Bitcoin Forum

Is it possible to cloud mine and make profit right now? ETH is 180$ right now and im gonna be using hashflare because it cost 2.2$ per 100kh. I put it into a calculator and because im gonna invest 220$ it will be 10mh. i will be making around 60$ a month. The contract is 1 year so i will make everything back in 4 months. Im new to mining so if im not correct pls tell me.

Not sure, but cloud mining sites are often scams... I don't know Hashflare, but I doubt it's legit... Could be wrong, but I wouldn't trust a cloud mining scheme with my money.

the min is 2.2$ i could try 5$ first and see if its legit :D

i don't think so cloud are all scam or you never roi there, the only way to have profit with cloud is the same way you profit with trading, make coin early before the pump happen

Not all cloud are scam. The problem is that the ones that aren't scams aren't making their customers enough profit, so they don't get any customers, so they shut down.

Therefore, MOST cloud mining schemes are scams.

Hashflare.io doesn't have too impossibly low prices, so it might be real, but it might just as well be a scam... It's just something we won't get to know untill it's too late for many people... :/

What about www.nicehash.com for Cloud mining ?

Most of the cloud mining sites are just scam. They just run as a ponzie scheme. They will show you fake transactions, will give you good deals and what not. But before you can even get ROE, they shutdown or run off with your money. Better to stay away from cloud mining sites for your own safety.

Nicehash is legit, thousands of people use it to both sell and buy hashing power. I don't know of any other place I would trust with my $ if I wanted to try cloud mining etc...

Not possible or not worthwhile. It'll take much longer for you to get ROI compared to mining ETH physically.
Just get an RX 570 and mine, it will definitely be much more profitable than cloud mining.

The problem with those calculators is they do not take into account the future total network hash-rate and difficulty for the coin you are mining. So if it says you will make $60/mo at this point in time, by next month it may be down to $30/mo, then $15/mo and $7.5/mo etc. The difficulty is not a static number and will fluctuate with the coins price as more miners on-board and join the mining train for the "free" money. As long as a coins price continues to increase, this can keep mining profitable, but should we get a severe and prolonged correction, say ETH drops to sub $50 for several months, the difficulty is much more slower to come down and sometimes these cloud mining contracts do not even manage to break-even.

In the end you are essentially speculating on the continued price appreciation of Ethereum, so in that respect you might be better off just buying and holding the coins than get stuck in a mining contract. These same challenges exist even for people who physically own mining hardware, however they always have the option of turning them off and selling the hardware, whereas a mining contract is fixed and you are locked in for the duration. Also some cloud mining providers have a stipulation that once the coin in no longer breaking even, meaning you are not making more than the expenses to run (which can be arbitrarily inflated to suit their needs) they can cancel the contract without any further obligation to you.

Again, imho if you are investing you would be better off waiting for a dip (which we have right now) and purchasing the coins directly as it would have a much greater chance of success than purchasing a mining contract. If you need more convincing just go over to the Zcash forums and look at all the people who got trapped in contracts and will never see their investment back, they will be lucky in some cases to get even 10% of their investments back. There may be a few instances where some lucky timing of events a few people somewhere made money off buying a mining contract, but in most cases they only work out well for the cloud provider and not the investor.

I'll add another thought, since Eth was trading very close to $220 not too many hours ago, you would be more likely to ROI in less than 4 months simply buying now during the dip. If it would drop to $110 you could get 2 ETH and you would have a very good and realistic chance of doubling (or better) your money in that same time period, if not much sooner.

Again, I just cannot see how investing in mining contracts at this point in time (or ever) makes any sense. Even buying 1.5 Eth (@ $145 current price each) there is a much greater chance of Eth hitting $300 in 4 months than there is for a mining contract to earn your ROI back in the same time-frame, much less doubling your money.

Just say no to mining contracts, they are designed to make the cloud providers rich not you.

Agree with everyone here.  Mine yourself and if you are uncomfortable with that just buy the coin, i would recommend staying away from cloud mining. 

nicehash is good but it's not different than trading, when you rent hash you are making what you paid for no more no less, but if the value go higher you can sell and make profit, why not trading instead it's far easy to do, and have same risk

Depends on electricity costs bruh