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michaelsean09
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November 23, 2013, 02:53:11 AM
 #1

I am anxious to learn so much more about bitcoins. I feel as though I missed the boat as I nearly bought in after the "crash" with mtgox earlier this year. Yesterday I was bored so I decided I was going to look in to bitcoins again. I felt a little crushed to see the current value of bitcoins. Nonetheless, I am now hoping to get a little more active. I am wondering what the opinion is on cloud mining. That aspect of bitcoins, mining, has always interested me. Is this the best way for a newbie to do this?
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jillmarkle
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July 25, 2018, 07:16:01 AM
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I would love to have known the concept of Cloud mining if there is anyone experienced in the same  Cheesy
odolvlobo
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July 25, 2018, 03:34:26 PM
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TL;DR: Stay away from cloud-mining. Most cloud-mining sites are scams, and the ones that are "legitimate" are money-losers.

Most cloud-mining sites are simple Ponzi schemes. You pay the site some money and they pretend to mine for a while, paying you a tiny amount every month. However, at some point, they simply disappear with the rest of your money.

There are a small number of legitimate cloud-mining sites scattered around the swamp of Ponzi schemes. The sad truth is that they are generally not profitable as investments, so calling them "legitimate" is being generous.

Let's look at it from the the operator's point of view:

You have a warehouse full of mining equipment and it is making a solid profit. Would you rent out this equipment for less than it earns? In other words, if your miners will earn 10 BTC, would you rent them out for 8 BTC and then hand your customers the 10 BTC? Cloud-mining operators are not motivated to make money for you because it is at their expense.

To demonstrate that cloud-mining is a money loser, look at the current situation with the well-known and "legitimate" cloud-mining provider HashFlare. They are terminating contracts because the maintenance fees are now more than the mining revenue, and the result is that customers have lost money.

http://fortune.com/2018/07/21/hashflare-shuts-down-bitcoin-mining/

Many people believe that if the price of a bitcoin goes up, cloud-mining can be profitable, and that is true. However, given that the amount you pay for cloud-mining (in bitcoins) is generally more than you receive, it should be obvious that it is more profitable to just buy the bitcoins directly. It is also less risky.

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Lakai01
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July 25, 2018, 05:32:33 PM
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Many people believe that if the price of a bitcoin goes up, cloud-mining can be profitable, and that is true. However, given that the amount you pay for cloud-mining (in bitcoins) is generally more than you receive, it should be obvious that it is more profitable to just buy the bitcoins directly. It is also less risky.

Thats my view too. Take the money you are willing to invest in cloud mining (e.g. 100$ a month) and buy coins with that money. Simply ask yourself: Would you lend your hardware/inftrastructure and make less profit when you instead could use the hardware yourself and make more money?

adansonia
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July 25, 2018, 06:00:49 PM
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Like the experienced folks have said, cloud mining looks too good to be true and it's actually not true in most cases. I and my friends are a victim of one of the cloud mining ponzis. My advice is for you to stay clear
ghermghuda
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July 25, 2018, 11:56:32 PM
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Well, I consider crypto as a new, young and growing venture.  we're still green and so don't feel reget for saying tha you joined on late.you joined at your own perfect time. Maybe you needed to make some considerations before becoming actively involved. Crypto isnstill growing and hanve everybody still has the potential to learn more about crypto.

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July 26, 2018, 01:38:27 AM
 #7

I am anxious to learn so much more about bitcoins. I feel as though I missed the boat as I nearly bought in after the "crash" with mtgox earlier this year. Yesterday I was bored so I decided I was going to look in to bitcoins again. I felt a little crushed to see the current value of bitcoins. Nonetheless, I am now hoping to get a little more active. I am wondering what the opinion is on cloud mining. That aspect of bitcoins, mining, has always interested me. Is this the best way for a newbie to do this?
The best thing to do as a beginner is to join some bounty located here:  Bounties (Altcoins) -  https://bitcointalk.org/index.php?board=238.0
Or if you have some talents like in graphics you can offer a service here and ask for BTC payment. Services -  https://bitcointalk.org/index.php?board=52.0
Please avoid this cloud mining sites its risky and most of them only pay at first and then gone.

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