Bitcoin Forum

Hello, I'm looking for recommendations (based on first-hand experience) for legitimate cloud mining companies.  I'd appreciate any input, thanks.

Good luck with that.

Most members here avoid cloud mining because of the amount of cloud mining scams and/or the very likely possibility that it's gonna be unprofitable.

Investors avoid cloud mining because it has become associated with scam. it is about trusting a service that will buy mining equipment and giving you a portion of the profits. Companies usually do not do that and there is nothing that forces them to return your investment.

Cloud mining is a scam and the best you might get is buying hash power at NiceHash DYOR, but it is not the same as cloud mining.

https://www.nicehash.com/support/hash-power-marketplace/general-help/how-is-buying-hash-power-at-nicehash-different-from-cloud-mining-contracts

You see the two words that we're describing about cloud mining, they're either unprofitable and likely a scam. If you want to mine, just mine with the equipment that's required if you're going to do it. ASIC miners for Bitcoin, GPUs for altcoins. And since nicehash has been mentioned, you can check out the components/peripherals that you can mine from your computer but honestly, if you're just going to do with your computer alone, you'd get bored because the hashrate aren't going to be enough. Usually, those that have mined ETH from before used them to mine with their GPUs but not applicable anymore as ETH turned into PoS.

If you want to mine bitcoin, it is better you learn about mining bitcoin and buy ASIC which is the equipment necessary for bitcoin mining. But before that, you will need to make calculation to know if your electricity cost, to know if it will make you to make profit and that is when your electricity is also good. If you do not have good electricity or the electricity is expensive in your area, then you do not need to mine. But most importantly, not go for cloud mining if you do not want to be disappointed with loss of money. Cloud mining are scam.

Cloud mining does not exist as a regular business. Just a new name for a new scam scheme.
I believe that one-day cloud mining will take a place in the negative side of history like Ponzi and pyramidal schemes and that it will get its own Wikipedia pages. Ordinary users are persecuted with KYC and every coin that is sent is checked, while these cloud scams continue to exist undisturbed.

Ask yourself, if you had a mining rig, would you mine for yourself or rent it out for someone else and promise them to profit? If we follow logic, cloud mining companies purchase mining rigs and offer you cloud mining with only one reason, they expect to profit more this way than they would profit if they had to mine on their own. I don't think you'll feel happy with cloud minings, they are scams or legit ones that are not profitable enough to be worth your time and investment.

Binance has cloud mining and they are legit but can't talk about profits - https://pool.binance.com/en/cloud

You can also rent hashrate on Nicehash but be sure that you know what you are doing.

Cloud Mining was part of the past and even back then it wasn't really mining as much as it was a kind of stock to buy mining tools which were not expensive at the time, it's more like now having a Bitcoin faucet that pays out 1 Bitcoin every few days, too good to be true and it's better. Consider it a scam.  ----> https://www.bestchange.com/ They already have a BTC faucet which enables you to collect some satoshis but it will not make you any profits.

Don't waste your time and money on trying to find a legit cloud mining service because in 99.99% of the cases (and I am being optimistic here) its nothing else other than a ponzi scheme. Instead, use that money you planned spending to buy bitcoin directly.

Why are you wasting time looking for "cloud mining" sites?
Your chances of getting scammed or never getting back the expected profit are pretty close to 100%. If you can't mine using your own hardware, just buy the coins you see have high potential in the next bull run, keep them in a secure noncustodial wallet, wait till the price rises and you cash out.

Those two bolded words dont go together, ever.

I am myself yet to find one that is so legit as you speak, and I am sure I will never find one. The better option is to buy bitcoin yourself, get your own mining farm if you have the money, land and cheap electricity or make your friends do so and invest in their farms.

All cloud mining sites are HYIP/MLMs and they are all scams.

Cloud mining companies operate in the same way as pyramid schemes. And, just like pyramid schemes, it's their world against yours. You may or may not be able to recover whatever amount of money you've invested in them. Two of the most common problems with them are that many are not transparent in their payouts, and even their daily payouts are so small that they're almost useless. Pyramid schemes disappear without notice and so does these clound mining companies.It's one risk involved with them.

If you are talking of legit business and miners who offers cloud mining,
or renting their mining rigs they are not worth it, most of them only got stock for maintenance fee. While on the other hand those who offer shitty returns in just days are obviously scam.

It seems OP wants to be quick rich and wants to earn even while sleeping. It was an old slogan by Ponzi schemes. I don't think there are so many Ponzi schemes on the market. But due to the green market, scammers would be active again, and you might find so-called cloud mining or high-yield sites again. If you want to experience a scam, then you can invest in so-called cloud mining; otherwise, stay away from that. No money-making machine yet to make you rich over the night. 

Here you go :
https://pool.binance.com/en/cloud
or
https://www.bitdeer.com/cloud-mining/cloud-hashrate/btc
(bitdeer is owned by bitmain).

The only problem is that with both at current prices you're at serious risk at losing money.!

Just forget about cloud mining, it was never designed to profit you but the owner. A person doesn't purchase miners to get them shipped from China, then doesn't spend time to find a good hosting location just to give you a nice profit, it's all done to profit themselves. By the way, some of them are listed down below.

Everything is sold as I see, pretty strange :D

What a stupid plan, you can only buy 10 TH/s for 10, 20 or 35 days. I don't understand what's the point of this, should someone register 100s of accounts to buy a normal hashrate? I don't know.

Contracts on Binance are sold out, so no point lingering over there anymore. Bitdeer might be an option for the OP, but indeed at a risk of losing money.

I still stand with my original line of that there is not such thing as a legitimate cloud mining operation. Maybe I would add the word profitable in that too. I do find it easier to buy bitcoin at the low and sell it at the high as the more "Not your Keys Not your coins" approach and profitable too.

Since Binance has always reached its limit it always shows "Product has SOLD OUT".
You can try it on Kucoin.
https://www.kucoin.com/mining-pool.

Of course, there's a risk even though this exchange is the same on Binance already gained trust.
But I don't think if you like the minimum investment, it should be 5 Bitcoins but the best part is no fees on revenue from mining, not like others it has long contracts and high withdrawal fees.

Is it really true what you are saying? Minimum investment should be 5 bitcoins? I don't think this is serious. Or did I not understand the issue correctly?

Who owns 5 Bitcoins, what does he need for cloud mining at all? With this amount, you can create your own mining farm instead of risking this essentially unreliable service.

Some scammers cleverly exploit these services to carry out a successful 51% attack on some POW coins that have a low hashrate. Renting high mining capacity for a short period is all the scammer wants instead of buying and setting up devices, which requires time and may lead to easy discovery of his data.

it actually happened when a scammer used Nicehash provider daggerhashimoto to give them control of more than 51% of the ETC network.


https://coingeek.com/over-1m-double-spent-in-latest-ethereum-classic-51-attack/

Therefore, I understand that these companies rent low mining capacity.

I have no idea where he found that 5 bitcoin requirement. I just checked the link he shared and they only have explanation how to join mining pool, there's no mention of some minimum bitcoin investment.

Yes, I also checked the link. There are no details about the minimum investment. I expect there is something wrong because 5 Bitcoin is a large amount, equivalent to more than 270K$ currently!!! It is absolutely unreasonable for this to be the minimum.

The only possibility is that this is the maximum investment limit and not the minimum, or there is a misunderstanding.

It is recommended that you stay away from cloud mining, i know you thought you could make returns from it, but no, you will either be scammed or you will just waste your time and lose money. If you want to mine, you have to buy mining gears, generate your own hashrate and either join a mining pool or solo mine. However, if you do not have the resources to mine, just buy BTC using the dca strategy and accumulate the amount of coins you can afford.

Sorry but that wouldn't work either, you would need to add always profitable to exclude all services.
Bitdeer was quite profitable during both the uptick in early 2021 and the downturn in 2022, Binance would have been profitable if you would have invested at the start as contrary to what was expected the dif hit a flat spot then, so....Just because 99% of them are scams that doesn't mean all are, a legally and normally run cloud mining company would make no difference from a company building it's mining farms with investors money.

Bottom line, there are legit services also!


I have no idea why anyone would think kucoin even offers that since that page is just a tutorial.

I concur to this your opinion because cloud mining is of two sided allot of scan is associated to it beside one may not really know the outcome. In my opinion having five BTC and still seeking for cloud mining is not a good idea to follow, I believe if you can venture mining farm can look for one or two person who have interest to partner with.

I guess we have to wait for @sheenshane to explain us where he saw cloud mining on that Kucoin pool mining tutorial page he shared.

Word mining is the biggest trick in this type ^{cloud mining} of fraud. Almost everyone knows that cryptocurrency mining exists and that many have made serious money through it. That's why it's easy to sell the story to the ignorant through cloud mining, even if you can make a parallel with big services like Binance or Kucoin, it can sound quite convincing.
I would not recommend any service that I have not personally tried. I also assume that shesha has never used Kucoin's mining service

As far as I know (I checked their website and couldn't find anything of that sort, but maybe I missed it), Kucoin doesn't offer any type of mining, they merely have tutorials on it.

Did some digging and found kucoin used to offer cloud mining -- emphasis on "used to" so perhaps there was some confusion on sheenshane's end? Minimum shouldn't be 5 BTC as well.

Their cloud mining biz was so fleeting so I'm not surprised this is my first time hearing about this. If I'm not wrong, the timeline started on 2022 and ended on 2023 lol because earliest stuff I could find were all on 2022 and then there was this 4 month old reddit post implying it's long gone, see: https://www.reddit.com/r/kucoin/comments/17ohffa/kucoin_screwed_bitcoin_cloud_mining/

You've got to be ****** me:


For real?

As for the timeline, maybe only 5 months in 2023?
https://www.kucoin.com/news/en-kucoin-pool-launches-the-cloud-mining-partner-recruitment-program

https://blockworks.co/news/kucoin-mining-pool-halt-operations

They closed it at the same time as Viabtc, June and July were terrible, the income dropped to some 6 cents/th, just for comparison one year before they were at 12 cents and in 2021 at over 30cents.

Thanks for the replies.