Is Rented Mining/Cloud Mining Worth It?

[CipherPelf]

I'm new to this and would like to know if cloud mining or renting rigs is worth it. thanks.

[BitcoinNewsMagazine]

No, most of them are ponzi scams and think about it why would they sell hashrate and you be able to make a profit when they could mine themselves not make a website not pay for staff and make a profit?

That is a pretty sweeping statement. No one considers Hashnest a scam. If you cannot accommodate an Antminer S7 at home you will be able to buy hosted S7 GH/s this weekend, it will be interesting to see what the market considers fair value.

[Quickseller]

No. You pretty much universally should not invest in cloud mining.

I would say there is a pretty good chance that Hashnest is not a scam, however investing in hashnest is almost certainly going to result in a lower return (or a higher loss) then if you had owned the miners outright, plus you are taking the risk of trusting your (virtual) miners with a third party

[bitwarrior]

I do not think that cloud mining is worth of an investment in the long run. Specifically I doubt you will ever reach a return of your investment as well , you should consider also the factor of the difficulty of mining is rising exponentially and the volatility of BTC price.

[nwfella]

Is Rented Mining/Cloud Mining worth it?!  No, no, and hell no!  Mining with your own equipment isn't really profitable let alone trusting somebody else to do it for you.

[subSTRATA]

everyone's already made their points on cloud mining, so ill go ahead and make my points on renting hashing power: its not worth it either. there is no reason for an individual who owns a miner to give you their equipment's hashrate when they could be making more with that equipment by mining, or in other words, they are making a profit off of anyone who rents out their equipment.

[SFR10]

In case of renting mining from somebody else it could go anyway which mostly is bad for you overall in terms of money your going to gain, a lot can go , they can take ur money and just run (you never know), the equipment itself could get damage and there the waist of time and money (based on experience it happened to me after only 8 days of renting and there was when the guy made excuses and eventually disappear)

In terms of cloud mining, if you look at in general, most of them turn out to be scam and runaway with your money, you never know when it happens , you might invest today and tomorrow they start scamming people

So my answer is, No ... never ever invest in something that you don't have the full control of it

[user64]

No buddy, most likely you will not receive any returns on your investment. Most are ponzis anyway from experience. Save yourself the stress, fustrations and dissapointmet.

[BitcoinNewsMagazine]

Earlier this year when bitcoin price was in an uptrend from $230 to $290 I was making 15% monthly trading contracts at Hashnest, so yes, there is money to be made there. I am looking forward to the S7 contract starting trading this weekend. I will outline my S7 trading strategy and blog results at my magazine.

[CipherPelf]

Earlier this year when bitcoin price was in an uptrend from $230 to $290 I was making 15% monthly trading contracts at Hashnest, so yes, there is money to be make there. I am looking forward to the S7 contract starting trading this weekend. I will outline my S7 trading strategy and blog results at my magazine.

That would be insightful.

[mindrust]

Nah, it doesn't worth a bit. Every cloud mining company will be collapsed before you get your ROI.

Stay away from life-time contracts especially. It is a lie.

[BitcoinNewsMagazine]

Nah, it doesn't worth a bit. Every cloud mining company will be collapsed before you get your ROI.

Stay away from life-time contracts especially. It is a lie.

I do not hold hashing power longer than 3-4 months. Any S7 hash I buy on Hashnest will be sold at a profit long before the block halving next summer. Talking about trading, not holding GH/s long term. You are right about life time contracts, they are designed to benefit the seller. Anyone who buys now at any other provider than Hashnest e.g. Genesis Mining will have their contracts cancelled after the block halving when fees are greater than profits.

Another route that some take is to buy the newest and best hardware as soon as it hits the market. Many who took delivery of S7's this month will only mine for 4-6 months then sell on Ebay.

[avatar_kiyoshi]

I'm new to this and would like to know if cloud mining or renting rigs is worth it. thanks.

Recently too many based on ponzi scheme, nowadays hashnest and bit-x is dominate for cloudmining, but remember.. don't invest if you can't afford to lose.

Well you have a plan to rent cloud mining, it's means you have a budget to spend, better to keep it on secure wallet.