Cloud Mining.... Does it pay?

[wpcbtc8820]

 Ive read alot about cloud mining and have a small  eth/zcash/monero contracts with genesis.  I was just wondering if anyone could share some experienced info as most of my contracts are only a few months old and I wanna know if its worth expecting much a return... thanks

[1714668039]

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[1714668039]

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[xanmanluca]

same thing i came on forums today in hoping to learn. Hashflare is the last cloud miner that is trusted and isn't out of stock. the fact that all other cloud mines are out of stocks goes to show that yes it is profitable but I have many questions; my biggest one being: after the next 6 month mark won't the difficulty get 2x'd and then the cloud mine can't support its 365 contract deal? <--- my biggest concern.

also: Is it even worth investing anything over 2k into a cloud mine? can't i just buy a sh-258 whatever it is..lol i'm a noob. Somebody show me the ropes

[batang_bitcoin]

Ive read alot about cloud mining and have a small  eth/zcash/monero contracts with genesis.  I was just wondering if anyone could share some experienced info as most of my contracts are only a few months old and I wanna know if its worth expecting much a return... thanks

Genesis mining is popular but it's not worth of investing there anymore, another one is hashflare but I'm not endorsing them. There are people who are still investing to those websites but I don't recommend anybody to invest into any cloud mining site anymore. I advise you to stay away from any of them now on.
Check Service Discussion there are too many threads there about Cloud mining.

[mocacinno]

99% of the cloud mining companies are scams

1% of the cloudmining companies are "legit", but you have to realise that if it was safer/more profitable for them to mine for themselfs, they would do so... They are companies not charity's, and the mere fact they're selling cloud mining contracts means that it's either safer for them OR more profitable for them to sell you a contract opposed to just mining with their own hardware.

So, even if you are using a "legit" cloud mining company, you can rest assured that they're either selling all their risks in exchange for a small cut of the profit, or their contracts are constructed in such a way that the odds of you losing money are bigger than the odds of you making money.

Bottom line: if you buy a cloud mining contract, you're either buying the cloud mining company's risks (so the company no longer has to worry about price and diff fluctuations, cause they can just bill you for their service and terminate you contract if it's no longer profitable) OR you're just gambling...

[magneto]

Ive read alot about cloud mining and have a small  eth/zcash/monero contracts with genesis.  I was just wondering if anyone could share some experienced info as most of my contracts are only a few months old and I wanna know if its worth expecting much a return... thanks

Ive read alot about cloud mining and have a small  eth/zcash/monero contracts with genesis.  I was just wondering if anyone could share some experienced info as most of my contracts are only a few months old and I wanna know if its worth expecting much a return... thanks

No, it does not pay. In the sense that it will not make you a long term profit.

I recommend reading this thread first: https://bitcointalk.org/index.php?topic=1185909.0. See the calculations and the discussions going on. A lot of people who say that cloud mining pays are going to be using their affiliate links to earn referral earnings.

There are three types of cloud mining:

1. Outright scam: the site will just scam you out of your money, without providing any returns. Just take your money and run.
2. Ponzi scheme: the site is not actually mining but rather just using cloud mining as a cover. You'll eventually lose your money if you keep reinvesting, which you will be tempted to do.
3. Legit: They are actually mining but charge a hefty maintenance fee every single day. You will not make a profit as the difficulty continues to climb.

If you need ways to earn bitcoins, i would suggest earning a real life income and converting it into btc, or even freelancing for btc jobs.

[solarion]

Ive read alot about cloud mining and have a small  eth/zcash/monero contracts with genesis.  I was just wondering if anyone could share some experienced info as most of my contracts are only a few months old and I wanna know if its worth expecting much a return... thanks

Genesis mining is popular but it's not worth of investing there anymore, another one is hashflare but I'm not endorsing them. There are people who are still investing to those websites but I don't recommend anybody to invest into any cloud mining site anymore. I advise you to stay away from any of them now on.
Check Service Discussion there are too many threads there about Cloud mining.

Most of the cloud mining sites targeting on the newbies who ever coming to the forum and some of the people whoever invested on the cloud mininig platform already seems shared to friends and make them to invest on the crypto platform.
There are many people invested on the cloud mining sites, I advice to all to ignore investing on this and start invest on buying GPU rig with the any number of cards you can able to invest. Even Genesis and hashflare are also have to boycott from investing.

[passwordnow]

If you need ways to earn bitcoins, i would suggest earning a real life income and converting it into btc, or even freelancing for btc jobs.

Better alternative than investing to cloud mining which is paying(very few legit) and trusted by most investors.

3. Legit: They are actually mining but charge a hefty maintenance fee every single day. You will not make a profit as the difficulty continues to climb.

These legit cloud mining websites aren't profitable anymore and most victims are newbies that wanted to earn that much easily but isn't willing to conduct research are falling to scam ones. Stop becoming greedy, try trading which is a better way of earning some mbtc.

I wanna know if its worth expecting much a return... thanks

You can't expect that much return / profit with cloud mining anymore.

[forkexchanges]

99.99% of the time it is a scam: https://www.reddit.com/r/Bitcoin/comments/6gbf9x/cloud_mining_is_a_scam/

[richardsNY]

99.99% of the time it is a scam

Wrong. It's a 100% scam rate. If we look at their TOS, which is something they are hiding themselves behind as some sort of a protective shield, it makes most cloud mining services a 'legal' scam. You up front know how things are, what will be done to put you in a losing position, but you can't really complain because you agree with all their terms when you finalize the purchase of whatever number of contracts/shares. It's a system of which the far far majority of the people can't win from, and these services know that. On top of that, certain people know this too, but they just gamble on a good outcome, which is them reaching ROI before contract termination, or a complete shutdown of that service. Pathetic beings.

[Slow death]

Name: wpcbtc8820
Posts: 1
Activity: 1
Position: Newbie
Date Registered: Today at 12:48:18 AM
Last Active: Today at 01:16:18 AM

created an account just to ask that question!

welcome to bitcointalk

answering your question (many have answered and I will only add some things) and making some observations.

Ive read alot about cloud mining...

so you already have a lot of knowledge about this industry and its risks

...have a small  eth/zcash/monero contracts with genesis.

to be easier to help you:

- how much money you invested?
- what the days you invested?
- how much you earn per day with these contracts?
 

I was just wondering if anyone could share some experienced info as most of my contracts are only a few months old and I wanna know if its worth expecting much a return... thanks

Like I said, you need to give more details.

Hashflare is the last cloud miner that is trusted and isn't out of stock.

They have high withdrawal value minimum to receive payment, we are talking about 0.05BTC

[shield132]

Ive read alot about cloud mining and have a small  eth/zcash/monero contracts with genesis.  I was just wondering if anyone could share some experienced info as most of my contracts are only a few months old and I wanna know if its worth expecting much a return... thanks

There is thread about genesis mining which shows their mining service us as an proven scam. So strategy is following: You get what you deserve for 1-2 months, then this number falls and falls. Finally there is high chanse that you can't ROI and it will take your time + nervous.
I suggest you hashnest, at least you can sell hashrates at any time.

[UsernameBitcoin]

In simple: yes. 15% per month (if to talk about Hasflare.io)
Moreover Hasflare.io is decreasing their min. withdrawal day by day. And this is very pleasing. I’ve been with them more than 1 year. Even the dif. increase every 2 weeks it will always break-even.

How much profit have you earned?

[stomachgrowls]

Ive read alot about cloud mining and have a small  eth/zcash/monero contracts with genesis.  I was just wondering if anyone could share some experienced info as most of my contracts are only a few months old and I wanna know if its worth expecting much a return... thanks

About those altcoin contracts if we do base on 1 year duration which is commonly being set by them I do see that you would really gain profits but wont be an assurance for you that it would last until into those days that you reach roi. Genesis is been here for how many years already. This would only be worth if they do offering lifetime contracts but now they do have duration which would really put hesitation for me to invest and come to think of that most cloud mining sites are scams.

[maeusi]

No, cloudmining is not a good way to invest. Most cloudminers are scam, who don't pay out. Even if you would find a legit cloud miner, you would get your investment back in earliest one year. That is a long time, too long to get your investment back, before the service will shut down.

[lucianus_luciferus]

don't know where you get your figures from but they are wrong
currently on hashflare ROI is just over 5 months for the current bitcoin price and difficulty.


https://www.dropbox.com/s/9ingc2td343ou21/Screenshot_20180123-215042.png?dl=0

[leowonderful]

A better option is to just buy a miner and get it hosted or buy miners that are ready to be hosted, e.g Bitmainwarranty/Myrig who sell miners that are ready to be hosted, electrical fees payable through crypto or credit/debit card. You actually control the miners and you have the ability to switch pool, etc. Plus Bitmainwarranty offers free repairs on hosted miners, and the PSU is included on hosted miners.

[maeusi]

don't know where you get your figures from but they are wrong
currently on hashflare ROI is just over 5 months for the current bitcoin price and difficulty.

Did you have a contract over 5 months? I have and my ROI from beginning up to now went significantly down. I even can't withdraw anymore, because I will not reach the 500$ withdraw minimum.

[lucianus_luciferus]

my contract started in September last year and already got my initial investment back last month but back then the price was 150 not 220 as it is now
so now ROI is a about 5-6 months unless the bitcoin price goes up which I hope it will do
but with the difficulty going up it will be 7-8 months so very soon it will not be profitable anymore unless the bitcoin price goes back to 20k
https://alloscomp.com/bitcoin/calculator

[Koro-Sensei]

Ive read alot about cloud mining and have a small  eth/zcash/monero contracts with genesis.  I was just wondering if anyone could share some experienced info as most of my contracts are only a few months old and I wanna know if its worth expecting much a return... thanks

Genesis is legit but you will loss more than that than trading. You invest an incredible amount of money for years to be paid of as in all of your invest will only be paid for almost more than a year. Waste of time and money don't continue or you'll regret it.

[marketone]

Most people will not support to invest in cloud mining services because now a days we can see many scams happening in cloud mining. It is always risky to invest in cloud mining, giving higher % on our investment is always risky.