Cloud Mining Scam or legit

[Cindy1983]

There are only few legit cloud mining websites and all other sites are scam but with Legit mining site it'll take too long to take your money back. For example with Eobot cloud mining you need to wait at least 2 years to take your investing money back. I think you shouldn't waste your money in cloud mining, it's better to mine yourself or if you don't have much money I think you should try trading

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[liuqi]

There are only few legit cloud mining websites and all other sites are scam but with Legit mining site it'll take too long to take your money back. For example with Eobot cloud mining you need to wait at least 2 years to take your investing money back. I think you shouldn't waste your money in cloud mining, it's better to mine yourself or if you don't have much money I think you should try trading

I think you mean to say about Genesis mining. It is legit but you will be charged the maintenance charge for your account and you have to purchase the hash rate from the network pools so that would cost as another factor. Trading will be fluctuate always you cannot start the trading as it is. You have plan for it very focused.

[richardsNY]

There are only few legit cloud mining websites and all other sites are scam but with Legit mining site it'll take too long to take your money back. For example with Eobot cloud mining you need to wait at least 2 years to take your investing money back. I think you shouldn't waste your money in cloud mining, it's better to mine yourself or if you don't have much money I think you should try trading

There are indeed just a few legit cloud mining services, but genesis mining definitely isn't one of them. Legit cloud mining services are pools that happen to offer cloud mining as optional service -- think about Antpool and ViaBTC. Every mining service that isn't willing to prove existence should be seen as an outright scam. In this case, these scam services account for +90% of the cloud mining market. Best thing to do is just to buy and hold Bitcoin. It requires zero effort, you don't depend on so many factors, etc. Only benefits.

[salmanahmedone]

Scam might be a strong word for most of them, but it happens. Generally it is just a company or group that found out, like everyone else, that machine mining is past the profit line and will never make a black revenue stream again. So, rather than sell off the machines or trash them, they continue to mine and let their new clients foot the loss.

[pixie85]

Scam might be a strong word for most of them, but it happens. Generally it is just a company or group that found out, like everyone else, that machine mining is past the profit line and will never make a black revenue stream again. So, rather than sell off the machines or trash them, they continue to mine and let their new clients foot the loss.

How would you call a company that knows the only reason they are profitable is because cryptocurrencies are going up? All these people that made money with them did so when the prices were going up. Go back a bit and read forum posts from 2014 and 2015 when cryptos were at a decline, but there were even more cloud mining companies than now. Most of them went bankrupt.

[ss890]

They are not true miners they are Ponzi schemes and the people offering that will always act as if they are mining but they are not really.


Sometimes they will mine but they will not return you your money because they will be using that money for their is rig and to make it bigger one. There have been so many big players in the industry but unfortunately none sustained for longer period than expected. They all just disappeared in the thin air and scammed everyone involved.


The genesis and hashflare, these were the good players but unfortunately they look like frozen too now and they have lost the trust dye to ultra negative reviews around the forum itself.

[jennywhzz]

There are only few legit cloud mining websites and all other sites are scam but with Legit mining site it'll take too long to take your money back. For example with Eobot cloud mining you need to wait at least 2 years to take your investing money back. I think you shouldn't waste your money in cloud mining, it's better to mine yourself or if you don't have much money I think you should try trading

I don't really see any way that this is different from all the other Cloud mining Services out there. It looks like it may have started with a handful of equipment moved up from there but this is pretty much the way the most cloud nine eight starts off. What exactly can you say that's going to make us trust this company more than any other company out there.

[Quidat]

They are not true miners they are Ponzi schemes and the people offering that will always act as if they are mining but they are not really.


Sometimes they will mine but they will not return you your money because they will be using that money for their is rig and to make it bigger one. There have been so many big players in the industry but unfortunately none sustained for longer period than expected. They all just disappeared in the thin air and scammed everyone involved.


The genesis and hashflare, these were the good players but unfortunately they look like frozen too now and they have lost the trust dye to ultra negative reviews around the forum itself.

Nothing last forever even those cloud mining giants would really have the time to close their service.We don't know on when but for sure as mining difficulty rise they less profit or money they would made would possibly make their company close.This is why investing or putting up money on these cloud mining isn't really a wise thing to do its much better to find another investment than minding on this one.

[JanpriX]

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

This is based on my experience so be aware of it. I'm pretty sure that 90%-95% of these cloud mining sites are scam. They are just getting money from the newcomers to provide payouts for the old ones and once they hit their target "profit", they'll just vanish in thin air without any trace leaving their current investors/users without any money. I experienced this first-hand to almost all of the cloud mining sites that I invested in. Lesson learned from those experiences and I will never put my money (BTC) again to those scam sites. Don't get fooled by other people saying that they are legit because more often than not, they are also invested in it and would just want to have an exit as soon as possible.

[Slow death]

I will assume that you will actually read these posts, so I'll answer your question

So is cloud mining a scam yes or no

according to wikipedia

"Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. Since Cloud Mining is provided as a service there is generally some cost and this can result in lower returns for the miner. There are many cloud mining scams.


Types of Hosting

Users of hosted Mining equipment can either lease a physical mining server or a Virtual private server and install mining software on the machine. Instead of leasing a dedicated server, some services offer hashing power hosted in data centers for sale denominated in Gigahash/seconds (GH/s); Users either select a desired amount of hashing power and a period for the contract or in some cases can trade their hashing power.

Pros and Cons

There are several advantages over the normal home-mining.

Pros:

A Quiet and cooler home
Lower electricity usage
no need to manage the equipment - no need to repair and no need to configure the hardware


Cons:

Management Cost - cost for the maintenance of the equipment
Lack of control - most providers don't offer the possibility for one to choose their desired mining pool
Security – some cloud mining service providers have turned out to be ponzi schemes

https://en.wikipedia.org/wiki/Cloud_mining

"
this is cloud mining:


https://www.genesis-mining.com


this https://www.skycoinlab.com is not cloud mining.
was ponzi and became scam

Reasons why appreciated

cloud mining (legitimate cloud mining) are not profitable, you invest bitcoin and spend months or years and see no profit

[savioroshan]

In my opinion, not all cloud mining sites are scam. There are legit ones also. For example genesis mining is a legit site. Last year I deposited nearly 600 dollars in that and they are still paying me. So I can confirm that its a legit site. One thing you should  keep in mind. It will take a long time to reach your roi in bitcoin. Since I invested in fiat currency, I was able to reach roi within 8 months.

[ericson]

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

Almost all are scams or ponzi always or some dont even work but some works but it is not profitable wasting time and rigs to that business electric bill will increase as well you cannot even have your capital on starting  even in 2-3 months truly a waste of time only certain coins can be mined and as i said so not profitable  but if you have mine earlier in year it would have been easy and profitable that time but this kind of work is just like faucets

[Choii]

There are only few legit cloud mining websites and all other sites are scam but with Legit mining site it'll take too long to take your money back. For example with Eobot cloud mining you need to wait at least 2 years to take your investing money back. I think you shouldn't waste your money in cloud mining, it's better to mine yourself or if you don't have much money I think you should try trading

I agree with you, it's not all mining site are scam like hashnest that's the only mining site we've already know is legit. And that like what you said  its too long to take our money back. And yes your right much better to trade our bitcoin rather than invest to investment site.

[nodelover]

Cloud is often used for deploy web and database applications. Mining would need CPU & GPU intensive tasks which is not suitable for those system.

[reflector]

There are only few legit cloud mining websites and all other sites are scam but with Legit mining site it'll take too long to take your money back. For example with Eobot cloud mining you need to wait at least 2 years to take your investing money back. I think you shouldn't waste your money in cloud mining, it's better to mine yourself or if you don't have much money I think you should try trading

I agree with you, it's not all mining site are scam like hashnest that's the only mining site we've already know is legit. And that like what you said  its too long to take our money back. And yes your right much better to trade our bitcoin rather than invest to investment site.

Just go with the Minergate review about cloud mining. They are one of the classic cloud site which provides the mining option. Please go with the Radeon cards mining which cost little low than the amount you have to invest in ASIC mining set up. Get profit delay and all fine but you will be scammed by them.

[traderethereum]

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

in my opinion, cloud mining is not scam because i am getting ROI with them but some of them is scam. you can choose cloud mining which is recommended by members here and still be careful if you decide to invest with them. each people have different opinion because we have different experience. maybe i can say cloud mining is not scam, but the other people will say that cloud mining is scam. i hope you don't become confuse and its better you thinking before invest in cloud mining or other programs.

[Bitfort]

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

No it's not scam. It's pretty clear bussines model that works but was misused multipletimes to scam people.

I think it was around 2015 when a big boom in cloudmining started and so many doubtful cloudmining services appeared  (most of them was just ponzi schemes). Lot of people fell in and got robbed. Thus marked all cloudminings as scam.
This would never happen if people would investigate a bit more.

Two big red flags are: affiliate system and free hashes to start. Once you these two it's 99.9% scam.
Secondly you should investigate whether the company is actually mining. Anybody can claim he is mining but unless proves it you cant trust him.

Hasnest, BW and bixin (those are the only cloudmining I trust) are really mining BTC ( you can check it using any chain explorer).
Moreover hashnest and BW are ASIC manufacturers (which makes me sure there is no scam attempt at all).

[StreakW]

most of cloud mining is scam but,, there are legit cloud mining such as genesis mining, hashnest, hashflare,
but for hash flare not recomended coz only 1 yeras contract

[madwica]

There are many sites are now scam that is why more people doesn't want to invest in this kind of method but there are also legit cloud mining site, just try to invest in Ice Rock Mining you can found the link in my signature this is new but it has a great project and i feel that it will last long that is why more investor will be get profited in the long run.
But i advise that just invest the amount that you can afford to lose specially we are in online investment we do no hold anything than few letter of our account and password. This is one of the risky method but it could return profit.

[Hamphser]

There are many sites are now scam that is why more people doesn't want to invest in this kind of method but there are also legit cloud mining site, just try to invest in Ice Rock Mining you can found the link in my signature this is new but it has a great project and i feel that it will last long that is why more investor will be get profited in the long run.
But i advise that just invest the amount that you can afford to lose specially we are in online investment we do no hold anything than few letter of our account and password. This is one of the risky method but it could return profit.

Legit? How can you say such thing since they are just on ICO or funding period which means its still no operating.How would you compare this cloud mining in genesis or hashflare? Most cloud mining sites are scam or ponzi.
If you do tend to join on those operating i would say it wont really be worth it at all if you do trying to check mining difficulty for sure profits would really be affected when it tends to rise up.As a newbie i would really discourage op not to join on this one.I know you are wearing companies signature but it his own choice if he would decide to put up money on that.