Cloud Mining Viable in 2017?

[P4ndoraBox]

To be back on topic... If ur looking to long term....simply buy n hold Bitcoin for a few years.

[lovesybitz]

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.

Yes Cloud mining which is genesis mining is viable, only thing before you get back your ROI will take more months, that depend on the flow of the current price of bitcoin the more it grow more is more favorable to to you. But once the value decreases the period of your ROI will also be extend.

[brobbel]

Yes Cloud mining which is genesis mining is viable, only thing before you get back your ROI will take more months, that depend on the flow of the current price of bitcoin the more it grow more is more favorable to to you. But once the value decreases the period of your ROI will also be extend.

Unless the price of bitcoin falls, then the contract will be suspended until it's profitable (so maybe never again, because of the growing difficulty and the growing competition).

You can't look at a short period to claim that you will reach ROI. Bitcoin is so volatile that's simply not predictable.
While in the long run bitcoin prices will be skyhigh (I surely hope so), it's still possible that you never reach ROI.

[HCP]

I don't think cloud mining has ever been "viable"... and after the most recent halving, I doubt any reputable cloud mining service will be able to provide much in the way of return. The numbers just don't stack up.

Honestly, the sooner the whole cloud mining industry disappears, the better as far as I'm concerned. Then we won't get so many threads asking if "XYZ Cloud Mining Inc" is a legit operation

[Kevin77]

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?

There are two factors influencing the profitability of cryptocurrency mining systems, not just price levels.

For example with bitcoin, beyond prices of bitcoins, difficulty of bitcoin mining network will decide how much share you will get for your mining has power. No one will able to predict the growth of this difficulty factor accurately hence that calculator does need to be accurate.

[SONG GEET]

Cloud mining = most of them scam
Genesis mining = it looks profitable but you have to wait for more than 2 years to get your ROI back

Please read hidden terms each of the cloud mining contract have, they will stop mining when reward will be lower than maintainance fee. Also with rapid development of new efficient mining hardware mining with older hardware will be insignificant to get some profit out of them.

[JeffBrad12]

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

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.

IMO, Legit because it's not a scam site, but ROI you never see them again. In this case, you will get ROI - Your maintenance cost = Your final result.

[hashnest]

HashNest is the best bitcoin clouding mining platform.
All the hashrates are based on AntminerS7 and Antminer S9. With rising of BTC, ROI is shorter now and you can also buy/sell hashrates at any time in the market on HashNest.
Easy, credit and profitable!

[blackhawkeye1912]

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.

The only thing I know on which cloud mining is legit was Genesis Mining, though I don't trust any of it. I just said it because for so many cloud mining that are totally scummy only genesis so far that I saw as legit and viable can be consider but the ROI will gonna be happen after a years I think.

[lumeire]

I'm with hashnest a few years back, and while I did profit a bit, I decided to cash in all my assets there because of an uncertain environment back then. I'm now again contemplating if it's a good investment to get back in cloudmining, any thoughts? For HashNest only of course.

[brobbel]

What's your definition of good investment?

1) There is a relative big chance you never get ROI because there is a big chance you reach the moment cost of electricity/maintenance is higher than mined bitcoin. -> negative
2) There is a chance you will get ROI -> then every satoshi you earned more is better dan simply hodling. -> positive

Ofcourse there are more ways to earn bitcoin, like trading or lending (on an exchange for example).

Hashnest has -besides the "normal" investments- also the PACMIC. You can also take a look into that.

[lumeire]

What's your definition of good investment?

1) There is a relative big chance you never get ROI because there is a big chance you reach the moment cost of electricity/maintenance is higher than mined bitcoin. -> negative
2) There is a chance you will get ROI -> then every satoshi you earned more is better dan simply hodling. -> positive

Ofcourse there are more ways to earn bitcoin, like trading or lending (on an exchange for example).

Hashnest has -besides the "normal" investments- also the PACMIC. You can also take a look into that.

PACMIC is expensive, although the rewards are higher. What I like with the regular hash is that you can liquidate it anytime.

[mrcash02]

What's your definition of good investment?

1) There is a relative big chance you never get ROI because there is a big chance you reach the moment cost of electricity/maintenance is higher than mined bitcoin. -> negative
2) There is a chance you will get ROI -> then every satoshi you earned more is better dan simply hodling. -> positive

Ofcourse there are more ways to earn bitcoin, like trading or lending (on an exchange for example).

Hashnest has -besides the "normal" investments- also the PACMIC. You can also take a look into that.

PACMIC is expensive, although the rewards are higher. What I like with the regular hash is that you can liquidate it anytime.

The possibility to liquidate anytime you say is to sell the hash you bought anytime?

I tried this on HashNest, bought some mining power, made low profit from their income and when I sold the hash, the price was much lower than the price when I bought. Result was a loss, even selling my hash power + income from mining...

[brobbel]

The possibility to liquidate anytime you say is to sell the hash you bought anytime?

I tried this on HashNest, bought some mining power, made low profit from their income and when I sold the hash, the price was much lower than the price when I bought. Result was a loss, even selling my hash power + income from mining...

That's the point of supply and demand. But you can do it easy.

When you have a Genesis Mining account you have to change your emailaddress (you need to send support an email with the request, signed with your bitcoinaddress) because the buyer needs to control not only the account, but also the email attached.

When you have a Hashlare mining account you can either choose to change the emailaddress (you need to send support an email with quite some details showing you are the owner) -for the same reason as GM account- or you can ask support to transfer hashrate to someone else's account.

In both cases you need to try to sell this on bitcointalk or other forum because they don't facilitate that. And even then, I've bought a few accounts - even some which were for sale for about 6 months.

Buying and selling on HashNest is much faster and easier.

[BlackPanda]

until now I am still disappointed with cloud mining so that I do not want to ever use the cloud mining as one of the investments that I did. it is not profitable and made me lose a lot of bitcoin.

[Kryptowerk]

I decided to fianally find out by myself if cloud-mining in 2017 can still be profitable.

Just today I started blogging about it, with very detailed statistics/analytics: https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway

[pixie85]

I decided to fianally find out by myself if cloud-mining in 2017 can still be profitable.

Just today I started blogging about it, with very detailed statistics/analytics: https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway

Why did you choose this specific company? Why them over hashnest.
With all the opinions from former Genesis users about them terminating contracts before the expiration date and very long ROI times I wouldn't expect anyone to try them unless they were paid to do it.
Cloud mining in general isn't a great investment but if I had to choose I'd say Hashnest has a much better offer than Genesis.

[mrcash02]

The possibility to liquidate anytime you say is to sell the hash you bought anytime?

I tried this on HashNest, bought some mining power, made low profit from their income and when I sold the hash, the price was much lower than the price when I bought. Result was a loss, even selling my hash power + income from mining...

That's the point of supply and demand. But you can do it easy.

When you have a Genesis Mining account you have to change your emailaddress (you need to send support an email with the request, signed with your bitcoinaddress) because the buyer needs to control not only the account, but also the email attached.

When you have a Hashlare mining account you can either choose to change the emailaddress (you need to send support an email with quite some details showing you are the owner) -for the same reason as GM account- or you can ask support to transfer hashrate to someone else's account.

In both cases you need to try to sell this on bitcointalk or other forum because they don't facilitate that. And even then, I've bought a few accounts - even some which were for sale for about 6 months.

Buying and selling on HashNest is much faster and easier.

But was it profitable for you (to buy the accounts)? Because the income from cloud mining is lower each new day. I think the only way to make some good profit would be buying and reselling accounts, always selling more expensive than you bought. If you depends only the mining income you will probably wait forever until hit ROI.

[Kryptowerk]

I decided to fianally find out by myself if cloud-mining in 2017 can still be profitable.

Just today I started blogging about it, with very detailed statistics/analytics: https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway

Why did you choose this specific company? Why them over hashnest.
With all the opinions from former Genesis users about them terminating contracts before the expiration date and very long ROI times I wouldn't expect anyone to try them unless they were paid to do it.
Cloud mining in general isn't a great investment but if I had to choose I'd say Hashnest has a much better offer than Genesis.

Well I read both kind of comments and it's not that much that I invested. I am curious and obviously hope to ROI. I am not paid by GM, would be nice if I were. What's so bad about reporting in detail about it? Did you read my article, I'll track every relevant stat. After a hand full of payments it should be clear if reaching ROI or more is likely or not. I also COMPARE to holding BTC vs investing. And I won't use referrals to upgrade my account and therefore making accurate tracking impossible - instead I'll be donating 50% back to the community.

Anyways thanks for the hint about hashnest. Well, obviously I have to assume you are paid by them now. 
But I will try and purchase a similar contract with them, this should make for a nice comparison.

[Kryptowerk]

I decided to fianally find out by myself if cloud-mining in 2017 can still be profitable.

Just today I started blogging about it, with very detailed statistics/analytics: https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway

Why them over hashnest.

Btw, I just read hashnest terms:

Contract Expiry

The contract expires at the moment that the principal has been paid back in full.
BITMAIN may pay extra Bitcoin to the owner of PACMiC before the principal has been paid back in full, which will accelerate the payout even more.
What the hell? Do i understand this correctly? The contract is terminated as soon as I get my money back? Why should I pay them if I won't make profit as defined by the contract?! Or am I getting something wrong here?


/EDIT: Sorry, I found this upon further reading:
Q:When does the user start to get the profit? Where does the bonus go?
A:Bonus payout begins accumulating when the first block is found after contract activation. Bonus will be paid directly to user’s wallet on Hashnest.com

Q: How does the customer make profit?
A: Bonus payouts are calculated using the formula: unpaid principal (BTC) * 0.45 (satoshis per BTC per second) * time to find a block (seconds). Mining revenue will first be used to make bonus payments, the remaining of mining revenue will be payment towards the purchase price.