest a few years back, and while I did profit a bit, I decided to cash in all my assets there because of an uncertain environment back then. I'm now again contemplating if it's a good investment to get back in cloudmining, any thoughts? For HashNest only of course.

What's your definition of good investment?

1) There is a relative big chance you never get ROI because there is a big chance you reach the moment cost of electricity/maintenance is higher than mined bitcoin. -> negative
2) There is a chance you will get ROI -> then every satoshi you earned more is better dan simply hodling. -> positive

Ofcourse there are more ways to earn bitcoin, like trading or lending (on an exchange for example).

Hashnest has -besides the "normal" investments- also the PACMIC. You can also take a look into that.

PACMIC is expensive, although the rewards are higher. What I like with the regular hash is that you can liquidate it anytime.

The possibility to liquidate anytime you say is to sell the hash you bought anytime?

I tried this on HashNest, bought some mining power, made low profit from their income and when I sold the hash, the price was much lower than the price when I bought. Result was a loss, even selling my hash power + income from mining...

That's the point of supply and demand. But you can do it easy.

When you have a Genesis Mining account you have to change your emailaddress (you need to send support an email with the request, signed with your bitcoinaddress) because the buyer needs to control not only the account, but also the email attached.

When you have a Hashlare mining account you can either choose to change the emailaddress (you need to send support an email with quite some details showing you are the owner) -for the same reason as GM account- or you can ask support to transfer hashrate to someone else's account.

In both cases you need to try to sell this on bitcointalk or other forum because they don't facilitate that. And even then, I've bought a few accounts - even some which were for sale for about 6 months.

Buying and selling on HashNest is much faster and easier.

until now I am still disappointed with cloud mining so that I do not want to ever use the cloud mining as one of the investments that I did. it is not profitable and made me lose a lot of bitcoin.

I decided to fianally find out by myself if cloud-mining in 2017 can still be profitable.

Just today I started blogging about it, with very detailed statistics/analytics: https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway (https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway)

Why did you choose this specific company? Why them over hashnest.
With all the opinions from former Genesis users about them terminating contracts before the expiration date and very long ROI times I wouldn't expect anyone to try them unless they were paid to do it.
Cloud mining in general isn't a great investment but if I had to choose I'd say Hashnest has a much better offer than Genesis.

But was it profitable for you (to buy the accounts)? Because the income from cloud mining is lower each new day. I think the only way to make some good profit would be buying and reselling accounts, always selling more expensive than you bought. If you depends only the mining income you will probably wait forever until hit ROI.

Well I read both kind of comments and it's not that much that I invested. I am curious and obviously hope to ROI. I am not paid by GM, would be nice if I were. What's so bad about reporting in detail about it? Did you read my article, I'll track every relevant stat. After a hand full of payments it should be clear if reaching ROI or more is likely or not. I also COMPARE to holding BTC vs investing. And I won't use referrals to upgrade my account and therefore making accurate tracking impossible - instead I'll be donating 50% back to the community.

Anyways thanks for the hint about hashnest. Well, obviously I have to assume you are paid by them now.  :D
But I will try and purchase a similar contract with them, this should make for a nice comparison.

Btw, I just read hashnest terms:

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Contract Expiry

The contract expires at the moment that the principal has been paid back in full.
BITMAIN may pay extra Bitcoin to the owner of PACMiC before the principal has been paid back in full, which will accelerate the payout even more.

---

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What the hell? Do i understand this correctly? The contract is terminated as soon as I get my money back? Why should I pay them if I won't make profit as defined by the contract?! Or am I getting something wrong here?


/EDIT: Sorry, I found this upon further reading:
Q:When does the user start to get the profit? Where does the bonus go?
A:Bonus payout begins accumulating when the first block is found after contract activation. Bonus will be paid directly to user’s wallet on Hashnest.com

Q: How does the customer make profit?
A: Bonus payouts are calculated using the formula: unpaid principal (BTC) * 0.45 (satoshis per BTC per second) * time to find a block (seconds). Mining revenue will first be used to make bonus payments, the remaining of mining revenue will be payment towards the purchase price.

Yes it's profitable, but it takes time.
But for example, a new contract has lost half of his value already for me.

And I do look in to contracts (maintenance/electricity fees at GM differs from contract to contract), duration of the contract (1 year, 2 year, "lifetime"), current profit etc. etc. for older and/or bigger contracts.
I want to buy for reasonable prices, so that I'm sure getting profit but I want the seller a good price too. But the seller has to take a loss, sometimes a big loss; after the sale for them the continous lowering of profits (which can be very frustrating) has ended.

I made the same mistake when I first read their terms  :)

What exactly do you mean by that? And hich contract are you referring to?

Cloud mining will not be viable this year 2017 because it has lower profit compared with other optional sources like with trading. Most of mining reputations lowered due to some of the negative feedbacks on ponzi schemes, that pertains to profit scamming by different mining investments; that's why it turned out preventive by other people to invest by those reasons.

Cloud mining is not viable this year because of negative feed backs they've got from miners that have been scammed. Most mining services really turns to scam like doublers and other investments that saying nice words at start but eventually shutdown once they reach their target value. But there are still few of them which are paying and legit.

With recent alts price jumps, it gets more and more profitable but it does not a lot of careful management.

I do prefer making my own rigs if you know how and what to do but having a bit cloud hash is not so bad thing to do.

Genesis Mining and Hashflare. For the price these company sells their contracts you can ROI in almost a year, without difficulty change and change of bitcoin exchange rate. Due to difficulty change it's much longer, so ROI is even more difficult to reach, if reached at all.

So for me ROI (under mentioned ideal circumstances) must be held in less then half a year, then -when real circumstances like difficulty changes are considered- ROI is reachable in less then a year.

Mate do not fall into something like this, there is no such as easy way to earn bitcoin. Do not let your eyes eat those glittering amount in front of your screen be open that it might be a big scam. Most cloud mining are only scams and nothing else.

I know. The hard way.

That's why I did quite some research, and the outcome:
1) 99,99% of cloudminers aren't cloudminers at all.
2) There are 3 sites I'm aware off that seems legit, so are real cloud miners. For every one of them there are negative reports, but AFAIK they are really mining. The main negative is the long ROI, which is hard to reach due to difficulty rising. When combined with a pricedrop it can be stopped very soon, even long before ROI. That's why I think you never should go into these contracts for the price they offer, or at least not without knowing this: ROI may never be reached.

Those are:
Genesis Mining
Hashflare
Hashnest

I guess there are others, but they are (very) small.

You should read some of the statements from their real users. One guy bought a 2 year contract with GM and got it terminated by the company because they said it wasn't profitable anymore. That's how your ROI in a year works with these companies. You buy a lifetime contract and it suddenly ends after a year or 2, right when it could start being profitable for you.

2 years are far to wait and surely if we going to invest that in other platform we will possibly earn more rather than investing at genisis mining, they are not profitable now and that business is surely running as ponzi. So before investing on it its truly be a good observant so that they will not received some serious problem in future and they should remember that cloudmining investment option is down for now and not going to be profitable anymore.

I also don't believe in cloud mining, I really think they are all just ponzis waiting to pop and run. It's quite easy to lie to the customers that they are really offering legit miners that they can mine on. Not to mention, they are just giving you a crap small amount of interests per day and it would not even beat inflation at the end of the year.

That's why I never suggest to buy such contract directly.

I buy from people who are mostly disappointed in the contract, for a price I guess I am reaching ROI in a year. And I do look to the contract (GM changed the prices for maintenance/electricity several times, so older contracts are even less attractive) before making my decision.

And I do not know how they will manage, but both GM and Hashflare's current lifetime contracts mention that the contract will be reinstated when it becomes profitable again.

At this time it's going well but I know that's no guarantee.



First: I agree that most "cloud miners" aren't mining at all (=ponzis), as mentioned before. However there are few real cloudminers - only even they are with little chance for profit and when you have profit it is a very small one.

What inflation? When you compare hodling and (cloud) mining, when you reached ROI every satoshi you earn more is profit.
When you buy 1 BTC after waiting it is still 1 BTC
When you buy cloud mining contracts and you reach ROI (Yes, little chance and/or after long waiting) and make a satoschi profit you have 1.00000001 BTC

But you are absolutely right that there are much better/faster/safer ways to earn more with that 1 BTC.

Mining on the hash nest clouds almost 4 months now and will continue to do so until I get my ROI, I've recommended them to some rich guy and he invested around $25K now after 14 weeks he has earned more than $20K and after 2 or 3 more weeks he will start to gain pure profit.
As long as you invest a large amount and keep increasing your hash power you can somehow profit but the competition is getting so crazy recently.

I am sure this topic has been dealt with several times on the forum several times and it has been generally accepted that anything that relates to cloud mining is scam. Its either it will take forever for you to recoup your investment, or you just wake up one day and find out the site is no longer working or something that will just be intepreted that your fund is gone.

This topic has been tackled many times here in the forum and I always have the same answer/response to this. From my experience, cloud mining is not viable today even with the increase price of BTC. It is just a ponzi scheme that's been applied to the bitcoin community. People who invested their money will only get their money back if new people pour their money as an investment. It's just a cycle and when people stopped pouring in their money, the cloud mining "business" will just stop leaving their investors without any return of their investments.

You can earn bitcoin in many different ways and you can have it without buying it using fiat. It is still better to store your bitcoin for long-term profitability than putting it in a cloud mining "business".

Although bitcoin price keep rise but i still with my opinion, you will hard to get profit by invest your money in cloud mining and would be better do you using for trading bitcoin.

as of today at hashnest for me anyway lifetime contract

2017-03-02 20:48:56 UTC   -1.19657056  BTC 12,500 GH ANTS9   Trade   Purchase Miner

2017-03-13 04:20:34 UTC   -0.2891895 BTC 2,774 GH   ANTS9   Trade   Purchase Miner

HashPower(GHS)

15,274
Costs(BTC)

1.48576006
Payout Total(BTC)

0.07405493
Maintenance(BTC)

0.02203234


Right now could sell all my hash for Total: 1.66486600 ฿

Theres an open source of ideas where we can read more info about cloudminings aswell as mining using a hardware and the only thing we need to do is to search for liable sources on how is the state of that whatso called business. But for me i truly dont believe on owner/referral geeks people who tells that we can earn with them by investing at those cloudmining sites since i know and educated well on how awfull what cloudminings have for now.

The amount of time to take to Roi has always been the issue with cloud mining and the long term financial goals of those who put any bitcoin and money into those companies that claim you will Roi with them before your contract ends.
Usually they calculate it out so you have to renew it so to make anything with using them from the end of that contract up until your next renewal date if anything at all. :-\

i think genesis mining is the one of the legit cloud mining i have seen this far, but you need to thinking about how long you can get your ROI because as far as i know, genesis mining is need too long to gets ROI, almost in a year before ROI. cloud mining is profitable IF you have big hashrate so you can mining big amount of the coins, but for small hashrate, i don't think that you can get profitable in short term.  your plan is sound interesting to do but how long you want to make invest? this is important because you don't want to make invest for every month, don't you? its not good to deposit in every month unless you have free bitcoin in your wallet so if somehow the site is scam, you don't have to regret it.

I noticed quite a few cloud mining sites just appearing.
Just noticed that even ViaBtc has one available from their site.
They are a mining pool but offer this service to customers as well.
So it is quite a lucrative business for them to have since it takes no effort on their part to run it since it is just a matter of putting up a page on their website and put up prices for something they are already receiving profit from in the beginning.

I'm afraid there are only few legit cloud mining sites.

The ViaBTC.com is one of them, but most are NOT legit! Beware!

I use this website to monitor cloud mining: http://investmonitor.xyz (http://investmonitor.xyz)

When people say that it is not worth investing in cloud mining, they are not lying, and it's better to learn now than to learn the hard way.

Theoretically the ROI is possible in a year or two on paper but in practical it's not. You can't make a profit with cloud mining, it was good for only the early birds and those who made profit are the lucky people, now it's not like that so invest with caution.

Who runs the one from hashnet?
Isn't that the one who is running as a possible scam now? Genesis mining I think they mentioned not giving payouts all the sudden or something along those lines.
I would think maybe hashflare just might get the same idea in their head and do the exact same thing to their customers since bitcoin's price is soaring off the charts and usually that makes people think about running with the dollar signs in their eyes blinding them.
And with the difficulty level increasing with mining bitcoin along with the price increase, that just might cause the perfect storm to happen to all these so called cloud mining sites.
It would just not equal out on paper for them to continue on with their offering as a viable business structure that doesn't pay to do in the end for them.

Cloud mining has never been viable since each gh/s of mining power you buy has the cost of electricity plus other fees attached to it. Just normal mining is difficult, therefore, cloud mining is a waste of time, especially if you invest in that little hashrate. Be careful of which cloud mining sites you use if you decide to go into cloud mining, 9/10 of them are ponzi schemes that call themselves cloud mining sites. If you want to get into mining, then buy the equipment on your own and run your mining operation from somewhere where you wont have to pay for electricity (like work).

I must totally agree with that statement because you can't be growint profit with that cloud mining this year 2017, and electricity energy cost is growing higher nowadays. Unless it happened that you've invested a solar energy generation for your personal use, I think it could be profitable in the future of cloud mining and you don't need to invest on those ponzi sites that scams you.

It can be profitable indeed but could you imagine the cost of the solar mining itself and its maintenance fee? If you doesn't used your head by using that surely you will get a hard time to earn some profits on this since im sure you will be eaten by fees if you select a wrong coin to mine.

It is total mystery how bitcoin mining is working. I suspect how it got boomed in 2013 when cex was highly promoted. Because bitcoin mining is a tug of war between running cost is an profitability. Personally I do not have any plan to go for cloud mining. If I get chances I will mine with some powerful miner.

In my understanding, mining will be profitable only for the future speculation. People who are mining and holding bitcoin might find profits with it, for that, we might need big capital to afford running costs.

Cloud mining is no longer as profitable as we thought but we still have legit sites out there but I can't advise in investing such because the profit at the end of the day is little.

I'd say not. It's hasn't been viable for quite some time now. I did invesnt into cloudmining a few years back and actually did get ROI but today's it's not profitable at all.

That's right and I could not argue about all ideas of being profitable nowadays, and those legit sites out there was not trusted as well and I know that profit is little due to ponzi ways of paying to the investors. Yes, and that's not a new story about ponzi's; it even happened in the fiat money economy engaging on different products networking that's applied by a ponzi style of income payments. The income of the investors came from the one who brought the products or goods introduced to be beneficial to the so called participants who were investing with the business. In cloud minings that's how it really works as of todays journey of mining strategies, which I think not viable for this year and so on.

Yes you are taking good decision here and I'm completely pushing you for this thing. Your coin list seems to be good one and no doubt you will make good profits from them for sure. Ripple, Monero, and doge are my favourites and has always given me opportunity to get good profits. With your strategy putting $30 every month would make you earn big profits as the price is fluctuating continuously and you will probably buy gain from the monthly up and down windows. Better than going for cloud mining which have no address if they are lost. :-)

It wont really be profitable and if i do have the money to invest on i would rather choose up on making or building my own mining rig rather than thinking off lending my money to those cloud mining sites knowing that most of them are scams and if not then ROI would really be long since mining difficulty does decrease which means the longer the days the smaller you will make profits.

By reading all these posts im not feeling viable with 2017 or any year after this.  Because the thing is im not trusting any mining site after having bad experience with it. I tried investing in few of them but they take years to give you back your investment. 

Cloud mining is not worth the hassle anymore, in the past I was a big fan of it, but a history of failed cloud mining businesses and many obvious scams made me verify my enthusiasm.
It would be much better if you had access to your coins and trade with it than simply give it away and expect ROI after couple months.
Do you want to earn money? Buy the most promising altcoins and hold them, or even better - buy more BTC now, it is still underpriced and scaling upgrade is still underway.

I was experience to earn profit in cloud mining site but they are just making people to be excited and encourage people to invite other people and invest more  you will experience of first withdrawal that you are thinking that you can make a good money if you invest more so you invest more bitcoin back to the ponzi or cloud mining site because you want to gain more profit but in the end they ran your coins and never came back..

I think new promising altcoin is not a good solution if they actually want to gain profit buy a good miner and build a mining rig to mine altcoin that can be exchange into fiat or bitcoin..

Problem with cloud mining in general is that even when a service offers a legit cloud mining service, it is set up with the intention of them at some point getting in a position where they can freely terminate people's contracts. Common mistake that people make is that they reinvest their "earnings" into even more contracts, which basically means one thing -- you're not earning anything! So yes, you're right, the money they are paying out to people, most of the times flows directly back into the pockets of these services.


Mining with your own hardware requires too much time, money, and hassle. I never understand why people like to invest into mining equipment, while just buying and selling whatever coin is always far more profitable. Why do people always look to walk the least comfortable path to success (profits)? I fail to understand that.

Now doing cloud mining is an inappropriate choice. Everyone currently has chosen hardware mining. Cloud mining is not a favorite because it is not profitable, even many people who lose by investing in cloud mining. Since the beginning of cloud mining does look strange and for me there is currently no cloud mining that really can bring profits.

Talking of impossible, the could mining takes the first place in the list. Believe me like others cloud mining was golden in the past few years and from now onwards the increased difficulty has made it down mining. Theses companies has to pay for maintenance first, then take out their own profits and then they will think of giving you share if they made something after all that. And whatever it is, its not possible now a days. Hope you will save up some coins rather than spending them on miners.

A lot of cloud mining web sites are scams. I don't know much about Genesis Mining, but online reviews portray them as legit. However the profits are not what you think, you could make more by simply buying a few coins with potential, hold for a year, then sell. If you buy well, you could possibly earn more than genesis mining will pay you as interest in the same time frame.

I have just registered, as I invested approx £40 at hashflare last April, and by Feb this year I had withdrawn my original £40, and invested a lot back.

From my original £40 investment,  I currently have over £70 of Ardor, Doge, Bytecoin and Nav combined.  If I include my reinvested money at hashflare, I also have over $160 worth of Bitcoin and Script hashing power, and it's growing at nearly $30 a month currently.

I aim to withdraw more occasionally when another altcoin takes my fancy, but my main goal is to keep investing hard till I get to $100 a month profit, and then start withdrawing more.

In my eyes, my £40 investment just over a year ago has been amazing, with no sign of it making a loss any time soon.  The only reason they will stop mining is if the contract makes a loss, or they go bust, but their model must be good, as they have been going for years.

All you people who "say" cloud mining is bad, have you even tried it, or are you just repeating what you have heard.

I don't have anything to do with any coin or mining company. 

All I know is, that if I was to mine at home it would cost so much in electricity and hardware it wouldn't be profitable for many months.  If I'm lucky, my mining contracts will be paying out for years, and could form part of my pension, or enable me to pay for a solar installation and my own mining hardware.

Does anyone have statistics for Genesis in 2017?

Yes you are completely right about investment strategy depicted here. However ripple is going down all the way as compared to monero. Where Ripple stood at highest peak on 22nd June the price since then is falling while the monero has started to go up already. The two coins have already met in event this month but as the time is passing the monero started to heads up. Factor on the other hands seem to take sharp upward moment this month and it will surely cross the ripple by August.

I'm not sure about other two but doge is the one on the list too.

First of all if you want to do bitcoin mining, you should buy your own hardware and equipment, by doing so you can get some profit out of it. With the daily success of bitcoins some people might try to steal your bitcoins from you by getting you invested into their scan cloud mining. Other than that you should not mine if you are going to do it on small scale. Mining is best at larger scales and people who understand it get extreme profits out of it.