Cloud mining - why?

[imstillthebest]

so why do people buy these contracts?

Mostly ignorance and their want to join the "crypto hype train". The same reason why people frequently get tricked into investment schemes. Even a quick Google search would immediately let them know how bad of an idea paying for cloud mining is.

Pretty much yeah.
OP suggested that people buying contracts because they expect price of bitcoin to go so up high that they're going to be in profit eventually.
But most of the time people sleep on doing math, relying on their expectations and assumptions

we all know that every bitcoiner expect a high price for btc but this isnt the main reason that someone pays for a cloudmining but because these people are lazy to run a mining on thier own  , thats why they just pay for someone else to run it and get some comisions but cloudmining is also known to be one of the risky investment on this space   . idk why its risky  , because thier costumers are paying for the expense at the first place  .  if mining hardware wont run in the long run then why not they sell it and run another one

[Slow death]

when people think of ways to increase their bitcoin and then investigate the various ways to increase their bitcoin they are faced with options such as:

1 - make trade (something risky that can make them lose money and forces people to spend many hours on the computer)

2 - Hold will only have the same amount of bitcoin, but may have more FIAT

3 - investing in altcoins, but they will also be taking great risks of losing many bitcoins

So they look at cloud mining as the perfect option because it is offering returns with no risk of reducing the bitcoin they are investing and without the risk of having to spend hours on the PC, cloud mining would in that case be the savior for many people... of course we know that the owners of cloud mining are basically the only ones who earn money and we also know that there are many HYIP/PONZI sites that disguise themselves as clooud mining, but for people who want to increase their bitcoins and are lazy will take the risk to use cloud mining sites

[michellee]

Stay away from cloud mining because that is not recommended way to make money or earn bitcoin reward. We don't know how long the company will stay online or exist, but you will not make a profit even if you can, you need to wait for a long time before you can get break even. If you have a lot of money, and you have low electricity fee, you can start on your own, so you can know how long you can make a profit.

[Saisher]

Can someone help me understand the point of cloud-mining and why anyone would buy a cloud-mining contract? For every one I've looked at, the cost of the contract far outweighs the amount of bitcoin that would be mined, so why do people buy these contracts?

The only way I can see it 'could' be beneficial is if you purchased a contract some time in the future at a fixed price, and by the time your mining contract begins the value of bitcoin has risen significantly and outweighs the cost of the contract - or is that the point, like some sort of gamble?

Cloud mining is a thing of the past, don't anyone fool you even if they promised you high interest or profit, they cannot sustain, in fact many small time miners are selling their mining rigs because they cannot keep up anymore, you are better buying Bitcoins and other mine able coins, in two years time there will no cloud mining site, because it's not going to be profitable it's more of a Ponzi scheme

[aioc]

You are always better off just buying and holding bitcoin for the long term. Just stay away from the cloud mining contracts. The companies are in business to make a profit for themselves, not the investors.

I agree with your opinion, you will have no issue or problems holding Bitcoin, these cloud minings are suspects because they cannot sustain mining at this point in time after the halving, some small miners are already selling their mining rigs a clear sign that mining is not for everybody and that includes cloud mining which is actually Ponzi scheme.

[subSTRATA]

Can someone help me understand the point of cloud-mining and why anyone would buy a cloud-mining contract? For every one I've looked at, the cost of the contract far outweighs the amount of bitcoin that would be mined, so why do people buy these contracts?

most people usually don't want to financially commit to a profitable mining setup. 'cloud mining,' as it is nowadays is attractive for people new to the cryptocurrency scene as it appeals as 'free money.' however, as they are new, they're usually unaware of the prevalence of pyramid schemes related to cryptocurrencies.

The only way I can see it 'could' be beneficial is if you purchased a contract some time in the future at a fixed price, and by the time your mining contract begins the value of bitcoin has risen significantly and outweighs the cost of the contract - or is that the point, like some sort of gamble?

i've said this many times before in other threads: there is no reason for a business to sell you their resources at a loss. you are not making money off of this, they are. on the chance there was a cloud mining op that was legitimate, they would have zero reason to help out a consumer make money when they could be using the hardware to make more money; hence by selling you this service, they ultimately make money off of the consumer.

cloud mining hasn't been legit since cex.io anyways. i'm more than comfortable labeling any recent cloud mining op that pops up as a scam with cursory examination.

[Taskford]

You are always better off just buying and holding bitcoin for the long term. Just stay away from the cloud mining contracts. The companies are in business to make a profit for themselves, not the investors.

I agree with your opinion, you will have no issue or problems holding Bitcoin, these cloud minings are suspects because they cannot sustain mining at this point in time after the halving, some small miners are already selling their mining rigs a clear sign that mining is not for everybody and that includes cloud mining which is actually Ponzi scheme.

If they do some research regarding on how those mining things works for sure they will be turned of for the returns given from this business option and for investment for sure it will give the same reaction since how could the cloudmining  earn while the real one cannot even get a profit for their rigs so by this is a clear sign that people should avoid cloudmining since they are running a ponzi scheme system where for sure they will turn scam. I would rather buy bitcoins and hold since it will give more better result than investing at this type of bad option.