Cloud Mining Viable in 2017?

[maydna]

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.

i think genesis mining is the one of the legit cloud mining i have seen this far, but you need to thinking about how long you can get your ROI because as far as i know, genesis mining is need too long to gets ROI, almost in a year before ROI. cloud mining is profitable IF you have big hashrate so you can mining big amount of the coins, but for small hashrate, i don't think that you can get profitable in short term.  your plan is sound interesting to do but how long you want to make invest? this is important because you don't want to make invest for every month, don't you? its not good to deposit in every month unless you have free bitcoin in your wallet so if somehow the site is scam, you don't have to regret it.

[Vhern]

I noticed quite a few cloud mining sites just appearing.
Just noticed that even ViaBtc has one available from their site.
They are a mining pool but offer this service to customers as well.
So it is quite a lucrative business for them to have since it takes no effort on their part to run it since it is just a matter of putting up a page on their website and put up prices for something they are already receiving profit from in the beginning.

[brobbel]

I noticed quite a few cloud mining sites just appearing.

I'm afraid there are only few legit cloud mining sites.

The ViaBTC.com is one of them, but most are NOT legit! Beware!

[investmonitorxyz]

I use this website to monitor cloud mining: http://investmonitor.xyz

[Carmen_Sandiego]

When people say that it is not worth investing in cloud mining, they are not lying, and it's better to learn now than to learn the hard way.

[iram3130]

When people say that it is not worth investing in cloud mining, they are not lying, and it's better to learn now than to learn the hard way.

Theoretically the ROI is possible in a year or two on paper but in practical it's not. You can't make a profit with cloud mining, it was good for only the early birds and those who made profit are the lucky people, now it's not like that so invest with caution.

[LLec]

Who runs the one from hashnet?
Isn't that the one who is running as a possible scam now? Genesis mining I think they mentioned not giving payouts all the sudden or something along those lines.
I would think maybe hashflare just might get the same idea in their head and do the exact same thing to their customers since bitcoin's price is soaring off the charts and usually that makes people think about running with the dollar signs in their eyes blinding them.
And with the difficulty level increasing with mining bitcoin along with the price increase, that just might cause the perfect storm to happen to all these so called cloud mining sites.
It would just not equal out on paper for them to continue on with their offering as a viable business structure that doesn't pay to do in the end for them.

[Serellyn]

Cloud mining has never been viable since each gh/s of mining power you buy has the cost of electricity plus other fees attached to it. Just normal mining is difficult, therefore, cloud mining is a waste of time, especially if you invest in that little hashrate. Be careful of which cloud mining sites you use if you decide to go into cloud mining, 9/10 of them are ponzi schemes that call themselves cloud mining sites. If you want to get into mining, then buy the equipment on your own and run your mining operation from somewhere where you wont have to pay for electricity (like work).

[Cherylstar86]

Cloud mining has never been viable since each gh/s of mining power you buy has the cost of electricity plus other fees attached to it. Just normal mining is difficult, therefore, cloud mining is a waste of time, especially if you invest in that little hashrate. Be careful of which cloud mining sites you use if you decide to go into cloud mining, 9/10 of them are ponzi schemes that call themselves cloud mining sites. If you want to get into mining, then buy the equipment on your own and run your mining operation from somewhere where you wont have to pay for electricity (like work).

I must totally agree with that statement because you can't be growint profit with that cloud mining this year 2017, and electricity energy cost is growing higher nowadays. Unless it happened that you've invested a solar energy generation for your personal use, I think it could be profitable in the future of cloud mining and you don't need to invest on those ponzi sites that scams you.

[senyorito123]

Cloud mining has never been viable since each gh/s of mining power you buy has the cost of electricity plus other fees attached to it. Just normal mining is difficult, therefore, cloud mining is a waste of time, especially if you invest in that little hashrate. Be careful of which cloud mining sites you use if you decide to go into cloud mining, 9/10 of them are ponzi schemes that call themselves cloud mining sites. If you want to get into mining, then buy the equipment on your own and run your mining operation from somewhere where you wont have to pay for electricity (like work).

I must totally agree with that statement because you can't be growint profit with that cloud mining this year 2017, and electricity energy cost is growing higher nowadays. Unless it happened that you've invested a solar energy generation for your personal use, I think it could be profitable in the future of cloud mining and you don't need to invest on those ponzi sites that scams you.

It can be profitable indeed but could you imagine the cost of the solar mining itself and its maintenance fee? If you doesn't used your head by using that surely you will get a hard time to earn some profits on this since im sure you will be eaten by fees if you select a wrong coin to mine.

[el kaka22]

When people say that it is not worth investing in cloud mining, they are not lying, and it's better to learn now than to learn the hard way.

Theoretically the ROI is possible in a year or two on paper but in practical it's not. You can't make a profit with cloud mining, it was good for only the early birds and those who made profit are the lucky people, now it's not like that so invest with caution.

It is total mystery how bitcoin mining is working. I suspect how it got boomed in 2013 when cex was highly promoted. Because bitcoin mining is a tug of war between running cost is an profitability. Personally I do not have any plan to go for cloud mining. If I get chances I will mine with some powerful miner.

In my understanding, mining will be profitable only for the future speculation. People who are mining and holding bitcoin might find profits with it, for that, we might need big capital to afford running costs.

[BitcoinGirl.Club]

Cloud mining is no longer as profitable as we thought but we still have legit sites out there but I can't advise in investing such because the profit at the end of the day is little.

[Tyrantt]

I'd say not. It's hasn't been viable for quite some time now. I did invesnt into cloudmining a few years back and actually did get ROI but today's it's not profitable at all.

[Cherylstar86]

Cloud mining is no longer as profitable as we thought but we still have legit sites out there but I can't advise in investing such because the profit at the end of the day is little.

That's right and I could not argue about all ideas of being profitable nowadays, and those legit sites out there was not trusted as well and I know that profit is little due to ponzi ways of paying to the investors. Yes, and that's not a new story about ponzi's; it even happened in the fiat money economy engaging on different products networking that's applied by a ponzi style of income payments. The income of the investors came from the one who brought the products or goods introduced to be beneficial to the so called participants who were investing with the business. In cloud minings that's how it really works as of todays journey of mining strategies, which I think not viable for this year and so on.

[frowsiter]

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?

Yes you are taking good decision here and I'm completely pushing you for this thing. Your coin list seems to be good one and no doubt you will make good profits from them for sure. Ripple, Monero, and doge are my favourites and has always given me opportunity to get good profits. With your strategy putting $30 every month would make you earn big profits as the price is fluctuating continuously and you will probably buy gain from the monthly up and down windows. Better than going for cloud mining which have no address if they are lost. :-)

[Mahanton]

Cloud mining is no longer as profitable as we thought but we still have legit sites out there but I can't advise in investing such because the profit at the end of the day is little.

It wont really be profitable and if i do have the money to invest on i would rather choose up on making or building my own mining rig rather than thinking off lending my money to those cloud mining sites knowing that most of them are scams and if not then ROI would really be long since mining difficulty does decrease which means the longer the days the smaller you will make profits.

[wantjokull]

By reading all these posts im not feeling viable with 2017 or any year after this.  Because the thing is im not trusting any mining site after having bad experience with it. I tried investing in few of them but they take years to give you back your investment. 

[Hazir]

Cloud mining is not worth the hassle anymore, in the past I was a big fan of it, but a history of failed cloud mining businesses and many obvious scams made me verify my enthusiasm.
It would be much better if you had access to your coins and trade with it than simply give it away and expect ROI after couple months.
Do you want to earn money? Buy the most promising altcoins and hold them, or even better - buy more BTC now, it is still underpriced and scaling upgrade is still underway.

[crairezx20]

Cloud mining is not worth the hassle anymore, in the past I was a big fan of it, but a history of failed cloud mining businesses and many obvious scams made me verify my enthusiasm.
It would be much better if you had access to your coins and trade with it than simply give it away and expect ROI after couple months.
Do you want to earn money? Buy the most promising altcoins and hold them, or even better - buy more BTC now, it is still underpriced and scaling upgrade is still underway.

I was experience to earn profit in cloud mining site but they are just making people to be excited and encourage people to invite other people and invest more  you will experience of first withdrawal that you are thinking that you can make a good money if you invest more so you invest more bitcoin back to the ponzi or cloud mining site because you want to gain more profit but in the end they ran your coins and never came back..

I think new promising altcoin is not a good solution if they actually want to gain profit buy a good miner and build a mining rig to mine altcoin that can be exchange into fiat or bitcoin..

[richardsNY]

I was experience to earn profit in cloud mining site but they are just making people to be excited and encourage people to invite other people and invest more  you will experience of first withdrawal that you are thinking that you can make a good money if you invest more so you invest more bitcoin back to the ponzi or cloud mining site because you want to gain more profit but in the end they ran your coins and never came back..

Problem with cloud mining in general is that even when a service offers a legit cloud mining service, it is set up with the intention of them at some point getting in a position where they can freely terminate people's contracts. Common mistake that people make is that they reinvest their "earnings" into even more contracts, which basically means one thing -- you're not earning anything! So yes, you're right, the money they are paying out to people, most of the times flows directly back into the pockets of these services.

I think new promising altcoin is not a good solution if they actually want to gain profit buy a good miner and build a mining rig to mine altcoin that can be exchange into fiat or bitcoin..

Mining with your own hardware requires too much time, money, and hassle. I never understand why people like to invest into mining equipment, while just buying and selling whatever coin is always far more profitable. Why do people always look to walk the least comfortable path to success (profits)? I fail to understand that.