Is Investing in Cloud Mining Still Profitable ??

[mrcash02]

Hello everyone,

I want to invest in Genesis-Mining, I want to buy 15 TH/s (power of Bitmain S9)
can anyone give me details of my profit from this ?

It will be profitable if you buy bitmain s9 miner and run it in your home rather than buying 15 TH/s from genesis mining.
Profit with cloud mining? I don't think you will be able to pull out what you have invested in buying those 15 TH/s power within a year or even more than that.

Bitcoin mining is not profitable right now if you can't have very cheap electricity and latest mining hardware.

Lifetime contract on genesis mining will stop if those contracts can't pull out enough bitcoin to pay maintenance fee which can happen within few year if mining difficulty keep on increasing in the same ratio it is pumping right now.

Too many issues, even to mine physically. The cheap electricity is one of the main issues for many people. In my country the electricity is very expensive, for me it would never worth. I don't know about OP, but in my opinion, it's much better to use the money you would use to buy the contract with Genesis or to buy the Asic, to buy BTCs and hold it.

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[audaciousbeing]

I had earlier interested in investing in Genesis mining because of the publicity I have seen around as well as the testimonies being circulated until I came across a thread related to them on the forum and from there, I make the conclusions that

1. They are not scam because they been around for a long time.

2. You will have to wait till forever before you ROI and finally

3. Cloud mining will eventually turned to Scam.

[SONG GEET]

Genesis mining look legit company or at least till now running smoothly but with increasing mining difficulty no any cloud mining site will be profitable so you may have to wait for lifetime or your contract may stop if it can't pay maintenance cost before you get your investment back.

[shinratensei_]

Hello everyone,

I want to invest in Genesis-Mining, I want to buy 15 TH/s (power of Bitmain S9)
can anyone give me details of my profit from this ?


Regards,

Bitcoin Boy.

At least you "MUST" read this, the honest review by the merkle.

http://themerkle.com/genesis-mining-review/

That already tells a lot for us. You can underline the conclusion has made by him at the contract correction. It doesn't matter legit or not, but the shady contract has made it looks like silly site.

    Its not a scam in a classic way where they will run away with your money, no, they re 100% legit and they will provide everything they state. The only problem is one cannot make money, their products re simply that bad. By investing in genesis-mining all you do is provide them an interest free loan for them to expand their farms and that is all."


   

It's like give your profit for them. What is the purpose of putting your money on the cloud mining site?


I believe not in giving him a free loan.
There is no different like buy your bitcoin in exchange site. But the fee will cheaper rather than it. 

[Josepino]

it's supposed that cloud mining is good but not scammed.
it will take you long term to recover your fund (usually 2-3 years) If you buy bitcoin mining shares and the price is at 1,000$ or more
beside that I don't still say about the diff of this coin.
Do not invest money to cloud mining.
 

[Wandering Soul~]

it's supposed that cloud mining is good but not scammed.
it will take you long term to recover your fund (usually 2-3 years) If you buy bitcoin mining shares and the price is at 1,000$ or more
beside that I don't still say about the diff of this coin.
Do not invest money to cloud mining.
 

Yes back in the days when there are a decent number of cloud mining sites that really pays or legit . Many people gained profit from it but unfortunately, Now is different cause a huge scam sites rose up with different scamming strategies . So take mine and others advice to stay away from all cloud mining stuffs and just look for a different way to earn .

[Ocalebeth]

Yes I think that it can still be profitable but that you than should do it with altcoins and not with bitcoins anymore.

[eckmar]

Genesis mining look legit company or at least till now running smoothly but with increasing mining difficulty no any cloud mining site will be profitable so you may have to wait for lifetime or your contract may stop if it can't pay maintenance cost before you get your investment back.

How are they not scam ? They sell 1 year/lifetime contracts that are designed to be "not more profitable" for them so they will have to terminate them after 2-3 months. That is in my opinion scam just like any other.

Yes I think that it can still be profitable but that you than should do it with altcoins and not with bitcoins anymore.

Look at cloud mining this way. If for your own right it would take 6 months to ROI, how can they sell hashing power that will ROI quicker when they have to profit from you too ? It's not possible to ROI quicker, or for cloud mining to be more profitable than building rig yourself. Any Mining company that advertise low ROI is SCAM !

[mrcash02]

Yes I think that it can still be profitable but that you than should do it with altcoins and not with bitcoins anymore.

If you want to mine Alt Coins make sure to choose one that won't "die" soon. Most Alt Coins are pumped and some time later they die, become worthless and making all those who bought them just lose money for nothing. Alt Coins is a dangerous deal, and mining them isn't too easy. You will still spend electricity and you will still need a powerful machine to do it. It's a good adventure for who wants experience and see how it works.

[Doamader]

Be sure that invest into cloud mining has huge risks, and may let you loose your bitcoins instead of multiply them, some people are and were able to get an amazing roi with those, but they took the risk. Considering you wanna take the risks why dont you try hasnet, bitmain cloud, or hashflare, that allows you to mine script and there is an auction to sell those mhs script, and i do believe you can choose the coin you wanna to mine.

[crazyivan]

Scrypt Hashflare does not allow you what to mine. At least that was not the case a few months ago when I was using them.

[sunvoise]

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[jseverson]

Most of cloud mining sites are turns to be scam in the long run so I dont think it is still profitable. The hard thing in cloud mining is you never know when the site closes so you have no choice but accept that you loss your money

[Gwerrahar]

It can still be profitable without any doubts but its also that you than should do it on another coin!

[Idrisu]

To me personally, I will not take my time to find out whether its still profitable or not I have made up my mind not to invest anything in cloud mining in the sense that the ones that will pay, you will take forever to ROI, other that are springing up always have one thing in common which is to Scam... My opinion though...

Many cloud mining sites and companies' are scam sites and you will do yourself a lot of good by avoid cloud mining and leaned how to mining you own coins. Another way to make money from crypto currencies is by trading. Trading required a lot of knowledge and skills, most people that succeeds in trading, don't trade based on emotions and greed but based on calculated and skillfully analysis of the market.

[youdamushi]

Hello everyone,

I want to invest in Genesis-Mining, I want to buy 15 TH/s (power of Bitmain S9)
can anyone give me details of my profit from this ?


Regards,

Bitcoin Boy.

No one can't answer your question.
Because answering your question would mean to accept it. And fact is that your question is wrong. Cloud mining has never been profitable.

Your profit will be easy: go to mining site calculation, imagine you get only half of it at best. That's all.
I bought a contract of genesis 2 years ago. It is indeed liftime, no scam from here.
But in 2 years you'll barely break even... If btc doesn't go down too much...
Cloud mining is a useless scam in itself!

[terrate]

Hello everyone,

I want to invest in Genesis-Mining, I want to buy 15 TH/s (power of Bitmain S9)
can anyone give me details of my profit from this ?


Regards,

Bitcoin Boy.our p

No one can't answer your question.
Because answering your question would mean to accept it. And fact is that your question is wrong. Cloud mining has never been profitable.

Your profit will be easy: go to mining site calculation, imagine you get only half of it at best. That's all.
I bought a contract of genesis 2 years ago. It is indeed liftime, no scam from here.
But in 2 years you'll barely break even... If btc doesn't go down too much...
Cloud mining is a useless scam in itself!

if 2 years before just only break-even, thats worst, as 2years ago the bitcoin price is low. They recently expand farm so u need to considered that
your profit will be shorten as they use for expand.
I got seen comment in fb that ppl complaint about their years contract no profit then contract expired.
So they removed the contract period to lifetime contract, but i not so confidence v them.
As first i know cloud mining, GM is the most advertised, but i realized that even seems the most legit one also got ppl complaint about the service.
So i invest another company indeed ><
For ROI only, cloud mining not the best then got more risk due to time.
If like that, the profit cant be detailed in GM, lesser than they promise.

[Bitcoinsummoner]

I think its been 2 weeks ago about  this question start but i think cloud mining isn't profitable these days.also if you notice the price right now was crash after news release by chinese and i think many people are already experience of scam there that is why they are not trusting any cloud mining site anymore.. better to don't try cloud mining much better to start a business than investing in any cloud mining site..

[youdamushi]

if 2 years before just only break-even, thats worst, as 2years ago the bitcoin price is low. They recently expand farm so u need to considered that
your profit will be shorten as they use for expand.
I got seen comment in fb that ppl complaint about their years contract no profit then contract expired.
So they removed the contract period to lifetime contract, but i not so confidence v them.

Yeah that's the idea.
THe fact is that you can't break even with only 1 year, they just pay too low for that! Even with nice promotion and whatever you want. But the problem with their lifetime contract is that you have to understand it's not so different from a 1 year contract. Not because they'll scam you after 1 year but just because after 1 year of constant difficulty increase your mining power will produce nothing... Or said better, your mining contract minus the fee taken by genesis will grant you nothing. Like litteraly, after the year my contract granted me a few thousands of satoshi everyday...

As first i know cloud mining, GM is the most advertised, but i realized that even seems the most legit one also got ppl complaint about the service.
So i invest another company indeed ><
For ROI only, cloud mining not the best then got more risk due to time.
If like that, the profit cant be detailed in GM, lesser than they promise.

And the worst is that YOU take all the risks while THEY take all the benefits.
You litterally give them 500$ so they can buy a miner and return you only whatever they feel like. Without any contractual obligation...

[Vuizel]

I think its not profitable anymore and also not really something that is good anymore, a lot of these websites are just scammers that want your money.