Bitcoin Forum

I just want to ask, is cloud mining worth than investing or mining? Can you recommend a Could Mining Website that LEGIT.

Even if you would remove all the risks from cloud mining, the answer is still NO. Think about it, why would anybody ever "rent" out a mining contract to you, when they could use their own equipment to make even more money ? ( Since the mining contract would obviously make you profit, otherwise you wouldn't buy it.) That doesn't make any sense?

If you see a cloud mining site do this, giving you a huge contract for a really small price, chances are you're going to get scammed. Either by the site going down, or them limiting/downgrading your contract by x % every month.

The only website I know that is currently legit is probably GenesisMining(for now, that is). Is it profitable though? Definitely not. Best case scenario is that you'd break-even. If you want to do mining, buy hardware instead. Chances are, none of those cloud mining crap is going to give you significant profit, or probably no profit at all; or worse, you end up losing money instead.

Thanks for the reply. I appreciate it. It looks like I'm going to spend money on investing.

I was about to invest in cloud mining sites a few years ago but when I did for the research in this regard I found that most of the cloud mining sites either turn out into a scam or loss-making ventures so, in my opinion, it is not a wise idea to invest in cloud mining sites. In fact, Bitcoin mining is a serious professional business now and we should leave it for them who treat in that way. Just a simple example, there are multiple advertisements in Crypto related forums regarding re-selling cloud mining contracts, if the contacts are profitable then why would almost everyone is re-selling it?

While I agree that most cloud companies, if not all, are trying to take advantage of their clients, the reselling might be explained. While some people are trading cryptocurrencies, others are trading mining contracts. I remember this being a thing back when Cex started their contract trading platform in 2014. You could as well ask why people who are aware of the predictions of BTC going above 20k USD are selling it.

If you are interested in mining, you can play with CPU mining instead of cloud mining.  Recently there are many coins/tokens for CPU mining which do not require any special devices for mining.  You can mine them by your laptop or even cell phone.  Of course, most of (or maybe all of) CPU minings do not provide you significant benefits, but you can have a taste of mining easily without taking a risk of cloud mining. 

Too many new cloud mining companies popping out these days which cause the difficulty goes up significantly and mining profit becomes less and less, especially if you just have small hashrate. Hence, I won't recommend investing on a cloud mining, if you have money, better to buy mining equipment and build your own mining farm.
But, if you want to invest on a cloud mining, genesis mining seems better than other new cloud mining. Do your own due diligence before put the money on the line.

Just purchase your hardware and store them with us. Its almost same as cloud mining except you will own the hardware. www.teslawatt.com

The only thing is the best is to invest money in your own hardware and mine with your own so that you are far from any scam.
there are many low rank or newbies here are not trusted they are always attempting to give not trusted sites.

Not a good idea unless if you are near to them.

There used to be even more of them appearing every month when people didn't know that it's a scam. And because of the huge competition they had much better sites and even nice looking custom API to control the miners. The only thing they were and are still doing wrong is projected ROI time. They used to make up numbers like 300% a month which is stupid and gives away their true intentions. 

Why you need to be near your hosting colocation? Just order directly to datacenter address.

Don't waste your time with cloud mining. Why would someone offer to mine for you if they could make more mining themselves? Cloud mining is almost always a negative EV and you are locked into long contracts. The network difficulty is only increasing and people are getting burned by these contracts.

If you want to invest in a coin you either mine it with your own hardware or just buy the coin and hold.

This is the best answer for the question in the op as describe the loopholes in the cloud mining investment. I would like to mention all the ICOs for cloud mining projects that are trying to convaince people about benefits from investment and how they quiqly turned into great scams in few time. Be aware from this type of projects; they are not legit in logic terms.

You have to spend money if you want to invest but you better choose something better and the risk is calculated unlike in cloud mining, you may fall to a scam if you are too greedy enough.

Suggested by others on how it is not profitable anymore to invest in a cloud mining site, why not try to invest in trading of altcoins?

If his budget isn't enough for buying his set of hardware better to stick with trading (buying and holding).

i have very old contracts on Genesis mining becourse the are open End but i rould not recommand you to use cloud miners buy  the coins direct on exchanges !



regards

Why you need to be near your hosting colocation? Just order directly to datacenter address.
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People aware of "something new" offers to invest to them, no offense but including what you propose above.
First, you have to prove it is legit, trusted, have reputation and some reviews from "trusted" people.
Do you an ANN thread about teslawatt service?
Have checked the site, can you explain this?
TeslaWatt 5 kW
$600/month
NEMA L6-30R outlet
Max Load 5 kW
208v @30 amps
1-Phase
Tripp Lite basic PDU -
PDU1230 - Setup fee $0
Trip-Lite Switched PDU –
PDUMH30HVNET - Setup fee $200


is it $600/month earning?
What about setup fee $200?

Setup fee is only if you want different PDU. More advance PDU for example with "outlet control". Meaning remote reboot.
Otherwise we can offer you PDU1230 - https://www.tripplite.com/4.8-5.8kw-single-phase-basic-pdu-200-240v-outlets-16-c13-4-c19-l6-30p-15ft-cord-1u-rack-mount~PDU1230
Included in the price. No Setup fee. We also include repairs, support, insurance etc.
$600 is monthly fee for 5 kW.

Also we are legit. You can visit us anytime.
Please check our LLC registration https://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=ah6egcCB7iTouBt%252b%252bq3xQA%253d%253d&nt7=0
Also we own property where is our DataCenter: http://assessor-search.douglasnv.us:1401/cgi-bin/asw101?Parcel=122003411024&aori=a

Its all public now. You don't have to search too much to figure it out who is scam who is legit.

Okay so, I see how people here are against cloud mining, but let me tell you this. You can profit from cloud mining, you can profit a small amount, but you still get some income!

Not everyone is a scammer!!! There are honest companies who are seriously selling contracts to get involved in this market, to make profit and to collect customers. For me, the most legit and best cloud mining service provider is Bitforx. Their prices are great, litecoin was just added to their platform and they have the lowest price on that so you can go ahead and buy that if you want to. Besides this they have a great customer service!!! I mean GREAT! and don't get me started about their mining farm!!

Anyway, for me it is Bitforx. I have tried several different cloud mining service providers. I got profit, I lost money and I got too little income, but that is only because of the changes on market! Everything depends on the prices, on the changes that crypto market has!

Yes! cloud mining may not be as profitable as physical mining, but you are still mining, even if you're getting less than if you mined coin yourself. I don't want to bear the noise of a mining machine, or find a place to put it there. I feel comfortable and safe with cloud mining. that is my opinion!

We just learned from our past experiences and we don't want others to experience it too. After I became a victim of a cloud mining when I was still newbie, I never invested to it again.

This is what also those scammers said before, they are honest, they are trustworthy, they are legit and real company.

Nice try of advertising that cloud mining to everyone here but it looks like after reading their ANN thread tells more about it.

To anyone that will be encouraged, be careful.

That is my opinion, not a universal truth!

My opinion is definitely not. I once tried almost all the popular services of cloud mining. And here's what I'll say better buy just plain Bitcoin and wait for growth. It will be much more profitable.

People don't look at things like that. In most cases people consider an investment in Bitcoin to be boring, where on top of that, it doesn't allow them to increase the number of their holdings, which is the most important aspect of cloud mining for people. It's purely the potential of generating Bitcoin income in a passive way that makes them go wild, because let's be honest, who doesn't want that? They however don't realize that the majority of the people don't ever reach a point of getting their initial investment back, and those who did manage to profit have luck on their side -- cloud mining is destined to not become profitable for the mass....

Buying hardware mining is a much better and more profitable thing. While investing in a cloud mining is a very detrimental thing. We all have entered many difficult times and our experience should be a lesson. Cloud mining is a bad system and is not worth a try for anyone who wants to invest.

Seems like you did already get the idea which you are actually right its much worth to spend money thru investing and by the way you should really lock this thread because there are countless of similar topics when it comes to cloud mining suggestions and views.Locking it would prevent repetitive answers on the community.If you got the answer you are looking for then theres no need for people to say the same things again.

For the sake of topic, theres no best cloud mining even the legit ones would leave you out unprofitable in the end of the contract.

But I find it strange why cloud mining can still get users, it seems that the applied education can not apply to everyone. Lots of data summaries that claim that people who invest in cloud mining will definitely lose, it should be a reference that there are many other types of work that is much more useful. Stop cloud mining and we will also stop various scams on behalf of a mining !! .

Chasing passive income is what we all want, but just reading the terms and calculating forward the averages of all the involved variables, would directly point out that people aren't going to benefit at all. Technically, the only way to keep mining with the same initial investment is to reinvest your earning, which means that directly after every reinvestment, you have to start earning from scratch again.

In other words, you give the service back what they allow you to have, which is what they hope for, and it works since most people end up reinvesting their earnings. People just need to understand that there is no such a thing as earning money or Bitcoin like water without doing anything for it. If that was really the case, these services wouldn't need sell contracts or shares, but just keep the revenue it would be generating strictly to themselves.

I have a feeling that there are still a lot of uninformed users, especially in the crypto hemisphere, who don't have the slightest clue what they're doing. See Bitconnect etc.

But, i also think these contracts  can/are used for money laundering. Convert money you earned doing illegal activities in a cloud mining contract and voila, suddenly it looks like you earned it legitimate..

As much as we see posts like these here and and as much as we repeat ourselves, I'm glad that you've asked and not just invested like that dude that lost around $4,000 with cloud mining.

Short answer: No.

Longer answer: Not anymore and probably never will be again.

Genesis Mining is legit for sure. But if you want to mine BTC, they are sold out and profits are not so good at the moment. I'm not invested there, but heard from several people, they are not satisfied. By BTC price going down since end of December and difficulty still going up, cloudmining, even if Genesis is legit, is getting very hard.

Not worth investing even a small amount of money. Investing in cloud mining has never been good than investing or doing your own cryptocurrency mining. For me, the best way is to just invest on a cryptocurrency that you believe that will give you good amount of profit in long or short period of time, if you don't know much about trading or mining but I will never recommend to invest on any of those cloud mining companies because even the legit ones struggles to give/provide their promised profit to their investors, and most of those cryptocurrency investment programs (not only cloud mining) are just ponzi schemes or scammers. So it is better to just avoid all of them. Just remember that there are risk in all kinds of investments, even if you are just investing on a coin or performing crypto mining, there's always a risk.

I know almost everyone wrote No but let me ask you this question OP: If you buy antminers, will you mine bitcoin for others? Of course no but then why do people still offer cloud mining? Because they offer you this: Sell hashrates in very expensive prises, then they have some fees and also, once mining becomes unprofitable, they cancel your "lifetime" contract.
If you still want cloud mining, I suggest you hashnest because at least you can buy/sell hashrates anytime here and even trade with them.