Question about cloud mining platforms

[linkab]

Hi all!
I'm new to this forum, so sorry if haven't found required subject. I'm wondering your opinion about cloud mining platforms - does they all scam or there is an ability to mine some using their service.
Thanks for your advices!

[1714917745]

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[1714917745]

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[1714917745]

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[mk4]

Most(probably 99%) are scams. And to the cloud mining services that aren't scams(for now, at least), you don't actually profit off them. Best case scenario is that you breakeven with the costs and your profits. If you want to do real mining, unfortunately you'd really just have to buy the right hardware.

[linkab]

Thanks for answer.
Bad to hear.. Don't have an ability to invest money to hardware now. Maybe there is some list or something in forum, where I can find mining platform from last 1%?
And would be appritiate for the bitcoin price, which make cloud mining process profitable.

[bobo012]

Hi all!
I'm new to this forum, so sorry if haven't found required subject. I'm wondering your opinion about cloud mining platforms - does they all scam or there is an ability to mine some using their service.
Thanks for your advices!

I wouldnt say they scam, at least not the reputable ones. It is just that you buy a fixed hashrate contract, that gets obsolete quickly. So you maybe wont roi on your contract.

[mk4]

Thanks for answer.
Bad to hear.. Don't have an ability to invest money to hardware now. Maybe there is some list or something in forum, where I can find mining platform from last 1%?
And would be appritiate for the bitcoin price, which make cloud mining process profitable.

Re-read my previous reply on this thread. You're not going to make money off cloud mining. If you could, then people would've went all in on these services.

Tell you what. On one of the cloud mining sites I've visited in the past, the cheapest cloud mining variant is like $30. Guess what. I tried it just for shits and giggles. A year later, not a single payout because I didn't even earn enough for the transaction fee to be worth it.

[linkab]

Hi all!
I'm new to this forum, so sorry if haven't found required subject. I'm wondering your opinion about cloud mining platforms - does they all scam or there is an ability to mine some using their service.
Thanks for your advices!

I wouldnt say they scam, at least not the reputable ones. It is just that you buy a fixed hashrate contract, that gets obsolete quickly. So you maybe wont roi on your contract.

Sorry for dumb question, but how can hashrate contract become obsolete? I thought, you buy some "power for mine coins" and get back those coins as a result.
Or problem hiding in growing mining complexity?

[mk4]

Hi all!
I'm new to this forum, so sorry if haven't found required subject. I'm wondering your opinion about cloud mining platforms - does they all scam or there is an ability to mine some using their service.
Thanks for your advices!

I wouldnt say they scam, at least not the reputable ones. It is just that you buy a fixed hashrate contract, that gets obsolete quickly. So you maybe wont roi on your contract.

Sorry for dumb question, but how can hashrate contract become obsolete? I thought, you buy some "power for mine coins" and get back those coins as a result.
Or problem hiding in growing mining complexity?

They don't necessarily become "obsolete", but the power you rent gets irrelevant as days go by because of the increasing mining difficulty of bitcoin and other coins. Hence, your profit gets lower and lower until you get close to zero in payouts.

For more information about this:

• https://en.bitcoin.it/wiki/Difficulty
• https://blockchain.info/charts/difficulty

[linkab]

Hi all!
I'm new to this forum, so sorry if haven't found required subject. I'm wondering your opinion about cloud mining platforms - does they all scam or there is an ability to mine some using their service.
Thanks for your advices!

I wouldnt say they scam, at least not the reputable ones. It is just that you buy a fixed hashrate contract, that gets obsolete quickly. So you maybe wont roi on your contract.

Sorry for dumb question, but how can hashrate contract become obsolete? I thought, you buy some "power for mine coins" and get back those coins as a result.
Or problem hiding in growing mining complexity?

They don't necessarily become "obsolete", but the power you rent gets irrelevant as days go by because of the increasing mining difficulty of bitcoin and other coins. Hence, your profit gets lower and lower until you get close to zero in payouts.

For more information about this:

• https://en.bitcoin.it/wiki/Difficulty
• https://blockchain.info/charts/difficulty

Now I start to understand.
Will definitely read, thanks!

[shirackjs]

Most of the cloud mining services take a long time to break even. You are better off to use the money to buy the coin from market directly or do the traditional mining if your electricity cost is low.