Bitcoin Cloud Services - What Are They?

[TRLBitTrade]

I been in the Bitcoin business for a few months, but never go into mining. I recently saw something about Bitcoin Cloud Services. Can someone explain what these are all about? Are you basically paying for someone to mine for you? I haven't been able to really understand this idea.

[jonnybravo0311]

I been in the Bitcoin business for a few months, but never go into mining. I recently saw something about Bitcoin Cloud Services. Can someone explain what these are all about? Are you basically paying for someone to mine for you? I haven't been able to really understand this idea.

In a nutshell, yes.  Legitimate services have a bunch of hardware that is mining.  They charge you some BTC for some portion of their hash rate.  You earn coins based on the hash rate you purchased.  There are a variety of contract types.  Some will charge you X up front for Y time.  Others charge you X up front and Y in maintenance fees for unlimited time.

Be extremely careful.  There are far too many Ponzi schemes out there posing as cloud mining services.

[notlist3d]

I been in the Bitcoin business for a few months, but never go into mining. I recently saw something about Bitcoin Cloud Services. Can someone explain what these are all about? Are you basically paying for someone to mine for you? I haven't been able to really understand this idea.

Think of it as a long term rental.  You pay upfront for someone to run hardware for a certian period of time, and a certain amount of hash power. 

You have to be careful as there are many many scams, and ponzi schemes.  Always research the company you are thinking about going with, see what their history looks like.

Also use common sense if it sounds to good of price to be true, then chances are it's a scam.

[arallmuus]

I been in the Bitcoin business for a few months, but never go into mining. I recently saw something about Bitcoin Cloud Services. Can someone explain what these are all about? Are you basically paying for someone to mine for you? I haven't been able to really understand this idea.

There are only two ways on describing this service here

Negative way : they are a ponzi business that might end up anytime and you probably will not get what you put in the business , so better stay away from that business

Positive way : They are a cloud mining business. The same like mining at your own house, but this is that you rent hashes from someone let the business do its job. In short, you can avoid any kind of trouble rather than mining at your own such as noises, electicity cost, maintenance cost and get the mining revenue daily.

P.S : do some extra research about this, you might have some people telling you that they are legit sites

[Mayuyu48]

I been in the Bitcoin business for a few months, but never go into mining. I recently saw something about Bitcoin Cloud Services. Can someone explain what these are all about? Are you basically paying for someone to mine for you? I haven't been able to really understand this idea.

you buy hash rate from the company and start mining using their hardware
you can get bitcoin depend on your purchased hashrate, mining difficulty and some fees
Usually they offer you with few GHS rate or with high GHS rate with contract
I personally will avoid cloud mining because either is not profitable enough to reach ROI or could easily become scam service

[crazyivan]

Are you trolling or what? What s there to understand? You basically rent hash from someone else who mines for you.

[hiddensphinx]

This ponzi has run its course and has now stopped payments and locked their thread

[hermanto]

vodoo magic power santet dukun,dayak ,ceo gain karma no return money customers,,,,,

[el kaka22]

About Bitcoin Cloud services, that's what I think about them:
They are sites that sell cloud mining power (as stated by previous posts, so I won't repeat it).
However, I think that if you want to invest in one of them, choose by these criteria:
1. Check this forum's 'Scam Accusations' board, to find whether the site is listed in
2. Check the price of the hashing rates, the current market price is less than 2mBTC per GHS, so if a site offering more than this amount, don't invest there
3. If available, use a site that you can resell you hashrates. In case someone started to saying it is a scam, sell the hashrate immediately and you will lose less.
Hope these helps.

[khonggianmang]

I think, they are scam.
Why don't you use: hashnest.com ? Hashnest it's true cloud minning.

[dezoel]

they're scam site, I didn't trust them I saw for the first time,..
also some member here has complaint about their service ( they did not pay, -etc )...

[hermanto]

vodoo black magic ,,,,,,,,ceo bcs,,not back money custumer ,bad dream every day his life in word

[hermanto]

no news bcs??/

[Nahl]

now is very hard to looking for real cloud mining site because mostly cloud mining always sell ponzi scheme not really rent the mining machine
and unfortunately they always became a scam site in the end

[crazyivan]

This is exactly why I invest into PoS coins only. You can keep coins in your wallet and earn 50% annual interest without worrying if you cloud investment is going to run away one day.

Play safe, don't be stupid and let scammers rip you off.

[avatar_kiyoshi]

I been in the Bitcoin business for a few months, but never go into mining. I recently saw something about Bitcoin Cloud Services. Can someone explain what these are all about? Are you basically paying for someone to mine for you? I haven't been able to really understand this idea.

Cloud mining is service which you can rent hash from them, you buy a contract for mining. Most all cloud mining service is turn into ponzi scheme, although there still a cloud mining service which legit like hashnets, but it's not make a guaranteed if they will turn into ponzi scheme too.

[real789]

I been in the Bitcoin business for a few months, but never go into mining. I recently saw something about Bitcoin Cloud Services. Can someone explain what these are all about? Are you basically paying for someone to mine for you? I haven't been able to really understand this idea.

why so many thread like this, Bitcoin cloud service is totally SCAM and don't expect you can get your money