Cloud Mining Scam or legit

[Nameless27]

Disclaimer: Not all but most cloud mining sites are scam.

I started 2016 on bitcoin and one of my friend asked me to join “HashOcean”(its a one year ago hope this is the right name) correction is appreciated.
At first I’m earning bitcoin and litecoin thru to that mining site for almost 2 or more months. For some reason I invested to upgrade the hash power rate(don’t ask how much). Then after few months they shutdown instantly with all our investments, my friend and many more. It was been a hot topic that year. I even stopped on bitcoin because of disappointment and anger. I would not say all of them are the same but through my bad experience I will never do it again. And I also not recommend others to do so.

[ice18]

Almost all cloud mining sites that I joined before has run away after some months of going online and make thousands of money until now I can see some cloudmining sites that offering huge profits and I advised we should stay away in this kind of sites very risky much better to invest in legit ICOs.   

[Yuhee]

Almost all cloud mining sites that I joined before has run away after some months of going online and make thousands of money until now I can see some cloudmining sites that offering huge profits and I advised we should stay away in this kind of sites very risky much better to invest in legit ICOs.   

Until now because once they have gathered enough profit then they would just deactivate the cloud mining so that the users who have thought earned something cant get their proposed plan at the beginning of their mining. But sometimes most beginner users would want to join just to know how mining actually works. I think this sited should show the longevity of their site and not the running time.

[cipher-x_09]

Man if you click it will post a lot of advertisement in which if you carefully see through it's too damn good to be true imagine at a minimal point of effort you could earn a lot of money.

[1Referee]

Until now because once they have gathered enough profit then they would just deactivate the cloud mining so that the users who have thought earned something cant get their proposed plan at the beginning of their mining.

Services that happen to shut down at some point don't do that because they have gathered enough money, but just because of the fact that they notice a massive decline in new money flowing into their service. As long as new money comes in, these services will constantly be able to pay people what is being promised, but as I said, if the money isn't coming in, then they have no other option than to shut down an run. It's not for nothing that Genesis Mining has been able to stay operational for quite some time now -> excellent marketing is the main reason, followed by noobs vouching for GM like imbeciles, etc. For 'fun', let no one invest even a single satoshi in GM for one or two months, look at how soon they will shut down their service.

[sulendra12]

Genesis Mining probably is a one site that still paying till now. Although, it takes maybe a year to pass the ROI because Bitcoin difficulty and halving. The rest are scam and you shouldn't ever touch and invest on those sites, because they are clearly scam.

[Oakey22]

Most are a scam and the ones that are not, well the profit is not what they promise when you first sign up

[bhooscream]

How about cryptomining.farm?
I've been registered since 2014. And now they are still alive.
I was withdrawn some money from there.

[scott btc]

Most are a scam and the ones that are not, well the profit is not what they promise when you first sign up

It's hard to choose the legit one, but if you ready to let your money gone it's your choice Cloud Mining is Ponzi scene, high risk high profit

[posesion19]

Most of cloud mining is maybe scam , but some cloud mining maybe legit and profitable.
But becarefull , they will be a scam site sometime.
When they got popular they will scam the customer and never withdraw your money.

[InvisibilityFP]

there are a scam and there are legit
dont thrust cloud mining give u free GH/s, high recomended
1.genesis mining
2.harashing24
3.hashnest
u can review that 3 above

[DarkbLue]

Cloud mining cannot be profitable! Try to think the simpliest thing. If it would be profitable, cloud miners would themselfes be their best customers! That is so simple...

[felipe04]

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

its legit but there's a limit in cloud mining because its turn to scam after a weeks or months.I think invest your money in cloud mining is good when its new but some are really legit and they back your money if their site are already none profit like entrade.org and eobot mining this two is legit but they already gone and they back the money

[barota]

personally I  do not like investing in mining sites For several reasons  such as the slow rate of profit or the long period of return of capital

[HarryKPeters]

I would advise to hold your bitcoin instead of cloud mining.
So far all the cloud mining companies I tried were scams: GAW, LTCGEAR, Genesis Mining, hashie all use customer funds and eventually run away. Or offer you anything but ROI.

Hold bitcoin and you will thank me later.

[richardsNY]

Hold bitcoin and you will thank me later.

It's not for nothing that people are constantly looking for ways to invest their coins. Their main target is to increase the number of their coins, and in order to achieve this, they are going pretty far. Investing in cloud mining is an example, investing in ICO's, casino bank rolls, etc. In easy terms, holding isn't an option for them. I have even seen people refer to holding as being boring. It just shows how greedy people are here, and for that reason they will ignore everything we tell them to avoid. It's their money that they are burning through this way (i.e. capital destruction).

[milewilda]

Hold bitcoin and you will thank me later.

It's not for nothing that people are constantly looking for ways to invest their coins. Their main target is to increase the number of their coins, and in order to achieve this, they are going pretty far. Investing in cloud mining is an example, investing in ICO's, casino bank rolls, etc. In easy terms, holding isn't an option for them. I have even seen people refer to holding as being boring. It just shows how greedy people are here, and for that reason they will ignore everything we tell them to avoid. It's their money that they are burning through this way (i.e. capital destruction).

You cant blame those people who do really like to risk their money rather than on idle state.We can say that they are dumb and wasting up money but atleast they do tried out.I have experienced before when i was still a newbie investor which do have limited knowledge i did able to experience where i do tend to invest on cloud mining sites because i do see the profitability but later on i did learned after the consequence that i did experience.

[Nfp]

Based on my learnings to this forum. What i mostly read is so bad about cloud mining. There's no one who trusted this cloud mining company. Because they said its all scam. So i think cloud mining is not legitimate.

[Billy055]

I hope they are legit since I just bought some HIVE via robinhood....

 Never been able to make much mining myself it seems to me that many or even all the cloud-mining is actually ponzi-type activity but  Genesis seems to be actually doing something that you can get a cut of for some cash in advance....

I once bought 5 shares of GBTC for 240 total and sold them for about 550 each....Silly I should have saved them they are only going up...
  But now I am into HIVE (not on the NYSE when I bought them, but they are now.....) and so far we are only going up up and away....

[entrepmind23]

If the site is paying a too good to be true rate then more often than not, it is scam. I have been scammed before by a "cloud mining" site that's why I don't invest on them anymore and I realized that most if not all are just scam anyway. Many are enticed to invest on it because there is no hard work to do. You just invest and after sometime you will get the interest of your investment. Some cloud mining sites offer 10% a day return which is just unbelievable and from the moment you saw it, you know it is just scam but many are still attracted to invest because they are paying. They are paying at first to attract more investors that would testify that they are paying but after maybe weeks or a month, they would suddenly be gone and re-appear again with another site name. If you value your money then better learn trading because that's where you can earn significant amount of money that is legit.