Mining contract

[moneybank4u]

I am planning to buy this mining contract. Before that I would like to know more about this. How does the whole process work? Do I need to own a high configuration system at home after buying this contract or is the electricity cost and system is being maintained by the company and I just need to buy the contract? Is it that I just need to buy the contract and the BTC would be credited to my personal wallet on regular basis. It would be great to have inputs from someone into such contracts. Here is the link for the mining contract  am planning for:

https://www.cryptocompare.com/mining/genesis-mining/bitcoin-diamond-mining-contract-lifetime-large/

[tsaroz]

I just want to aware you. It's not right time to buy any new contracts from genesis mining. They are having trouble in payout and it is better not to get involved with them until all the issues are resolved.

[moneybank4u]

thanks for your reply and making me aware..Is it good to go with hashflare then? the link is here:

https://www.cryptocompare.com/mining/hashcoins/mining-contract-sha-256-large/

Also is it that I just take those contracts and sit back to earn my profits? I suppose I need not have a high configuration system or anything and it is all taken care by them...My understanding about these contracts is I just need to pay for the contract and the BTC is credited to my wallet... please correct me if I am wrong.

[Tipstar]

thanks for your reply and making me aware..Is it good to go with hashflare then? the link is here:

https://www.cryptocompare.com/mining/hashcoins/mining-contract-sha-256-large/

Also is it that I just take those contracts and sit back to earn my profits? I suppose I need not have a high configuration system or anything and it is all taken care by them...My understanding about these contracts is I just need to pay for the contract and the BTC is credited to my wallet... please correct me if I am wrong.

You are correct, cloud mining is just buying the contract and taking the profit.
With Genesis having problems, hashflare is the only legit option, viabtc too were having some contract but are not providing for new users.
But take note that ROI period for cloud mining are over a year and the production decreases with time.
And the price of coin can reach anywhere up or down on that period.
There can be other beneficial investment than Cloud mining.

[lumeire]

Just a friendly advice, stay away from these cloud mining contracts.

You're better off investing your hard earned money at some other investment.

[mobnepal]

Mining difficulty for bitcoin can change dramatically in next few months, this will affect your return also price per bitcoin is in peak right now so if there will be any correction in coming days you might have to wait for more than 136 days (according to their claims) to get back your investment.

Keep this in mind and make your own decision, I personally don't believe in investing my bitcoin in any cloud mining contracts.

[avatar_kiyoshi]

I'm not sure cloud mining nowadays will be profitable due the difficult increased, pretty much mining farm and we don't know the fees charge by company is flat/"real cost", it's possibly they charge over price, ect.
So if you serious about mining, better to build your own rig and choose altcoin which have a value plus will bright in the future.

[gilangIDR]

I'm not sure cloud mining nowadays will be profitable due the difficult increased, pretty much mining farm and we don't know the fees charge by company is flat/"real cost", it's possibly they charge over price, ect.
So if you serious about mining, better to build your own rig and choose altcoin which have a value plus will bright in the future.

Cloud mining is certainly a disadvantage if we do. We can lose all the money we invest. True what you say is better to make a hardware rig, because then the money we use is used for more useful and visible investment. If it does not fit then we can resell the rig we have. Unlike the cloud mining that will only make the contract at the beginning and usually they will disappear when it has reached a certain target for the company's cloud mining.

[Rastadon]

I am planning to buy this mining contract. Before that I would like to know more about this. How does the whole process work? Do I need to own a high configuration system at home after buying this contract or is the electricity cost and system is being maintained by the company and I just need to buy the contract? Is it that I just need to buy the contract and the BTC would be credited to my personal wallet on regular basis. It would be great to have inputs from someone into such contracts. Here is the link for the mining contract  am planning for:

https://www.cryptocompare.com/mining/genesis-mining/bitcoin-diamond-mining-contract-lifetime-large/

You must read about this for the first time,

https://themerkle.com/genesis-mining-review/

And you will get a conclusion to never try to invest your money in the biggest ponzi scheme such as genesis mining.

https://themerkle.com/genesis-mining-customer-claims-the-company-is-now-a-ponzi-scheme/

The article already published a week ago and that can be a reliable source for you.

[crairezx20]

I saw many newbie are wanted to invest in cloud mining they didn't know almost all investment site online are  scam i'm also victim in any cloud mining site and ponzi scam if you really want to make profit better to mine your own altcoins just build your own mining rig and mine with gpu or cpu..
Just think that there are new free in the internet just to invest don't try to invest such a large amount in any cloud mining site because its not really profitable and anytime soon you can be scam .

[Qartersa]

I saw many newbie are wanted to invest in cloud mining they didn't know almost all investment site online are  scam i'm also victim in any cloud mining site and ponzi scam if you really want to make profit better to mine your own altcoins just build your own mining rig and mine with gpu or cpu..
Just think that there are new free in the internet just to invest don't try to invest such a large amount in any cloud mining site because its not really profitable and anytime soon you can be scam .

this is likely brought about by the sudden rise of the price of bitcoins. That is why there have been a lot of newbie asking this question. Yeah there are plenty of scam cloud mining sites out there. The best thing to do is to just buy from the big famous ones. Though that doesn’t guarantee that you will profit from them. I would just advise you to just buy bitcoins instead.

[moneybank4u]

I saw many newbie are wanted to invest in cloud mining they didn't know almost all investment site online are  scam i'm also victim in any cloud mining site and ponzi scam if you really want to make profit better to mine your own altcoins just build your own mining rig and mine with gpu or cpu..
Just think that there are new free in the internet just to invest don't try to invest such a large amount in any cloud mining site because its not really profitable and anytime soon you can be scam .

thanks for the info...Looks like buying is the best option...

[ss890]

It's time to stay away from the cloud mining sites as the difficulty level is increasing a lot now. It might not just be a good idea to invest in cloud type of mining as they are incurring big fees from you for the payout to cover their own charges. Besides this they are increasing the minimum payout threshold. It means now you have to wait longer time to get at least some share of the investment. If things keeps going on like this then people might just back off from the project which will bring up more burden on the mining sites thus letting them scam us as they won't be able to pay us. This is not the good time really. Anyone will tell sand story.

[black014]

hi there! if i where you i will stay away to cloud mining it's because all cloud mining are become a scammer, that is not good idea to trust and buy some contract from a cloud mining,many know that cloud mining does not last too long, many of user here in forum have been scam by cloud mining, like I have tried many cloud mining but they all do not pay.

[DaddyMonsi]

i would rather use my Bitcoin in buying Alts than buying mining contract on those cloud mining sites. Its a long road to reach ROI if you buy mining contracts while if you invest in Alts with due diligence you earn back your investment in a few months or maybe less. Those cloud mining sites are the one earning a lot while their clients earn pennies.