What do you think of Cloud mining?

[mafral]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

[1715182984]

1715182984

[gentlemand]

Almost all of the time it is too good to be true.

Check this - https://blockchain.info/charts/difficulty

That's mining difficulty. More difficulty requires more machines and more electricity.

To keep paying you the same amount the miner has to spend that much more to keep up.

Are they going to do that? Nope. They're going to go Ponzi and pay you with the money they fleece from other people. Keep going until it collapses.

[Roydgon]

Someone can explain what a cloud is?

[gentlemand]

Someone can explain what a cloud is?

Cloud as in something happening elsewhere like cloud storage. The idea is that you're paying someone else to run mining machines and they're giving you their profits after a cut. In reality no one is doing this.

[coinsons]

only who make a cloud rent mining earn money
u can only money if u known that this crypto will pump 100% in future

[Aderiho Bitjones]

I think that if there is money then you can buy power. And invest in big money. But if there is little money, then it's better not to deal with it. Since it will pay off only in half a year

[player514]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

Cloudmining is almost always a scam. If the people actually did have hardware that would work to mine as much as they claim, then why would they not just use the hardware for themselves?

It doesn't make sense for the people to give you a cut with the hardware. Logically, the only true option for the reason of cloud mining is to be a scam.

[TepungBeras]

Better we mine ourselves than we invest in cloud mining, Because such investments can stop when rich, and the results are also small

[zolfa]

yes, I've heard of cloud mining, I think it's the same as hitbtc. I see it's a scam, because my friend has been 4 years doing cloud mining, but never produced bitcoin in the least. I better choose a faucet, which can produce little bitcoin.

[Vatimins]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

     Never listen to those scammers. If you do, you will only get added to the list of the dumb people that became victims to these kinds of dirty schemes by those lazy ass scammers. Cloud mining won't really be able to do you anygood. It will only put your investments into waste together with your precious time and effort. There are plenty of ways to earn crypto currencies. Better watch that instead of believing scams like these.

[Dreamr]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

Cloudmining is almost always a scam. If the people actually did have hardware that would work to mine as much as they claim, then why would they not just use the hardware for themselves?

It doesn't make sense for the people to give you a cut with the hardware. Logically, the only true option for the reason of cloud mining is to be a scam.

No. I don't think cloud mining services like Genesis Mining, and Hashflare Mining are scams because they have physical mining hardware working on their mining farms. Maybe some mining sites e.g. IQ Mining.

[TWW]

one word...SCAM...as far as i know mostly of them are scam...firstly they promise you a very very promising investment program...when you reach an ammount to withdraw they demanding a minimal deposit...when they get everything they want from many users then its time to escape...the true cloud mining is only genesis mining which has real mining hardware

[mrtryonebiggums]

one word...SCAM...as far as i know mostly of them are scam...firstly they promise you a very very promising investment program...when you reach an ammount to withdraw they demanding a minimal deposit...when they get everything they want from many users then its time to escape...the true cloud mining is only genesis mining which has real mining hardware

Not true at all, I have a friend who does it often and he has not once been scammed. It does require effort and diligence on your part but so does everything else that can be profitable. Lets face it the money or the correct coins aren't just going to fall into your lap you gotta do your homework.

[Dread Pirate Roberts]

Cloud mining and rent mining. some of them which are legitimate pay. But also a lot of those company use the ponzi system to get it that leads to fraud.
its dangerous to join . for my personal opinion . whatever they said i dont really trust it . they just had plan to mainain cashflow. not maintain mining flow .
maybe someone has or is getting regular payments from the service right know. but its part of the plan, they create trust. so they ( investor )want to invest more and their (owner) financial flow smoothly. until it's time for them to run away with the rest of the money when everyone begins to join them.

[AltcoinAuthority]

one word...SCAM...as far as i know mostly of them are scam...firstly they promise you a very very promising investment program...when you reach an ammount to withdraw they demanding a minimal deposit...when they get everything they want from many users then its time to escape...the true cloud mining is only genesis mining which has real mining hardware

Not true at all, I have a friend who does it often and he has not once been scammed. It does require effort and diligence on your part but so does everything else that can be profitable. Lets face it the money or the correct coins aren't just going to fall into your lap you gotta do your homework.

You might want to stay in your own lane, most Cloud Mining websites are wanting to scam people when they can get enough people to market  them.

[pawanjain]

It indeed is too good to be true. Cloud Mining is not any good now because of Bitcoin's difficulty. You won't be able to make any major profit through cloud mining. Most of the sites which claim to give huge profits in cloud mining through investments are probably fake and will scam you for sure. Cloud mining cant make any worthy profit now and os it is best to avoid any such investments.
It would be better to invest that amount directly into trading. If you just want to do the mining, then you should be doing the traditional mining by buying hardware and building mining rigs.

[jjacob]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

The returns promised are not guaranteed, but based on expected growth in hashing capacity of the industry and expected mining rewards which the firm will obtain. If some cloud mining firm promises you guaranteed returns, then it must be a scam operating like a ponzi scheme. Some mining companies do not even tell you where they are based and are not open about their hardware specifications - big red flags.

[TWW]

one word...SCAM...as far as i know mostly of them are scam...firstly they promise you a very very promising investment program...when you reach an ammount to withdraw they demanding a minimal deposit...when they get everything they want from many users then its time to escape...the true cloud mining is only genesis mining which has real mining hardware

Not true at all, I have a friend who does it often and he has not once been scammed. It does require effort and diligence on your part but so does everything else that can be profitable. Lets face it the money or the correct coins aren't just going to fall into your lap you gotta do your homework.

well...i said mostly but its really hard to find legit one...they mostly run their website in 1-3 months...at that time they may really paying but you should know how to predict when or how they close their cloud mining suddenly if dont want lose your money

[CloudM]

Making profit via cloudmining is all about your prediction on the future coin price you're mining. If you think the price is going higher, you should sign up a cloud mining contract to secure the profit.

[fenican]

Conceptually it is a good and profitable business for someone selling the contract - rather than have all the uncertainty associated with wildly fluctuating crypto prices and difficulty, which can render a hardware farm completely unprofitable overnight, a cloud mining company can lock in a profit margin and have certainty that they will recoup their hardware costs plus profit. It is, conceptually, a great business. Unfortunately the world is full of scams and it's an easy scam for a company to never buy the hardware and just sell bogus mining contracts. That, not the viability of the business model, is what has prevented cloud mining from taking off. But if Amazon or a reputable provider offered the service, it could be a WIN-WIN.

[dicom]

In short, cloud mining is the power of buying a remote data center.
Many users have chosen to "mine" mines remotely in this way as it does not need to provide extra electricity costs, no equipment purchases (which can quickly become obsolete), no equipment cooling problems, no waiting for delivery of equipment, and no more Say the quiet home, there is no humming fans.

[Bukx]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

Yes its true you could have income withouth having hardware.
You can invest in mining site and they offer monthly interest from your investment but please choose the legit mining site.

[rontme]

As the saying goes, "failure is the mother of success," now this sentence is very suitable for cloud mining industry. Under the condition of free market, the competitiveness is not strong, especially the failure of weak enterprises may be very beneficial to the long-term health of the Bitcoin ecosystem. Ironically, the bitcoin ecosystem may be perceived as "protected" by lack of regulation because it is immune to bail and bail and government intervention.

[bunca]

For the most part, the general public today generally believes that the digital money market is full of Ponzi schemes, cyber-theft, fraud and a lot of risk, especially if you are a beginner. More importantly, when a bitcoin startup is "goxed," disappearing or halting business, that bad feeling often deepens.

[Makingmoney2018]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

Cloud mining is the process of the bitcoin mining utilizing a remote data center with shared processing power.
It is very useful for those who aren't technically minded and don't want to run their own software/hardware. It gives people unique opportunity to begin mining cryptocurrency without the need for a large initial investment in hardware.

[Scorpion]

I think of it an easier way to get into a mining pool and you pay a little for daily maintenance, I have two different websites and they're still running Bitcoin mining and getting paid daily. 

[CryptoBry]

I am a miner, have a small home setup, and I've also used cloud mining services as well.  I prefer the real thing.  Mining at home allows me to control the miner and really track the results of my hashing power.  I feel like cloud mining services only payout what the mining power would yield on average, but in reality sometimes you get better blocks in real world mining.  Plus I can take my mined coins and invest them immediately, whereas most cloud mining services require a minimum withdrawal and often there are time restrictions on when you can withdrawal.  Now, all of that said, mining at home is a pain, and it's easier to just invest your money in the coins you believe in and let them grow in value.  My 2 cents...hope that helps!

Happy to know that you are a satisfied miner...can you please tell me more about the electric consumption whether that can be the one to determine the overall profits of the operation and if you don't mind me asking where are you based at? Anyway, about cloud mining, I heard that it is not actually the most viable way to do some mining and many of these cloud mining programs are just scams or will eventually fail. Mining on our own can be the best option but it also entails a big investment.

[gulechain]

Cloud mining not only allows users to mine bitcoin, but also ensures that the network does not require the purchase of expensive equipment. However, because it is central and involves trust, cloud-based mining and any mix mining will be largely reputation-based.

[Sharcade02]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

Yes, its too good to be true. There are plenty of people here who have been a victim of this of "PONZI SCHEME" you will just be wasting your money if you choose to invest on cloud mining as it is considered as not profitable and probably just a SCAM that any time could blow.

[ajmapalo22]

I once got victim by this so called cloud mining though there are really good sites that you can earn bitcoin but I think majority are now ponzi since mining is only profitable in some other countries unlike before, aside from that you need to have good technology and electricity so far I no longer hear cloud mining site that are really profitable better shift to trading or other stuff like doing signature campaign or gambling just to earn bitcoin rather than mining.

[pugi2]

I think that if there is money then you can buy power. And invest in big money. But if there is little money, then it's better not to deal with it. Since it will pay off only in half a year

Thats true. Mining is only for patient people who can wait till half year or a year to get the money back.
Mining is the way how to earn money but very slow but this is constant profit slowly but sure.

[bunsd]

A cloud mining startups start to ensure that the growth in several ways:
1.User
2.Capital
3. Processing capacity / transaction
The latter is especially important for the web as it will make the web more secure as an extra effort to verify transactions.

[dashchain]

Mining not only allows users to exploit bitcoin, but also ensures that the network does not need to buy expensive equipment. However, because it is centralised and involves trust, cloud-based mining and any combination of mining will be primarily based on reputation.

[metenjean]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

Yes some website offer cloud mining, and some other offer cloud servers and you can do anything include mining. I used to do cloud mining back in July last year, cloud mining might be more efficient and more simple than traditional mining. But mostly cloud mining offered high cost of rent fee because we are using their servers, also some of the website required minimum withdrawal to be able to withdraw your own fee, not to mention you cant control your hash rate  

[asdfbna]

Cloud mining not only does not destroy the digital currency as a whole, but in fact provides additional mining capacity, capital and users to the blockchain network, which otherwise would not exist. As more and more people participate in the digital currency, cloud mining will continue to provide the public with a simple way to mine remotely and the industry itself will become more and more famous, transparent and accountable.

[pxo.011]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

i think cloud mining is a web based mining tool or group just like icloud googledrive or any web storage systemj,cloud mining is one of the mining situation that you will invest to them and wait your earning but beware of some maybe they are scammer

[albertcrypto110]

Cloud mining or cloud hashing enables users to purchase mining capacity that of hardware in data centres. Bitcoin cloud mining enables people to earn Bitcoins without bitcoin mining hardware, bitcoin mining software, electricity, bandwidth or other offline issues.For example, Pay per GHash/s would be 0.0012 BTC / GHs for a 24 month contract.

[bug.lady]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

Cloudmining is almost always a scam. If the people actually did have hardware that would work to mine as much as they claim, then why would they not just use the hardware for themselves?

It doesn't make sense for the people to give you a cut with the hardware. Logically, the only true option for the reason of cloud mining is to be a scam.

I am not arguing that it is always honest, but I think I may give another perspective on why you might choose to rent your mining power.

You see, when you use your mining equipment for mining, it is you who must ultimately handle all the risks involved. You are a winner if the price of the currency you mine goes up, but you are a big time loser if it declines, especially if the decline is heavy.

On the other hand, if you would prefer to have a more reliable profits (even if smaller on average) you might want to choose to rent the mining power. Then all the risks are transferred to the party renting your power. You have less risks. You pay for it, obviously, by having smaller profits. But it still may make sense for some business models.

[forics]

There are lots of scams around but even if you find a legit one, you still pay a third party to handle your hardware and software. That has to cost something, which makes it less efficient than home mining.

[Sexie]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.
 

.               I think the cloud mining is something  that you gonna pay just to start mining. It a kind of investing to earn bitcoin. Once you pay for the amount that they are requesting you just wait for the minutes they will tell you  to earn a bitcoin, not just  like the other kind of mining that I’m joining, that you need to be very wise just to have bitcoin. It is the way of giving ideas  and opinions wearing the company that you are promoting.

[Sharcade02]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

Cloudmining is almost always a scam. If the people actually did have hardware that would work to mine as much as they claim, then why would they not just use the hardware for themselves?

It doesn't make sense for the people to give you a cut with the hardware. Logically, the only true option for the reason of cloud mining is to be a scam.

I am not arguing that it is always honest, but I think I may give another perspective on why you might choose to rent your mining power.

You see, when you use your mining equipment for mining, it is you who must ultimately handle all the risks involved. You are a winner if the price of the currency you mine goes up, but you are a big time loser if it declines, especially if the decline is heavy.

On the other hand, if you would prefer to have a more reliable profits (even if smaller on average) you might want to choose to rent the mining power. Then all the risks are transferred to the party renting your power. You have less risks. You pay for it, obviously, by having smaller profits. But it still may make sense for some business models.

The problem with this kind of setup "Cloud Mining" is that you really don't know how long it will last. As you said the risk is onto the party renting their Hashing power, so they can actually close anytime they want if they feel they are losing without given "YOU" the investor a warning or refund.

[loverbitcoin]

The Cloud Mining its Really Wonderfull, because if you haven't sufficient money for built a Rig of Bitcoin Mining, in the cloud mining, you can get income without investing so much money. But first you should look for in-depth information about the bitcoin mining company or any other cryptocurrency, to confirm that it is a real company and that you are actually paying.

[bug.lady]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

Cloudmining is almost always a scam. If the people actually did have hardware that would work to mine as much as they claim, then why would they not just use the hardware for themselves?

It doesn't make sense for the people to give you a cut with the hardware. Logically, the only true option for the reason of cloud mining is to be a scam.

I am not arguing that it is always honest, but I think I may give another perspective on why you might choose to rent your mining power.

You see, when you use your mining equipment for mining, it is you who must ultimately handle all the risks involved. You are a winner if the price of the currency you mine goes up, but you are a big time loser if it declines, especially if the decline is heavy.

On the other hand, if you would prefer to have a more reliable profits (even if smaller on average) you might want to choose to rent the mining power. Then all the risks are transferred to the party renting your power. You have less risks. You pay for it, obviously, by having smaller profits. But it still may make sense for some business models.

The problem with this kind of setup "Cloud Mining" is that you really don't know how long it will last. As you said the risk is onto the party renting their Hashing power, so they can actually close anytime they want if they feel they are losing without given "YOU" the investor a warning or refund.

You are absolutely right, but that risk can be addressed by reguirement, that payments for some period are paid up-front. If the payments don't cover the full equipment cost the risk is still present (there is no risk-free business), but it is at least addressed to the certain reasonable or acceptable extent.

You see, I never used such services so I cannot claim I know how it works in practice, but it is how I would be doing that

[hadveach]

I do not use cloud mining to benefit from bitcoin, because I know there are many other ways that are easier and have bigger benefits. trading, investment and also join the campaign.

I think clouding like mini fauchet or like heatbtc, must have referral code and also deposit to take our advantage.

[Jivotnex]

I believe that all clowd mining is nothing but scam already

[naufals4]

did you think that cloud mining will get you profit? no there're a lot of cloud mining out there nothing but a scammer. but only 1 or 2 that not scam for now, if you insist that want to cloud mining that much try go to genesis mining cause they the best site for mining and trusted company for cloud mining. you know if there's an action there could be a risk there so prepare yourself

[Rolf Walker]

The World of Bitcoin Cloud Mining is full of Scams. There are companies like Terabox . me who are ready to rip you apart. So , only buy Bitcoin Cloud Mining Contract from reputed companies.

The BIG 4 ,

Genesis-mining ( Use code mNpFUG for 3% discount) — The most popular and biggest mining company. You can buy hashrates for Bitcoins, Ethereum and Monero mining.
Hashflare.io is very popular and offer the best rates in the industry. You can mine based on Hash algorithms SHA 256, Scrypt , ET-HASH (Ethereum), X-11(DASH) and EquiHASH (ZEC).
Hashing24 is a trusted website where you can mine bitcoins. They also offer a free demo which you can try if you are unsure about which contract to choose.
NiceHash, the most advanced crypto currency cloud mining, hash rental service and multipool. They offer you to buy or sell hashing power without contracts on pay-as-you-go basis

[Mark Sherman]

We’ve tried multiple cloud hashing services. I doubt hashnest and hashocean are any good, they’re bound to collapse. Or not, I’m just making educated guesses. Many have come and gone.

The only one I’ve put my money in is: Genesis Mining. This is due to multiple reasons, but they prove they’re actually mining, have an awesome support team, many regular customers and are quite transparent.

[Harri Wolter]

There are a lot of good answers here, reading a couple of them will give you the top sites , but my advice is to choose one, and purchase the good amount on it but also purchase on a least another two so you diversify , this is due that you may for example see that one of the sites goes to maintenance or have some problems and may be offline for a while, so just diversify. I currently use

A Cloud Mining Company ( this one give free power so is good for you to see how works)

[lanareyDEY]

My recommendation for earning on the Internet on crypto currency is to find a good leader in this matter.

[StokaySatoransky]

Don't invest when you're not knowledgeable about it even though it may sound profitable, but in long-term it will turn out to be a scam. Just research more about the cloud mining platform and then if you found out some bugs or questionable aspect from the platform then I guess you should back out from that platform.

[JerryJam]

Cloud mining is available to people with any budget. If a person is not able to buy expensive equipment or do not have the necessary technical knowledge, he can mine at a distance ie . distantsionno. Cloud mining companies install their servers in places where the price of electricity is low. This has a positive effect on the size of the final profit.  but it should be borne in mind that cloud mining, along with the advantages and has its drawbacks. The market has a large number of scams.They work on the principle of a pyramid scheme.After receiving the money for the lease of equipment they tend to disappear. No need to believe beautiful advertisements that promise huge profits in a short time.Even in reliable companies, payment terms may change.At a loss, they will not work. The profit will depend on the cryptocurrency exchange rate at the moment.

[yusupjatigumilar]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

I still do not fully understand the cloud mining, so I still do not believe it, I read from one of the cloud mining service providers I think they give too sweet promise and do not tell the bitter things that may happen, it just makes me not believe in cloud mining

[lanareyDEY]

My recommendation for earning on the Internet on crypto currency is to find a good leader in this matter.

[Jorosss]

I am new in the bitcoin world, and I saw this publicity on instagram about cloud mining, it claimed that I could earn bitcoins with any investment, even without having a hardware. I did a little research but didn't understand much, it seems too good to be true.

I dont believe in cloud mining because almost all of them are going to scam the investor. With the 3 cloud mining that i tried before, all of them are gone now and the owner runs. If you have money to spent in investment, why dont you buy your own mining hardware and mine for yourself.

[eternalgloom]

I've just had one experience with cloud mining and that was years ago. I had purchased a contract at Genesis Miniong and I did make a nice profit with that.
Though I wouldn't recommend anyone getting into it because the ROI is very low for the risk you take.

Most of those cloud mining websites are just straight up ponzi schemes. The legit ones take so much fees that there's barely any profit left.

[Nikolaiy]

Other crypto-currencies are more contradictory. The ethereum, which became the second-largest name after bitcoin, is in fact a crypto currency for the creation of other crypto-currencies

[shkon5]

I think that cloud mining is a kind of thinking trap. Its model can't bring us huge profits. I'm more appreciative of myself buying mining equipment. I'm a miner myself. This behavior has brought me an objective profit.

[Rajs64]

I have burned my hands and will advise all to stay away from cloudminnig. Most turns into Ponzi schemes. Initially they make great promises, until you get trapped in.

[tegarp90]

it's right you will get profit.
But in a really long time, you can get back your investment like almost 1 year. (depends on the price of bitcoin itself)
And also many cloud mining site is a scam. So becaferul.

[Jeff333]

I think a cloud mining is a SCAM.
It is better not to use such services.

[Nahl]

i have been suffering got scam from investing at cloudmining sites several years ago and since that i would not believe cloudmining even though they says they're legit but i don't trust them anymore however i wondering that whether any people here could ROI from their investment at cloudmining sites because rare to see real cloudmining sites legit