Cloud Mining - Legit or not?

[Pairoducks]

To echo what most posters have said Genesis is the most establish company in this industry. It all comes down to mining difficulty and bitcoin value. Additionally this site is sold out fairly frequently, which I think is a good indicator of legitimacy. There are other sites that provide similar service but have not been running for as long. For example CCG Mining is one that I use. They have similar pricing to Genesis and also provide mining rigs if you are interested in mining at home, again the profitability of this depends on how cheap your electricity is.

[darthmaul]

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

Yes genesis is one of the name actually which you can choose to invest in but as a experienced with cloud miner I would suggest you to invest into hosting of miners or may be somewhere else but not in the cloud mining itself. Invest only if you have big money and you are strong enough to loose the money and never talk about it again. Why more money? Because this will get you most of the hash rate which you can use to get your ROI faster. However that all seems vague after sometime when the bitcoin prices fluctuates a lot. Better go for hosting your own miner and get rentals out of it. You can start earning decent money in few months only.

[error08]

There are few legit cloud mining and genesis mining is one of those.
Even though many people keep claim cloud mining isn't profitable but genesis continues to develop their mining farm on Hongkong and Iceland. On the other hand, too many scam projects in the name of cloud mining, which cause people judge all cloud mining is a bad investment. why they want to share bitcoin mining profits to others for lifetime contract? As long as bitcoin price keep growing, mining will be always profitable.

[Pairoducks]

@error08 finally someone who isnt salty about cloud mining. As bitcoin value increases and as the community becomes wiser in regards to scams, more and more legitimate cloud mining operations will become popular. From my own, albeit limited experience, CCG Mining seems to be one of those.

That said if genesis ever releases more bitcoin mining contracts I'll be the first to jump on. I think its important to diversify your mining contracts in terms providers. Because no matter how legitimate a company is there is always a chance that it will make a few bad decisions and as a result their business will suffer.

[Weawant]

There are some cloudmining sites are legit but not recommended for those people who seeks a huge profits and to the rush people since cloudmining profits are so low since those legit sites are giving some low roi due to difficulty and their mining operation expenses, But if you can ably to wait for long term low profit then I recommend to look for the site on service announcement section and read carefully on the feedback given by the people who invested on there.

[AmXProX]

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Some of the cloud mining companies are legitimate at the start but eventually will crash down, if you are really earning from the super computers that you have why would you offer it to other people by just getting a chuck from it's operation?

And besides if you have the money to invest on those cloud miners why not just invest it to your own mining rigs. mine altcoins first then when you earn enough to buy bitcoin mining equipment you start mining bitcoins.

[WiserCoin]

Cloud mining is not a profitable investment. Instead, it looks more profitable mining alt coin

[pratik009]

Cloud minning is not legit.it is scam.but only very less  sites are legit.And most of sites are scam.i also invested in one cloud mining sites.but onoy first 2-3 days it gives me 10% interest on my investment and after that they banned my account.i couldn't sign in my account and lost my all btc.As same all ponzi sites are scam.so i suggests you to research properly for any minning sites before investment.

[Nfp]

Maybe its legit. Because if its not legit, why there's so many miners until now since its started? Maybe there are some mining companies that are not, But not all of theme.

[Stroustrup]

Waste of money, waste of time.
It might take months (or even years) to get what you invested, and for what? A tiny profit? Company can go bankrupt, or any disaster can occur. Even the BTC can fall, and you will lose a lot of money.
Better open a bank account and earn the little % that banks give you..

[cryptojedi]

Genesis Mining is a very, very bad solution. If I were you, I would not touch them with a ten foot pole. I have never seen a single person making any money with them, ever.

The only thing which actually works for me is DMD Diamond cloud, it is an AMAZING service. I m sure you can find the link, if not, let me know and I ll send it to you.

[omonuyak]

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

I think this YouTube video should be an old one and genesis mining  is one of those cloud mining firms you should run from. according to online research "99% of cloud mining companies are fraud and scams". Investing In cloud mining is one of the risky investment decisions you can make and if you want to invest in cryptocurries? I will advise you to buy your own mining tools and start mining altcoins.

[savioroshan]

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Buddy, Don't worry, its a legit site. I invested nearly 900 dollars in this site and they are paying me once in every five days without any problem. So I can confirm that its a legit site. But I need to highlight a fact that it will take nearly 8 months for you to reach your ROI in fiat and the sad thing is, it will take years for you to reach your ROI in bitcoin, if you had invested in this site with bitcoin. So its better to buy the coin directly from the exchange instead of investing in it.

[kabit9]

if you would like to receive a small discount on a Genesis contract, use the code rCIpeV   

[Oceat]

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Buddy, Don't worry, its a legit site. I invested nearly 900 dollars in this site and they are paying me once in every five days without any problem. So I can confirm that its a legit site. But I need to highlight a fact that it will take nearly 8 months for you to reach your ROI in fiat and the sad thing is, it will take years for you to reach your ROI in bitcoin, if you had invested in this site with bitcoin. So its better to buy the coin directly from the exchange instead of investing in it.

As i can see what is happening here, it may be legit but it's not recommendable for bitcoin investments i guess since it would only take years before you reach your ROI. Even if you invest in altcoins it will take too long before you could ever reach your ROI too. I guess it's not worthy of your time to waste on this cloud mining thing. You better buy your own miner if you wanted to invest in mining and not into cloud mining which will take a lot of time before you reach your ROI.