How can a newbie identify a valid mining contract service?

[Payment21]

There is an explosion of individuals and companies claiming to offer cloud/pool mining contracts. Some of them have embarked on very aggressive marketing campaigns. They are holding meetings in cities around the world where they promise huge returns, especially if you introduce more people to the schemes.

Seasoned bitcoin enthusiasts can smell a scam a mile away. But for people hearing about bitcoin for the first time, it is a challenge.

Is there something the community can do about this?

[ranochigo]

My advice: Don't invest in them.

Most of the legit ones can be verified with the mined blocks bearing their name. This would prove the existence of the hashrate and nothing else. Even though this can prevent most ponzi scams, nothing would stop the owner from running away with the funds and equipment. Most of them will not ROI if you factor in the hardware cost anyway.

[Raimonn]

There is an explosion of individuals and companies claiming to offer cloud/pool mining contracts. Some of them have embarked on very aggressive marketing campaigns. They are holding meetings in cities around the world where they promise huge returns, especially if you introduce more people to the schemes.

Seasoned bitcoin enthusiasts can smell a scam a mile away. But for people hearing about bitcoin for the first time, it is a challenge.

Is there something the community can do about this?

First rule, if its too good to be true, don't invest they will run out with the money. Second one, if they ask to introduce other users and they promise you to earn lots of money, in this case its a Ponzi scheme. On both cases you will loose your time and your money. 

[philipma1957]

There is an explosion of individuals and companies claiming to offer cloud/pool mining contracts. Some of them have embarked on very aggressive marketing campaigns. They are holding meetings in cities around the world where they promise huge returns, especially if you introduce more people to the schemes.

Seasoned bitcoin enthusiasts can smell a scam a mile away. But for people hearing about bitcoin for the first time, it is a challenge.

Is there something the community can do about this?

Sure follow a simple set of  rules below..

 bitmain is king of gear.
 bitmain offers hashnest
 using the hashnest cloud mining service yields small profits

Since bitmain is king of gear and bitmain's cloud service yields small profit any other service offering better profit is most likely a thief.

link to hashnest  is here


https://www.hashnest.com/


I have around 1.1btc there in a mining contract

[leowonderful]

There is an explosion of individuals and companies claiming to offer cloud/pool mining contracts. Some of them have embarked on very aggressive marketing campaigns. They are holding meetings in cities around the world where they promise huge returns, especially if you introduce more people to the schemes.

Seasoned bitcoin enthusiasts can smell a scam a mile away. But for people hearing about bitcoin for the first time, it is a challenge.

Is there something the community can do about this?

Sure follow a simple set of  rules below..

 bitmain is king of gear.
 bitmain offers hashnest
 using the hashnest cloud mining service yields small profits

Since bitmain is king of gear and bitmain's cloud service yields small profit any other service offering better profit is most likely a thief.

link to hashnest  is here


https://www.hashnest.com/


I have around 1.1btc there in a mining contract

Back when they still had the S3, S2, S4 and S5s at the same time you used to be able to make huge profits trading between different miner hashrates. Now there's just the S7 and S9 and you can only really invest and hold. Definitely safe but the old hashnest days were the best

[philipma1957]

There is an explosion of individuals and companies claiming to offer cloud/pool mining contracts. Some of them have embarked on very aggressive marketing campaigns. They are holding meetings in cities around the world where they promise huge returns, especially if you introduce more people to the schemes.

Seasoned bitcoin enthusiasts can smell a scam a mile away. But for people hearing about bitcoin for the first time, it is a challenge.

Is there something the community can do about this?

Sure follow a simple set of  rules below..

 bitmain is king of gear.
 bitmain offers hashnest
 using the hashnest cloud mining service yields small profits

Since bitmain is king of gear and bitmain's cloud service yields small profit any other service offering better profit is most likely a thief.

link to hashnest  is here


https://www.hashnest.com/


I have around 1.1btc there in a mining contract

Back when they still had the S3, S2, S4 and S5s at the same time you used to be able to make huge profits trading between different miner hashrates. Now there's just the S7 and S9 and you can only really invest and hold. Definitely safe but the old hashnest days were the best

yeah you can still bounce between the s7 and s9.

right now I have 467gh in s9  all profit.

I have 1 contract with them for 1 btc which is now 1.031 btc.

basically I turned 1 btc into 1.105 btc since nov 15th   and the price of btc went from 750 usd to 1020 usd.

[leowonderful]

There is an explosion of individuals and companies claiming to offer cloud/pool mining contracts. Some of them have embarked on very aggressive marketing campaigns. They are holding meetings in cities around the world where they promise huge returns, especially if you introduce more people to the schemes.

Seasoned bitcoin enthusiasts can smell a scam a mile away. But for people hearing about bitcoin for the first time, it is a challenge.

Is there something the community can do about this?

Sure follow a simple set of  rules below..

 bitmain is king of gear.
 bitmain offers hashnest
 using the hashnest cloud mining service yields small profits

Since bitmain is king of gear and bitmain's cloud service yields small profit any other service offering better profit is most likely a thief.

link to hashnest  is here


https://www.hashnest.com/


I have around 1.1btc there in a mining contract

Back when they still had the S3, S2, S4 and S5s at the same time you used to be able to make huge profits trading between different miner hashrates. Now there's just the S7 and S9 and you can only really invest and hold. Definitely safe but the old hashnest days were the best

yeah you can still bounce between the s7 and s9.

right now I have 467gh in s9  all profit.

I have 1 contract with them for 1 btc which is now 1.031 btc.

basically I turned 1 btc into 1.105 btc since nov 15th   and the price of btc went from 750 usd to 1020 usd.

It's more difficult than it was back then as there were more options, but yeah if you do have enough time you can still make a little bit bouncing back and forth. Not worthwhile for me anymore but it can still be done with less effectiveness. I assume you're referring to PACMIC- I don't have enough nowadays to invest in that contract but it's nice for a long term profit.