Cloud Mining Viable in 2017?

[brobbel]

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.

Yes it's profitable, but it takes time.
But for example, a new contract has lost half of his value already for me.

And I do look in to contracts (maintenance/electricity fees at GM differs from contract to contract), duration of the contract (1 year, 2 year, "lifetime"), current profit etc. etc. for older and/or bigger contracts.
I want to buy for reasonable prices, so that I'm sure getting profit but I want the seller a good price too. But the seller has to take a loss, sometimes a big loss; after the sale for them the continous lowering of profits (which can be very frustrating) has ended.

[brobbel]

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.

I made the same mistake when I first read their terms  

[Kryptowerk]

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.

Yes it's profitable, but it takes time.
But for example, a new contract has lost half of his value already for me.

What exactly do you mean by that? And hich contract are you referring to?

[Babayega31]

Cloud mining will not be viable this year 2017 because it has lower profit compared with other optional sources like with trading. Most of mining reputations lowered due to some of the negative feedbacks on ponzi schemes, that pertains to profit scamming by different mining investments; that's why it turned out preventive by other people to invest by those reasons.

[Text]

Cloud mining is not viable this year because of negative feed backs they've got from miners that have been scammed. Most mining services really turns to scam like doublers and other investments that saying nice words at start but eventually shutdown once they reach their target value. But there are still few of them which are paying and legit.

[crazyivan]

With recent alts price jumps, it gets more and more profitable but it does not a lot of careful management.

I do prefer making my own rigs if you know how and what to do but having a bit cloud hash is not so bad thing to do.

[brobbel]

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.

Yes it's profitable, but it takes time.
But for example, a new contract has lost half of his value already for me.

What exactly do you mean by that? And hich contract are you referring to?

Genesis Mining and Hashflare. For the price these company sells their contracts you can ROI in almost a year, without difficulty change and change of bitcoin exchange rate. Due to difficulty change it's much longer, so ROI is even more difficult to reach, if reached at all.

So for me ROI (under mentioned ideal circumstances) must be held in less then half a year, then -when real circumstances like difficulty changes are considered- ROI is reachable in less then a year.

[Qunenin]

Cloud mining will not be viable this year 2017 because it has lower profit compared with other optional sources like with trading. Most of mining reputations lowered due to some of the negative feedbacks on ponzi schemes, that pertains to profit scamming by different mining investments; that's why it turned out preventive by other people to invest by those reasons.

Mate do not fall into something like this, there is no such as easy way to earn bitcoin. Do not let your eyes eat those glittering amount in front of your screen be open that it might be a big scam. Most cloud mining are only scams and nothing else.

[brobbel]

Cloud mining will not be viable this year 2017 because it has lower profit compared with other optional sources like with trading. Most of mining reputations lowered due to some of the negative feedbacks on ponzi schemes, that pertains to profit scamming by different mining investments; that's why it turned out preventive by other people to invest by those reasons.

Mate do not fall into something like this, there is no such as easy way to earn bitcoin. Do not let your eyes eat those glittering amount in front of your screen be open that it might be a big scam. Most cloud mining are only scams and nothing else.

I know. The hard way.

That's why I did quite some research, and the outcome:
1) 99,99% of cloudminers aren't cloudminers at all.
2) There are 3 sites I'm aware off that seems legit, so are real cloud miners. For every one of them there are negative reports, but AFAIK they are really mining. The main negative is the long ROI, which is hard to reach due to difficulty rising. When combined with a pricedrop it can be stopped very soon, even long before ROI. That's why I think you never should go into these contracts for the price they offer, or at least not without knowing this: ROI may never be reached.

Those are:
Genesis Mining
Hashflare
Hashnest

I guess there are others, but they are (very) small.

[coolcoinz]

Genesis Mining and Hashflare. For the price these company sells their contracts you can ROI in almost a year, without difficulty change and change of bitcoin exchange rate. Due to difficulty change it's much longer, so ROI is even more difficult to reach, if reached at all.

So for me ROI (under mentioned ideal circumstances) must be held in less then half a year, then -when real circumstances like difficulty changes are considered- ROI is reachable in less then a year.

You should read some of the statements from their real users. One guy bought a 2 year contract with GM and got it terminated by the company because they said it wasn't profitable anymore. That's how your ROI in a year works with these companies. You buy a lifetime contract and it suddenly ends after a year or 2, right when it could start being profitable for you.

[senyorito123]

Genesis Mining and Hashflare. For the price these company sells their contracts you can ROI in almost a year, without difficulty change and change of bitcoin exchange rate. Due to difficulty change it's much longer, so ROI is even more difficult to reach, if reached at all.

So for me ROI (under mentioned ideal circumstances) must be held in less then half a year, then -when real circumstances like difficulty changes are considered- ROI is reachable in less then a year.

You should read some of the statements from their real users. One guy bought a 2 year contract with GM and got it terminated by the company because they said it wasn't profitable anymore. That's how your ROI in a year works with these companies. You buy a lifetime contract and it suddenly ends after a year or 2, right when it could start being profitable for you.

2 years are far to wait and surely if we going to invest that in other platform we will possibly earn more rather than investing at genisis mining, they are not profitable now and that business is surely running as ponzi. So before investing on it its truly be a good observant so that they will not received some serious problem in future and they should remember that cloudmining investment option is down for now and not going to be profitable anymore.

[LuanX3]

Genesis Mining and Hashflare. For the price these company sells their contracts you can ROI in almost a year, without difficulty change and change of bitcoin exchange rate. Due to difficulty change it's much longer, so ROI is even more difficult to reach, if reached at all.

So for me ROI (under mentioned ideal circumstances) must be held in less then half a year, then -when real circumstances like difficulty changes are considered- ROI is reachable in less then a year.

You should read some of the statements from their real users. One guy bought a 2 year contract with GM and got it terminated by the company because they said it wasn't profitable anymore. That's how your ROI in a year works with these companies. You buy a lifetime contract and it suddenly ends after a year or 2, right when it could start being profitable for you.

2 years are far to wait and surely if we going to invest that in other platform we will possibly earn more rather than investing at genisis mining, they are not profitable now and that business is surely running as ponzi. So before investing on it its truly be a good observant so that they will not received some serious problem in future and they should remember that cloudmining investment option is down for now and not going to be profitable anymore.

I also don't believe in cloud mining, I really think they are all just ponzis waiting to pop and run. It's quite easy to lie to the customers that they are really offering legit miners that they can mine on. Not to mention, they are just giving you a crap small amount of interests per day and it would not even beat inflation at the end of the year.

[brobbel]

Genesis Mining and Hashflare. For the price these company sells their contracts you can ROI in almost a year, without difficulty change and change of bitcoin exchange rate. Due to difficulty change it's much longer, so ROI is even more difficult to reach, if reached at all.

So for me ROI (under mentioned ideal circumstances) must be held in less then half a year, then -when real circumstances like difficulty changes are considered- ROI is reachable in less then a year.

You should read some of the statements from their real users. One guy bought a 2 year contract with GM and got it terminated by the company because they said it wasn't profitable anymore. That's how your ROI in a year works with these companies. You buy a lifetime contract and it suddenly ends after a year or 2, right when it could start being profitable for you.

That's why I never suggest to buy such contract directly.

I buy from people who are mostly disappointed in the contract, for a price I guess I am reaching ROI in a year. And I do look to the contract (GM changed the prices for maintenance/electricity several times, so older contracts are even less attractive) before making my decision.

And I do not know how they will manage, but both GM and Hashflare's current lifetime contracts mention that the contract will be reinstated when it becomes profitable again.

At this time it's going well but I know that's no guarantee.

I also don't believe in cloud mining, I really think they are all just ponzis waiting to pop and run. It's quite easy to lie to the customers that they are really offering legit miners that they can mine on. Not to mention, they are just giving you a crap small amount of interests per day and it would not even beat inflation at the end of the year.

First: I agree that most "cloud miners" aren't mining at all (=ponzis), as mentioned before. However there are few real cloudminers - only even they are with little chance for profit and when you have profit it is a very small one.

What inflation? When you compare hodling and (cloud) mining, when you reached ROI every satoshi you earn more is profit.
When you buy 1 BTC after waiting it is still 1 BTC
When you buy cloud mining contracts and you reach ROI (Yes, little chance and/or after long waiting) and make a satoschi profit you have 1.00000001 BTC

But you are absolutely right that there are much better/faster/safer ways to earn more with that 1 BTC.

[ImHash]

Mining on the hash nest clouds almost 4 months now and will continue to do so until I get my ROI, I've recommended them to some rich guy and he invested around $25K now after 14 weeks he has earned more than $20K and after 2 or 3 more weeks he will start to gain pure profit.
As long as you invest a large amount and keep increasing your hash power you can somehow profit but the competition is getting so crazy recently.

[olubams]

I am sure this topic has been dealt with several times on the forum several times and it has been generally accepted that anything that relates to cloud mining is scam. Its either it will take forever for you to recoup your investment, or you just wake up one day and find out the site is no longer working or something that will just be intepreted that your fund is gone.

[JanpriX]

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.

This topic has been tackled many times here in the forum and I always have the same answer/response to this. From my experience, cloud mining is not viable today even with the increase price of BTC. It is just a ponzi scheme that's been applied to the bitcoin community. People who invested their money will only get their money back if new people pour their money as an investment. It's just a cycle and when people stopped pouring in their money, the cloud mining "business" will just stop leaving their investors without any return of their investments.

You can earn bitcoin in many different ways and you can have it without buying it using fiat. It is still better to store your bitcoin for long-term profitability than putting it in a cloud mining "business".

[bajing]

Although bitcoin price keep rise but i still with my opinion, you will hard to get profit by invest your money in cloud mining and would be better do you using for trading bitcoin.

[Rodderman]

as of today at hashnest for me anyway lifetime contract

2017-03-02 20:48:56 UTC   -1.19657056  BTC 12,500 GH ANTS9   Trade   Purchase Miner

2017-03-13 04:20:34 UTC   -0.2891895 BTC 2,774 GH   ANTS9   Trade   Purchase Miner

HashPower(GHS)

15,274
Costs(BTC)

1.48576006
Payout Total(BTC)

0.07405493
Maintenance(BTC)

0.02203234


Right now could sell all my hash for Total: 1.66486600 ฿

[ultrloa]

Genesis Mining and Hashflare. For the price these company sells their contracts you can ROI in almost a year, without difficulty change and change of bitcoin exchange rate. Due to difficulty change it's much longer, so ROI is even more difficult to reach, if reached at all.

So for me ROI (under mentioned ideal circumstances) must be held in less then half a year, then -when real circumstances like difficulty changes are considered- ROI is reachable in less then a year.

You should read some of the statements from their real users. One guy bought a 2 year contract with GM and got it terminated by the company because they said it wasn't profitable anymore. That's how your ROI in a year works with these companies. You buy a lifetime contract and it suddenly ends after a year or 2, right when it could start being profitable for you.

2 years are far to wait and surely if we going to invest that in other platform we will possibly earn more rather than investing at genisis mining, they are not profitable now and that business is surely running as ponzi. So before investing on it its truly be a good observant so that they will not received some serious problem in future and they should remember that cloudmining investment option is down for now and not going to be profitable anymore.

I also don't believe in cloud mining, I really think they are all just ponzis waiting to pop and run. It's quite easy to lie to the customers that they are really offering legit miners that they can mine on. Not to mention, they are just giving you a crap small amount of interests per day and it would not even beat inflation at the end of the year.

Theres an open source of ideas where we can read more info about cloudminings aswell as mining using a hardware and the only thing we need to do is to search for liable sources on how is the state of that whatso called business. But for me i truly dont believe on owner/referral geeks people who tells that we can earn with them by investing at those cloudmining sites since i know and educated well on how awfull what cloudminings have for now.

[Vhern]

The amount of time to take to Roi has always been the issue with cloud mining and the long term financial goals of those who put any bitcoin and money into those companies that claim you will Roi with them before your contract ends.
Usually they calculate it out so you have to renew it so to make anything with using them from the end of that contract up until your next renewal date if anything at all.