What's cloud mining?

[PeRo]

I know about normal mining, but I've never heard of cloud mining.

[xinzark]

Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of mining allows users to mine bitcoins or alternative cryptocurrencies without having to manage their own hardware

More info at : https://en.m.wikipedia.org/wiki/Cloud_mining
Do some Google search before asking dude

[GermanGiant]

I know about normal mining, but I've never heard of cloud mining.

Cloud Mining is a type of bitcoin mining, where user do not need to bother about hardware maintenance. It is rather a type of long term investment from user point of view. One may use mining profit calculators like http://www.cloudmining.website/calculator.php to pre-calculate his ROI time.

[traderbit]

I know about normal mining, but I've never heard of cloud mining.

Cloud mining with my own words i understand that i have to send them my bitcoin and they mine bitcoin behalf of me, and they will pay me daily/weekly or monthly depending from their contracts, but i wouldn't put any money on them because of the recent scams.

[mrcash02]

Basically you buy some virtual "Mining Power" on a site and they give you a Crypto-Currency income every second, minute, hour, day (depending of site)... Looks good, but it's not profitable. Just an illusion to make people believe that they can earn money on "cloud" without any effort.

As you are starting I suggest you to know more about this kind of investiment, but think twice before invest money on any site like that.

[Southpaw0]

cloud mining is just another term for ponzi scheme. timetobit is a perfect example why not to invest into cloud mining.

[Superhitech]

cloud mining is just another term for ponzi scheme. timetobit is a perfect example why not to invest into cloud mining.

Not all cloud mining services are scams, you just have to be very careful as a lot of them are.

OP, if you are thinking of investing into a cloud mining service, I'd advise you to hold onto your money. Get to know the bitcoin community and how it works before you invest; if you are looking to make bitcoins, try selling your services/things you don't need in the marketplace section of the forum.

[Herbert2020]

Basically you buy some virtual "Mining Power" on a site and they give you a Crypto-Currency income every second, minute, hour, day (depending of site)... Looks good, but it's not profitable. Just an illusion to make people believe that they can earn money on "cloud" without any effort.

As you are starting I suggest you to know more about this kind of investiment, but think twice before invest money on any site like that.

it is not "virtual" mining power, it should be real mining power generated with real mining equipments, and you buy that "real" hash power with your bitcoin in order to share in the profit of mining. the reason why it is not profitable is just because of bitcoin price and the maintenance fees

if the power is virtual then the mining is virtual hence it is a ponzi scheme.

[Text]

Cloud mining is related to investment. You need to invest there to join the networks. If your money you can afford to lose then go but wait, you must make a review first on the site that you will be joining... check the services if it's okay and the feedback of their users. In my side, I have already avoided because of the gossips around about scamming, so beware.

[BitcoinSupremo]

Basically cloud mining is you use another person or persons database remotely, the concept is beautiful itself, but it has given power to many ponzi scammers that just open a website without any real data that they are mining and are taking money from people without actually mining any coin. Cloud mining right now is not profitable at all so better stay away, better safe than sorry.

[cryptodevil]

*snip*

OP and anyone else who may not be aware:

GermanGiant is a known shill for, and suspected operator of, the 'cloud mining' fraudulent ponzi scam he promotes.

Avoid all cloud mining operations and simply rent a rig or hash from a legit service where you get exactly what you pay for.

[ranochigo]

Basically cloud mining is you use another person or persons database remotely, the concept is beautiful itself,

That is when you rent hashrate from other users. Buyers are not given direct access, the hashrates are directed to the user's specified pool and account.
Most commonly, cloudmining involves a user buying mining hashrates from a website and earns a portion from it. The company runs a huge array of ASICs in a datacentre and generate profit. A user is given the payout after deducting the costs.

but it has given power to many ponzi scammers that just open a website without any real data that they are mining and are taking money from people without actually mining any coin. Cloud mining right now is not profitable at all so better stay away, better safe than sorry.

That's true. However, companies such as Cex.io proves their legitmacy by allowing the users to exchange their shares for actual ASICs and the users can see their blocks mined by the coinbase of the blocks. This is definitely not foolproof however, there is always a chance for them to run away. ASICMiner is one example.

[Text]

He may get the payout for the first time let's say and the second time but there is no assurance there. It is not advisable if you are looking for a long time investment. A big chance is waiting for you to be scammed so you better stay away from it and look for other way to earn not to lose.

[teddy5145]

i invest more then 4 cloud mining now..i get my payout everyday without any problem.and i alraedy reach my roi there lol

You do realize by making ROI there it means  you are taking other people's money right ?
Cloud mining these days are just some Ponzi scheme tricking you thinking you made a real legit investment, while it's not in reality

In case you need reference
https://en.wikipedia.org/wiki/Ponzi_scheme