Here’s why Cloudmining or hosted mining is not profitable

[robelneo]

I hate that we have so many discussion about cloud mining being not profitable and they are all scam and yet there are people who falls for this, like this guy who invested €11,000 in a crypto mining

[SCAM ALERT] Cryptokeying.net blocked €11,000 – changing terms, demanding mor

This would not have happened if he only took a minute and checked if the platform was legit and if cloudmining is a good platform to invest in. Again, another newbie mistake that cost him a lot of money. Too much greed will really blind our judgment.

[r_victory]

When I first learned about cryptocurrencies and heard about mining, I didn't have a good computer or the resources needed for the activity. Later, I saw some websites that offered “cloud mining” and decided to give it a try. I didn't invest much, and I wasn't scammed, but I realized that to “profit” I would have to buy more expensive plans, which I didn't do. Nowadays, the company no longer exists, and many of those from that time have become scams.

I don't think it's viable to “mine” this way. It might be more profitable to mine less competitive coins that require fewer resources, I don't know, it's just an idea.

[ZAINmalik75]

When I was a beginner in this space, I thought that cloud mining was like a shortcut to mining and would support the network of availing these platforms' cloud mining contracts. But I was wrong, and most of them are scams; if there's one legit, the rest of the thousands are all scams. And note that the genuine one is full and has no longer contracts remaining. And let's say being a real miner with the hardware, I don't think it's profitable so it's best to just buy and hold Bitcoin for our own convenience.

Lol, you reminded me of the old days. Just like you, when I was a beginner in this space, I used to believe that cloud mining is a legit thing and the platforms that are offering those rewards for investing with them are actually mining Bitcoin and sharing the rewards with you. I even remember participating in many of such platforms back in the day because I used to think they are the best way to increase your bitcoins or have more money because the offers they used to have were always very good.

Fast forward a few years, I realized that this whole thing is nothing but a scam because their offers are actually unrealistic and false and they are not actually mining Bitcoin but they are paying you with the money they are getting from other users and vice versa. I never lost any money with them because I used to withdraw before they turn into scams, but later I realized it wasn't what I was expecting.

[348Judah]

I used to see some putting in more efforts on the farming of these projects with the aim believing that they will get rewarded heavily in them, only to discover that it was nothing than a waste of time, we can hardly see the experienced members running after these, after knowing that it's nothing to pay them after considering the efforts rendered, while some never understand on all these and why they have to differentiate between the bitcoin mining and the cloud mining.

[Blockchain History]

A very well written article about Cloudmining and hosted mining. After all we can say Cloudmining and hosted mining is just not profitable anymore because a middleman is involved. Profits are directly shared and we are left from whats up on profits, sometimes not much about margin.

[Peanutswar]

Its considered as a waste of time because its just a scam. When i was a newbie that time in crypto space ive seen tons of video told that they earned a lot through out just using their browser or the internet itself and withdrawn the funds instead its just a waste of time and just a promotion for referral after that they seek a number of invites and deposit to withdraw your funds. After that just lately discovered its just a scam and just waste of energy.

[mikeywith]

cloud mining and hosted mining are legit business ideas, they just happen to be abused by scammers and now at least the vast majority of them are scammers. With that said, you metioned coders/developers in you post and that is irrelevant,  those people don't give you any advantage as far as mining is concerned, also, who finds the next block is also irrelevant -- mining is a competitive business but not in the way that most people understand.