Is mining rocketscience? Or can you register accounts mining sites and profit?

[JB0011]

Is mining rocketscience? Or can you register accounts mining sites and profit?

I have come across several mining sites such as genesis-mining.com. Their smallest package is USD 19. So if I sign up for that, can I start making money then? Or are these mining sites trap for newbies? Can someone help with this please?

[altcoinhosting]

Is mining rocketscience? Or can you register accounts mining sites and profit?

I have come across several mining sites such as genesis-mining.com. Their smallest package is USD 19. So if I sign up for that, can I start making money then? Or are these mining sites trap for newbies? Can someone help with this please?

You are referring to cloudmining sites. Those sites claim they have mining hardware (so-called ASIC's), and they "rent" out a piece of this hardware to you... You are more or less sharing hardware between all users of this site, dividing the costs of the hardware, power, hosting,... You get a share of the profits that corresponds to your investment.

This being said, 99% of those cloudmining sites are scams. The ones that  aren't scams are really hard to ROI (return on investment).

Think about it this way: would those owners of those cloudmining companies sell cloudmining "shares" if it would make them less money than mining on their own hardware? Offcourse not. The 1% honest cloudmining companies sell their complete risk to you in return for a part of the profits.

My advice: stay away from cloudmining untill you've completely educated yourself and can calculate the risk and profits, and offcourse untill you can differentiate between a scam and a real cloudmining company.

[vodaljepa]

You will do nothing but loose money

[SAMKUSH]

The only reason to use a cloud mining site is to convert something like a PayPal balance to bitcoins. If you try the make money from it you will most likely lose. If you have paypal fund and wish to buy bitcoins you could convert this into a mining package and mine bitcoins. However this means that you will have to pay very high fees so I would recommend an alternative method.

[JasonXG]

Is mining rocketscience? Or can you register accounts mining sites and profit?

I have come across several mining sites such as genesis-mining.com. Their smallest package is USD 19. So if I sign up for that, can I start making money then? Or are these mining sites trap for newbies? Can someone help with this please?

I really dont think you should even be bothered at all. These sites are normally just fake and pretend. That is how they can promise such a good return since it just a website script and there actually isn't a company at all. Fake photos of some random building and even an address. Dont trust it. There other ways to invest.

[unholycactus]

Is mining rocketscience? Or can you register accounts mining sites and profit?

I have come across several mining sites such as genesis-mining.com. Their smallest package is USD 19. So if I sign up for that, can I start making money then? Or are these mining sites trap for newbies? Can someone help with this please?

A trap for newbies is a pretty good way to describe it.
When it's not a scam, the pricing is laughable.

[rphk]

cloud mining sites are riskier one, there are most of the cloud mining sites gone scam and for there are so many threads on this forum. And some sites profit also less , better to buy and hold the BTC will be good choice  and when price goes high you can sell it for good price.

[BitcoinSupremo]

Is mining rocketscience? Or can you register accounts mining sites and profit?

I have come across several mining sites such as genesis-mining.com. Their smallest package is USD 19. So if I sign up for that, can I start making money then? Or are these mining sites trap for newbies? Can someone help with this please?

I bet you don't make money with genesis-mining with their 19 USD package and even if you invest there 1000 USD. In fact is highly advisable to not invest there as they will give you about 300-400 USD back to your account in form of daily payments and then will tell you because of the mining difficulty increase they have to shut down your miner and this way you lost 600 USD and this is a very optimistic scenario there.
The only legit cloud mining website is Hashnest but wait a bit until S9 Antminers come out and if you want to mine the only way to do it legally is with Hashnest. I hope difficulty will go down as soon a lot of S5 Antminers will go out of the market. All other cloud mining websites are scam or at least 99.99% of them are.

[Pursuer]

Is mining rocketscience? Or can you register accounts mining sites and profit?

I have come across several mining sites such as genesis-mining.com. Their smallest package is USD 19. So if I sign up for that, can I start making money then? Or are these mining sites trap for newbies? Can someone help with this please?

almost all the cloudmining sites that you see out there are scams, and they are running a Ponzi scheme. "mining" is not rocket science nor is finding out if a cloudmining site is scam or not. they need mining equipment and they have to show it to you and provide enough proof that they own the necessary equipment to mine bitcoin which they can never do because they have nothing except a website.

here is what happens:
you pay $19 and buy their package or whatever, then each time you receive a tiny amount like $0.001 and they take out a big amount for maintenance fees from you. so it takes forever to get back that $19 and before you even get your investment back one day they disappear like hachocea.

[Capradina]

I suggest you never joined into the cloud mining or any mining site. Do not ever respond to all the words of each promotion cloud mining, because it applies only for a moment and it can harm you. they definitely use a ponzi and that's not good for us

[vodaljepa]

No you will not profit anything, do not bother funding those scam sites

[DarkStar_]

Is mining rocketscience? Or can you register accounts mining sites and profit?

I have come across several mining sites such as genesis-mining.com. Their smallest package is USD 19. So if I sign up for that, can I start making money then? Or are these mining sites trap for newbies? Can someone help with this please?

Mining is far from rocket science - Buy a miner, hook it up with a PSU, plug it in and set the pool. Pretty easy to set up a miner, and there are video tutorials for it. Most mining sites are scams, and you probably won't make any money. The only legit cloud mining site I know of is Hashnet, which is run by Bitmain, a large chinese bitcoin company that also sells bitcoin miners. You would take a pretty long time to profit with the contract though, after all the fees. A good part about Hashnet is that you can resell your hash after you make some profit.

[~Bitcoin~]

Mining is not actually a rocket science however setting up your own mining rig will require some knowledge and huge investment in mining hardware. You may come accross cloud mining sites for easy mining but most of them will surely be a scam after few months/years. Better to buy mining hardware and start mining in you home if you have cheap source of electricity. However at current stage profit is really low from mining.