Mining in the cloud vs simply buying bitcoin

[AngellSky]

Back in 2016, this field of activity in the cryptocurrency market was not only a day off, but also a less risky point. Today, all mining companies carry a certain risk, because not only can they deceive the user, but also deliver certain problems, since many countries  negative attitude to the cryptocurrency mining.

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[guoyu78]

I tried cloud mining on past but i not get ROI, and i lose seomthing like 0.03 bitcoin from what i invest, is better buying if mining at home is not possible because of space, cost of equipment, cost of electricity and other factors.

Kept hearing about cloud mining before but never bothered trying it out, mostly due to lack of capital. And I'm glad I didn't. It's far easier and affordable to just buy bitcoin and hold.

Not sure about mining alts though, I heard those are more profitable.

I do not think I have never for once paid focus to mining too because mining requires lots of money no matter how little the setup is, and the waiting time is too long to make profit compared to investing in the coin directly.  The money I will use to set up mining for a particular coin, I will use it to invest and diversify into different coins.

Mining use to be very interesting when bitcoin first came out and you could get much reward easily, but now that bitcoin is now expensive, to mine it is now has become too expensive too and to mine other coin is not really worth it because you cant full guarantee the future of those coins too, investing will still not cost you as much as mining.

[BigBos]

Back in 2016, this field of activity in the cryptocurrency market was not only a day off, but also a less risky point. Today, all mining companies carry a certain risk, because not only can they deceive the user, but also deliver certain problems, since many countries  negative attitude to the cryptocurrency mining.

for now, I don't know that cloud is so profitable or not. however, I have some bad experiences about it. well, for now I avoid cloud mining, and try to collect bitcoin. I think it's better than investing in coud mining. that is my opinion.

[michellee]

from the first page to this, everyone says cloud mining completely scam, unprofitable and a ponzi scheme. and I agree with all of them. there no proof that cloud mining really exists and maintains the GPU mining rig. they only lure with big earnings on their home page. better stay away if want to invest just buy it in exchange.

Even if they really have those mining rigs there's no guarantee that they will not run away, I've invested in one cloud mining that shows investors that they really do have these mining rigs in their Youtube channel, but they still run away and use the money they scam to pay for electricity, cloud mining is a thing of the past, better do trading.

If he has so many rigs and he can get a free electricity fee or at least, a cheap electricity fee, I think it is worth to mining in his home because he can collect some rewards directly and he doesn't have to pay much money for the fee. But I don't think that it will works with cloud mining because we know that cloud mining now is not profitable anymore. And because of that, it is better if we buy bitcoin directly in the market and we can sell it when it increases.

[X-ray]

Back in 2016, this field of activity in the cryptocurrency market was not only a day off, but also a less risky point. Today, all mining companies carry a certain risk, because not only can they deceive the user, but also deliver certain problems, since many countries  negative attitude to the cryptocurrency mining.

for now, I don't know that cloud is so profitable or not. however, I have some bad experiences about it. well, for now I avoid cloud mining, and try to collect bitcoin. I think it's better than investing in coud mining. that is my opinion.

It's not even profitable but that was a scam. Bitcoin was having a high difficulty to be mined. Those cloud ,mining services are scam. Even if you try to create your own mining rig used asic and you will need a lot of money to make yourself to get profit. Buy bitcoin is much better if you have no knowledge about mining. It's not easy as the people said.

[stadus]

I thought cloud mining is a scam, I read a lot of bad feedback about it, I consider it as a ponzi scheme.

People who believe in crypto and understand it, would rather buy bitcoin and hold that invest in a certain business called cloud mining that gives too good to be true returns, that's one of the big factor to consider, anything like that is surely a scam.

[geegaw]

I thought cloud mining is a scam, I read a lot of bad feedback about it, I consider it as a ponzi scheme.

People who believe in crypto and understand it, would rather buy bitcoin and hold that invest in a certain business called cloud mining that gives too good to be true returns, that's one of the big factor to consider, anything like that is surely a scam.

Since the value of bitcoin goes up very high over time, mining on the cloud platform is always just a scam, too many investors have provided enough evidence to prove this pure fraud, so for any site that provides mining in the cloud, we should not participate to limit unnecessary losses. Instead of using that money to bring wealth to scammers, we should use it to buy bitcoin and hold, which is a very reasonable job that many people are doing, even looking for some good projects to invest, it will be more successful than mining in the cloud

[rdluffy]

I thought cloud mining is a scam, I read a lot of bad feedback about it, I consider it as a ponzi scheme.

People who believe in crypto and understand it, would rather buy bitcoin and hold that invest in a certain business called cloud mining that gives too good to be true returns, that's one of the big factor to consider, anything like that is surely a scam.

It's not a scam, the fact is, if you do the math, you'll see that you only gain if BTC rise the price...so, it's better to buy directly

If a cloud mining offer a lot of money in weeks or months...it's up to you

[hahay]

I only did cloud mining in the past which ultimately did not produce any profit for me. Instead they kept asking for other fees such as increasing the hash or something else, I did receive some coins from them for the investment in cloud mining, but after realizing this it was only a scam mode that had been planned neatly and completely would not be profitable.

[whyrqa-1]

There have repeatedly appeared articles that Bitcoin’s mining payback line is at the level of $ 5,000.  Bitcoin has long passed this mark and fluctuates in the price of about $ 8,000.  Based on this, it can be assumed that the mining is really profitable today, especially in those countries where there are special conditions for electricity tariffs.

[jhonjhon]

Cloud mining can be good if you have your own mining rig and you have the advance tool to do so because if you don’t own one and you only do cloud mining using websites then it might be very difficult to mine bitcoin most especially now. If you don’t have the patience for cloud mining like me then better buy bitcoin and do trading it’ll be a good way to earn money.

[shinharu10282016]

Kept hearing about cloud mining before but never bothered trying it out, mostly due to lack of capital. And I'm glad I didn't. It's far easier and affordable to just buy bitcoin and hold.

Not sure about mining alts though, I heard those are more profitable.

like me who just entered the crypto world, with capital spent to mine it still seemed expensive. indeed buying BTC and holding it in the long run is an option, because it can be adjusted to the ability of personal funds

I just thought it's a bit risky. What if the equipment fails? What if you got scammed? So many things to consider when looking into these mining options.

Buying from an exchange seem to be just easier on the nerves. Sure you'd take a hit with the spread but that's expected. KYC isn't also much of a concern since you're gonna give it up anyway when you cash out mined coins.

If you are buying only parts of bitcoin and other cryptos, KYC should never hinder you since they won't put trade limits each day (Binance has so you should not go there to trade). The exchanges only allow $1000 limit on each withdrawal 'each day' and not care how much you make on trades as long as you don't get too high on your withdrawals for that day.

[cryptoknightt]

Cloud mining can be good if you have your own mining rig and you have the advance tool to do so because if you don’t own one and you only do cloud mining using websites then it might be very difficult to mine bitcoin most especially now. If you don’t have the patience for cloud mining like me then better buy bitcoin and do trading it’ll be a good way to earn money.

now RIG mining seems to have not benefited too much because it was seen from electricity costs and increasing difficulties making RIG mining difficult to produce very large amounts of bitcoin. at this time I prefer to trade bitcoin by making purchases at the exchange that can make it easier for me to get bitcoin.

[darewaller]

Bruh…. You're very wrong. If you ask me, cloud mining is better than traditional mining. A lot of experts that were being interviewed by Cointelegrah say that they believe in cloud mining more than traditional mining and that is the future. It's not everyone that can run the traditional mining cost. Why will I be stressing myself out with traditional mining with all those heavy tasks when I can start cloud mining with as low as $15 on Genesis Mining and even less if I make use of SkyCoinLabs?? If you make use of Cloud mining, it's an investment and it frees you from the stress so that you can focus on other ways of earning extra income.

[ioanbtc]

Mining in the cloud can be risky because of difficulty grow and over time can't make a ROI, also buying 1 bitcoin and getting a profit can take a lot of time and is risky because if price drop maybe people will start to sell and lose money.

[brotherwood12]

just agree with that , but my simple calculation is you need much capital to really get profit of mining rightnow , less than half bitcoin can be mined so it will harder time by time

[Vishnu.Reang]

My solution is very straight-forward and simple. If exchange coins can be procured at a cheaper rate (or even the same rate) as that of the mined coins, then go for the former. What is the point in spending so much time, manpower and effort in mining, when you can simply purchase them from an exchange in a matter of 30 seconds?

[zhekinsp]

I think cloud mining is profitable in this situation because the value of Bitcoin is in the middle of the situation so cloud mining giving the profit without any investment but normal mining needs the electricity lot more that's why I am saying this.

[Lanatsa]

I think cloud mining is profitable in this situation because the value of Bitcoin is in the middle of the situation so cloud mining giving the profit without any investment but normal mining needs the electricity lot more that's why I am saying this.

For average cost of electricity then if btc price is on the level of 10k then I would say that mining it would be already considerable.
We are still on 8k closing to 9k which it is much better compared on mining when btc was still on 3-4k price.
About the question?Cloud mining vs simply buy bitcoin then its no brainer that buying one will always be wiser.

[Moiyah]

I don't want my life to be that hassle. Imagine the cost of electricity, the cost of mining rigs and the time you've been waiting before you finally mine 1btc. If we are talking about some unstressful choice, I would prefer buying bitcoin at low cost and wait for the price pump before selling it. It takes time, yes but at least you are just keeping it in your wallet to grow some profits.