Bitcoin Forum

Recently I have been mining with a lot of different cryptocurrency platforms that looks so promising and real to work out eventually as claimed. How I got to encounter these alt coin mining platforms (am not sure if the right word to use is platform) was through a good friend of mine whom which we're in same shit together due to a pressing need that needs a lot of money for us to procure for our proposed business.

He has been introducing me into lots of these mining platforms he gets from some persons he meets online, who claimed to be paying them for lots of months, and so for a people that needs money to run a pressing need we will both engage into it out of desperation, we will end up buying a mining machine from these platforms with even the little money we have that was supposed to be a starting point of savings to our proposed business plan. To cut the whole story short, we have engaged into four different platforms just in the past two months which initially only one paid just ones and crashed, the very last one we had to purchase the platform mining machine for $250 only to get bursted like the previous ones within a space of two weeks while waiting for the 30days interval for eligible withdrawal.

Although I believe there might be some real genuine mining platforms that are really trustworthy and paying but I can't say for sure which is genuine.
Am just using this to remind people out here to be very careful and exercise some patience in doing some few research about these kind of issues or as it relates to this kind of situation. Our desperation has really cost us even the little we had in the process of getting more.

Despite all of these, we are still unperturbed and will really welcome any real genuine mining  platform that is trusted and working as we're in really need of funds for our business plan, but this time I'll put in a lot research work on whatever comes out way to know it's trustworthiness before involving.
Thank you!

This is a story told by someone I came in contact with in a conventional business meeting I attended within the weekend as we were having a group discussion. The purpose of bringing this here is to bring to the knowledge of some beginners and even old users in the forum about such platforms, and to create awareness of careful even in desperate times. Further more I promised the fellow that I was going to get back to him with probable solutions to what he's looking for, and so I'll really appreciate anyone in the forum that can give any genuine information on this so I can get back a feedback to the fellow.

After I read this sentence you're just telling about cloud mining where you're a investor who doesn't know what the person you trust and what he doing with your money, I think trusting to cloud mining is a stupid decision, it's better if you mine yourself considering you're want to mine altcoins where it's easier than mine Bitcoin.

I think the only advice from me to you and anyone else, never put your money in cloud mining since it's 99% scam.

I assume that in your post you are referring to what is called cloud mining, and it is no secret that 99% of all those services are scams without any doubt. The thing looks very attractive, especially for beginners who think that they are really mining something, but in fact in most cases there is no company, nor any mining devices. Sometimes, in terms of deception, the user gets the first or second payment, but only to buy a bigger and more expensive package that will never pay off.


Your friend is himself in the wrong about all this, or he is knowingly dragging you and others in because of the profit he makes from referrals. Mining, online friends and business offers, perfect scenario to lose a lot of money.


Unless your friend has a lot of money, lives in a country where crypto mining is legal and electricity is cheap, I would advise him to forget that he will profit that way.

It's a long story and I expect many will not read it thru and will still answer.

Sorry, cloud mining is a scam. It was said far too many times. It's just nice websites showing numbers and mining nothing.
Some act like Ponzi schemes and may pay a little at first, until they catch a big enough number of fishes. Then they close and that's all. Or may even ask for more money from those who were depositing, maybe they're stupid enough and let themselves get scammed further.
No.

There were in the past legit cloud mining companies. 1, maybe 2-3, I don't know. But I don't think that any legit cloud mining is still operating. And even if it would work, investing there is still foolish, since one may get ROI one week after the end of the world.
So it's also no.

If one wants to earn from mining, he has to actually get the hardware and mine. Of course, one has to do the math, since in many countries the electricity is too expensive and mining will go at a loss.

in the end, I didn't understand you, have you invested in such platforms yourself or are you still in doubt about what to recommend
However, the answer to your question is very clear and simple. there is no platform that can offer you mining only through the website, all cloud mining is scams and you should stay away from it.
regarding the recommendation of a service to a third person, my advice is not to do that. for every failure, they will accuse you of losing, and you certainly don't want that. Especially if you only recommended it and you have no profit from it. and it doesn't have to refer only too obvious scams like cloud mining, some big platforms have gone and their users have run out of money.

Bottom-line... Avoid all those so-called mining platforms, They call them cloud mining platforms. Almost all of them are scams or Ponzi schemes where you eventually lose all your money.

If you have no mining hardware, then don't bother thinking about mining

They are just not there. Don't waste your time and money.

just a warning that you might receive PM's from scammers encouraging you to join their cloud mining, ignore the, they are scams, just like what other members have said. if you are really interested in mining, you might want to ask how to build your own mining rig. there are members here that could give tips on how to properly do so.

100% of all online "mining platforms" commonly known as Cloud Mining services are scams using Ponzi scheme to earn money. But some of them have actual hashrate though. The problem with this type of "business" (with actual hashrate) that relies on small investments from users is that it is very unprofitable. So at some point they have to turn into a Ponzi scheme (sell more hashrate than they actually have) to increase their profitability. But obviously that can not be sustained since at some point they have to pay their users back the money they don't have.

This is why even if you found a cloud mining service that could prove they have actual mining hardware and were really mining cryptocurrencies, you should still not trust them.

Then buy some hardware and equipment and mine coin at your own. Mostly they will offer you a very low payment for their so called mining but do they really do mining? There should be some proof of that but if its just a website with registration details and bank or address where they will ask you to send fund then better ignore it. Cause these guys are good on talking and sweet words that you can be actually get convinced. Usually they targerting people without knowledge on mining but in anycase you are asking already some technical stuff about it then they know they cant get you.

Not sure if OP was referring to cloud mining as he's mentioned purchasing "mining machines" a few times; unless OP is referring to "renting" them.

With that said OP, mining bitcoin or even altcoins can be profitable if you know what you're doing. Cloud mining on the other hand? Either a scam, or a total waste of money.

Mate from what I read, you are an investor trade off bitcoin to a automated human to mine for you. You have not gone to the trading field but an investor. Which is also known as cloud mining. And cloud mining is full with fraudulent people. That is why this forum is good because when you brought an issue we check on the thread and tell the reality. One thing I will tell you is that when want to join mining platform again, you should read this here before joining any. https://bitcointalk.org/index.php?topic=2415854.0 . Next time please ignore their calls if it is cloud mining because they will end up scamming you. Scammers are using all means to scam people mostly these days it is through phone calls. You don't have to just join mining but read more article about so that when join mining, you will do well.

There were only two of them left, viabtc which closed last year its renting service after the China ban, and Bitdeer (Bitmain)  who is still operating but hasn't offered new contracts for two months at least, and based on the last screen I got from them everyone that bought his plan from June is now losing money with the power costs and hasrate costs.

In the past it was tempting for large farms to offer this, you got upfront money which you could use to expand, that's how both the above envision their business but, surprise, at this price it makes no more sense to expand and all the troubles with 1000 customers from which you will get pennies in return are not with it.

Of course, there is also Compass Mining, but, just no (https://bitcointalk.org/index.php?topic=5396462.0)!

If you're still interested in doing something like this, maybe switch to staking or farming instead. It is risky but it at least has more chance to give you some profits when you time your exit and enter correctly. Running your own node to farm some coins is also more profitable (albeit needs a large amount of capital to start with) compared to cloud mining, for most of them at least.

Staking is usually done with altcoins whose value tends to fall, hence the overall profit may easily be none.
Please correct me if I'm wrong, but I think that farming is done on centralized platforms and those tend to fall / get bankrupt.

In my experience buying bitcoin and simply waiting for its price grow was the most successful approach.

Just to make sure: this is NFA; everybody should decide for himself what he does with his money.

Even then, it's usually more than just plugging in, and raking in the profits. You should be considering a lot when you're going into mining. Especially anticipating drops, as well as rises. So, if you're operating on a minimal amount of profit, it's probably worth considering whether it's worth it at all.

Although, the price of mining machines usually price out anyone that has cold feet, since they're rather expensive. Altcoins are probably the more lucrative market in terms of mining, and then later converting that to Bitcoin. However, that also comes with additional risks.

If OP decides that building a mining rig is what he wants, please understand that there are challenges to it and it doesn't come cheap. You should be able to understand the power intensive nature of maintaining a rig.

Read this article to have an idea of the requirements in hardware that you will be needing: https://www.zdnet.com/article/how-to-build-a-cryptomining-rig/

That's right, I never believed in cloud mining again, because I had a bad experience with this. First, I got to know cloud mining from eobot, I used eobot then got to know hashflare and used it. Both died after several months of using their service and my money gone without making a single withdrawal. It happened before I joined this forum and still don't understand much with cloud mining, lucky for me not too much money i've use for them.

I see this from another perspective what OP is trying to ask, he's making a search for crypto mining sites or platform whereby he will be given daily responsibilities as tasks to complete in other to receive token or daily coins in which when accumulated will be promised to withdraw them by the user and be paid, this is not more or less a bounty hunts or search for faucets whereby every effort ended into failure after several delays, time waste, data and stress in going through their surveys, i will advise OP to be careful with look for such service, you can't find such with bitcoin here, they are all under altcoins discussion but most of which are scam.

In general what you are talking about is cloud mining, at this time this method is not profitable in cryptocurrency. But I can't deny that in 2017 I somehow experienced making money in cloud mining, it's not big and it's not small I can tell you.

But if you buy mining machines such as Antminer S9, Asic and others, maybe somehow I can say that you can get a profit in this matter, just depends on the mining pool that you will use.

But if you think of something that we don't know that you can earn, maybe you can try it because it's your choice.

Based on what I've read, it's clear that you're referring to cloud mining platforms. After all, we all need money.

But what you are saying, is if I adapt it to this time, I don't seem to find a legitimate cloud mining platform that gives profit to anyone who tries, it doesn't matter if it is the same as in the year 2017 when at least I tried to earn income on cloud-dmining platforms like minergate.

He got scammed. Not only from one platform, but all of them. This is why he should have started from one and if it was legit, he could have invested more as it could be recognized as trustworthy. And in the current time, there aren't any legit cloud mining site available. Even if there is one legit, remember it's centralized. So anything could happen.
Best way to do it is to do it by yourself. Buy the rig, then mine. Cloud mining is a scam.

This is not 2017 anymore, nobody makes profit on Antminer S9 anymore, unless you have totally free power, and no, it is not about the mining pool you use,it is all about watt per terahash and how much you pay your power provider, everything else is almost irrelevant to the profitablity of bitcoin mining.