Cloud Mining Viable in 2017?

[onlinehandelen]

Hello all,



The last years I have been trading BTC and Litecoin with 1:20 and 1:50 leverage on broker sites like Plus500 and Avatrade. Yesterday, for the first time I decided to buy some BTC directly via an exchange and some Ethereum. I now have a mere 0.4 BTC there and 4.0 Ethereum. The entire night I have been awake to read all about Bitcoin (price predictions) and cryptocurrencies on this forum and on other bitcoin related websites. I also made a bitcoin wallet at blockchain.info and set it up for 2FA. Anyway, as I am really interested in investing more in bitcoin I was wondering if cloud mining, in this case by a company called genesis mining, is viable? They offer lifetime 200 GH/S for a onetime payment of $30 and then $0.00028 per GH/S per day. I tried using the calculator at castrox.com, that says I will ROI about september this year if price stays the same. If price increases, which I am thinking, is cloud mining then a good way of investing? So far my plan was to do the following: Split 70/30 budget BTC Ethereum to own myself directly and then every month invest $30 or upgrade about $30 in Ghash via genesis mining. What do you guys think, viable or not anno 2017?

PS. I know my initial investment is far from 70/30 devided BTC/ethereum but that was just first deposit, will maintain 70/30 thru the year.

[1715061821]

1715061821

[1715061821]

1715061821

[1715061821]

1715061821

[brobbel]

Genesis Mining is legit AFAIK, but the ROI is.... ?

If you start mining it looks like there is a ROI in about a year, but due to difficulty changes it slowly going down. When the BTC/USD rate is dropping it vanishes even faster, but even with a BTC/USD rate slowly growing it has a very long time for ROI - if you reach ROI at all.

On the other hand, if you reach ROI after that all earning is profit. (Yes, a big if)

[ethereumhunter]

Genesis Mining is legit AFAIK, but the ROI is.... ?

If you start mining it looks like there is a ROI in about a year, but due to difficulty changes it slowly going down. When the BTC/USD rate is dropping it vanishes even faster, but even with a BTC/USD rate slowly growing it has a very long time for ROI - if you reach ROI at all.

On the other hand, if you reach ROI after that all earning is profit. (Yes, a big if)

i think genesis mining is still legit, but the ROI need almost a year before you can get your investment back. the only problem with cloud mining is the long time for ROI and the chance to get scam. but if you can find the legit site, i think it still profitable.

its good idea to invest in every month to buy GHS but how long you want to do this? i agree with you that you said you want to split your btc because if somehow the bad thing is happen, you still have your btc in your wallet.

before you make decision, i hope you can thinking about the longest ROI you can get with genesis mining, but that site is still legit.

[onlinehandelen]

Thanks for both answers so far. I see it exactly like this. IF there is any ROI (even after a year) thats all profit. But maybe it's better to just buy $30 every month in altcoins as an alternative way of getting higher ROI, what do you guys think of this idea? Like splitting $30 in lets say 5 different altcoins $6 each per month. The ones I am considering:

1. Ripple
2. Monero
3. Doge
4. Maidsafe
5. Factom

Better than $30 per month in cloud mining?

[brobbel]

Thanks for both answers so far. I see it exactly like this. IF there is any ROI (even after a year) thats all profit. But maybe it's better to just buy $30 every month in altcoins as an alternative way of getting higher ROI, what do you guys think of this idea? Like splitting $30 in lets say 5 different altcoins $6 each per month. The ones I am considering:

1. Ripple
2. Monero
3. Doge
4. Maidsafe
5. Factom

Better than $30 per month in cloud mining?

If I knew what those altcoins are doing in the future I could give you an answer if it's good or not. So here are my thoughts (but they are not to be considered an advice in investing or not!):

Ripple and Maidsafe I don't know
Monero seems very good
Doge started as a fun coin, but is doing it very well. I prefer Doge even over Litecoin.
Factom I heard good stories, but I'm not so familiar with it.

You can also think of Dash (DRK) or Ethereum (not the Classic).  But I guess everyone has it's own favorit, and noone knows for sure what will happen with them.

[onlinehandelen]

Hi Brobbel,

I have the Ethereum new one, not classic. Just bought 4 extra. Monero account is pending verification now. Doge I read good stories about. I will keep everyone updated in my bitcoin trading journey.


As for now, this is my second day trading cryptocurrencies:

Started with 400 EUR BTC +-0.4 BTC
Then bought 4 Ethereum for about 40 EUR
then bought another 4 Ethereum today for 40 EUR again

so far I have invested 480 EUR

400 BTC / 80 Ethereum   80/20 now, planning on moving BTC/ETH to 70/30.

I bought the 400 BTC at 959, now at 980 considered selling this morning and then buy altcoins from the profit, but decided to hold on to them as I have very little BTC and I think the transaction costs surpass the +- 8 Euro earned.

Comments, tips, advice?

[pinkflower]

Thanks for both answers so far. I see it exactly like this. IF there is any ROI (even after a year) thats all profit. But maybe it's better to just buy $30 every month in altcoins as an alternative way of getting higher ROI, what do you guys think of this idea? Like splitting $30 in lets say 5 different altcoins $6 each per month. The ones I am considering:

1. Ripple
2. Monero
3. Doge
4. Maidsafe
5. Factom

Better than $30 per month in cloud mining?

Try to do some research about Ethereum and Ethereum Classic. ETH price is too high to start investing in it with a small amount of money so its better for you to buy some ETC instead. My knowledge with both is fairly limited but the philosophy behind ETC is where my beliefs aligns with. Blockchains should be immutable.

[P4ndoraBox]

Ish..... cloud mining gold days are far behind us.

[brobbel]

Try to do some research about Ethereum and Ethereum Classic. ETH price is too high to start investing in it with a small amount of money so its better for you to buy some ETC instead. My knowledge with both is fairly limited but the philosophy behind ETC is where my beliefs aligns with. Blockchains should be immutable.

But to my knowledge ETH is better accepted then ETC. Please correct me if I'm wrong.

[Slow death]

Ish..... cloud mining gold days are far behind us.

Nowadays, only the owner of the cloud mining company has a profit, This is not to say that you invested in a cloud mining company like genenis mining will not make a profit, you will make a profit, but your profit will be very low plus the withdrawal rates, you end up with little profit and with many headaches.



Think long before investing in  genesis mining, making  trade BTC/USD is very profitable.

Making altcoin trade becomes very risky and you can lose money with it.

[jack1111]

It is not good idea to freeze your money in cloud mining company with very low profit rates, there are better investment opportunities in some altcoins and ethereum tokens, you can buy a new promising token if you are looking for a long time investment, I personally hold ICONOMI as long time investment, this token will give you dividends for holding it, the team will release their first product soon.

[coolcoinz]

i think genesis mining is still legit, but the ROI need almost a year before you can get your investment back. the only problem with cloud mining is the long time for ROI and the chance to get scam. but if you can find the legit site, i think it still profitable.

its good idea to invest in every month to buy GHS but how long you want to do this?

Could you please stop spreading false info? To get ROI with them you'll need much more than a year, people are getting barely half of their money back in a year!
No, it's not a good idea to invest.

before you make decision, i hope you can thinking about the longest ROI you can get with genesis mining, but that site is still legit.

Think of the longest ROI and multiply by 2 Also, you won't be getting any profits from this, they will take care of that. Even if you ever get ROI it will only mean getting your money back but you haven't invested to get money back! You did it to profit!

[brobbel]

i think genesis mining is still legit, but the ROI need almost a year before you can get your investment back. the only problem with cloud mining is the long time for ROI and the chance to get scam. but if you can find the legit site, i think it still profitable.

its good idea to invest in every month to buy GHS but how long you want to do this?

Could you please stop spreading false info? To get ROI with them you'll need much more than a year, people are getting barely half of their money back in a year!
No, it's not a good idea to invest.

before you make decision, i hope you can thinking about the longest ROI you can get with genesis mining, but that site is still legit.

Think of the longest ROI and multiply by 2 Also, you won't be getting any profits from this, they will take care of that. Even if you ever get ROI it will only mean getting your money back but you haven't invested to get money back! You did it to profit!

ROI time depends on
1) date of investment
2) sort of investment (SHA256/Scrypt/Zcash/Ethereum/X11)
3) amount of investment

So ROI in a year is possible, but not for most. Barely half of the money is also possible, for a bigger part. And most are somewhere in between.
And after ROI there is profit - if you reached ROI.

[Vaccinus]

Ish..... cloud mining gold days are far behind us.

cloud mining were good in the past? i don't remember such thing, they were always bad trying to steal money form investors and working as a HYIP, aside from few of them like hashnest and bitcoingenesis all the other are scam, in the past was more easy for them to scam because many naive people were investing

Try to do some research about Ethereum and Ethereum Classic. ETH price is too high to start investing in it with a small amount of money so its better for you to buy some ETC instead. My knowledge with both is fairly limited but the philosophy behind ETC is where my beliefs aligns with. Blockchains should be immutable.

But to my knowledge ETH is better accepted then ETC. Please correct me if I'm wrong.

they are both not really well accepted, but yes ethereum original is better than classic, but classic solve some problem with centralization

[cengsuwuei]

Thanks for both answers so far. I see it exactly like this. IF there is any ROI (even after a year) thats all profit. But maybe it's better to just buy $30 every month in altcoins as an alternative way of getting higher ROI, what do you guys think of this idea? Like splitting $30 in lets say 5 different altcoins $6 each per month. The ones I am considering:

1. Ripple
2. Monero
3. Doge
4. Maidsafe
5. Factom

Better than $30 per month in cloud mining?

if you compare about profit or return of investment, trading and cloud mining
is trading still the best and above cloud mining, profit in cloud mining is very low

[onlinehandelen]

Thanks for all the advice, I have now +-20 hours spend in watching docus, analysis, reading stuff on forums and have decided that doing $6 in those 5 I said before is WAY better than $30 in cloud mining.


I will keep all of you updated in my cryptocurrency trading as I think it can serve as a value for others wishing to start the same business in feb 2017.


SO far:

I own 0.4 BTC total, 0.1 BTC in cold wallet (safe) 0.3 on the exchange.
5.5 Ethereum, all on the exchange, to either trade commissionless (yes 0.0%) versus BTC or versus EUR or USD. I basically use it as sort of a hedgebet, as in my newbie oppinion if BTC rises ETH falls and vice versa, could be wrong.

I am happy to say that I am trading this just one day (almost 2 now) and that I bought 0.1 BTC at 959 yesterday and sold for 992 today (EUR), small profit but still after transaction costs profit and profit is profit in trading world. In the near future I would never ''cash out'' such a small amount to cold wallet, but it was just to see how it worked basically (exchange to cold wallet and what I keep), don't really care bout a buck or five. I am now considering spreading this 0.1 BTC (about $100 for all you USA Cryptoinvestors) in the 5 cryptos suggested earlier on, 0.02 BTC in each, what do you guys think? Please be aware that I do not call myself a day trader and am more a buy and hold kinda guy + I love diversification. Comments, suggestions, advice all welcome and highly appreciated.

I am about to deposit another $500 into the crypto economy by tomorrow, what mix of btc versus eth do you guys suggest?

[brobbel]

Thanks for all the advice, I have now +-20 hours spend in watching docus, analysis, reading stuff on forums and have decided that doing $6 in those 5 I said before is WAY better than $30 in cloud mining.


I will keep all of you updated in my cryptocurrency trading as I think it can serve as a value for others wishing to start the same business in feb 2017.


SO far:

I own 0.4 BTC total, 0.1 BTC in cold wallet (safe) 0.3 on the exchange.
5.5 Ethereum, all on the exchange, to either trade commissionless (yes 0.0%) versus BTC or versus EUR or USD. I basically use it as sort of a hedgebet, as in my newbie oppinion if BTC rises ETH falls and vice versa, could be wrong.

I am happy to say that I am trading this just one day (almost 2 now) and that I bought 0.1 BTC at 959 yesterday and sold for 992 today (EUR), small profit but still after transaction costs profit and profit is profit in trading world. In the near future I would never ''cash out'' such a small amount to cold wallet, but it was just to see how it worked basically (exchange to cold wallet and what I keep), don't really care bout a buck or five. I am now considering spreading this 0.1 BTC (about $100 for all you USA Cryptoinvestors) in the 5 cryptos suggested earlier on, 0.02 BTC in each, what do you guys think? Please be aware that I do not call myself a day trader and am more a buy and hold kinda guy + I love diversification. Comments, suggestions, advice all welcome and highly appreciated.

I am about to deposit another $500 into the crypto economy by tomorrow, what mix of btc versus eth do you guys suggest?

I think BTC is the most common crypto currency, so I hold most of it in BTC.

The other ones I hold are together no more than 50% of the BTC-value. When the value is growing over 25% I start to think about exchanging to BTC and when I think the time is right I do an exchange.

[onlinehandelen]

Hi Brobbel, once again,

So what do you suggest, should I do like (assuming I deposit 500 Dollar or Euro): 400 in BTC and then lets say 36 in ETH and 64 in altcoins? What mix do you suggest for a $500/500 EUR deposit for a newbie?

Kind regards,

Dennis

[brobbel]

Hi Brobbel, once again,

So what do you suggest, should I do like (assuming I deposit 500 Dollar or Euro): 400 in BTC and then lets say 36 in ETH and 64 in altcoins? What mix do you suggest for a $500/500 EUR deposit for a newbie?

Kind regards,

Dennis

Seems okay to me. Biggest part in BTC, and the rest diversified.

[onlinehandelen]

Okay, so thats exactly what I will do then. ''upgrade my BTC acc with 400 EUR'', getting me to 0.7 btc on exchange +-. 36 EUR in ether, basically buying me 3 extra getting me to 8.5 ether in exchange, and then 64 about 12,25-12,50 EUR in 5 different altcoins which I think are viable? (Ripple, Maidsafe, etc.)

Thanks for the advice, definitely stay in touch, as I will keep posting my crypto investment journey and think it can be an interesting read for beginners and expert investors alike. Once more thanks a lot for the recommendations.