Truth Needed About Cloud Mining

[knightkon]

I have been tossing around the idea of getting into the mining game. I do not mind spending some money to get it going, but I am being told unless I go big, I will be wasting my money because I will no bring in enough to make it worth my time.  I was also looking at cloud mining, however there are so many scams out there, how can I tell what cloud mining is worth it.  I really do not understand the process of the cloud mining.  If these companies have the mining equipment that can bring in the profit for the cloud miners, then why would they not just put it to work and let it make them the profit instead of leasing the profit out?  Just a few questions I would like some opinions on.

[achow101]

The vast majority of cloud mining sites are scams. The only legitimate ones I know of are hashnest and bit-x. Even legitimate cloud mining is unprofitable due to the fees that they charge which is why they make money.

[vengeful]

if i'm not wrong,every successful venture needs a good investment, s that being said the fees that the cloud mining services charge also allows them to invest more in to mining equipment which in turn increases their chances of stumbling into more bitcoins... they then give a part of it to us, the 'investors' which may promote many of us to invest more again... and thus, the cycles continues...

[Phildo]

if i'm not wrong,every successful venture needs a good investment, s that being said the fees that the cloud mining services charge also allows them to invest more in to mining equipment which in turn increases their chances of stumbling into more bitcoins... they then give a part of it to us, the 'investors' which may promote many of us to invest more again... and thus, the cycles continues...

Yes, the cycle of taking money from you and giving it to electric companies and hardware providers.

[favdesu]

Truth is: all cloudminers are scam or will never ROI you. don't bother with them, every second you think about cloudmining is a wasted second

[Ceizer54]

The truth about cloud mining sites is that most of these sites are scam and they are just like hyips .they just simpulate fake mining on the site and actually doesn't mine..they will pay you till other people continue to buy the subscription.I am not saying all of cloudmining sites are scam but yes majority of these sites results in scamming peiple.
if you still want to try cloudmining then go with cex.io. it's oldest and better then any other site

[mobnepal]

Yes these days there are many sites claiming they are real mining company and say to trust them. But actually with high electricity cost and setup cost for real mining with difficulty of today. It is not profitable to do mining unless you have free electricity or similar to it. Try to setup own mining ring than investing in minining sites.

[pandacoin]

All truth you need is on this topic: https://bitcointalk.org/index.php?topic=878387
Check Puppet's 7 rules before invest and you're safe.

[BitcoinNewsMagazine]

The truth about cloud mining sites is that most of these sites are scam and they are just like hyips .they just simpulate fake mining on the site and actually doesn't mine..they will pay you till other people continue to buy the subscription.I am not saying all of cloudmining sites are scam but yes majority of these sites results in scamming peiple.
if you still want to try cloudmining then go with cex.io. it's oldest and better then any other site

cex.io stopped offering hosted mining January this year. OP: there are legitimate cloud mining (or hosted mining) providers. The way to know the legitimate ones is to check to see if they have an exchange where you buy and sell hashing power.

Right now there are three: Hashnest, Bit-X and BW.com. Hashnest is most popular and run by Bitmain. Bitmain introduced the most power efficient SHA-256 consumer miner (S7) last month. S7 hashing power will be trading on Hashnest October 10. Expect ROI to be about a year. However, buying and holding is just one way to approach Hashnest. The other is trading hash, buying low and selling high while earning mining income as a bonus. When you buy at one of the three I listed you can sell your hashing power at any time, something you cannot do at an outfit like Genesis Mining.

[tiggytomb]

You have to wait such a long time to get a return on your investment it is not even worth it and chances are that the site you join will end up a scam, this seems to be a popular way of stealing everyone's money which really really sucks.

[avatar_kiyoshi]

I have been tossing around the idea of getting into the mining game. I do not mind spending some money to get it going, but I am being told unless I go big, I will be wasting my money because I will no bring in enough to make it worth my time.  I was also looking at cloud mining, however there are so many scams out there, how can I tell what cloud mining is worth it.  I really do not understand the process of the cloud mining.  If these companies have the mining equipment that can bring in the profit for the cloud miners, then why would they not just put it to work and let it make them the profit instead of leasing the profit out?  Just a few questions I would like some opinions on.

AFAIK there are some cloudmining which like everyone said, hashnest and bit-x. you can calculate your earning with bit-x mining calculator, but the difficult is always increased, so i think it will effect to their mining profit.
you can trade your ghs to btc if you think your mining activity is not profitable.