Cloud mining still profitable?

[Woolles890]

Many people avoid cloud mining and this causes the miners to lose their current situation. Cloud mining is not always profitable, but many stop with a bad system or get a scam.

[goodday886]

i think they are not very reliable. If u get the income through the clouds to dig pits. then why don't they do it themselves? it is probably a scam.

[GreatBug]

Two days ago JPMorgan published information that Bitcoin mining is not profitable:

https://www.cbsnews.com/news/bitcoin-worth-less-than-it-costs-to-mine-jpmorgan/

If their calculations are correct, the cost of mining one Bitcoin is $4060 and the current price is around $3600

But this thread discussed about the cloudmining, if that's still unprofitable and how these miners are still mining the bitcoin? JP morgan seems missing a calculation about how much received as a validators in the bitcoin blockchain.

If Bitcoin mining is not profitable at all, then it is logical that cloudmining can not be profitable even more.
I also do not believe in the correctness of their calculations, but if they publish such a thing, it means that they are interested in it and it is possible that something will happen soon.

[Ararbermas]

I don't trust cloud mining since mostly are fake and not worth it .it's just a wasting of time honestly , much better to become bounty hunter which no need to risk a money just participation and will get paid. Because base on my experience in some cloud mining site it's totally not reliable 'cause you must to upgrade your account  first before you can process the first withdrawal .which is most common modus of some scam site .

[VladEx_Vova]

I don't know a lot about cloud mining but heard that they don't give a lot of profit. After reading the guys above, I just made sure with it

[ScarletSnow]

Hello, I have just found this website bitdeer.com, it should be a new cloud mining site with very good prices, they pay daily directly from official BTC.com pool. They should have direct partnership with Bitmain.
So, please, does someone use their contracts? It is still profitable? Or what about Genesis Mining?
Thank you.

Very small profit and many of them will take advantage of you so better just find another alternative. This is not recommendable.

[Quantum907]

i think they are not very reliable. If u get the income through the clouds to dig pits. then why don't they do it themselves? it is probably a scam.

There is no cloud mining currently profitable, I got an email from genesis mining and they stopped my contract on the grounds that mining is not profitable, it is better to invest in top ranked coins such as ethereum, EOS and so on.

[Johnzky]

Hello, I have just found this website bitdeer.com, it should be a new cloud mining site with very good prices, they pay daily directly from official BTC.com pool. They should have direct partnership with Bitmain.
So, please, does someone use their contracts? It is still profitable? Or what about Genesis Mining?
Thank you.

No its not and if i were you?i will keep distance in this kind of news

How many issues of cloud mining happens already and nost of those indicates of how risky cloud mining in this community.

[tondenga2122]

I don't know that cloud mining still exists in this year.
I never saw it again since last year. This thing is gone day by day because people can't easily trust this cloud mining. Also, it is not too safe

[lionheart78]

I don't know that cloud mining still exists in this year.
I never saw it again since last year. This thing is gone day by day because people can't easily trust this cloud mining. Also, it is not too safe

It had gone silent since the hype about cloud mining had proven to be not that profitable.  Cloud mining is somehow look as a ponzi scheme which  most of us agree though there are legit cloud mining company that operates before but they had stopped the operation because of the profitability issue.  In short, if one of the biggest cloud mining company stopped its operation, it simply means that cloud mining is not profitable anymore.

[cercitolga4545]

In 2016 I would mining. I invested a small amount in a cloud mining company. Still an active firm. Not a very recommended method. I still can't reach the minimum amount I can pull.

[hieuho381]

Hello, I have just found this website bitdeer.com, it should be a new cloud mining site with very good prices, they pay daily directly from official BTC.com pool. They should have direct partnership with Bitmain.
So, please, does someone use their contracts? It is still profitable? Or what about Genesis Mining?
Thank you.

today we rarely see a person can have profit from cloud mining, when we use cloud mining, free account will never be able to withdraw or just a very small, and most of cloud mining today are just scams and will never let us have more profit unless we invest huge money in that cloud, so forget cloud mining today, we can only use hardware mining.

[LegendOF45]

Many people avoid cloud mining and this causes the miners to lose their current situation. Cloud mining is not always profitable, but many stop with a bad system or get a scam.

Cloud mining is a way to cheat investors, and it can be said that 99% cloud mining is a scam, this is what makes the market red because most cloud mining owners immediately move to USD when they receive a crypto deposit from user.

[bitcoin31]

You should not to trust cloudmining anymore because it's a scam for sure. If you are really want to mine cryptocoins you can do even it's hard instead of investing in cloudmining. Mining is best if you are going to your own not mining of others.  Fot sure more people already out in investing in cloudmining.

[Landak]

Don't ever try mining in cloud mining, you will never get profit because maintenance costs are higher than your profit. and cloud mining is prone to scams. so if you have capital, it's better to trade or buy your own mining rig.

[xvids]

Cloud mining is typically a thinly veiled ponzi scheme. If you are interested in renting hashrate to spec mine altcoins (large coins not profitable since you are paying a premium), it is best to do so through a hashrate marketplace, such as Nicehash.

With that being said, if you are interested n mining you are best off handling the operation yourself.

Well said , I also think that cloud mining is just a ponzi scheme ,
I never trust a cloud mining site again since I lost in hashocean ,
I think if you really want to mine crypto then do it yourself don't trust in some investment sites .
It is better to do it on your own to experience it and gain some knowledge plus the investment that you made would be for a life time.

[Adriano2010]

I don't use anymore cloud mining, i used in past and i was only on loss because i invest over 0.1BTC and i get only 0.07BTC back even if the contract when i start say that are for life they stop it and say is no more profitable to mine because of difficulty and electricity cost. So if someone want to join cloud mining will be hard to get profit in my opinion.

[Cashi]

The problem of Mining business is that scammers came and abused it. They offered their ponzi scam services and ruined the legit cloudmining. Even the legit cloudmining made mistakes and scammed customers (like hashflare mining).
Mining is just not profitable, best choice is to buy crypto and HODL.

[doycku]

The problem of Mining business is that scammers came and abused it. They offered their ponzi scam services and ruined the legit cloudmining. Even the legit cloudmining made mistakes and scammed customers (like hashflare mining).
Mining is just not profitable, best choice is to buy crypto and HODL.

since the cryptocurrency market began its decline, even then many miners abandoned their activities and switched to trading or simply began to make their investments for long-term storage. I think that this trend will be traced until the cryptocurrency market recovers.

[TRONTON]

Cloud mining is typically a thinly veiled ponzi scheme. If you are interested in renting hashrate to spec mine altcoins (large coins not profitable since you are paying a premium), it is best to do so through a hashrate marketplace, such as Nicehash.

With that being said, if you are interested n mining you are best off handling the operation yourself.

Well said , I also think that cloud mining is just a ponzi scheme ,
I never trust a cloud mining site again since I lost in hashocean ,
I think if you really want to mine crypto then do it yourself don't trust in some investment sites .
It is better to do it on your own to experience it and gain some knowledge plus the investment that you made would be for a life time.

The problem is the very high cost of buying mining equipment, so many choose to join cloud mining.
although the risk of fraud there is very high. but as long as we can choose a good site I don't think it's a problem.