why is there no cloud-mining now?

[fistfullofbtc]

Personally, I will choose to invest my coin into safe wallet, it's more profitable than spend into kind of investment like cloudmining.


Agree with this, besides selling their hashrate, they charge member with maintenance fees which this is an extra income from them.

Not all contracts do, my dash there are no maintenance fees. i would have bought a x11 miner but they sold out so at the time the 100mh miner cost 500 usd a 2 year x11 contract cost 500 usd, so made sense.

i think like any product, like i have said before they don't research and make mistakes, but spend a bit of time research and look around. remember you can use your hashrate on other coins as well, which i think is handy.

 the thing if there were no mined coins there would be no new coins(well pow), so it does make you feel part of a process instead of trying just to make a quick buck.

[Jherek]

I think that a big reason why this is occuring is that there is simply no demand for these services to exist. There used to be c-cex which was immensely popular and people actually made a profit because you were able to trade your GH/S for bitcoin on an open market, even after you decide to stop mining with the hashpower. C-cex was also connected to one of the biggest pools at the time, GHash.io.

The legit cloud mining sites like Genesis mining aren't connected to any proven pools directly, which basically makes their legitimacy not very verifiable. People now invest in cloud mining like a sort of game - they expect to get a profit, quick and fast, just like a HYIP game and they can afford to lose what they invest. With legit cloud mining sites, nobody wants to pay 30% maintenance fee, pay $50 for a contract and never get his full ROI back. But how else is the company going to profit apart from doing this? So again, a lack of demand for non-ponzi cloud mining sites due to the unprofitability historically means that admins do not have incentive to open up new sites.

[adzino]

People losing interest over cloud mining. Not trusting them anymore due to various ponzi/HYIP scams. Huge maintenance fee and other costs are also making the cloud mining company lose their interest as they are not getting satisfied with the outcome of how much effort they are giving. There are other legitimate cloud mining sites which still exists but get ROI is quite impossible and takes ages.

[Barcode_]

I think one of the reason that cloud mining sites are dying is because of the bad reputation that many of the sites are actually just a scam, after the users purchases their contract on mining, the company just simply shut down and ran off with everyone money. One of the biggest cloud mining site hashocean was one good example on how unreliable this type of site are after they shut down and ran off with everyone bitcoins.

[cpfreeplz]

Why exactly do you think some cloud mining ponzis are legitimate? I don't understand that part of the question at all. Obviously they weren't making money and went into another business, that's why they didn't start back up. Consider yourself lucky if you didn't have a ponzi collapse on you. No one in their right mind would lend out hashing power for someone else to make money unless it's a scam.

[black014]

i would never trust to any kind of cloud mining it's risky and most of them was scam there is much more to do before you can ask for withdrawal but in the end you did not get your currency and some of them did not confident in cloud mining,   they trust more in trading sites, signature campaigns, etc. for the sake of their currencies.

[deadsilent]

I only know Genesis mining, nicehash and hashflare. They are long-running cloudmining. But i don't really call them a legitimate since they are screwing with their clients. They are breaking their own rules like lifetime contract turn into two year contract. I don't even know if it can cover the ROI you give to them. Some are just ran away together with the money of investors. Remember hashocean. Hundred of thousands were scammed by this ponzi. They called a legit cloudmining. But turn to scam. I never erase in my mind the possibility that this can happen to any cloudmining. I don't know why theree a lot of people who are attracted to this. Can't even give a decent profit.