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Author Topic: Cloud mining services, is it worth it ?  (Read 136 times)
MysteriouS87
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May 06, 2018, 09:59:45 PM
 #1

Hello everyone,

I'm almost new to this world so please bear with me if I went of base here or even if I didn't make any sense  Grin.

I've been looking into could mining services, in the beginning some of the websites seemed very attractive and got me really interested, but as time passes by I started to understand more and more, at this point I'm not sure if investing in Cloud mining service is even worth it !!

Two quick examples:

1- Hashflare
If i take BTC 1 year mining plan for 10GH/s I might end up with about $2.16 profit at the end of the year according to cryptocompare.com's calculator. That's even without calculating maintenance fees !
So it seems like a total loss.

2- NuVoo
They got a $200 open-ended mining plan for 1865.87GH/s. According to this on cryptocompare.com's calculator I might be able to come up with $402 worth of bitcoin a year. But then they included something called Energy daily fee of $0.00021 per GH. This basically means : (0.00021 * 1864.87) * 365 = around $142 to be deducted from my revenue/profit bringing it down to almost $260 a year.

I'm not sure this is worth the investment, any thoughts? feedback on the mentioned companies? other recommendations?






Cheers,
MysteriouS87
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May 07, 2018, 01:25:11 PM
Merited by npredtorch (1)
 #2

No, cloud mining services are almost never worth it.

For the most part you will end up with a loss, having mined less coins than you initially invested. Those cloud mining users that claim fiat profits, usually would have made more profits by simply holding their coins instead of investing them into a cloud minig scheme.

Cloud mining is only profitable for the ones offering the service, not the ones investing in it. Basically it's a simple way for miners to make a safe profit off of "investors" while outsourcing the risk of difficulty adjustments and hashrate growth onto the unsuspecting hashrate buyer -- assuming the hashrate being sold actually exists to begin with.

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May 07, 2018, 09:49:09 PM
 #3

I'm not sure this is worth the investment, any thoughts?

 Grin

Have you done all the calculations yet and you're still asking if it's worth it? So you want to invest and have losses, do you want to invest and make a profit as low as $ 260 a year? dude, this is more than clear, do not waste your time using cloud mining, just buy bitcoin and hold, or buy ETH and hold that you will have more bitcoins


feedback on the mentioned companies?

hashflare make many promotions, increase the minimum values of withdrawals, they seem to me that they are not well, I come to think that they are running ponzi scheme, I have no evidence and this is just my guess, I am not accusing hashflare of nothing

other recommendations?

do not waste time on cloud mining



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May 07, 2018, 10:25:08 PM
 #4

No, cloud mining services are almost never worth it.

For the most part you will end up with a loss, having mined less coins than you initially invested. Those cloud mining users that claim fiat profits, usually would have made more profits by simply holding their coins instead of investing them into a cloud minig scheme.

Cloud mining is only profitable for the ones offering the service, not the ones investing in it. Basically it's a simple way for miners to make a safe profit off of "investors" while outsourcing the risk of difficulty adjustments and hashrate growth onto the unsuspecting hashrate buyer -- assuming the hashrate being sold actually exists to begin with.

Well, that sounds about right. It's just that I've seen people online claiming that they've made profit and shit, I though I'd investigate and see what is this about, seems like my instinct was right all along. Thank you.


do not waste time on cloud mining

I'm glad that you got to have fun and be sarcastic. This is the only useful part of your post. Thanks.

I think it's safe to say now that I'm officially over the idea.





Cheers,
MysteriouS87
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May 07, 2018, 10:48:16 PM
 #5

I'm not sure this is worth the investment, any thoughts?
No, they arent worth as an investment and as you calculated its clearly seen or displayed that you wont really end up on profits but rather you would really be on loss.

 feedback on the mentioned companies? other recommendations?

Hashflare is legit i dont know about nuvoo.io since its just new into my ears but i dont really recommend anyone of them since its not really worth as an investment.

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May 07, 2018, 11:53:02 PM
 #6

Cloud mining isn't worth it all. You're going to face one of two scenarios which I'm going to layout. First, you're going to get into a company which promises high returns, most (I'd say all but who knows) are going to be scams, they're going to pay you back for sometime but they're going to run away with a good amount of your money at some point due to some 'hack' or something along those lines.

Or you're going to find a legitimate place, but they're not going to be able to pay out too much in profit due to the simple fact that it's not POSSIBLE. They're going to stop paying you when it's not PROFITABLE FOR THEM ANYMORE (no it doesn't matter if you have lifetime, read some of the policies of that lifetime purchase)

So don't cloudmine, if you want to buy some gpus and set them up in your house for altcoin mining. Much more worth it.

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May 08, 2018, 12:19:34 AM
 #7

Another alternative I mention all the time to those with high electrical costs and noise restrictions is to get your miners hosted. If you're sending them off to a colocation that is trusted, there's relatively little risk involved, and it comes with all the benefits of home mining minus noise (and most colocations have very reasonable electrical rates, though there are maintenance fees in some areas).

As of right now, most colos I know of that I trust are near or at capacity, but this thread contains details for several hosting companies. Whether or not they're to be trusted is your decision in the end.

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May 08, 2018, 07:45:13 AM
 #8

Don't be a victim by investing on cloud mining becasue most of them will never return your money at the end.You have to choose othe rbetter option which really can give some earnings to you,if you have decent amount as capital then you can start altcoin mining by yourself which is pretty worth then getting scammed,even you can earn decent earnings by investing $1500 into a GPU miner rigs.

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May 08, 2018, 08:31:11 AM
 #9

If you we're just to look up at the Service Discussion homepage, you'd find:

Bitcoin cloud mining
Hashflare vs Genesis vs Bitforx - My experience
BitcoinTrain micro cloud mining
Why do people continue to invest in cloudmining?

So quite something just on the first page of this section.


Quote
If i take BTC 1 year mining plan for 10GH/s I might end up with about $2.16 profit at the end of the year

But then you say:

Quote
I'm not sure this is worth the investment,

Yeah? Are you thinking about it maybe? Grin
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May 08, 2018, 10:14:56 AM
 #10

do not waste time on cloud mining

I'm glad that you got to have fun and be sarcastic. This is the only useful part of your post. Thanks.

I think it's safe to say now that I'm officially over the idea.


Cheers,
MysteriouS87

I've been joking, but I'm serious, you only waste money and time investing in cloud mining because they can always change the rules, for example in the case of hashflare, there will be few people who have invested in the site that are capable to withdraw their winnings, this is because the minimum withdrawal value is very high and I do not understand why they still keep this minimum withdrawal value. about this site: https://nuvoo.io/ it is still very new so even though you make a profit it becomes very risky to invest in something very new

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May 08, 2018, 11:10:31 AM
 #11

Another alternative I mention all the time to those with high electrical costs and noise restrictions is to get your miners hosted. If you're sending them off to a colocation that is trusted, there's relatively little risk involved, and it comes with all the benefits of home mining minus noise (and most colocations have very reasonable electrical rates, though there are maintenance fees in some areas).

It's not even worth the hassle. You at that point depend on your hardware to remain functional, and the location where the miners are hosted to not mess up, and then we have the regulations playing a role of importannce; there are too many negative variables involved that should function as a mining no-go. All these external investments are a waste of time and don't yield anything worthwile.

$10,000 investment in mining will probably take you years to break-even with how the difficulty keeps going up, which is just insane.
$10,000 investment in Bitcoin allows you to actually benefit from its massive potential.

By the time you managed to break-even with your mining investment, Bitcoin itself has likely made a x3-x5 jump. It's like people choose to use a bike to circle the globe, while they could use a Ferrari to get the same thing done in a much faster and profitable way. Smart money makes money. Putting it into mining isn't smart for the average person. Wink

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May 08, 2018, 12:36:34 PM
 #12

Hello everyone,
I'm almost new to this world so please bear with me if I went of base here or even if I didn't make any sense  Grin.
I've been looking into could mining services, in the beginning some of the websites seemed very attractive and got me really interested, but as time passes by I started to understand more and more, at this point I'm not sure if investing in Cloud mining service is even worth it !!
Two quick examples:

1- Hashflare
If i take BTC 1 year mining plan for 10GH/s I might end up with about $2.16 profit at the end of the year according to cryptocompare.com's calculator. That's even without calculating maintenance fees !
So it seems like a total loss.

2- NuVoo
They got a $200 open-ended mining plan for 1865.87GH/s. According to this on cryptocompare.com's calculator I might be able to come up with $402 worth of bitcoin a year. But then they included something called Energy daily fee of $0.00021 per GH. This basically means : (0.00021 * 1864.87) * 365 = around $142 to be deducted from my revenue/profit bringing it down to almost $260 a year.
I'm not sure this is worth the investment, any thoughts? feedback on the mentioned companies? other recommendations?
Cheers,
MysteriouS87
You already made some sample of your calculation and you already seen the result but still you're not yet sure if cloud mining is worth it to invest? haha. Even legit cloud mining companies have a hard time to make it a win situation between their company and the investors because cryptocurrency mining will not give you a stable profit, sometimes you will earn more and sometimes it is lower because of volatility of cryptocurrency. Don't be fool by the attractive website and huge profit promises because that is impossible. If you are in to investing in cryptocurrency, better to just buy a coin that you think will give you the most profit and hold it or if you are good at trading it can also be profitable.

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May 08, 2018, 03:49:33 PM
 #13

I really don't like cloud miners, before I enter the forum I have tried those kind of ponzi schemes, if they can mine crypto then why not do it themselves, that's the best lesson for me, somehow I prefer new HYIP websites, if a HYIP website start running this day then it's good to invest even just small amount and request for payout after 2-3 days, and then don't invest again, it'll be scam in the future, investing is a mind game.

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May 08, 2018, 04:47:09 PM
 #14

I really don't like cloud miners, before I enter the forum I have tried those kind of ponzi schemes, if they can mine crypto then why not do it themselves, that's the best lesson for me, somehow I prefer new HYIP websites, if a HYIP website start running this day then it's good to invest even just small amount and request for payout after 2-3 days, and then don't invest again, it'll be scam in the future, investing is a mind game.
It is better to totally avoid these kind of services because risking our money to get small profits is not a good idea though.But most of the newbies are the victim to the cluod mining sites because they are investing blindly on these site in the greed of making bitcoins.

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May 08, 2018, 05:03:21 PM
 #15

I really don't like cloud miners, before I enter the forum I have tried those kind of ponzi schemes, if they can mine crypto then why not do it themselves, that's the best lesson for me, somehow I prefer new HYIP websites, if a HYIP website start running this day then it's good to invest even just small amount and request for payout after 2-3 days, and then don't invest again, it'll be scam in the future, investing is a mind game.
Risky thing to do even you do have the idea on when to get out but if you wont able to get out on the right time then say goodbye to your money. Well we are talking about those operational cloud mining companies which op did have second thoughts about profitability but it is clear as the sky that these arent profitable.
It is better to totally avoid these kind of services because risking our money to get small profits is not a good idea though.But most of the newbies are the victim to the cluod mining sites because they are investing blindly on these site in the greed of making bitcoins.
The thing on where most people should be concerned but there are still people who do fall out on investing because they do believe they can able to make easy money.

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May 08, 2018, 05:34:19 PM
 #16

cloud mining is a scam, stay away

MysteriouS87
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May 08, 2018, 06:16:15 PM
 #17

I'm not sure this is worth the investment, any thoughts?
No, they arent worth as an investment and as you calculated its clearly seen or displayed that you wont really end up on profits but rather you would really be on loss.

 feedback on the mentioned companies? other recommendations?

Hashflare is legit i dont know about nuvoo.io since its just new into my ears but i dont really recommend anyone of them since its not really worth as an investment.

Thank you for your feedback, I just wanted to make sure I got the calculations part correctly as I'm totally new to all the terms, abbreviations and codes. It seems like I got it right though.


I'm not sure this is worth the investment, any thoughts?
No, they arent worth as an investment and as you calculated its clearly seen or displayed that you wont really end up on profits but rather you would really be on loss.

 feedback on the mentioned companies? other recommendations?

Hashflare is legit i dont know about nuvoo.io since its just new into my ears but i dont really recommend anyone of them since its not really worth as an investment.

Thank you for your feedback, I just wanted to make sure I got the calculations part correctly as I'm totally new to all the terms, abbreviations and codes. It seems like I got it right though.

Cloud mining isn't worth it all. You're going to face one of two scenarios which I'm going to layout. First, you're going to get into a company which promises high returns, most (I'd say all but who knows) are going to be scams, they're going to pay you back for sometime but they're going to run away with a good amount of your money at some point due to some 'hack' or something along those lines.

Or you're going to find a legitimate place, but they're not going to be able to pay out too much in profit due to the simple fact that it's not POSSIBLE. They're going to stop paying you when it's not PROFITABLE FOR THEM ANYMORE (no it doesn't matter if you have lifetime, read some of the policies of that lifetime purchase)

So don't cloudmine, if you want to buy some gpus and set them up in your house for altcoin mining. Much more worth it.

By now I totally agree with you on those two possible scenarios. I read some old articles and blogs about some of these company's in the past, it's clear that they keep changing their services terms and conditions very often and obviously to their advantage. So I'm with you 100%.

About the GPUs approach, where do you recommend that I start educating myself on that ? any specific topic/threads to read on this forum for beginners like me?


Another alternative I mention all the time to those with high electrical costs and noise restrictions is to get your miners hosted. If you're sending them off to a colocation that is trusted, there's relatively little risk involved, and it comes with all the benefits of home mining minus noise (and most colocations have very reasonable electrical rates, though there are maintenance fees in some areas).

As of right now, most colos I know of that I trust are near or at capacity, but this thread contains details for several hosting companies. Whether or not they're to be trusted is your decision in the end.

That sounds very good, but I wouldn't even know where to start. I know very little about Mining Machines, how to install them, store them, operate them .. etc. And I know even less about collocations. Basically it might take me a little while to be able to figure all of this out, my initial idea when posted this thread was to start ASAP. But that's not gonna happen I  guess lol.

Thanks for replying.


Don't be a victim by investing on cloud mining becasue most of them will never return your money at the end.You have to choose othe rbetter option which really can give some earnings to you,if you have decent amount as capital then you can start altcoin mining by yourself which is pretty worth then getting scammed,even you can earn decent earnings by investing $1500 into a GPU miner rigs.

I hear you bro. Again if you have any noob-friendly link that'll help me get a better understanding about GPUs please share with me. Because at this point almost all available topics here are way too advanced for me, I feel kinda lost and unable to start.


If you we're just to look up at the Service Discussion homepage, you'd find:

Bitcoin cloud mining
Hashflare vs Genesis vs Bitforx - My experience
BitcoinTrain micro cloud mining
Why do people continue to invest in cloudmining?

So quite something just on the first page of this section.


Quote
If i take BTC 1 year mining plan for 10GH/s I might end up with about $2.16 profit at the end of the year

But then you say:

Quote
I'm not sure this is worth the investment,

Yeah? Are you thinking about it maybe? Grin


Aside from your search abilities being amazing. I just want to say what I've said before one more time. Once of the reasons I made this post is to confirm suspensions I had and to get some kind of a confirmation on the calculations I made since I'm not very familiar with the terms and abbreviations.

On another note, I believe I might have seen some of the topics you posted, but when someone has only 20 posts or so that doesn't strike me as a very reliable source of information.


do not waste time on cloud mining

I'm glad that you got to have fun and be sarcastic. This is the only useful part of your post. Thanks.

I think it's safe to say now that I'm officially over the idea.


Cheers,
MysteriouS87

I've been joking, but I'm serious, you only waste money and time investing in cloud mining because they can always change the rules, for example in the case of hashflare, there will be few people who have invested in the site that are capable to withdraw their winnings, this is because the minimum withdrawal value is very high and I do not understand why they still keep this minimum withdrawal value. about this site: https://nuvoo.io/ it is still very new so even though you make a profit it becomes very risky to invest in something very new


Got it, loud and clear. Thank you again.


Another alternative I mention all the time to those with high electrical costs and noise restrictions is to get your miners hosted. If you're sending them off to a colocation that is trusted, there's relatively little risk involved, and it comes with all the benefits of home mining minus noise (and most colocations have very reasonable electrical rates, though there are maintenance fees in some areas).

It's not even worth the hassle. You at that point depend on your hardware to remain functional, and the location where the miners are hosted to not mess up, and then we have the regulations playing a role of importannce; there are too many negative variables involved that should function as a mining no-go. All these external investments are a waste of time and don't yield anything worthwile.

$10,000 investment in mining will probably take you years to break-even with how the difficulty keeps going up, which is just insane.
$10,000 investment in Bitcoin allows you to actually benefit from its massive potential.

By the time you managed to break-even with your mining investment, Bitcoin itself has likely made a x3-x5 jump. It's like people choose to use a bike to circle the globe, while they could use a Ferrari to get the same thing done in a much faster and profitable way. Smart money makes money. Putting it into mining isn't smart for the average person. Wink

So, what you're saying is that I'm better off with trading, correct ? if so, please point me towards the best trading websites and any guides or helpful topic that'll get me started. Thank you.


Hello everyone,
I'm almost new to this world so please bear with me if I went of base here or even if I didn't make any sense  Grin.
I've been looking into could mining services, in the beginning some of the websites seemed very attractive and got me really interested, but as time passes by I started to understand more and more, at this point I'm not sure if investing in Cloud mining service is even worth it !!
Two quick examples:

1- Hashflare
If i take BTC 1 year mining plan for 10GH/s I might end up with about $2.16 profit at the end of the year according to cryptocompare.com's calculator. That's even without calculating maintenance fees !
So it seems like a total loss.

2- NuVoo
They got a $200 open-ended mining plan for 1865.87GH/s. According to this on cryptocompare.com's calculator I might be able to come up with $402 worth of bitcoin a year. But then they included something called Energy daily fee of $0.00021 per GH. This basically means : (0.00021 * 1864.87) * 365 = around $142 to be deducted from my revenue/profit bringing it down to almost $260 a year.
I'm not sure this is worth the investment, any thoughts? feedback on the mentioned companies? other recommendations?
Cheers,
MysteriouS87
You already made some sample of your calculation and you already seen the result but still you're not yet sure if cloud mining is worth it to invest? haha. Even legit cloud mining companies have a hard time to make it a win situation between their company and the investors because cryptocurrency mining will not give you a stable profit, sometimes you will earn more and sometimes it is lower because of volatility of cryptocurrency. Don't be fool by the attractive website and huge profit promises because that is impossible. If you are in to investing in cryptocurrency, better to just buy a coin that you think will give you the most profit and hold it or if you are good at trading it can also be profitable.

Well, this seems like the most popular opinion. Thanks for posting.


I really don't like cloud miners, before I enter the forum I have tried those kind of ponzi schemes, if they can mine crypto then why not do it themselves, that's the best lesson for me, somehow I prefer new HYIP websites, if a HYIP website start running this day then it's good to invest even just small amount and request for payout after 2-3 days, and then don't invest again, it'll be scam in the future, investing is a mind game.

What are HYIP websites exactly ? how can I invest in them ? please let me know. Thanks.


cloud mining is a scam, stay away


Short, simple and to the point. Not doing it anymore, thank you Smiley
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May 08, 2018, 06:51:38 PM
 #18


Two quick examples:

1- Hashflare
If i take BTC 1 year mining plan for 10GH/s I might end up with about $2.16 profit at the end of the year according to cryptocompare.com's calculator. That's even without calculating maintenance fees !
So it seems like a total loss.

2- NuVoo
They got a $200 open-ended mining plan for 1865.87GH/s. According to this on cryptocompare.com's calculator I might be able to come up with $402 worth of bitcoin a year. But then they included something called Energy daily fee of $0.00021 per GH. This basically means : (0.00021 * 1864.87) * 365 = around $142 to be deducted from my revenue/profit bringing it down to almost $260 a year.

Okay so looking at these two examples/analysis you have done, I think you have done the best thing and then it wouldn't be good to join or invest in any cloud mining. I don't like cloud mining either because per my analysis also i think it always benefit the owners not us the investors.
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May 08, 2018, 07:29:42 PM
 #19

Since you got the reply from the various people says this is worst way to put your fund on it mate. Still you seems interested on the cloud mining which are legitimate on the market. As a advice I do not too suggest you go with the cloud mining for any algorithms.
Instead of making the investment on cloud mining contract for one year you can arrange little more money and make your own GPU rig.
GPU will show the investment infront of you. Then no one can scam you too.

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May 08, 2018, 07:50:02 PM
 #20


So, what you're saying is that I'm better off with trading, correct ? if so, please point me towards the best trading websites and any guides or helpful topic that'll get me started. Thank you.
Depends. If by trading you mean speculating on a couple coins you really believe in and think are undervalued, then yes.



Quote
What are HYIP websites exactly ? how can I invest in them ? please let me know. Thanks.

High-Yield investment programs.

They're basically the same as most of these cloud mining sites (a ponzi), the only difference is that they don't even try to hide it.

So, basically gambling.

Checkout this section, https://bitcointalk.org/index.php?board=207.0 , and then decide if you still want to invest in them.  

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