Cloud Mining Scam or legit

[manchester11]

I am pretty new to bitcoin and have basically been using faucet sites to get started.
I know faucets are slow and labourious but at least they are giving me an insite into how bitcoin works
Cloud mining is something that i am seeing advertised a lot.
People will say it is a scam
Some people will say it is not a scam I know that

I would just like everyones opinion on it if that is ok

So is cloud mining a scam yes or no

Reasons why appreciated

Many Thanks

[1715186767]

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[player514]

I am pretty new to bitcoin and have basically been using faucet sites to get started.
I know faucets are slow and labourious but at least they are giving me an insite into how bitcoin works
Cloud mining is something that i am seeing advertised a lot.
People will say it is a scam
Some people will say it is not a scam I know that

I would just like everyones opinion on it if that is ok

So is cloud mining a scam yes or no

Reasons why appreciated

Many Thanks

More often than not, cloud mining is a scam. Doubler sites may be masked under the name of cloud mining. Essentially, if you see something that has an insane payrate (120% every week) that just does not make sense, chances are that it is a scam. This applies for cloud mining.

[Koadharber]

I am pretty new to bitcoin and have basically been using faucet sites to get started.
I know faucets are slow and labourious but at least they are giving me an insite into how bitcoin works
Cloud mining is something that i am seeing advertised a lot.
People will say it is a scam
Some people will say it is not a scam I know that

I would just like everyones opinion on it if that is ok

So is cloud mining a scam yes or no

Reasons why appreciated

Many Thanks

"SCAM"
Stay away from these things since they would just scam out your money and ended up on getting broke.Dont believe on anything which do offer too good to be true returns on a short period of time but yet there are service which do offer cloud mining which is genesis and hashflare but still i wont recommend these stuffs because mining isnt really profitable already as the days goes by considering on the mining difficulty.

[btcrenew]

Stay away from cloud mining. Even if it was legitimate, it is a very slow process and the model behind the business doesn't make much sense to me - iirc, I ran some numbers and it was about 18 months to begin to see a ROI.

[Adbitco]

This is not what I have heard from someone or read somewhere on the internet but it's my personal experience that almost all of them are scam and are there to rip off your money. Some of them pay initially to early birds but eventually they disappear with your money so my personal advice based on my personal experience to you is don't trust any cloud mining and yes stay away from them.

[BitMaxz]

~snip~

As of now there is no cloud mining site are giving a good profit and what i experience before i just wanted to share it with you that i was always excinted to make profit i invest in 2 different cloud mining in the first time they paid me and withdraw it, since i experienced of withdrawal process and received i was encourage to invest more but this time after a week my withdrawal process was stuck in processing and scam in the end..

So if you can afford to lose go invest but i recommend to your there is no cloud mining that can guarantee you to make profit..
Think that what is the purposes of  offering to rent the hash rate of their miners to customers even they can mine with their own and make some cash.

[maeusi]

Cloudmining isn't scam. But most services, who offer "cloudmining" are scam. Why shouldn't it be possible to put a mining farm  together without being scam? But as preposters already explained, it is not very profitable because mining isn't very profitable anymore except you find an easy mining coin, that will hype like Bitcoin did.

Under the aspect, that cloudmining isn't profitable (at least on shortterm), I had good experiences with eobot and Hashflare. Hashflare suddenly turned lifetime contracts to one year contracts and eobot maybe will not offer cloudmining anymore, so cloudmining is for me now finished.

[mrcash02]

Cloud minings that aren't scam aren't profitable and the profitable cloud minings are scam. You know there isn't easy money on Crypto World, otherwise faucets would be much more profitable and I think you have already reached to the conclusion it's not... Why would anyone give others so much profit like the cloud mining banners you see everywhere? These are just Ponzi HYIP schemes.

Without a lot of initial money you won't be able to earn decent passive income investing online.

[illusioNiZt]

Depends on which cloud mining site you're planning to invest in don't trust shady sites which offer insane ROI, do your research I wouldn't recommend investing in cloud mining there are better things you can invest in and make more profit in long term.

[jorneyflair]

I am pretty new to bitcoin and have basically been using faucet sites to get started.
I know faucets are slow and labourious but at least they are giving me an insite into how bitcoin works
Cloud mining is something that i am seeing advertised a lot.
People will say it is a scam
Some people will say it is not a scam I know that

I would just like everyones opinion on it if that is ok

So is cloud mining a scam yes or no

Reasons why appreciated

Many Thanks

There are legit cloud mining sites like Genesis mining. But most of the schemes you see that advertise fixed returns are most likely to be scams and i would avoid them at all costs if that is possible since you never know when they are going to scam you.

Even with legit services such as genesis mining, you could not even make your initial investment back.

Only invest what you can afford to lose.

[maydna]

I am pretty new to bitcoin and have basically been using faucet sites to get started.
I know faucets are slow and labourious but at least they are giving me an insite into how bitcoin works
Cloud mining is something that i am seeing advertised a lot.
People will say it is a scam
Some people will say it is not a scam I know that

I would just like everyones opinion on it if that is ok

So is cloud mining a scam yes or no

Reasons why appreciated

Many Thanks

most of cloud mining is scam but there are legit cloud mining such as genesis mining, hashnest which is the oldest cloud mining and still online until now. i have an account in both site and until now it gives me additional income in bitcoin but somehow with the higher diff in bitcoin, the income is reduce. my advice is better you use your bitcoin to trade than using for cloud mining or you can split your income from faucet to do trading and cloud mining. its no problem if for first time you only earn small satoshi, you can continue to playing faucet and do trading, i am sure that soon if you consistent with what you do, you can collect some nice profit.

[jtipt]

So is cloud mining a scam yes or no

As I have always said, 90% of the cloud mining website are scams based on HYIP or ponzi. The remaining 10% which aren't scam, are firstly very hard to find and even if you do find one they profit you will earn is absolutely useless. IMO cloud mining is a big no, you are better off doing faucets than cloud mining.

[Catmony]

Not all cloud mining platforms are scams but investing in the legit one is also not quite profitable because of increasing mining difficulty. Also there is risk involved with every cloud mining contract (legit one) because when reward from the contract will be lower than the maintenance fee than that contract will end sooner than what you have dreamed of.

[Jating]

I am pretty new to bitcoin and have basically been using faucet sites to get started.
I know faucets are slow and labourious but at least they are giving me an insite into how bitcoin works
Cloud mining is something that i am seeing advertised a lot.
People will say it is a scam
Some people will say it is not a scam I know that

I would just like everyones opinion on it if that is ok

So is cloud mining a scam yes or no

Reasons why appreciated

Many Thanks

Nice that you have posted it here first before putting your money in a cloud mining site. But let me warm you that most of them are really a scam. I'm not into it because a lot of members here are warming about it. So please follow the advise because we don't want you to open another thread saying that you have been scammed by the cloud mining site. Thy are just masking their site but I'm sure its gonna be a doubler or HYIP scheme. And if you are late in your investments, chances are you are not getting paid and they will just close and ran together with your bitcoin.

[TheCoinFinder]

About 90% of forum members would not recommend you even 10% to go through cloud minings.
As the market of cruptocurrency rised,the mining equipments became expansive.
Thus there are many scam groups in market who explain themselves like a traditional company but they are intended to loot your money cleverly.

[xuan87]

Not recommended to join cloudmining, there are so many scammed case from cloud mining and usually they target on the beginner who is tempted by making a good profit with investing, I had been scammed few times from cloudmining, and as I know in the end the sites will closed down and run away with your money, you are gambling with your money, either you making profit before they run or you lost your money

[jossiel]

Most of them are scams, faucets are even more reliable and trustworthy than those cloud mining. Some cloud mining websites have been operating for a longer time up til' now and was trusted by many investors.

But I don't want to say that you must trust them too, there are the same scenario just like hashocean which was also on that stage of being trusted because it's operation was running for years.

And look on where are they right now, they hopped on and gone like a dust very quick, so I don't trust them anymore even those others that are running for years.

[hasmukh_rawal]

Cloud mining websites are most probably fake because they tend to scam people in one way or other. The ones which are not fake provide very less profit and that's the reason why people are not much into cloud mining. If you want to mine coins then i would suggest you to build a mining rig and then mine coins. If you have already decided to do cloud mining then Genesis will be best among all and other websites will most probably be fake.
So be careful and make your decisions wisely.

[marlboroza]

Even if you find cloud mining which is not scam(and 99.99% of them are scam), you will hardly earn money unless you have lots of referrals, and in that case your referrals will hardly earn money.
Ask yourself - if you would have mining equipment, would you rent it to someone and pay interest for next 1-2 or i don't know how many years? I don't think so.

[~Bitcoin~]

Most of the cloud mining we have right now are just scammers because they claims very high daily return on mining contracts which is not possible considering current mining difficulty over every crypto.

Genesis mining is registered company but I don't suggest anyone to invest anything in any cloud mining contracts because sooner or later you will be fuc### up by these companies like hashflare have recently changed their contract terms in middle.