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Author Topic: Cloud-based Mining  (Read 74 times)
sunil_ad
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May 25, 2018, 02:55:39 PM
 #1

I have no idea about this. But a reply to a beginner's post said there are opportunities for earning.  How? By investing?
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May 25, 2018, 03:32:28 PM
 #2

Yes. By investing. By buying the coins/tokens directly to be specific, not through cloud mining. You're very unlikely to make money through cloud mining. You want to invest in the cryptocurrency space? Invest in coins/tokens. Stay away from shady "investment" schemes such as cloud mining.

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May 25, 2018, 05:01:01 PM
 #3

An investment made is safe as long as you yourself have control over your investment, it may be in the form of mining hardware, coins etc..

Please DO NOT invest without proper research as there are a lot of scammers in this market taking advantage of the anonymity aspect of cryptocurrencies.

There are some legit ways of earning through crypto

1) Mining
2) Investing
3) Trading


Things to avoid:

1) Cloud Mining
2) Investing into ICO without proper research

You can get all the information if you spend enough time reading through the posts made in this forum.
 

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darkie199
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May 25, 2018, 05:12:02 PM
 #4

Cloud based mining is hardly profitable! They charge a lot for the package you select and then pool fees blah blah..For fun you can try but you will find that you made only few dollars out of it. I used to , had high quality VPS altogether mined Monero(xmr) for 2 month and the few $ that i made is still negligible..
In case of you go via any cloud based mining web you have to invest much and don't think it will be profitable either (as said above by experienced members)
If you are a beginner and don't have/ or don't want to invest, the best option for you is to join Bounty or Airdrops. At least you will find some dollars in hand but it requires much activity(mainly for bounty).
Simultaneously you can join as many bounties/airdrops you want, but for bounties make sure you check the project out properly and start working as now a days many are scams and at the end fails.

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May 25, 2018, 06:14:35 PM
 #5

I have had a ton of experience with cloudmining - there used to be this company called GAWminers. I think they actually produced one of the first scrypt ASICs (1MH ha).
They also sold hashlets, which were a certain mining capacity in the cloud. The only people I do anything with these days is HashNest and thats still not very profitable. It is kind of interesting to trade the hash power to make a few extra satoshi or liteoshi - but thats negligible really.

The only one I had success with was called PB mining - turns out it was a pyramid scheme but I still was getting payouts even after I left the space in 2015.
They eventually closed down and ran off with my mining stuff. All is well though. I consider it a lesson that I learned from.
It could be fun, but is probably a waste of money.

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May 25, 2018, 10:45:46 PM
 #6

Cloud-mining is an easier way to get started, as a third-party does a lot of the work for you. You can look into Genisis Mining where you can pay for cloud mining services; the more you put in, the more you can mine. You will probably have to sign a 1-year contract or similar, but you can mine several different currencies.

Hope this helps  Smiley

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May 25, 2018, 11:02:02 PM
 #7

Yes. By investing. By buying the coins/tokens directly to be specific, not through cloud mining. You're very unlikely to make money through cloud mining. You want to invest in the cryptocurrency space? Invest in coins/tokens. Stay away from shady "investment" schemes such as cloud mining.
Agreed, at present there is very limited cloud mining services functioning with legitimacy. They don't promote themselves through different sources, because they have the necessary investors and the space to the limited power supply.

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Alluro
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May 26, 2018, 01:10:28 AM
 #8

I personally not recommend cloud mining. Because there are so many scams with cloud mining and no much profitable. There are so many ways to invest your money better than cloud mining. Just think about some good coins, tokens and ICO projects.

kmil91712
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May 26, 2018, 01:14:33 AM
 #9

An investment made is safe as long as you yourself have control over your investment, it may be in the form of mining hardware, coins etc..

Please DO NOT invest without proper research as there are a lot of scammers in this market taking advantage of the anonymity aspect of cryptocurrencies.

There are some legit ways of earning through crypto

1) Mining
2) Investing
3) Trading


Things to avoid:

1) Cloud Mining
2) Investing into ICO without proper research

You can get all the information if you spend enough time reading through the posts made in this forum.
 

It's true I like this post so much, I was told to do my research and find the posts applicable to me so I can learn about the process. So far I have been learning so much with very little mistakes because I read a lot of posts. Thanks again.
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May 26, 2018, 04:47:53 AM
 #10

i honestly don't know why they call it "Cloud" mining. it has nothing to do with clouds. it is basically a company that has (or at least supposed to have) mining equipment and real hash power and they rent this hash power to anyone that wants in form of a contract and then they pay them a portion of the earning amount minus the costs.

but what happens in reality is that most of these so called companies don't have any hashing power. they just sell fake contracts and in reality they run a ponzi scheme. and also those companies that do have hashing power and actually rent that end up running out of it but still continue to rend hashing power than they do not own hence turn into a ponzi scheme.
and we all know a Ponzi scheme is not going to be able to stand for long.

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May 26, 2018, 06:50:40 AM
 #11

Thanks to Bitcointalk, I am safe.
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May 28, 2018, 01:11:33 AM
 #12

I heard that when the AirP2P project goes live that they will have a similar feature that allows you to rent out your computing power so in essence you could rent out a cloud-based hardware to the network and mint their token, its pretty nice, that's why i love that project, their idea and vision is so amazing

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May 28, 2018, 02:14:09 AM
 #13

Thanks to Bitcointalk, I am safe.

Good job on actually trying to be sure and ask people before going in.

Ozkhan
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May 28, 2018, 06:10:25 AM
 #14

I have no idea about this. But a reply to a beginner's post said there are opportunities for earning.  How? By investing?
most mining option online are scam  therefore  you should research these business carefully i would advice to consider investing in crypto directly  especially since mining become less and less profitable over time due to ETH and others planing to switch to proof of stake rather than proof of work
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