About Cloud mining sites

[leetnewb]

Hey,

New in a forum but been owning cryptos on and off for 3 years+, mostly for buying stuff online. So I got genuinely interested about these cloudmining sites only by now as I never realized they offer such a huge returns. However I am aware that most of these if not all, are scams.

My actual question is: Is it theoretically possible for such a service give as high returns as they promise? For you cryptominers out there: If I for example have 20 Terahash of mining capacity, how much this would earn for me or the cloud mining company itself if used. I found some calculators online, but couldn't figure out the cost of the electricity and such. Thank you for your answers !

[Fortify]

You have to think of it in a different way - why would a cryptocurrency mining company go to all the expense of setting up infrastructure and buying expensive hardware, only to share all the rewards with random strangers? It doesn't make any sense.

It could make sense for some of the newer altcoins, however you would be much safer mining new coins yourself as the hardware requirements are much lower than Bitcoin needs.

[wantjokull]

Hey,

New in a forum but been owning cryptos on and off for 3 years+, mostly for buying stuff online. So I got genuinely interested about these cloudmining sites only by now as I never realized they offer such a huge returns. However I am aware that most of these if not all, are scams. 

My actual question is: Is it theoretically possible for such a service give as high returns as they promise? For you cryptominers out there: If I for example have 20 Terahash of mining capacity, how much this would earn for me or the cloud mining company itself if used. I found some calculators online, but couldn't figure out the cost of the electricity and such. Thank you for your answers ! 


NOTE: this is not scam accusation, just interested how much an optimal setup would net profit with different TH/s numbers.

No they do not give you higher returns. Instead of that what they are doing is they are taking huge or little from you and then showing you the simulated figures which yo never achieve in the reality. The thing is cloud mining is very old game and it does not benefit you now a days due to extreme difficulty for the network. The congestion has recently increased a lot and until the time we don't figure out the block size problem then this will continue. In practical approach cloud miners are getting what they are looking for but they never get enough profits to re-distrubtue to us. They might pay you for initial months but they will end your contract before you can start profiting. So think many many times before you invest money into it. 

[AleksandrKosov]

Hey,

New in a forum but been owning cryptos on and off for 3 years+, mostly for buying stuff online. So I got genuinely interested about these cloudmining sites only by now as I never realized they offer such a huge returns. However I am aware that most of these if not all, are scams.

My actual question is: Is it theoretically possible for such a service give as high returns as they promise? For you cryptominers out there: If I for example have 20 Terahash of mining capacity, how much this would earn for me or the cloud mining company itself if used. I found some calculators online, but couldn't figure out the cost of the electricity and such. Thank you for your answers !

Cloud mining pays up to a certain point. The moment when it comes is a risk. Do you need a risk? I think not.

[gentlemand]

Nope. There's a 17-18% difficulty increase today or soon, dunno. Are they going to spend millions on more machines to keep up or a few grand on Facebook ads to draw in more people to keep paying you until it collapses? The latter is rather more likely.

Cloud mining's track record is dismal and it's obvious why. As a business model it simply cannot be sustained unless you turn ponzi.

[yoseph]

Cloud mining is not really recommended at all because the company are going to deduct all their expenses from it and when that happens you are not going to have a lot of bitcoins left to even make a good profit, just buy your own miners and mine your bitcoins rather than cloud mining.

[Alalex]

About the mine stitus starting from mining to be mined ..

To get the btc from our androit device we have and very easy, if it is mined we wait for the results to be mined.

In the online media many stitus we can use to start it in bitcoin for investors, you have to start making a deposit and then start to mine within a few days then you can wait for the results to make a withdrawal.

[cellard]

Nope. There's a 17-18% difficulty increase today or soon, dunno. Are they going to spend millions on more machines to keep up or a few grand on Facebook ads to draw in more people to keep paying you until it collapses? The latter is rather more likely.

Cloud mining's track record is dismal and it's obvious why. As a business model it simply cannot be sustained unless you turn ponzi.

If there is no way to make profit on Cloud mining (I have at least personally never seen reported gains from cloud mining) then how come all these services stay afloat and don't go bankrupt?

I think cloud mining can work in the context of altcoins. If you hire online machines to mine some altcoin with speculative purposes before the rest of the world catches up, it could work (for example, some people made a fortune cloud mining coins like DOGE or AUR back then), but cloud mining for the big established coins, I just don't see how it's viable.

[SirLegendary]

You should consult with expert in this field. You are right, there are too many scams, and if you don't want to encourage their founders, choose project with extreme caution.

[SatoshíNackamoto]

I would call it a scam.
Want to mine?
Buy hardware and do it yourself.

You wont make money doing Cloud sites, and the chance of getting screwed is a little too high.

[szpalata]

I would call it a scam.
Want to mine?
Buy hardware and do it yourself.

You wont make money doing Cloud sites, and the chance of getting screwed is a little too high.

Exactly, most cloud mining platforms turned out to be scams and so if you are bent on cloud mining  then i will only suggest the reputable once like genesis mine which has good overall reviews but it's best indeed to buy the hardware and  do them yourself.

[Slark]

Op, if you find cloud mining service with 100% transparency - which can prove that they own hash power they advertise and are real miners then I would like to see it.
I doubt that even the biggest cloud mining companies on the market are selling hash power. It looks like elaborate investment scheme more than anything else.
The cons of cloud mining definitely outweigh the pros - why are people so greedy when they can gain so much by simply holding coins?

[Silberman]

Hey,

New in a forum but been owning cryptos on and off for 3 years+, mostly for buying stuff online. So I got genuinely interested about these cloudmining sites only by now as I never realized they offer such a huge returns. However I am aware that most of these if not all, are scams.

My actual question is: Is it theoretically possible for such a service give as high returns as they promise? For you cryptominers out there: If I for example have 20 Terahash of mining capacity, how much this would earn for me or the cloud mining company itself if used. I found some calculators online, but couldn't figure out the cost of the electricity and such. Thank you for your answers !

No because if they could generate those profits they promise then they will not have a need to offer their services to other people, this is just a way to scam people that want to mine but that do not want to deal with the issues that come from mining, like replacing your miners, electricity costs, maintenance and other expenses, if you want to mine do it yourself.

[streetlight]

Whatever you do, be careful before investing into any cloud mining site. They are usually scams. I personally invested into one and made some profit, but only because I was one of the first ones, and everyone who invested after lost a lot of money. It is unfortunate, but people are gullible and these scammers are everywhere in the crypto world right now because there isn't any regulation.

[IndzheborgC]

You should look at statistics for sites promoting cloud mining - the lion most of them are scammers who pay a few months for promotion and then disappear with your money. If you use large companies that work for several years (for example, nicehash.com), then it is possible to earn good money at the start of new crypto coins. Anyway, buying your own equipment for mining is the least risky option in the world of crypts.

[okwang231]

I do not love mining but I know about mining can mining is not very well known in mining sites but I also know that many sites use that I'm not mine about mining because it costs more and more many of its users know that I am deep down on bitcoin in mining because of the huge mining users

[joms07]

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.

[Steadfast20]

Cloud mining for me isn't profitable. NEVER EVER.. In my experience, I have invested some of my bitcoins in order to increase my hash power but in the span of 2 months I got only 4$ worth of bitcoin. Imagine that 2 months for 4$. LOOOOL. When I saw that its not profitable, I immediately stopped doing it and focus on reading here in the forum

[pogiparin]

It is possible. You give them capital for their operations. In return, they will pay a fraction of their earnings from mining (kind of a dividend).

[JerryJam]

Cloud mining is beneficial for those who do not understand all the technical processes and software for this there is no need to purchase equipment.Napimer in countries where electricity is expensive more profitable to mine in a country where electricity is cheaper. This is the advantage of cloud mining. But there are drawbacks associated with the risk of this often enjoyed by scammers. For example, paying money to rent equipment. you can lose them because the scammers disappear immediately. Another drawback is the lack of control over operations.If the price of bitcoin becomes too low, it will allow the supplier to suspend the contract for the extraction of bitcoins.