Cloud mining does not make any financial sense?

[error08]

Actually it make sense to generate profits by investing on cloud mining.
Mining will be profitable if bitcoin price increase over time, as the difficulty increase as well due to more and more mining hardware get into business.
But, consider the risk; you can't control the profits as "cloud mining owners" will decide how much you get, based on their income every hour or every day. Look at genesis mining; many people claim it's not profitable anymore due to some reasons and hashflare seems turn into "shady" business recently.
So, if you want to mining, just buy ASICs hardware and do the real mining in your place instead of buying unknown hash rate from cloud mining which you don't know whether you get fair payment or not.

[1714941890]

1714941890

[wantjokull]

Yeah that is how it works, they don’t really profit us at all. They profit for themselves man. This is the reason most of the people fall for the cloud mining stuff and they invest a lot of money to buy big contracts and then they end up in the loss without knowing what they are actually doing.


Also, you are seeing just temporary calculation from that calculator because everyday the prices and difficulty is changing for mining which alters the calculation mostly towards loss for us and more profit to the company.


May be these are the way to grab more investors into the firm and profit like that. This is what cloud mining is and don’t even know if they do really mine or not.

[pixie85]

Actually it make sense to generate profits by investing on cloud mining.
Mining will be profitable if bitcoin price increase over time, as the difficulty increase as well due to more and more mining hardware get into business.
But, consider the risk; you can't control the profits as "cloud mining owners" will decide how much you get, based on their income every hour or every day. Look at genesis mining; many people claim it's not profitable anymore due to some reasons and hashflare seems turn into "shady" business recently.
So, if you want to mining, just buy ASICs hardware and do the real mining in your place instead of buying unknown hash rate from cloud mining which you don't know whether you get fair payment or not.

It doesn't because you aren't really mining with cloud mining operators. You are loaning them money but with this loan the responsibility and risk falls on you.
If they were to take a loan from a bank they'd need to have a collateral and if they failed at payments they'd lose it. This system gives them a lot of freedom. They can fail at payments or lower them for a while blaming it on rising difficulty, maintenance cost, or lack of profitability, and there's no collateral to be lost.

[blockman]

Those coins that will be mined through nicehash after buying it can be used in the future when the time of pumping has come. Others here doesn't get to understand what the OP wants to ask about cloud mining by buying hash power through nicehash. Those people that want to invest in cloud mining sees it as an opportunity but you are risking your bet in there. I would prefer to trade it with alt coins rather than investing to them.

[machinek20]

All the people who already spend a lot of time in bitcoin knows that cloud mining is a shit and scamming project, most of the time it offered something that doaesnt make any sense, I dont believe in any cloumining anymore since I was being scammed

[richardsNY]

It doesn't because you aren't really mining with cloud mining operators. You are loaning them money but with this loan the responsibility and risk falls on you.
If they were to take a loan from a bank they'd need to have a collateral and if they failed at payments they'd lose it. This system gives them a lot of freedom. They can fail at payments or lower them for a while blaming it on rising difficulty, maintenance cost, or lack of profitability, and there's no collateral to be lost.

It's not even a loan. It's just them using people's greed and stupidity to obtain free money, because the cloud miners already know that they will likely never have to pay back the full amount. It's a smart calculation of an increasing difficulty, their own limitations, and various other variables that all miners have to take seriously, but since most of these cloud miners aren't even mining, it's not actually a problem for them at all. You pay a cloud miner a certain amount, and that service treats you as their slave the entire time, damn, fantastic investment! 

[dothebeats]

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?

There are some cases in which you'd be able to mine more than what you paid for, you just have to have keen eyes for this to be achieved. Also, there are a wide range of algorithms that you can use for mining coins for a bit, just need to select the right one at the right moment and you're in profit.

[TheCoinFinder]

You are right, when you decide to invest in cloud minings, you are not paying to earn profits, just remember you are paying to loose 30-50% of your base investment.
Cloud minings really don't make any sense of financial assistance as far as you are aware of these fake schemes.
It is more better to invest in bitcoin cash, this currency is still young, can give you good profits in return.

[adzino]

Actually it make sense to generate profits by investing on cloud mining.
Mining will be profitable if bitcoin price increase over time, as the difficulty increase as well due to more and more mining hardware get into business.
But, consider the risk; you can't control the profits as "cloud mining owners" will decide how much you get, based on their income every hour or every day. Look at genesis mining; many people claim it's not profitable anymore due to some reasons and hashflare seems turn into "shady" business recently.
So, if you want to mining, just buy ASICs hardware and do the real mining in your place instead of buying unknown hash rate from cloud mining which you don't know whether you get fair payment or not.

Not really. Most of the cloud mining sites are just pure scams. They are just ponzie schemes disguised as a cloud mining sites. You give them money, they pay someone else with your money. When they attract huge amount of users, they end up running away with all your investment. So it makes no sense to invest on cloud mining sites. Better to gamble then invest on those shit scams.

[eagleman]

Not really. Most of the cloud mining sites are just pure scams. They are just ponzie schemes disguised as a cloud mining sites. You give them money, they pay someone else with your money. When they attract huge amount of users, they end up running away with all your investment. So it makes no sense to invest on cloud mining sites. Better to gamble then invest on those shit scams.

Very few cloud mining that has the real mining farm where they can support their investors for selling real contracts.
But for the new ones they only see cloud mining as a way to scam people letting them invest and think that they have actual photo's and proofs that they are being supported by a big mining farm. All is delusion and they have intention of scamming.

[wantjokull]

And it is the same case with any kind of cloud mining. It takes long time to reach your ROI or may be you never reach that pint in your contract terms. This is also case with genesis and hash flare websites. They have contracts which are limited for one year, once you reached out that period you have to pay again to extend contract so you spend more money into it. Lolz. This cycle keeps going on and people think that they make big money during the course of contract but they aren’t really. So may be cloud mining doesn’t work really or there needs very very big investment to work on that thing. So it could be game of rich people or may be it simply not paying us.

[mrcash02]

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?

There are some cases in which you'd be able to mine more than what you paid for, you just have to have keen eyes for this to be achieved. Also, there are a wide range of algorithms that you can use for mining coins for a bit, just need to select the right one at the right moment and you're in profit.

How does it work? More miners = less profit and less miners = more profit on the day? How to know when it's the right time?

I have seen this kind of offer on Cloud mining sites like Eobot and never understood too...

[Lanatsa]

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?

There are some cases in which you'd be able to mine more than what you paid for, you just have to have keen eyes for this to be achieved. Also, there are a wide range of algorithms that you can use for mining coins for a bit, just need to select the right one at the right moment and you're in profit.

This thing should really be done when we do tend to rent hash power on which we always find the best coin that to be mined into that particular time and situation because profitability would be still there but would need the right timing and selection.Its really dumb to see that we are just paying up more than on the amount we can possibly earn which do always happen when we do invest on this cloud mining. They never turn out to be profitable if it does then it would be on some cases only.

[lady Royal]

Well you see many new coins get released and when you rent you don’t have to mine bitcoins or some other coin you can mine coins different in the same time and save it for future you invested 77$ and after a year all the coins go up you can get 700$ so that’s sometimes it works.

[kahc]

I don't understand why people would rent power from for example nicehash.com to mine ETC.
The cheapest renting I can see cost about 60.29$/ per GH / day
If mined with current difficulty about yields about 3.31ETC/day(58.88$/ day)  aka profit = -1.41$
Buying 3.31ETC from exchanges cost about 59.18$(excluding fee).

Why the hell would someone consider renting power to mine, rather then buying directly from exchanges.

[coolcoinz]

I don't understand why people would rent power from for example nicehash.com to mine ETC.
The cheapest renting I can see cost about 60.29$/ per GH / day
If mined with current difficulty about yields about 3.31ETC/day(58.88$/ day)  aka profit = -1.41$
Buying 3.31ETC from exchanges cost about 59.18$(excluding fee).

Why the hell would someone consider renting power to mine, rather then buying directly from exchanges.

There's plenty of stupid people in this world. These companies take advantage of people who are blinded by greed and want fast and easy profit. People who don't know basic math and can't read terms and conditions. It's just how it is. Some people have to lose money for others to profit.

[Tyrantt]

Well that's the basic logic behind the bitcoin cloud mining today. If people are just to think a little about how much of an investment you need for btc mining and the difficulty of mining, they'd ask themselves why aren't those people mining for themselves but are offering power. Makes no sense.

Bitcoin cloud mining, no. Alt-coin focused, maybe.

[gilangIDR]

Well that's the basic logic behind the bitcoin cloud mining today. If people are just to think a little about how much of an investment you need for btc mining and the difficulty of mining, they'd ask themselves why aren't those people mining for themselves but are offering power. Makes no sense.

Bitcoin cloud mining, no. Alt-coin focused, maybe.

Most people think that cloud mining is a way to make money easily. And that's all not true because cloud mining can not make sure we get a profit. We are required to deposit capital to buy some virtual hardware and the results will be sent to the account we have. But that is a very long time and the problem is usually the owner of cloud mining is blurred when it has not completed the contract cloud. This is the problem and the concern of many people is that they will fail. So before we decide to try this investment, then I suggest to search for various information on the internet. Personally I would say that cloud mining is not the right choice in investing !!

[alani123]

The thing with Nicehash is that it's actually a hash RENTING service. SO while it's made and marketed to look like a hash on demand service, what it helps facilitate is p2p transactions to rent someone's hash more securely rather than having to fully trust them. Renters ofc put prices that are slightly higher than if they'd be mining directly.

[Mahanton]

I see how mining bitcoins is promoted everywhere and understand that this business is really profitable, besides there are special promocodes that allow you to spend more power on mining and get more cryptocurrency! Everything is explained here  http://promocodius.com/us/shops/ccg-mining

No need for you to re-bumped this thread just to tell us about those promocodes on such cloud mining contract. Talking about on the topic cloud mining is never been profitable this is why its really a dumbed decision for you to make investment if you do saw or picture out on the possible earning or negatives you would able to get.Instead on making money you would eventually lose.Didnt have awareness about that 24 hour contract though.