Cloud mining Advise

[notlist3d]

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

I HIGHLY recommend not signing up with a brand new mining service.  There is no history or anything to judge them on.

Also if you pre-paid for a cloud service that is also bad.  Do not pre-pay before they have even launched a product.

[CryptBit]

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.

I think its a good choice. Running actual mining gear and paying all the bills that comes with it is too much hassle for me.

[master sato]

apparently the consensus is that mining isn't profitable and cloud mining is even worse

[CryptBit]

apparently the consensus is that mining isn't profitable and cloud mining is even worse

Basically. But if you don't want to take care of hardware mining then cloud mining is the best bet for you.

[coaltin]

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

I HIGHLY recommend not signing up with a brand new mining service.  There is no history or anything to judge them on.

Also if you pre-paid for a cloud service that is also bad.  Do not pre-pay before they have even launched a product.

I just invested $1 with them.So that's not much to worry about
 

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.

I think its a good choice. Running actual mining gear and paying all the bills that comes with it is too much hassle for me.

I second on that.

[winspiral]

If all goes well I will try running next week a cloud mining site for the fun.
So far I have always mad few satoshi with nothing...it is why i'm almost sure that I can do few satoshi with nothing AND an antiminer U2

[BitcoinNewsMagazine]

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.

First, you really should be thinking about trading hosted mining instead of just buying cloud mining, and never consider an outfit where you cannot sell your hash (like Genesis Mining.) Earlier this year it was not hard to make 15% per month trading hash at Hashnest. I blogged my experience at how to profit with Bitmain Hashnest.

Right now and for next year I also expect the action to be at Hashnest. S7 hash is scheduled to start trading October 10 and you can bet I will be trading and blogging my results. It is all about buying hashrate when prices are in an uptrend and selling for profit with mining income as a bonus.

[figmentofmyass]

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

And yeah I know from experience

^^ anyone posting in this thread about how they are currently paying for cloud mining or looking to start---this is what you will sound like. everyone of them eventually shuts down and runs with everyone's money. and you're never getting it back.

[Echye]

Most of cloud minings tell you that you'll break even in 1 year and 1 month and most of the times the site turns into ponzi before that

[vendetahome]

the best advise would be not to do cloud mining in my opinion as it will take a lot of time until you will make the roi and the website can easily turn to scam a few days after investing

[figmentofmyass]

Most of cloud minings tell you that you'll break even in 1 year and 1 month and most of the times the site turns into ponzi before that

exactly. i don't know why bitcoiners have this obsession with investing their bitcoins. most investment schemes are outright frauds, and those that aren't are highly speculative. bitcoin itself is already highly speculative. makes more sense to me to ride BTCUSD as an investment and swing trade the market. much safer than dealing with dodgy schemes.

[Amph]

apparently the consensus is that mining isn't profitable and cloud mining is even worse

Basically. But if you don't want to take care of hardware mining then cloud mining is the best bet for you.

i would do it only for the cost of electricity, cloud mining was born to help those with high bills cost, nothing more or less, the trouble for contorlling your HW is a plus

but at this point only hashnest has the s/, which mean that you have one option only

[CryptoTrout]

ya my advise is dont cloud mine

[leex1528]

I have fallen victim to the Cloud mining, aka PBMining.  I thought it was great, I just started out and figured hey I can mine coins without the cost of electricity, well I ended up losing about .5 coins on their site and never got anything back.  Unfortunately mining in general is just not a good way to make anything.

[figmentofmyass]

Unfortunately mining in general is just not a good way to make anything.

mining is actually quite profitable. i know miners that produce coins at ~ $80/coin. considering BTCUSD price is at $236 right now, that is pretty damn profitable. the thing is---you need a lot of capital to reasonably scale your operation (no point mining for pennies) and you need access to new generation chips (connections to manufacturers) to compete re: difficulty.

[leex1528]

Unfortunately mining in general is just not a good way to make anything.

mining is actually quite profitable. i know miners that produce coins at ~ $80/coin. considering BTCUSD price is at $236 right now, that is pretty damn profitable. the thing is---you need a lot of capital to reasonably scale your operation (no point mining for pennies) and you need access to new generation chips (connections to manufacturers) to compete re: difficulty.

What coin are they mining?  What are they using to mine?  How much is their electric bill?  I was under the impression that it is next to impossible to gain anything from mining BTC.

[figmentofmyass]

Unfortunately mining in general is just not a good way to make anything.

mining is actually quite profitable. i know miners that produce coins at ~ $80/coin. considering BTCUSD price is at $236 right now, that is pretty damn profitable. the thing is---you need a lot of capital to reasonably scale your operation (no point mining for pennies) and you need access to new generation chips (connections to manufacturers) to compete re: difficulty.

What coin are they mining?  What are they using to mine?  How much is their electric bill?  I was under the impression that it is next to impossible to gain anything from mining BTC.

bitcoin. i only know most of the details for one friend in british columbia---but others have told me they are still very profitable. he has new gen spoondoolies and upgrades regularly. IIRC he pays less than 9 cents per kwh.

like i said, it's all about capital-->scale, electricity cost, access to new generation miners. so yeah, casual miners who want to point their GPUs at bitcoin mining pools or people with Rasberry Pis should not expect to make anything.

[Blawpaw]

I guess you can make some +profit with Hashnest if you keep a good management of mining along with trading GHS. you will Only make some profit by trading GHS, not by mining.

[Hugroll]

if cloudmining ROI is so bad why do people still use them? 

[Amph]

if cloudmining ROI is so bad why do people still use them? 

because everything else is even worst right, now, aside from signature what are the other good option? nothing

if you can wait for your roi then it's pure profit, with cloud mining or home mining, it can be worth it in some cases