Bitcoin Forum

Hello all I am new here and have recently tried Cloud Mining with some success.

By some I mean I will (should) make ROI on the small amount of hash power I purchased.

• My BTC mining generates ~20.00 USD each month but is on a contract that will expire once profitability is null for the cloud miner.
  
• My ETH mining generates ~15.00 USD each month but is on a contract for two (2) years.

Its a small investment but it was mainly for testing if a scam.


My question is this:

Has anyone else tried out cloud mining with a limited contract based on profitability?

If so how long did it take to reach?

BAD.

I have tried few contracts in past and was able to make some profit ( but mainly due to refs. and I'm not proud of that now).

You might be lucky and ROI but consider this:
Your contract "will expire once profitability is null for the cloud miner".
As you probably know BTC price floats quite significantly. It's not a big secret it could drop under the edge of your contract being profitable for few hours, days maybe weeks .. but the price can (and most certainly will) come up again (making it profitable again). But they just cancel you contract and resell your hashes again. Is this fair? I don't think so. If you would be the miner you would either sell the equipment or just pause the mining for the while (or take the risk and keep mining).

In general you can consider mining contracts as well calculated to be profitable for operator rather then customers.
Great example is hashflare, once they realized the contracts being to much profitable for customers, they changed the terms see:  https://bitcointalk.org/index.php?topic=2139246.0

In my opinion cloud mining is not profitable at all because they always charge you extra fees for maintenance, which is very annoying and cuts your profits. :-\

What cloud mining service did you use?

C`mon cloud mining in 2k17? Completely unprofitable and useless thing.

C`mon, show some respect to newbie (we all have been once).

I dare to oppose your opinion as I disagree with your total generalization.
There are two companies I'm pretty sure can be useful (namely hashnest and bixin) when used correctly. ( the thing is you can't count with easy profit just from the mining. Users have to constantly buy/sell hashes to make profit ).

Look at this statement below

go here for more review about cloud mining site from users :
https://www.cryptocompare.com/mining/genesis-mining/bitcoin-gold-mining-contract-lifetime-small/

Buying cloud mining contracts in my opinion is a bad idea,
because you will get profit if the price keep increasing and the difficulty fixed(not increasing).
but it's impossible for difficulty to not keep increasing due to demand of the users.
which mean you will get less than before everydays/months/years later.
and if you buy a contracts in there and it's no longer profitable because of the expanses that you need to buy.
they will close your account without permission.
some of them complained about their account closed by the site,you can find it in there .

how about renting the hash if you keep insisting to mine ?
you can get more than buying the contracts in cloud mining site,
rent 24 hours hash power and mine the coin that you want to mine and use the calculator.
i believe you will get more than buying the contracts,

Depends, do your maths and see what you want to invest. It can be profitable.

Id say bad its very hard to even get the capital money invested in it back in your pocket after all the time they made you wait, which site did you invest in and how much?

Thanks everyone for replies and advice. To answer some questions asked:

I used Genesis Mining and paid 145USD for each contract for a total of 290USD about 6 months ago.

These were the smallest contacts they offered at the time.

So you mean you already made a 145 usd  with your investment of $145 its times 2 am i right..
Honestly this is impossible if you earn that amount in 6 months because the difficulty is changing except for bitcoin value changes.
But the amount of bitcoin  you invest is not increases?

Base on what i experience never made any profit in cloud mining site because the difficulty is keep increase it takes more longer to be able to recover my invest and make profit..
And most of them if you can withdraw your profit you can be experience of pending just like the other cloud mining site that turn into scam in the end..

When I got my contract BTC/ETH was much lower in price I believe this alone is the reason I will reach ROI.

Their payments are "daily" but my contracts do not meet the minimum to withdraw which is 0.05 ETH and 0.0015 BTC so they have to accumulate first. Even if they did meet the minimum I have seen alot of posts on their blogs about problems with payouts so they seem to be having problems. I also see alot of reports of scams from them and other cloud mining.

Overall it seems I got lucky with the rise in price but its a bad idea moving forward.

I would go for genesis mining with an amount not greater than $1000 and wait 6 months or so to get back my initial investment a few bucks at a time everyday, after 6 months or so when I got to my ROI I will start to receive profit though a few bucks less than before everyday. after 2 months of profit earnings I'll start to notice payment are not everyday anymore.

I just don't know if it worth the risk, couldn't we just earn more by trading or by holding Bitcoin? IMO it only worth investing if you are mining alt coin which has no significant market value and by holding what you receive you could only profit greatly if that alt increases 50 times in price.

I've never understood the concept of buying equipment to run a mining farm and then selling the hashpower for it at a loss to customers rather than using it to mine for myself. 

Ergo, I must assume all cloud mining has to be a scam in some way.  I've never really looked into it all that closely, but there's no logical sense to it. 

actually i am use cloud mining too in my past and until now i still can get profit because i can reach my ROI in one year, its a long time before i reaching. fortunately, my cloud mining giving two option which is with a limited contract or lifetime so i choose lifetime and until now it still mining although i only small hashrate and now my earning is not too big.

BAD .never believe cloud mining, RoI in cloud mining possibility just 50% and 50% they get run your money

If you're going to go cloud mining i think the best option is to really just go for maximum hashing power, don't worry about the contract length. Lifetime contracts mean nothing if you think about it as they will terminate it as soon as you don't make enough to pay maintenance fees.

I've gotten my genesis mining contract terminated under a year. I would have been better off just getting a limited time contract.

But i wouldn't even recommend investing in any form of cloud mining. It's really not profitable at all, even the legit ones.

All those ROI and profit shown by cloud mining sites are not accurate and price of packages fluctuates with time also price of bitcoin and mining difficulty fluctuates. This make hard to find out how many months you might have to wait to get back what you have spent on those packages.

In overall I don't trust any cloud mining sites and I don't think it is good way to make passive income.

No it does not generate the profits at all. With limited contracts it would be worst to do the cloud mining stuff. Recently most of the investors of hashflare.io ripped their profits because the sha256 contract which was lifetime previously is now limited to one year. With any investment it is not possible to get the roi reached and the more the investment is the more it takes the time because of difficulty. Should stay away from this one and by the way which site are you working for. Seems impossible but wondering how are you getting bucks in your wallet.

As all others said cloud, mining is bad investments. The only people who promote is to get referrals, and they will not be investing in any of these investments because they know that they can better make money from referrals instead of investing in it. So I think we shouldn't invest in cloud mining instead buy those good coins now and in next two years, you may earn a better profit. 

I have tried cloudmining but on hashocean scam which after that incident i didnt go back to invest on any cloudmining site.If you do mean either genesis or hashflare mining then i would say they are not completely safe even they are already operating for years now. Talking about profitability i would say it would be much longer because of difficulty rise. Since you do put up small amounts then its good just for testing out.

that's right difficulty will also needed to consider it will add more time with your investment to grow and if ever that you can invest on your own devices
its much faster roi and you are in control of your money better to assess before entering any cloud mining even those well known like the two that mentions.

By limited contract you mean like a contract that only lasts a certain period of time?

In my opinion this is probably a better option to take if you are determined to invest in cloud mining than a lifetime contract. They grossly overcharge you for a lifetime contract even though it is likely the contract will be cancelled in just a year or two max.

Honestly, forget about cloud mining altogether. Even if you do make a profit it's going to be minimal. Not going to be anything major. And that is a big if, you usually won't make a ROI.

Cloud mining could be profitable on longterm, if you could be sure that you will not be cheated before you will reach ROI. But that is nearly impossible as we see on hashflare. It was legit for years and suddenly shortened lifetime contracts without regrets or financial benefits.

Cloud mining really involves no skill or technique just a cash filled wallet. The one who makes the money is the provider. If lucky you may make a little but nothing compared to the company. Unless ur good at trading power like on hashnest the risk is greater than the reward.

Cloud mining is as ugly as it gets. It appears to be profitable but truly it's not. Buying a mining contract is like taking a loan if you only have work today and are uncertain if you will have work tomorrow. I got hyped up and bought 5 MH's of the most 'profitable' mining contract but I'm yet to receive a payout and I bought it in July.

Bad. Because cloudmining takes a lot of time just to get back your roll of investments. I just don't know if anyone successfully get their roll of investments. Also i saw a thread that a cloudmining just change the contract from lifetime to 2 years. Hows that possible. They'd just broke the contract. That's why i don't trust cloudmining. They are full of crap. They are screwing with their clients.

People should really go through the forum topics again and again to read the answers that has already given. It's proven fact that cloud mining can be scam at anytime and there virtually exist no cloud mining sites which are good enough to pay you back your investment. If somebody really comes to you telling that they are earning big money from the cloud sites then they are for sure promoters of these sites and affiliate people. So better stay away from the whole thing and try to invest your money into something more sensible. ;-)


I know this could have been easy to earn money, just buy some contracts and seat back watching your profits skyrocketing. But no, there no such thing as free lunch box and you always have to work for yourself to earn money.

While yes you won't earn from the contracts per se, trading GHs on their respective secondary markets can be profitable, if you can time your sells on a swing.

So in the end, it's still kind of trading.

I have had my fingers also burnt on my earlier days while trying out cloud mining sites and would rather not bother with them again, however I think another approach to cloud mining, which involves the renting of mining rigs can be an exception.

Can anybody tell me some nice cloud mining serviese to look at? Just wanna see what are the pricings and possible profits

That means you have done a bad decision to invest on the concern platform with the money you have. If you fail in cloud mining site that will be consider as ugly current condition. why you want to rent the mining rigs you can buy in legit sites to get the miner to anywhere in the world.

Much better to donate your money instead of investing on cloud mining sites. Most of the sites (around 99.9%) of them are scams. Even if they are legit you end up with extremely low profit or no profit at all!
Most of them are just ponzie schemes though.

Cloudmining is a good services back then but if we take the scene today you need to purchase lots of hashpower in order to feel the profit. That lots means really a big bunch of $$$. Mining difficulty and rewards are being changed constantly even ROI calculator will told you the date of your ROI, still it's on questioned.


He knows that already and this discussion is not about the scam. He is gathering information of profit in today's cloudmining so stop repeating that most cloudmining are ponzi.

It doesn't matter how much money you pump into cloud mining, at the end of the day the results in terms of profit percentages remain the same, it's only the amount that is different.

Cloud mining, aside from the legit or not legit services, is something you right from the start know from that it isn't profitable at all with crypto in general being a booming industry ~ difficulty will only increase long term speaking.

People in some cases try to reinvest their 'earnings' into even more hash power, but that directly means that you need to start earning rewards from scratch again, and exactly this is something people don't think about.

Cloud mining services are like a casino in terms of the house always being the winner in the long term. People investing in cloud mining can't beat the increasing difficulty, and that should be reason enough to avoid it.