Cloud Mining Viable in 2017?

[jerowacik]

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.

Now doing cloud mining is an inappropriate choice. Everyone currently has chosen hardware mining. Cloud mining is not a favorite because it is not profitable, even many people who lose by investing in cloud mining. Since the beginning of cloud mining does look strange and for me there is currently no cloud mining that really can bring profits.

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[aoihs00]

Talking of impossible, the could mining takes the first place in the list. Believe me like others cloud mining was golden in the past few years and from now onwards the increased difficulty has made it down mining. Theses companies has to pay for maintenance first, then take out their own profits and then they will think of giving you share if they made something after all that. And whatever it is, its not possible now a days. Hope you will save up some coins rather than spending them on miners.

[ActiveP]

A lot of cloud mining web sites are scams. I don't know much about Genesis Mining, but online reviews portray them as legit. However the profits are not what you think, you could make more by simply buying a few coins with potential, hold for a year, then sell. If you buy well, you could possibly earn more than genesis mining will pay you as interest in the same time frame.

[Chronicfathead]

I have just registered, as I invested approx £40 at hashflare last April, and by Feb this year I had withdrawn my original £40, and invested a lot back.

From my original £40 investment,  I currently have over £70 of Ardor, Doge, Bytecoin and Nav combined.  If I include my reinvested money at hashflare, I also have over $160 worth of Bitcoin and Script hashing power, and it's growing at nearly $30 a month currently.

I aim to withdraw more occasionally when another altcoin takes my fancy, but my main goal is to keep investing hard till I get to $100 a month profit, and then start withdrawing more.

In my eyes, my £40 investment just over a year ago has been amazing, with no sign of it making a loss any time soon.  The only reason they will stop mining is if the contract makes a loss, or they go bust, but their model must be good, as they have been going for years.

All you people who "say" cloud mining is bad, have you even tried it, or are you just repeating what you have heard.

I don't have anything to do with any coin or mining company. 

All I know is, that if I was to mine at home it would cost so much in electricity and hardware it wouldn't be profitable for many months.  If I'm lucky, my mining contracts will be paying out for years, and could form part of my pension, or enable me to pay for a solar installation and my own mining hardware.

[kekmaster]

Does anyone have statistics for Genesis in 2017?

[ss890]

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 completely right about investment strategy depicted here. However ripple is going down all the way as compared to monero. Where Ripple stood at highest peak on 22nd June the price since then is falling while the monero has started to go up already. The two coins have already met in event this month but as the time is passing the monero started to heads up. Factor on the other hands seem to take sharp upward moment this month and it will surely cross the ripple by August.

I'm not sure about other two but doge is the one on the list too.

[Pakar11220]

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.

First of all if you want to do bitcoin mining, you should buy your own hardware and equipment, by doing so you can get some profit out of it. With the daily success of bitcoins some people might try to steal your bitcoins from you by getting you invested into their scan cloud mining. Other than that you should not mine if you are going to do it on small scale. Mining is best at larger scales and people who understand it get extreme profits out of it.