Cloud Mining? Good, Bad, Ugly?

[stomachgrowls]

Hello all I am new here and have recently tried Cloud Mining with some success.

By some I mean I will (should) make ROI on the small amount of hash power I purchased.

• My BTC mining generates ~20.00 USD each month but is on a contract that will expire once profitability is null for the cloud miner.
  
• My ETH mining generates ~15.00 USD each month but is on a contract for two (2) years.

Its a small investment but it was mainly for testing if a scam.


My question is this:

Has anyone else tried out cloud mining with a limited contract based on profitability?

If so how long did it take to reach?

I have tried cloudmining but on hashocean scam which after that incident i didnt go back to invest on any cloudmining site.If you do mean either genesis or hashflare mining then i would say they are not completely safe even they are already operating for years now. Talking about profitability i would say it would be much longer because of difficulty rise. Since you do put up small amounts then its good just for testing out.

[carlisle1]

Hello all I am new here and have recently tried Cloud Mining with some success.

By some I mean I will (should) make ROI on the small amount of hash power I purchased.

• My BTC mining generates ~20.00 USD each month but is on a contract that will expire once profitability is null for the cloud miner.
  
• My ETH mining generates ~15.00 USD each month but is on a contract for two (2) years.

Its a small investment but it was mainly for testing if a scam.


My question is this:

Has anyone else tried out cloud mining with a limited contract based on profitability?

If so how long did it take to reach?

I have tried cloudmining but on hashocean scam which after that incident i didnt go back to invest on any cloudmining site.If you do mean either genesis or hashflare mining then i would say they are not completely safe even they are already operating for years now. Talking about profitability i would say it would be much longer because of difficulty rise. Since you do put up small amounts then its good just for testing out.

that's right difficulty will also needed to consider it will add more time with your investment to grow and if ever that you can invest on your own devices
its much faster roi and you are in control of your money better to assess before entering any cloud mining even those well known like the two that mentions.

[Yuuto]

Hello all I am new here and have recently tried Cloud Mining with some success.

By some I mean I will (should) make ROI on the small amount of hash power I purchased.

• My BTC mining generates ~20.00 USD each month but is on a contract that will expire once profitability is null for the cloud miner.
  
• My ETH mining generates ~15.00 USD each month but is on a contract for two (2) years.

Its a small investment but it was mainly for testing if a scam.


My question is this:

Has anyone else tried out cloud mining with a limited contract based on profitability?

If so how long did it take to reach?

By limited contract you mean like a contract that only lasts a certain period of time?

In my opinion this is probably a better option to take if you are determined to invest in cloud mining than a lifetime contract. They grossly overcharge you for a lifetime contract even though it is likely the contract will be cancelled in just a year or two max.

Honestly, forget about cloud mining altogether. Even if you do make a profit it's going to be minimal. Not going to be anything major. And that is a big if, you usually won't make a ROI.

[Zocadas]

Cloud mining could be profitable on longterm, if you could be sure that you will not be cheated before you will reach ROI. But that is nearly impossible as we see on hashflare. It was legit for years and suddenly shortened lifetime contracts without regrets or financial benefits.

[ajw7779]

Cloud mining really involves no skill or technique just a cash filled wallet. The one who makes the money is the provider. If lucky you may make a little but nothing compared to the company. Unless ur good at trading power like on hashnest the risk is greater than the reward.

[xFiber]

Cloud mining is as ugly as it gets. It appears to be profitable but truly it's not. Buying a mining contract is like taking a loan if you only have work today and are uncertain if you will have work tomorrow. I got hyped up and bought 5 MH's of the most 'profitable' mining contract but I'm yet to receive a payout and I bought it in July.

[deadsilent]

Bad. Because cloudmining takes a lot of time just to get back your roll of investments. I just don't know if anyone successfully get their roll of investments. Also i saw a thread that a cloudmining just change the contract from lifetime to 2 years. Hows that possible. They'd just broke the contract. That's why i don't trust cloudmining. They are full of crap. They are screwing with their clients.

[ss890]

People should really go through the forum topics again and again to read the answers that has already given. It's proven fact that cloud mining can be scam at anytime and there virtually exist no cloud mining sites which are good enough to pay you back your investment. If somebody really comes to you telling that they are earning big money from the cloud sites then they are for sure promoters of these sites and affiliate people. So better stay away from the whole thing and try to invest your money into something more sensible. ;-)


I know this could have been easy to earn money, just buy some contracts and seat back watching your profits skyrocketing. But no, there no such thing as free lunch box and you always have to work for yourself to earn money.

[lumeire]

Bad. Because cloudmining takes a lot of time just to get back your roll of investments. I just don't know if anyone successfully get their roll of investments. Also i saw a thread that a cloudmining just change the contract from lifetime to 2 years. Hows that possible. They'd just broke the contract. That's why i don't trust cloudmining. They are full of crap. They are screwing with their clients.

While yes you won't earn from the contracts per se, trading GHs on their respective secondary markets can be profitable, if you can time your sells on a swing.

So in the end, it's still kind of trading.

[Victorycoin]

Yeah cloud mining is a bad investment idea, all the good review is comng from the owner or the scammer, I ever joined cloud mining few times but I never got ROI and never succeed in withdrawing, and all could mining is the same, sweet promises in the front but always bad ending

I have had my fingers also burnt on my earlier days while trying out cloud mining sites and would rather not bother with them again, however I think another approach to cloud mining, which involves the renting of mining rigs can be an exception.

[namjey]

Can anybody tell me some nice cloud mining serviese to look at? Just wanna see what are the pricings and possible profits

[Wipro]

Yeah cloud mining is a bad investment idea, all the good review is comng from the owner or the scammer, I ever joined cloud mining few times but I never got ROI and never succeed in withdrawing, and all could mining is the same, sweet promises in the front but always bad ending

I have had my fingers also burnt on my earlier days while trying out cloud mining sites and would rather not bother with them again, however I think another approach to cloud mining, which involves the renting of mining rigs can be an exception.

That means you have done a bad decision to invest on the concern platform with the money you have. If you fail in cloud mining site that will be consider as ugly current condition. why you want to rent the mining rigs you can buy in legit sites to get the miner to anywhere in the world.

[adzino]

Hello all I am new here and have recently tried Cloud Mining with some success.

By some I mean I will (should) make ROI on the small amount of hash power I purchased.

• My BTC mining generates ~20.00 USD each month but is on a contract that will expire once profitability is null for the cloud miner.
  
• My ETH mining generates ~15.00 USD each month but is on a contract for two (2) years.

Its a small investment but it was mainly for testing if a scam.


My question is this:

Has anyone else tried out cloud mining with a limited contract based on profitability?

If so how long did it take to reach?

Much better to donate your money instead of investing on cloud mining sites. Most of the sites (around 99.9%) of them are scams. Even if they are legit you end up with extremely low profit or no profit at all!
Most of them are just ponzie schemes though.

[Heartilly]

Hello all I am new here and have recently tried Cloud Mining with some success.

By some I mean I will (should) make ROI on the small amount of hash power I purchased.

• My BTC mining generates ~20.00 USD each month but is on a contract that will expire once profitability is null for the cloud miner.
  
• My ETH mining generates ~15.00 USD each month but is on a contract for two (2) years.

Its a small investment but it was mainly for testing if a scam.


My question is this:

Has anyone else tried out cloud mining with a limited contract based on profitability?

If so how long did it take to reach?

Cloudmining is a good services back then but if we take the scene today you need to purchase lots of hashpower in order to feel the profit. That lots means really a big bunch of $$$. Mining difficulty and rewards are being changed constantly even ROI calculator will told you the date of your ROI, still it's on questioned.

Much better to donate your money instead of investing on cloud mining sites. Most of the sites (around 99.9%) of them are scams. Even if they are legit you end up with extremely low profit or no profit at all!
Most of them are just ponzie schemes though.

He knows that already and this discussion is not about the scam. He is gathering information of profit in today's cloudmining so stop repeating that most cloudmining are ponzi.

[BitHodler]

Cloudmining is a good services back then but if we take the scene today you need to purchase lots of hashpower in order to feel the profit. That lots means really a big bunch of $$$. Mining difficulty and rewards are being changed constantly even ROI calculator will told you the date of your ROI, still it's on questioned.

It doesn't matter how much money you pump into cloud mining, at the end of the day the results in terms of profit percentages remain the same, it's only the amount that is different.

Cloud mining, aside from the legit or not legit services, is something you right from the start know from that it isn't profitable at all with crypto in general being a booming industry ~ difficulty will only increase long term speaking.

People in some cases try to reinvest their 'earnings' into even more hash power, but that directly means that you need to start earning rewards from scratch again, and exactly this is something people don't think about.

Cloud mining services are like a casino in terms of the house always being the winner in the long term. People investing in cloud mining can't beat the increasing difficulty, and that should be reason enough to avoid it.