"Bitcoin mining is a Big no!"

[neolite]

I also tried the so-called cloud mining in 2016. I know I invested 1 btc it did not represent much and I was going to get my investment in 4 months. After 1 month the site disappeared. I do not recommend investing in cloud mining. Better invest in ICO or learn trading.

[1715460110]

1715460110

[1715460110]

1715460110

[1715460110]

1715460110

[1715460110]

1715460110

[rickadone]

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

cloud mining are completely shit most of the cloud sites are now turns cheating their investors like closing their account or blocks their account from the cloud mining site too.
If you want to start the mining process you have to buy a hardware and then goes for it make the more money in that way. If you choose higher end miner like antminer s9 means you will get the more profit as well as electricity consumption will be higher.

I really do wonder why people go for cloud mining when they can just easily buy a miner and start mining themselves.

Cloud mining can never give you something tangible even in the long run and an investor is even better off keeping their assets in their wallet than trying to get into cloud mining. The reputable ones today, even after being tried and tested will still not give you what you need as the difficulty even keeps increasing.

[coinplus]

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Take the 2nd opinions which came from those some people because they do really say the right thing which investing on cloud mining isnt really worth because most of them are just total scams. You would really able to see that they are well known and trusted but the truth is that theyre not.  They do just try to convince you to put up money into their ponzi cloud mining site. Better stay away and find  another investment.

Yes, I am sure none of the financial advisers have an idea or an experience from any of the cloud mining and I wonder how they ended up being an adviser when they cannot just make use of the web to find just little information about cloud mining and profitability. That is the worst advice anyone can ever give the OP. A lot of people who have experienced cloud mining have shared their experience and that is all that is needed to know.

[repsol]

for now bitcoin mining is not profitable, the cost of being in terlu high too high while bitcoin from mining is not much, my opinion buy bitcoin better than mining

[alfs75]

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Yes,thats true mining investment,is expensive and risky and its true also is a good way to gaining a passive income,and maybe i thinks of there contradiction is they dont want  you to join there community or maybe they tried you of how long your determination to be part of there mining team,you are the one would analyze the situation,either you must enter or find other way of resources,maybe you should try in investment trading if your asset could not capable in mining gadgets or other expenses needed in mining business,or if you thinks  you should survive then you must goes to the flows.

[carnut]

It's possible they were referring to purchasing hashing power when they used the term cloud mining. But if they were actually talking about these investment schemes, then they are NOT financial advisors - so beware.

Personally, I fell head first into the "bitcoin investment" scheme. I ended up in four of them. I've broke even, but now that I know better, it was not a wise decision to join them. I'm not saying every single one of them are ponzi schemes, but I can say most are. The minute new money coming in slows down, they'll (and many have) close the doors.

I have since focused my time learning about ICO's, and in mining. I like to control the money (call me paranoid) so mining is my favorite.

If I were advising my own mom on what to do, I'd suggest either a diversified portfolio of coins, or buy/build your own mining rigs and scale that operation.

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

[portotoi]

Bitcoin mining profit depend on your place.
in china and other countries bitcoin mining make real profit but in others is Big No "income tax and electric bill "

In that case we should look for a place with less electricity bill so we can do the cloud mining? I think if you really want to invest in mining then you should try it with a small numbers of computer at first at least then try to observe if you can earn more than you invested.

[LuckyHopper18]

I think you should go for the 2nd option. Really, cloud mining is not profitable and sometimes just a ponzi scheme. If you are really going to mine then I suggest buy your own rig and mine it yourself.

[chineseprancing]

Bitcoin mining is one of the most profitable job in crypto currency community, however this is also the most expensive investment in digital country. Because not only investment are you need, you also need time, electricity and other materials that you need in mining. Before you recover your capital it was taking too much time.

[francojon]

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Take the 2nd opinions which came from those some people because they do really say the right thing which investing on cloud mining isnt really worth because most of them are just total scams. You would really able to see that they are well known and trusted but the truth is that theyre not.  They do just try to convince you to put up money into their ponzi cloud mining site. Better stay away and find  another investment.

I think the best example of that is Ormeus Coin. It stinks of a ponzi from miles away yet still got many people throwing money into it.

[richardsNY]

I think the best example of that is Ormeus Coin. It stinks of a ponzi from miles away yet still got many people throwing money into it.

People with common sense know the difference between something that's legit, and that what's not. Those who don't have this common sense, which is a group of people accounting for the far majority, will always fall for these scams. In some cases people even do know that they are investing in obvious scams, but they think they can get out with profit before it shuts down, which is a damn shame. In no shape or form should there be incentive to support these scams, and those who knowingly pump money into these scams, are on the same level as those who are behind these scams. It's their money that makes these scams last longer, which translates into more victims....

[A.Delaney]

If you want to mine. I’d say buy the hardware. At least you can always sell the hardware when your done. Also you can quit whenever you want. Your not under contract.

[droptableguy2]

I think you should go for the 2nd option. Really, cloud mining is not profitable and sometimes just a ponzi scheme. If you are really going to mine then I suggest buy your own rig and mine it yourself.

Your outlook is relatively correct. I also hired cloud computing to exploit bitcoin but the effect was not high and I just got back the capital after months of implementation. Using dedicated diggers to exploit bitcoin is the simplest and most effective way to get back your capital and profit as quickly as possible. My investment in specialized diggers is still the most effective way to exploit bitcoin.

[ActiveWizard77]

You can't earn a lot through cloud mining. BTW, your thread title should be "Cloud mining is a big no!", you are talking to cloud mining and not mining in particular. Mining using your own hardware is still profitable, but renting hash through cloud mining sites won't give you much profit.

[darklus123]

I also tried the so-called cloud mining in 2016. I know I invested 1 btc it did not represent much and I was going to get my investment in 4 months. After 1 month the site disappeared. I do not recommend investing in cloud mining. Better invest in ICO or learn trading.

Sorry but ico is as worst as mining right now because i think if not all, almost all the IcO are into scam scheme as well. I would rather  choose mining(not the scammy cloud mining tho). Mining may really be expensive but that depends on your current location of course like the colder places in which you are paying lesser electric bills like china is currently doing. I would agree on trading tho.

[d1ceplayer]

If you want to mine. I’d say buy the hardware. At least you can always sell the hardware when your done. Also you can quit whenever you want. Your not under contract.

I personally don’t like mining. There are several reasons behind this. The first and foremost reason is that it is really an expensive thing to do as you really need to have a lot of consumption of power and electricity. Other than this, if your country is not having sufficient resources, then this will be very much expensive for you. Moreover, you also to set up mining fields which is not an easy thing to do.

[Theb]

Well a financial adviser suggest things on the safe side and it is true that cloud mining is a good way to earn Bitcoin but the problem is it is hard to find a true cloudmining site and the legit ones don't have good Return On Imvestment periods. Cloudmining or mining in general are for the people who really wants to earn something passively and those are for the people who have large capital. But if you really want to earn Bitcoin trading is one of the best and cheapest ways to grow your money.

[ETHtotheMOON1]

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Cloud mining companies are usually ponzi schemes for simple reason. If they really have equipment, they can simply mine on their own, why would they let you earn?

[delgardo]

is there any cloudmining groups in south africa

[BattleOkapi21]

is there any cloudmining groups in south africa

I don't think there are cloud mining sites that based in africa. Just a little advice cloud mining isn't much profitable just buy your own mining hardware and mine coins by yourself.