Are the cloud mining sites to go scam?

[anthonycamp]

Just a thought,

After bitcoin halving , the block reward will be reduced to half. So the profit will be decreased by 50% for miners.

Right?

Then what about the mining companies like hashocean? Will they shutdown?

Replies are welcome.

Ps: Correct me if I'm wrong on any thought.

[Herbert2020]

all the cloudmining sites will go bankrupt sooner or later because they are not really good businesses and they can't both profit and give their investors any profit.
besides almost all of them are scams or will turn into scams to run away with the most money they can get.

[pearl11]

Just a thought,

After bitcoin halving , the block reward will be reduced to half. So the profit will be decreased by 50% for miners.

Right?

Then what about the mining companies like hashocean? Will they shutdown?

Replies are welcome.

Ps: Correct me if I'm wrong on any thought.

Some of them,,but there is still some legit ones.. cloud mining shutsdowns because of one thing ,and that is halving.
So it is better not join in a cloud mining rightnow,,it is only safe to join when halving ends.

[nydiacaskey01]

I dont think theres one cloud mining site that is legit? An investor shpuld check first if site is transparent enough to show their operation is legit like show their mining rigs, area of operation, owners or operators should be made public.

[BitcoinNewsMagazine]

If the cloud mining site is a Ponzi they could care less about the halving, will stay afloat as long as new investors send funds allowing them to make payouts.

[Novalok]

It btc's value keeps growing then miners income wont drop too much. But i never trust cloud mining site in the first place.

[BitcoinNewsMagazine]

I dont think theres one cloud mining site that is legit? An investor shpuld check first if site is transparent enough to show their operation is legit like show their mining rigs, area of operation, owners or operators should be made public.

If the site has an exchange you know it is legititmate, like Hashnest and BW. Genesis Mining has no exchange but is considered legitimate, just has never been a good deal for investors. If you are going to buy hosted hashing power you should buy it at a site where you can also sell if you want or need to.

[carlisle1]

maybe they will turn into a scam . so it is not advisable to invest on cloud mining sites especially the bitcoin halving is approaching in this time they will have very huge scam because there are so many investors in their program . we are not sure what will happen soon but we need to be careful .

[ardentvolcanoes]

Just a thought,

After bitcoin halving , the block reward will be reduced to half. So the profit will be decreased by 50% for miners.

Right?

Then what about the mining companies like hashocean? Will they shutdown?

Replies are welcome.

Ps: Correct me if I'm wrong on any thought.

we don't know what would happen after that bitcoin halving but for this time it is not a good idea to invest on some cloud mining sites or any online investment i guess . maybe hashocean will shutdown their site or not we don't know . there's so many opinions and some saying that most of them will turn to scam to be careful with that it is a good idea to hold your bitcoin at this moment .

[Farma]

as far as my experience to the cloud mining sites, it is always a scam before your money back. Well I've been several times to join in such sites, and as a result I lost my bitcoin

[mindrust]

Nearly all of the cloud mining sites are scam. There are so little people who got their ROI from their cloudmining investments. They constantly raise their "maintance fees" and lower your profits and when you are so close to get your ROI you won't be earning anything.

Stay away from cloudmining.

[eternalgloom]

I dont think theres one cloud mining site that is legit? An investor shpuld check first if site is transparent enough to show their operation is legit like show their mining rigs, area of operation, owners or operators should be made public.

If the site has an exchange you know it is legititmate, like Hashnest and BW. Genesis Mining has no exchange but is considered legitimate, just has never been a good deal for investors. If you are going to buy hosted hashing power you should buy it at a site where you can also sell if you want or need to.

Funny story, for me it actually was a good deal to go with Genesis Mining, just not for mining Bitcoins. I had set my earnings on Dash when they were worth around 0.006 btc and received quite a lot, profited when they hit 0.02 btc and now I'm still getting some.

I estimate I'm now at around 50 USD profit.

And if you just hold all your earnings you could still get ROI from any coin if the price suddenly rises a lot.

[~Bitcoin~]

Cloud mining site (most of them) works on same principle of hyip and they will be in business till they success to get new investors everyday with which they can pay old investors. Thats why i think upcoming halving will not have any effect on cloud mining business other than some turning this as oppurtunity to scam and run away like cldmine.

[bestluck]

I don't think that they will go scam, but they will try to manage some tools for maintaining their business and will make a way through which they will benefit their business as well as their members.

[DimensionZ]

The cloud mining companies are renting out their hash power to customers and they have predetermined prices that will always make them a profit no matter what the price of Bitcoin will be like. I think they will just increase the pricing on their mining packages according to the current price of Bitcoin after the Halving and they will have factored in the halved block reward at that. And I think the cloud mining websites are double dipping by renting their hash power for a much more expensive price than if you would buy an ASIC and mine with it by yourself and by using their mining farms to mine for themselves on top of that. Also their advertised profits are just a rough estimation but in reality the rising difficulty and the highly volatile Bitcoin market might just make your investments unprofitable in the long run and even cause you to lose a portion of your initial investment. Be careful when investing on such websites and don't put in big sums of cash on there  

[Got Dick?]

I just use nicehash, simple GUI that benchmarks your gpus for you!

[silentkiller]

Theres a possibility that this cloud mining sites will turned into scam one day when halving is already started..a lot of rumors that some mining site will shutdown because of halving.

[Btcvilla]

Cloud mining is not profitable at all.

The only way to make profit mining is to live in a place where electricity is $0.04 to $0.02 and have a $10,000 invest in hardware.

All cloud mining companies will shut down, with the only people making profit the creators.

[tmfp]

Then what about the mining companies like hashocean? Will they shutdown?

If you believe Hashocean, they don't mine Bitcoin, they mine altcoins and convert to Bitcoin for payment.

If you don't believe Hashocean, they are a ponzi scam similar to Scrypt.cc and will shut down when they have stolen enough money.

Which Bitcoin cloudmining companies are you referring to particularly?

[romero121]

I too believe most of the cloud mining sites were scams. In my view cloud mining websites target must upon the newbies, because every new user has a big dream of earning high from bitcoin initially. Only after years people understand the reality.