Cloud Mining oppinion

[kamenix]

Hello everyone. I am fearly new on this forum and to crypto currencys in general. I am looking for advises how should I make my first investment.

I heard that cloud mining gives the individual the opertunity to get a piece of the cake and make money. In a book that I read it says that it is nearly impossible to mine from your household computer, because the competition is too big these days and because the mining became more difficult.

In my life I try to learn from others mistakes rather then from my own. Has someone experience with cloud mining? If you think it is not worth it please argument it so a newbie like me can understand.

If you are against it can you suggest me a better way how to start off?

I really appreciate the help. Thank you in advance.

[1714885093]

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[1714885093]

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[BTCLovingDude]

cloud mining has never been a good option ever.
it is not a good option now.
it will never be a good option in the future either.

for years people have been talking about them and absolutely nothing has changed about cloud mining. there are two categories when we talk about them:
1. the scam ones:
which is obviously a bad idea to invest in any of them because they are Ponzi schemes and it is like giving your money away!

2. the legit ones:
it is not a good idea to invest in any of these because they are not profitable! the ROI will take ages and the fees they deduct will kill your profit. not to mention that they all have traces of Ponzi schemes in them or turn in to a 100% Ponzi and run away eventually.

[ask]

cloud mining usually turns to scam by the end. You will never reach ROI and its not a good type of investment.
Cloudmining scam was started with ltcgear. All we remember how it ended.

[ejawusa]

Cloud mining, is a service provider to be able to mine bitcoin. With this service, bitcoin users can buy contracts to rent devices owned by those who provide, cloud mining services with a certain period of time.
But, we should be more careful in choosing where to buy the contract. cloud mining that has been victimized by the guise of this cloud mining.
My advice you not to use cloud mining because its risk is quite large

[tyuner4]

There are plenty of cases that cloud mining took too long to break even. The calculation of mined coin is not clear. You are better off mining with your own equipment if your electricity cost is low.

[xenomorphe1]

I have a little experience about cloud mining as i bought a contract at Genesis Mining.

If you bought an Ethereum contract last year, you would already have received what you paid if you sold your ETH at the right time.
The contract for ETH is a 2 years contract.

As you know that Ethereum went from $17 to near $1500. (But i bought a contract when ETH was near $200.)

But you also should be warned that you can't be sure that the coin they are mining is going to be more valuable or not.

Also the mining company sometimes has problem in their payment system. And you may have to wait before receiving your payments.

You also should realized that the mining difficulty is increasing every time. Last month, the reward of ETH was higher than this current month.

It is good to check a mining calculator to see how much coin you should received every day. Check it also if you your payment doesn't come.
It is maybe that the difficulty of mining has increased.

The advantage of cloud mining is that you don't need to buy the hardware to mine. You also don't need to setup and watch it everyday.
Your electricity bill won't change and you won't hear the noise of the fans.

You just need a lot of patience before receiving a payment. And sometimes write them a ticket if you see that there is a problem.

If you buy a contract with a credit card, you have to wait longer before receiving a payment. They said 30 days. But for the 1st month, they paid me only after 5-6 months.
I had to send them 3 tickets before receiving the payment.

Some people complain about not receiving payments. It may be due to the mining difficulty, but also a problem at the company.

It is a big risk, but it can also be worth. I think that the current ETH contract is very expensive.

You should try a mining calculator of the coin you want to buy and see if their contract is worth the price.

[myhoho]

in cloud mining ponzi scheme you will never reach ROI they will lower the gains or never make payments.
this is how they work and all cloud mining companies turned to scam by the end

[shirackjs]

Sad to say that cloud mining is like Ponzi and some turned to scam after sometime. You are better off using the money to buy the coin directly.

[gustav920s]

Genesis mining contracts are always going like hot cakes. It was a very good idea in april 2017 or so.

[Reez]

I have researched extensively in cloud mining and all I found is all are nothing but ponzi schemes. The cloud miners are running as long as there are new buyers to pay for the old users. Cloud mining looks attractive but it is nothing but putting your money down the drain.

[Palmerson]

My opinion is that cloud mining is a Scam. There are only a few sites I trust, but that's not good for me. Income is very low. If at this point the complexity of the network grows, we can easily get a loss. I'm not ready for this. It is easier for me to buy constantly on 1 GPU and to increase own capacities.

[uncleduckerr]

cloud mining usually turns to scam by the end. You will never reach ROI and its not a good type of investment.
Cloudmining scam was started with ltcgear. All we remember how it ended.

Well not all of us cause not all of us were here for that, but I did see what happened to NiceHash ($70m hack for those unaware) last year and that was enough to deter me. Why put in that much risk, for such little return especially when you can get scammed out right. No thanks, I have already had my fair share of trouble and scams in my short time here.

[Welhell]

I can not say anything about cloud mining, but if you're making the first investment, you have to be very careful. Before you get any coins or tokens, you should thoroughly read its whitepaper and thoroughly research on the internet then decide.

[mostkey]

Hello everyone. I am fearly new on this forum and to crypto currencys in general. I am looking for advises how should I make my first investment.

I advise you to invest in coins only .. than you entrust your funds to cloud mining, because a lot of cloud mining is doing a scam and just steal your money and disappear without any results. I want you to do a hold because the price of the coin is currently being healed

[Leftneck]

my advice do not minning use cloud minning.
most will eventually scam and require depots for each withdraw.
I've tried several times, most cloud minning will be scam in the future

[German Klimenko]

In my opinion and experience CloudMining it is ponzi scheme in most of cases. Don't use Cloudmining if you don't want to lose your money. Unfortunately it is impossible to separate honest projects from scam.