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Author Topic: Are Online Mining Companies Really Legit?  (Read 86 times)
ryugun46
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December 17, 2017, 05:33:51 PM
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I have some doubts on online mining companies which promises to do the mining on behalf of us. People find it expensive to mine bitcoin because there are a lot of costs and the mining companies offer such a low cost plus I think how are they able to manage so much and maintain these servers and still be profitable. It would need a lot of maintance. So I don't think these mining companies are legit. Tell me what you think.
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alexandrecs
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December 17, 2017, 06:51:54 PM
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I'm not that experienced on this matter, but i must warn you that like 99% are scam... Some services are legity but may turn into scam anytime... I honestly suggest you not to invest on it (even though i invest on hashflare xP)...
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December 17, 2017, 08:31:40 PM
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I have some doubts on online mining companies which promises to do the mining on behalf of us. People find it expensive to mine bitcoin because there are a lot of costs and the mining companies offer such a low cost plus I think how are they able to manage so much and maintain these servers and still be profitable. It would need a lot of maintance. So I don't think these mining companies are legit. Tell me what you think.
Your doubts are right because in real there are no legit cloud mining sites. However, those online companies are scamming innocent people by altering their sub conscious minds so that they can induce the greed in their minds without their knowing. There are no such companies that would give you cloud mining facilities for lifetime or for few years in general.
But, I think there is a company called genesis-mining, and I heard that those people are legit. I haven't used their cloud mining myself, and will never try it, but many people claim that they are making some profits.

Note:
I still recommend you to go with small amount rather than higher amount if you want to try those cloud mining companies. Because prevention is better than cure.
pixie85
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December 17, 2017, 10:17:34 PM
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No, online mining companies  that offer so called mining contracts are usually trying to scam you. Even those that look legit because they're paying out and people are claiming to have profited should still be considered scams. Why? Because they are paying out because they're making a lot of money by borrowing money from their investors and slowly paying them back and the rush on cryptocurrencies that's happening now is bringing them profits they are sharing with their investors but if this bubble ever pops they will terminate the contracts and you'll be left with nothing.

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December 19, 2017, 02:48:23 PM
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As you assumed: Mining also with own hardware is expensive. Cloud miners additional take fees. Most so called cloud miners are scams and don't have any mining hardware. I only know two, which still seem to be legit. The problem is, that mining is only profitable on longterm. Until you will gain profit, even up now legit cloud mining services can turn into scam. So better take your funds and let them do their own profits in your wallets. See, how the most serious cryptocurrencies went up the last months.
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December 19, 2017, 05:57:40 PM
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I doubt their claims and I think most are operating on ponzi scheme where early participants are paid first and they seems legit. There after ,they start given excuses.

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December 19, 2017, 11:28:48 PM
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The problem is, that mining is only profitable on longterm.

Nope. The more time goes by, the less you'll be earning due to the continuous difficulty increase. On top of that, there are many more variables to take into consideration, so only a complete idiot gets involved in mining. I seriously don't see why people constantly keep putting themselves into such difficult situations, where the only thing they are doing is making their initial investment capital vanish slowly but surely. It's a complete waste of money, especially if people are stupid enough to reinvest their earnings, which means that they will have to start earning money from scratch again, which if you think logically, is a horrible move....
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December 19, 2017, 11:56:16 PM
 #8

The best way to mine is to build your own mining farm, purchase 1-2 ASICs for the start.
If you don't have enough money for it and want to invest in cloud mining, not much choice around, the only one is genesis seems legit but not so reliable due to many problems lately. There are some new cloud mining on developing such as IRM and Hydromining, but we will see how is it going in few months.
Another problem about cloud mining, you can calculate the profit based on your hashrate contract, but most of the time, you get less than expected, then think about it; is this mining company really fair in profit distribution?
And the cost to purchase hashrate isn't cheap, at least you need more than $1000 or $2500 to get enough hashrate to generate bitcoin and be able to withdraw it every week.

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December 20, 2017, 12:47:47 AM
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I have some doubts on online mining companies which promises to do the mining on behalf of us. People find it expensive to mine bitcoin because there are a lot of costs and the mining companies offer such a low cost plus I think how are they able to manage so much and maintain these servers and still be profitable. It would need a lot of maintance. So I don't think these mining companies are legit. Tell me what you think.
If youre talking about many companies how could us helpers can help you if youre not so descriptive. Most Mining companies are scam and not to entertain with it is so much risky in mining. Most people find it hard to profit even if the company or rigs and totally legit. If you are planning to mine bitcoin dont continue there more than millions of competitions around the globe.
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December 20, 2017, 02:09:51 AM
 #10

I doubt their claims and I think most are operating on ponzi scheme where early participants are paid first and they seems legit. There after ,they start given excuses.

Yes, most of these cloud mining companies will end in scam soon or later. People who go in at the beginning may get back their money and some profit but for the people who invest later on may lose their money. That's why it is always to good to invest that money directly into the coins which you like and hold them for selling at higher price.
katinko
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December 20, 2017, 02:50:13 AM
 #11

There are some cloud mining are legit at first, if they cloud mining is running for almost 1 or 2 years much better to full out all your capital or investment because no cloud mining exist for long period of time they will turn to scam in the long run, cloud mining offers good return because they want to have more investors and they good at first then later on all the money of investors will be taken away without notice.
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December 20, 2017, 03:17:35 AM
 #12

online mining means you may be talking about cloud mining sites , As i know almost all the that is maximum of cloud mining sites turned in to  scam , only very few may be paying on time , but investing on cloud mining site is always is risky , instead of that if you have money you can invest to buy good hardware for mining bitcoin or you can buy few amount of bitcoin and hold it for longer which will be profitable.

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December 20, 2017, 03:23:56 AM
 #13

Some of them are legit, but they omit important informations for investors. For an example, that cloud mining is unprofitable on long term and that you can make much more profit by buying BTCs instead of buying mining contracts... So they are clever in a bad way. Anyway I believe their system is sustainable, they have cheap sources of energy and buying everything in quantity decreases the cost, so they buy cheaper mining equipment too, hiting ROI faster (and luring investors).

michellee
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December 20, 2017, 03:33:51 AM
 #14

I think there is an online mining company that still legit and we can make ROI but we need to take a long time to reach the ROI. but I don't suggest to mining bitcoin because the difficulty increases so high and without have a big hashrate then we cannot earn much of satoshi. I think it is better if we have money which is not used for another thing and then we can try to buy some hashrate on online mining companies but we only mining with the altcoin.
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December 20, 2017, 04:23:45 AM
 #15

Some of the legit or registered mining services actually deduct maintenance fee + electricity cost from the earning so no they are not going bankrupt with this.

But What I always doubt about cloud mining sites is that they are selling mining power more than what they actually have in reality. Any many of the cloud mining sites are just scams without any real mining rigs or devices in their mining farms.

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December 20, 2017, 05:00:32 AM
 #16

99% of them are not. If everybody remember hashocean, then you can blame those guys for a huge chunk of the reason why there are so much ponzi scheme hyips around the internet. There is so much of these hyips on the internet and they are not actually mining anything, they are just posing to be mining but they really don't even have a single miner to begin win. So if you plan on investing in any of these, do exercise caution and try to do your due diligence before investing in them.
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