Hashnet Cloud Mining - Feedback please

[Lionidas]

I would think that most of the mining pools are doing this type of business to sell off their hash they are accumulating anyways. Makes perfect business sense to do so.
Just saw a website from the states who have started a mining pool with their mining farm and are offering to sell off the hash to who wants to 'rent' their hash which is what cloud mining is.
Whether that company is legit because they claim the hash they are selling from one location in China another from Brazil and one from Britain. How they can prove this? They didn't on their site. They are just saying they are.
So you judge whether a company you are renting from actually has what they claim to have in operation for them.

[giveen]

Hmm i checked the site and it looks legit to me but of course at the first site even genesis mining felt legit to me.Cloud mining is really risky to  invest and get a profit and if they claim to be legit and are actually mining then it can take more than year and a half to just get your investment back. It's better if you invest in any dice site and leverage 1 and enjoy 1% profit per month.

[Lionidas]

Hmm i checked the site and it looks legit to me but of course at the first site even genesis mining felt legit to me.Cloud mining is really risky to  invest and get a profit and if they claim to be legit and are actually mining then it can take more than year and a half to just get your investment back. It's better if you invest in any dice site and leverage 1 and enjoy 1% profit per month.

Invest in a dice site?
You jest right?
How is investing in a site where gambling in bits be more profitable then a cloud mining site even if it is considered a ponzi scheme at least you would get back you investment in a year. While putting your btc into a dice site you are not guaranteed to get your invest back within that same time frame.
Atleast you know those miners are working to get hash and you don't know if these dice sites will sudden decide to fold and close up shop because someone won the entire bank in an impossible roll due to probably fairness imposed on these sites.
Doesn't make much sense to me.

[Wusolini]

Hmm i checked the site and it looks legit to me but of course at the first site even genesis mining felt legit to me.Cloud mining is really risky to  invest and get a profit and if they claim to be legit and are actually mining then it can take more than year and a half to just get your investment back. It's better if you invest in any dice site and leverage 1 and enjoy 1% profit per month.

Invest in a dice site?
You jest right?
How is investing in a site where gambling in bits be more profitable then a cloud mining site even if it is considered a ponzi scheme at least you would get back you investment in a year. While putting your btc into a dice site you are not guaranteed to get your invest back within that same time frame.
Atleast you know those miners are working to get hash and you don't know if these dice sites will sudden decide to fold and close up shop because someone won the entire bank in an impossible roll due to probably fairness imposed on these sites.
Doesn't make much sense to me.

Are you implying the cloud mining company are not going to fold? What if BTC price drops so much the mining is not profitable? You will be loosing money or your contract will be cancelled (like genesis m. is doing ... notice I wrote CANCELED and not put ON HOLD till price climbs back up).

You can always withdraw your investments from casino but from cloudmining? How would you get your invest back if you decide to quit? You would have to sell the account or so.
Also it's improbable for player to win entire casino bankroll ( max amount to win is usually only fraction of it ). Player would have to be superlucky and win multiple times in row.

Check this thread about investing in dicesites
 

[iqlimasyadiqa]

I do not recommend that cloud mining is a profitable investment. today many cloud ended mining scam.
they only calculated data mining hardware have without having actually means.

[lionheart78]

Good evening,

I hope you can help.

I have up to £35,000 to invest in bitcoin. Rather than buying and holding I’d prefer to invest that money into a mining operation, although it’s become apparent after some research that’s it’s being dominated by some big companies mainly out of China not to mention the speed of which hardware becomes redundant.

We can only help you by suggesting what we think what is right and base on our experience. And I can say that it's better to buy and hold rather than investing to any mining operation.

I agree that it is better to buy Bitcoin directly and hold it than waiting for many years before you ROI and worst, company shutting down before you even get 50% of your funds.  (I have been there and experienced it)

That leaves me with cloud mining, after some research I have found that Genesis mining whom are extremely well marketed are operating a scam. Which has left me with Hashnet… I’d appreciate your feedback on them?

Many thanks

There are people that earned to those cloud mining but it's reputation in the bitcoin community is just the same, they will soon collapse and it's tagged as scam.

The only people who earned from those cloud mining are the owner.  It always takes several years before you can see your investment to return.  Worst is that most cloudmining never lived that long.

I found many members here not positive on cloud mining. Is that I'm lucky enough that I earned around 0.02 from it. Of course I've quit already now  

Why  did you quit when you are earning?  It only means one thing, you know it is really not profitable in the long term.  I bet the earning you got are from the affiliate program of that  cloudmining.

[btcdiggingmaster]

Even I won't suggest, many members about cloud mining because you won't make enough money on your investment. Only few cloud mining companies are paying to their members on time, but also they are taking a long time to get returns from them. Many small companies are completely scamming the people after some time.

[naidray]

I don’t know why people don’t like it. Is it profitable to keep it?
I don’t think so ( I haven’t done the math so do that yourself you if you want to make sure) but there is a simple math out there.

The price of hash drops, the amount you make from mining drops too, but you keep mining. If your mining profit is bigger than the loss of price drop, sell. That way you can keep making profit.