Cloud mining Advise

[knightkon]

I am thinking of cloud mining to save me the hassle of the equipment and all.  Is this a good choice?  If it is what would you recommend and where should I start?  I have seen many threads in here about it, but it is hard to tell which is good and which is a bad idea to listen to.  The only mine I seen is .001 per Gh if you buy 20k GH.  Now are these charges for the entire contract or just for the month?  It is so confusing.  Thank you in advance for the help.

[Xialla]

hello and firstly, welcome to the board.

I have to disappoint you right from the start, but avoid any form or provider of something what is including "cloud" in bitcoin world. it is usually full of scam or offers, which will never bring you any profit or/and works like ponzi without real HW behind.

yes, there are some legit cloud providers, but as mentioned earlier, they are not profitable at all. you can read explaining post about "cloud" stuff here to fully understands the details:

https://bitcointalk.org/index.php?topic=878387.0

cheers.

[kevindurant]

I am thinking of cloud mining to save me the hassle of the equipment and all.  Is this a good choice?  If it is what would you recommend and where should I start?  I have seen many threads in here about it, but it is hard to tell which is good and which is a bad idea to listen to.  The only mine I seen is .001 per Gh if you buy 20k GH.  Now are these charges for the entire contract or just for the month?  It is so confusing.  Thank you in advance for the help.

No, it's not a good investment choice. You probably lost your money to cloud mining companies.
Most of the cloud mining firms are ponzis.
Legit cloud mining firms has no ROI chance in their package. High maintenance fees, low earnings. It's almost impossible to gain anything from them.
Stay away from cloud mining!

[GermanGiant]

The only mine I seen is .001 per Gh if you buy 20k GH.

Could you please let us know which cloud mining you are talking about here ?

Regarding profitability, once you know the price of Ghash for your chosen cloud mining website, you may use any of the following calculators...

i. www.cloudmining.website/calculator.php

ii. https://alloscomp.com/bitcoin/calculator

[Mickeyb]

As the posters above me already suggested, stay away from the cloud mining completely. In fact, mining at all, here I mean mining with your own rigs has become totally unprofitable unless you have a source of a very, very cheap electricity. If you don't, stay away.

You are better investing directly into Bitcoin start-ups or just buying bitcoins and stashing them somewhere.

Good luck!

[dukeneptun]

I have to say this at first you shouldn't invest in cloud mining. But if you really want to do use Genesis Mining or Hashnest. Other sites are known ponzi systems.

[notlist3d]

It is not a simple topic just look down a few threads - https://bitcointalk.org/index.php?topic=852857.440

Biggest thing is picking a "real" company.   I stick with check history and check if they have verified equipment.  And remember it is not without risk.  Make sure to do ROI math.

[knightkon]

Thank you all very much for the info.  I understand and agree after doing some research from what you all said.  I am looking to invest a little bit of money for the long term and I do not know where to do it.  Bitcoin is still in its baby stage and has the potential to take off if it is done right.  I just want to be in here somewhere.  Any recommendations as where to invest and make a good return?

[lissandra]

It is not a simple topic just look down a few threads - https://bitcointalk.org/index.php?topic=852857.440

Biggest thing is picking a "real" company.   I stick with check history and check if they have verified equipment.  And remember it is not without risk.  Make sure to do ROI math.

Or to make it easier, pick with a already known asic producer, one of them is hashnest which has been around for a long time.

op, i suggest you check your comparison, but you want to factor the option to sell off your hash as well which can save your from major loss.

[luciann]

As the posters above me already suggested, stay away from the cloud mining completely. In fact, mining at all, here I mean mining with your own rigs has become totally unprofitable unless you have a source of a very, very cheap electricity. If you don't, stay away.

You are better investing directly into Bitcoin start-ups or just buying bitcoins and stashing them somewhere.

Good luck!

not all are bad.

I`m with genesis ming and just started recently and they accept credit cards.

So if anything does go back, I`ll do a charge back.

[minernoob1]

My advice is like most above me. Do not join any cloud mines unless you see them post proof of the miners. Even still use caution if they did post proof. It is too easy for them to steal it.

[notlist3d]

It is not a simple topic just look down a few threads - https://bitcointalk.org/index.php?topic=852857.440

Biggest thing is picking a "real" company.   I stick with check history and check if they have verified equipment.  And remember it is not without risk.  Make sure to do ROI math.

Or to make it easier, pick with a already known asic producer, one of them is hashnest which has been around for a long time.

op, i suggest you check your comparison, but you want to factor the option to sell off your hash as well which can save your from major loss.

The only thing is if you compare just producer part asic miner would have gotten through your varibles.  And we all know how bad asic miner ended up.

So I would say use multiple variables like i suggested.   But that is not normal I would agree on that.

[jacee]

As far as I know there is really no guarantee that you can be safe with these cloud minings. I have tried a lot of them already and none of them has really been succesful. Unless you are lucky enough to find cloud ming that does really mine. Like what they already said. Just stay away from it. Better get your own mining rigs if you want to earn from it for a long term.

[favdesu]

don't. almost all cloud miners are not really mining, but just a ponzi scheme. you can only lose. few legits are far from being lucrative, that's a waste too.

[notlist3d]

don't. almost all cloud miners are not really mining, but just a ponzi scheme. you can only lose. few legits are far from being lucrative, that's a waste too.

In my count I have come up with 2 I believe to be legit.  Which is very sad considering there are a lot more then that out there.

But there are a few.... but sadly a lot of ponzi sites have given this area a bad reputation.  Ask what gear they are using that will get rid of a lot of the ponzi's, also try to verify that if possible.

[klf]

here's a advice dont trust the majority of Cloud mining companies, and be sure to do your own extensive research before investing into anything.

[zifford]

Ummm. my advice: Don't trust those scammers. Cloud mining = scam central. Prolly better off gambling it away........

And yeah I know from experience

[Pursuer]

check out the services discussion thread (https://bitcointalk.org/index.php?board=85.0) I think it can give a good idea what you are dealing with.
but it is known that cloudmining was never a profitable investment, they are either scam Ponzi schemes or the legit ones because of low bitcoin price and high difficulty , increase the maintenance fee until you are losing money instead of earning .

[koinsuka]

investing in cloud-mining sites should be done
selectively and choose a business that has operated at
least 1 year

[coaltin]

Recently I have invested with a cloud mining : Ethcloud.They're still to be launched publicly.