Cloud mining does not make any financial sense?

[Matias]

I don't understand, why would someone cloudmine. I looked at nicehash prices

https://www.nicehash.com/buy

with 77 usd you can buy 0.05 PH for 24hrs.

According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?

[1715115583]

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[1715115583]

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[1715115583]

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[edrich]

I don't understand, why would someone cloudmine. I looked at nicehash prices

https://www.nicehash.com/buy

with 77 usd you can buy 0.05 PH for 24hrs.

According to profitability calculator, with that power, you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?

I wouldn't consider NiceHash a cloud mining service.
People use Nicehash to rent power for short periods of time, for say New coin launches or mining a coin that's highly profitable at the moment.
Look at Genesis mining, Hashnest, Hashflaire etc for Cloud mining, although I don't think they are very profitable either.
Regards,

[HagssFIN]

Cloud mining is bull shit.

Hash rate rental is a real thing, but you really have to think about your strategy is it worth it.

Nicehash and Mining Rig Rentals are legit places to rent hash rate.

[cryptocoinfarmer]

Most of the cloud mining is scam pyramid. You pay money but not get the profit at all.

[winspiral]

I mined and cloudmined in the past...it was worth the fun to do it...

[NotFuzzyWarm]

This has nothing to do with Hardware so why post it here? Learn to use the right areas...
Reported to mods for moving.

[Angi]

Everyone can experience this cloud mining but before we proceed this  kind of mining  is to think first and observe or research if it is bad or good to us.I am new here in the world of bitcoin  thats why i want more knowledge in this kind of business.

[Drixy]

It does for some but would not reccomend it please dont do it if you dong have the patience to wait for to proccess all that transactions. And even some are totally legit your gonna think it is a scam because youll be unpatient to that matter.

[crptotrader007]

Its quite obvious that cloud mining isn't worth it. May be it was introduced in the early stages of crypto currencies when the difficulty level was not so high. It would have been "slight" profitable then. These days nobody gives a shit to cloud mining sites since everyone in the crypto world knows that it is pure crap. Apart from the scam sites(there are thousands of them), the legit ones would be able to give only as much as you invest. So don't even consider to invest in such sites.

[Matias]

Its quite obvious that cloud mining isn't worth it. May be it was introduced in the early stages of crypto currencies when the difficulty level was not so high. It would have been "slight" profitable then. These days nobody gives a shit to cloud mining sites since everyone in the crypto world knows that it is pure crap. Apart from the scam sites(there are thousands of them), the legit ones would be able to give only as much as you invest. So don't even consider to invest in such sites.

That's what I calculated myself  In the best case scenario it is only slightly unprofitable.

But I'm puzzled by the fact, that there apparently are people, who are willing to invest 0.1 BTC to get =0.09 BTC 

[coindetective]

Build a decent rig and mine yourself or get into DMD Diamond cloud. These re basically your options. The rest is simply not profitable.

[1Referee]

I mined and cloudmined in the past...it was worth the fun to do it...

You might get enough satisfaction out of the 'fun' aspect of cloudmining, but that's not the case when it comes to the majority of the people here. They actually think that it will be a good long term investment, but as delusional and greedy that they are, they don't realize that it's nothing more than a waste of precious time and money. People having bought themselves contracts last year are still just hoping to get their initial investment amount back, while people smart enough to buy Bitcoin or the other crypto coins directly, are now enjoying profits ranging from 100 to +1000%. It's all common sense stuff that we're talking about - there is no need to be an 'expert' or whatever to understand the difference.

[winspiral]

I mined and cloudmined in the past...it was worth the fun to do it...

You might get enough satisfaction out of the 'fun' aspect of cloudmining, but that's not the case when it comes to the majority of the people here. They actually think that it will be a good long term investment, but as delusional and greedy that they are, they don't realize that it's nothing more than a waste of precious time and money. People having bought themselves contracts last year are still just hoping to get their initial investment amount back, while people smart enough to buy Bitcoin or the other crypto coins directly, are now enjoying profits ranging from 100 to +1000%. It's all common sense stuff that we're talking about - there is no need to be an 'expert' or whatever to understand the difference.

You are of course right...I have been lucky with cloudmining.
I have traded with profit and did go out in time.
About mining...I have been lucky as well when I mined with my PC.
I had fun to experince it and made few dollars with.
About my U2 mining...It cost me 42€ or so and I have resold it 20€
The fun to mine with was worth the lost of 22€
At least I have tried and I know about.
About the cloudmining I proposed...I can affirme that all my investors have made profit, even if it has cost me 16 redtrust points.

[mobnepal]

Nicehash or miningrigrentals like platform are only for those miners who want to rent mining rigs temporarily to mine few new altcoins to hold for longer time so that they can sell it for profit when it will be listed.

Their price is not good for mining regular alts or bitcoin as most of the seller there are renting their rigs to make profit.

[Wipro]

Nicehash or miningrigrentals like platform are only for those miners who want to rent mining rigs temporarily to mine few new altcoins to hold for longer time so that they can sell it for profit when it will be listed.

Their price is not good for mining regular alts or bitcoin as most of the seller there are renting their rigs to make profit.

However these are not the Cloud mining platform right then why op makes the post like this. If he really needs to look into the cloud mining platofrm he should check in the Genesis and cloud mining sites which is completely works on the platform alone. Even you take minergate as a partial cloud site.

[vit05]

You could buy contracts with the major miners farms and they could eventually become profitable. But most companies that sell mining Hpower for a short period of time and didn't provide any real information about the blocks they mine are Ponzi schemes.

You could put a lite information on every block that you mine, ViaBTC provides this information[1], but I doubt that this cloud mining schemes where you can buy for just one week or month could put their name there. Or the name of their users. They only exist because BTC always go up and most of the people decide to reinvest.

And the companies that try to sell real Hpowers can't provide a great profit for the users. But in the long run, you could make some profit. But it is not a thing for less than one month.

[1]https://twitter.com/ViaBTC/status/931005733952356358

[timerland]

I don't understand, why would someone cloudmine. I looked at nicehash prices

https://www.nicehash.com/buy

with 77 usd you can buy 0.05 PH for 24hrs.

According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?

Renting hashrate doesn't really make sense unless you're trying to get into an altcoin big time without disrupting the markets too much. Or perhaps you're just taking a gamble on how many blocks your pool will mine with a pretty ridiculous house edge.

Would also work if the coin isn't currently listed on any exchanges but you want to get into it.

But other than that, i don't know why someone would go with renting hashrate or even cloud mining rather than just buying the actual coin with BTC.

[allcloudminers]

I agree that Bitcoin was a better investment than cloud mining during 2017. But I think there was almost no investment that was better than Bitcoin during 2017.

If you bought cloud mining contracts for USD in the beginning of 2017 you would have been profitable but not if you bought them for BTC.

I think cloud mining is as best when the coin price is stable and new miners don´t have enough attraction to start mining the coin since the start capital is too big.

At Allcloudminers we publish the results from our own cloud mining contracts continuously. We also try as good as we can to sort out the legit cloud mining companies from the Ponzi Schemes.

www.allcloudminers.com

[magneto]

I don't understand, why would someone cloudmine. I looked at nicehash prices

https://www.nicehash.com/buy

with 77 usd you can buy 0.05 PH for 24hrs.

According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?

You're not missing anything.

The sellers have to make a profit - if they don't make a profit then there is obviously no point for them to list their miners up for sale. Now you as the buyer can take a risk with buying one of these contracts, and potentially profit more than you invest in it.

I would do this only for fun, as in the long run you're likely not going to be making anything in the positives. Just think about it again - if miners can make more mining themselves, why would they rent out their mining power to someone else?

[winspiral]

I don't understand, why would someone cloudmine. I looked at nicehash prices

https://www.nicehash.com/buy

with 77 usd you can buy 0.05 PH for 24hrs.

According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?

You're not missing anything.

The sellers have to make a profit - if they don't make a profit then there is obviously no point for them to list their miners up for sale. Now you as the buyer can take a risk with buying one of these contracts, and potentially profit more than you invest in it.

I would do this only for fun, as in the long run you're likely not going to be making anything in the positives. Just think about it again - if miners can make more mining themselves, why would they rent out their mining power to someone else?

I think about:

Just think about it again - if miners can make more mining themselves, why would they rent out their mining power to someone else?

let suppose I can mine and i have time to mine and I have cheap electricity and I have place to mine.
BUT I HAVE NO CASH TO BUY MINER HARDWARE.
You have cash but not the possibilities to mine with profit.
Why should the principle of cloudmining not be possible and fair?

I did this with my antminer U2.
it was fiasco because it was nor profitable to mine with profit.
It is why I have resold it in time.

But the cloudmining system is a good system if it is managed by honest webmaster.