New to bitcoin mining, looking for cloudmining

[Shadowleecher]

Hi,
As the title said, new to cryptocoin mining. In the long term I might want to get my own hardware but for now that's financially not possible. So the smaller monthly amounts with a Cloudmining company to get started today are very tempting.

So of course a simple search string got me Genesis and Hashing24 as prime suspects to hand over my money and start mining today, but then I found several posts on this forum claiming they are scams. So where smoke is there is fire, and I'm now less likely to give them my order. (not 100% convinced of either them being fully a scam or just bad experiences going vocal)

So my ultimate question is, are there any cloud miners out there that do get great recommendations, company's that you do recommend.
Yes I do understand self mining is more "fun" and most likely a bit more lucrative as well. But as mentioned before, I do not have the cash around to invest in machine and deal with the power costs.


I hope to get some recommendations, and thank you for any assistance you can provide me.

[1714777874]

1714777874

[European Central Bank]

don't bother.

look at how fast mining difficulty increases these days.

now think about that. to offer you your return the cloud mining company has to spend tons of dollars on mining power to maintain the same return for you.

do you think they're gonna bother doing that?

they're almost all ponzis and there's a very long track record of that.

[arwin100]

Hi,
As the title said, new to cryptocoin mining. In the long term I might want to get my own hardware but for now that's financially not possible. So the smaller monthly amounts with a Cloudmining company to get started today are very tempting.

So of course a simple search string got me Genesis and Hashing24 as prime suspects to hand over my money and start mining today, but then I found several posts on this forum claiming they are scams. So where smoke is there is fire, and I'm now less likely to give them my order. (not 100% convinced of either them being fully a scam or just bad experiences going vocal)

So my ultimate question is, are there any cloud miners out there that do get great recommendations, company's that you do recommend.
Yes I do understand self mining is more "fun" and most likely a bit more lucrative as well. But as mentioned before, I do not have the cash around to invest in machine and deal with the power costs.


I hope to get some recommendations, and thank you for any assistance you can provide me.

As Repeatedly says for many times! Do not invest on cloudminings since it cannot give you some decent ROI and mostly the one who's running at this moment are scams so better listed and try to read some info's here since their are so many inquiry thread similar to this and I think its no used to create a thread again since by reading those past thread made you can actually get some idea on how those cloudmining works.

[FlamingFingers]

There is Bitmain's cloud mining service called Hashnest (which is somehow safer than the rest since Bitmain creates Antminers).
Hashing24 has been running since 2012. Genesis mining has been around for 3 years, and seems to be running fine so far, as well. There are others like: Hashflare; Minex; Nice Hash; and the new (most affordable) cloud mining — Giga Watt.

You can read reviews about them here: https://www.bitcoinmining.com/best-bitcoin-cloud-mining-contract-reviews/

[TimeTeller]

As Repeatedly says for many times! Do not invest on cloudminings since it cannot give you some decent ROI and mostly the one who's running at this moment are scams so better listed and try to read some info's here since their are so many inquiry thread similar to this and I think its no used to create a thread again since by reading those past thread made you can actually get some idea on how those cloudmining works.

As stated in the above, please don't ever invest in cloud mining services. Initially, they will give you payouts but later on, you will not recover even your initial investment. That's right, you can read a lot about cloud mining services in other threads so better read that first and the info that you will get will be too much already.

[carlfebz2]

Hi,
As the title said, new to cryptocoin mining. In the long term I might want to get my own hardware but for now that's financially not possible. So the smaller monthly amounts with a Cloudmining company to get started today are very tempting.

So of course a simple search string got me Genesis and Hashing24 as prime suspects to hand over my money and start mining today, but then I found several posts on this forum claiming they are scams. So where smoke is there is fire, and I'm now less likely to give them my order. (not 100% convinced of either them being fully a scam or just bad experiences going vocal)

So my ultimate question is, are there any cloud miners out there that do get great recommendations, company's that you do recommend.
Yes I do understand self mining is more "fun" and most likely a bit more lucrative as well. But as mentioned before, I do not have the cash around to invest in machine and deal with the power costs.


I hope to get some recommendations, and thank you for any assistance you can provide me.

Even genesis is still operating we cant still be sure that they wont ran later on,no one really knows. The cloud miner that i do know is genesis and hashflare and other than those similar sites turns out to be scam. Most cloud mining sites are ponzi which they dont actually ran a mining farm but they do claimed that they have and for most newbies that do like easy money without doing too much effort then will find this thing interesting which they would really tend to put up money but later on they all got scammed. Stay away with this kind of schemes better to focus on other things which can possibly generate you some good income or profits.

[Shadowleecher]

Thanks for the reply guys, i've stepped away from the cloudmining idea.

[Jherek]

Thanks for the reply guys, i've stepped away from the cloudmining idea.

Cloud mining could be profitable potentially if you own say a bitcoin oriented youtube channel and you are able to sell this product with your affiliate link to other interested users. You'll get a percentage off each sale.

Though if you're going to do this, then there is really no difference between this and just becoming an affiliate for something else, which is probably going to be more worthwhile and pay a lot more than this.

But if you are just looking to purchase hashpower, then good idea to step away. It could seem like a good idea with all the people on youtube trying to convince you that it's great and all that, but with the rising difficulty it just isn't a long term investment or a short term investment... It's not an investment, or at least a profitable one. You're guaranteed to have no profit.

[ultrloa]

Hi,
As the title said, new to cryptocoin mining. In the long term I might want to get my own hardware but for now that's financially not possible. So the smaller monthly amounts with a Cloudmining company to get started today are very tempting.

So of course a simple search string got me Genesis and Hashing24 as prime suspects to hand over my money and start mining today, but then I found several posts on this forum claiming they are scams. So where smoke is there is fire, and I'm now less likely to give them my order. (not 100% convinced of either them being fully a scam or just bad experiences going vocal)

So my ultimate question is, are there any cloud miners out there that do get great recommendations, company's that you do recommend.
Yes I do understand self mining is more "fun" and most likely a bit more lucrative as well. But as mentioned before, I do not have the cash around to invest in machine and deal with the power costs.


I hope to get some recommendations, and thank you for any assistance you can provide me.

Even genesis is still operating we cant still be sure that they wont ran later on,no one really knows. The cloud miner that i do know is genesis and hashflare and other than those similar sites turns out to be scam. Most cloud mining sites are ponzi which they dont actually ran a mining farm but they do claimed that they have and for most newbies that do like easy money without doing too much effort then will find this thing interesting which they would really tend to put up money but later on they all got scammed. Stay away with this kind of schemes better to focus on other things which can possibly generate you some good income or profits.

How can we earn with them they've just giving us some insane ROI that we can't chew, Just care to look on there feedbacks so that people could tell on how things would work for them if they would go and invest there time and money in that kind of site. So better for anyone of us is try to forget the cloudmining sites since Im pretty sure that we cannot earn by investing at them and no one became rich for joining on cloudmining platform.

[crazyivan]

DMD Diamond cloud, the only one I can recommend and the only one I ve been using for a long, long, long time and the only one I trust 100%. You can find more info here: https://bitcointalk.org/index.php?topic=1931773.0

I suggest to join DMD Diamond slack also. Let me know if you have any questions.

[frowsiter]

don't bother.

look at how fast mining difficulty increases these days.

now think about that. to offer you your return the cloud mining company has to spend tons of dollars on mining power to maintain the same return for you.

do you think they're gonna bother doing that?

they're almost all ponzis and there's a very long track record of that.

I am guessing that's the answer every where he put his question will result. Mining was golden rush in earlier years, when the mining fees were almost negligible and few of the walllets even tried to giveaway the transaction free of cost. The difficulty of network was almost nothing for the miners because there were not many of them who used to mine. Now there is mine shop in front of mine shops who themselves compete for getting a block mined. So the result is big time loss and such companies will tend to scam path slowly by not paying you. Black days reallly.

[mattermaster]

You will put your money in loss if you invest in cloud mining.
You oftentimes do not get good profits on your base investments.
It is better to prepare yourself to afford the price of latest physical hardware miner know as ASIC.
This machine is realistically able to give you ROI.

[BlackPanda]

You will put your money in loss if you invest in cloud mining.
You oftentimes do not get good profits on your base investments.
It is better to prepare yourself to afford the price of latest physical hardware miner know as ASIC.
This machine is realistically able to give you ROI.

I agree that buying RIG will be much safer and we can ROI in about 5-8 months. We will also be able to have hardware and hardware that we can sell if things do not go well. We will have a fund reserve if we have RIG while cloud minig will only keep all the money we have on the cloud mining website.

[squatz1]

Though some companies in here that people have recommended may be good, I'd fucking steer so clear of anything along these lines because I see these companeis in two lights. One they're going to be a scam steal your money and then begone, that's going to be it with some of these companies. Another is going to be the company which is reputable and doesn't scam you, though they're just never going to be profitable for you anyway so it doesn't make sense. The thing with cloud mining that I never understood, is why would someone let you use their machine and pay you for it? They could damn well go ahead and make money without you.

Don't do it, do something else to make your bitcoins. It's scam filled market bud.

[richardsNY]

I agree that buying RIG will be much safer and we can ROI in about 5-8 months. We will also be able to have hardware and hardware that we can sell if things do not go well. We will have a fund reserve if we have RIG while cloud minig will only keep all the money we have on the cloud mining website.

I assume you're referring to altcoin mining? Because it simply isn't possible to ROI within your given time period with Bitcoin mining, unless the price literally explodes to $4000-$5000. Other than that, the benefit of an altcoin rig is that you can switch between different profitable coins if the one you're mining isn't that profitable anymore. And yes, eventually you could even sell your hardware to recoup some of your money.

[jossiel]

I agree that buying RIG will be much safer and we can ROI in about 5-8 months. We will also be able to have hardware and hardware that we can sell if things do not go well. We will have a fund reserve if we have RIG while cloud minig will only keep all the money we have on the cloud mining website.

I assume you're referring to altcoin mining? Because it simply isn't possible to ROI within your given time period with Bitcoin mining, unless the price literally explodes to $4000-$5000. Other than that, the benefit of an altcoin rig is that you can switch between different profitable coins if the one you're mining isn't that profitable anymore. And yes, eventually you could even sell your hardware to recoup some of your money.

Precisely that alt coin mining will give you faster return instead of bitcoin mining.

Altcoin is a better way to mine these days as bitcoin has higher difficulty and it is increasing after halving.

[senyorito123]

I agree that buying RIG will be much safer and we can ROI in about 5-8 months. We will also be able to have hardware and hardware that we can sell if things do not go well. We will have a fund reserve if we have RIG while cloud minig will only keep all the money we have on the cloud mining website.

I assume you're referring to altcoin mining? Because it simply isn't possible to ROI within your given time period with Bitcoin mining, unless the price literally explodes to $4000-$5000. Other than that, the benefit of an altcoin rig is that you can switch between different profitable coins if the one you're mining isn't that profitable anymore. And yes, eventually you could even sell your hardware to recoup some of your money.

Precisely that alt coin mining will give you faster return instead of bitcoin mining.

Altcoin is a better way to mine these days as bitcoin has higher difficulty and it is increasing after halving.

ETH is currently the best coin to mine right now and many miners earning for that but maybe this one will be unprofitable also when ETH mining became congested and we will surely cry for the cost of lost if our miner will be outdated so much better if we just spend our capital on different ways since we can earn more a lot if we just seek for better business here.

[jossiel]

I agree that buying RIG will be much safer and we can ROI in about 5-8 months. We will also be able to have hardware and hardware that we can sell if things do not go well. We will have a fund reserve if we have RIG while cloud minig will only keep all the money we have on the cloud mining website.

I assume you're referring to altcoin mining? Because it simply isn't possible to ROI within your given time period with Bitcoin mining, unless the price literally explodes to $4000-$5000. Other than that, the benefit of an altcoin rig is that you can switch between different profitable coins if the one you're mining isn't that profitable anymore. And yes, eventually you could even sell your hardware to recoup some of your money.

Precisely that alt coin mining will give you faster return instead of bitcoin mining.

Altcoin is a better way to mine these days as bitcoin has higher difficulty and it is increasing after halving.

ETH is currently the best coin to mine right now and many miners earning for that but maybe this one will be unprofitable also when ETH mining became congested and we will surely cry for the cost of lost if our miner will be outdated so much better if we just spend our capital on different ways since we can earn more a lot if we just seek for better business here.

Yap everyone is mining ETH nowadays because of the near change of it PoW to PoS many wants to get as many as they can before the change happens.

We don't have an idea if there will some congestion to ETH transactions in the rear future, no one knows.

[richardsNY]

Altcoin is a better way to mine these days as bitcoin has higher difficulty and it is increasing after halving.

Bitcoin difficulty has been increasing rapidly regardless of the block halvings that we have been through. In terms of mining, block halvings are basically a point at which smaller miners are likely going to shut down their home miners. And those that are cloud mining, they will likely have their contracts terminated as there are no more profits in sight when block rewards have decreased with 50%. Block halvings are a great happening for cloud mining services as it gives them a "legitimate" reason to not pay out their users with insufficient mining contracts in terms of hash power. In other words, see it as a "legal" scam.

[el kaka22]

As most cloud mining turns up to be a scam with simple scripts available for a few dollars, I would advice to go for real mining with asic hardware with everything under your control instead of relying on the words of some unknowns.