edisystem
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May 18, 2019, 03:54:47 AM |
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Cloud mining is a no no for me, it will takes months-years to get ROI on cloud mining and you also need to think what will happen in the future to bitcoin, because it will affect the cloud mining for sure.
Also there are so many cloud mining scam site out there, I rather to simply buying bitcoin and trading.
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Thanasis
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May 18, 2019, 04:25:58 AM |
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Most of the cloud mining sites are scam and the legits ones are not profitable anymore,if you want to mine bitcoin either you can mine on your own but it needs huge capital to build your farm or just buy bitcoin. Cloud mining is great but you need good internet.
No,mining doesn't depend on the internet speed,very decent stable connection is enough for mining only the hash rate decides your mining rate.
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CryptoBry
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May 18, 2019, 05:03:00 AM |
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So, in our example instead of 1.6 bitcoin, I am lucky if I get 0.8 bitcoin by the end of cloud mining contract. Therefore, in my humble opinion, it’s safer to buy bitcoin rather then mine one in the cloud. Would you disagree? And if I am wrong where the flaw in the logic and/or calculation?
You are right, luck is a huge factor in the equation. The difficulty sometimes rise, sometimes drops; of course, overall it rises more than it drops. I didn't do the math, but I think that there's also a chance for profit. So instead of your max 0.8 BTC, there could be something like 0.5(?)-1.25(?) BTC range. Your conclusion is, however, correct. It's not worth the risk. (And I'd not even insist on how many fake cloud mining companies are around, let's just keep the calculation on legit ones.) Cloud mining is no longer profiting and at that it not certain if you make a good profits involving in cloud mining but to me it better for one to get involved in trading rather then cloud mining because in trading you can calculate your risk but in cloud mining you are not in control. I am not really familiar how cloud mining works but according to some sources I read it is called as just downright scam or just plainly ineffective programs when we talk about real return on investment (ROI). However, many people are still attracted into cloud mining programs because most of them are promising good returns to entice investors (tiny investors especially) to come in and stake some money. Cloud mining is a term for companies that allow you to rent mining hardware they operate and maintain in exchange for a fixed fee and a share of the revenue you’ll make. It basically means that you can mine remotely without the need for buying expensive hardware. Most, if not all, cloud mining companies today are either plain scams or work through an ineffective business model. By ineffective I mean that you will either lose money or earn less than you would have by just buying and holding Bitcoins. Source: https://99bitcoins.com/bitcoin-mining/cloud-mining/
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bhabygrim
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May 18, 2019, 05:09:03 AM |
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I think cloud mining in general is not profitable.
Here are my calculations for Mining Cloud vs Buying Bitcoin.
All following calculations are done on annual basis.
All following calculations are done WITHOUT halvings and adjustments counted until you read later down.
Hash rate (total hash power of the world) close to 49 Mil. Th/S as of today May 17, 2019.
Every hour gives the world 6 blocks, multiply that by x 24h x 365 days= 52,560 blocks produced in the world in 1 year.
Currently there are 12.5 bitcoin mined per each block x 52,560 blocks= 657,000 bitcoin can be mined per year in the world if no adjustments and halvings happened.
49 mil. Th : 657,000= about 75 TH/s to mine 1 bitcoin as it stands now, before counting adjustments and halvings.
Let’s assume I bought 1 bitcoin today and paid about $7,200 (as of May 17, 2019) in a hope to sell it in 1 year at a higher price.
Now let’s see what would happen if instead of buying 1 bitcoin I invested the same amount of money in cloud mining.
Typical contract from a firm like Genesis Mining offers 1TH at a rate of about $60 all-inclusive per year (May 17, 2019), and that's including maintenance and other fees.
For $7,200 I can buy about 120TH for 1 year term of cloud mining.
120Th : 75Th per 1 bitcoin= that should give us 1.6 bitcoin over 1 year period of contract for the price of $7,200. 1.6 bitcoin is obviously more then 1 bitcoin which I can buy today, so cloud mining is better, right?
I think NOT, because remember we have not counted difficulty adjustments and halvings yet.
Now let’s do that, let's include them in the picture.
The next halving is in about 1 year, so we don’t have to take it into our example as the contract will be over by the time of halving, so for now we just have to worry about difficulty adjustments.
But from historic data I never seen those adjustments less then 100% year over year and usually it’s even more.
So, in our example instead of 1.6 bitcoin, I am lucky if I get 0.8 bitcoin by the end of cloud mining contract.
Therefore, in my humble opinion, it’s safer to buy bitcoin rather then mine one in the cloud.
Would you disagree? And if I am wrong where the flaw in the logic and/or calculation?
Of course it isn't profitable anymore if you want to mine Bitcoin do it on your own build your own miner don't invest in a cloud mining . It is better to build your own rather than trusting your money on them because for me they are only a scam site . Or if you want you could just buy Bitcoin rather than mine it but if you are looking for a good investment for your future and for a continues income then build a mining farm.
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BigBos
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May 18, 2019, 05:26:00 AM |
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Most of the cloud mining sites are scam and the legits ones are not profitable anymore,if you want to mine bitcoin either you can mine on your own but it needs huge capital to build your farm or just buy bitcoin. Cloud mining is great but you need good internet.
No,mining doesn't depend on the internet speed,very decent stable connection is enough for mining only the hash rate decides your mining rate. right, internet speed is not a problem, the problem is the cost, and care that we need to spend. in this case, I was really interested in mining, but only limited to studying it. so far, I prefer to collect bitcoin directly. I think it is faster, although it is a bit troublesome and risky.
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aad140386
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May 18, 2019, 05:51:11 AM |
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Mining is generally not particularly beneficial. But if you whant to say that mining is definitely less profitable than buying cryptocurrency will not be true. It all depends on when you go into mining and when you buy a cryptocurrency. It is very important. If you, for example, bought cryptocurrency at $ 10,000 that year and it began to fall and fell all year, then until today you are still in the red. But if you are mining, by investing in equipment, you get cryptocurrency at the price of electricity and you can afford to accumulate it to the next bull market and then sell it more profitably. I made calculations that confirmed my guess that mining could be more profitable.
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ralle14
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May 18, 2019, 05:51:30 AM |
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if you are looking for a good investment for your future and for a continues income then build a mining farm.
With a budget of 1 Bitcoin or $7000+ it's better to hold one than to buy his own rig because most of the expensive and efficient miners are out of stock. Mining would only become an option if there's a way to reduce the costs (i.e. cheap electricity) because the hash rate and price can stop miners from profiting.
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freedomgo
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May 18, 2019, 06:01:01 AM |
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I've invested in cloud mining in the early days but they all end up as scam. Buying bitcoin if we have bough it early, it would already make us rich after the bull run last 2017. I would buying shitcoins than investing in cloud mining as I have proven I can make money with shit coins, don't know this time around if bull run is strong.
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Thanasis
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May 18, 2019, 06:04:53 AM |
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Most of the cloud mining sites are scam and the legits ones are not profitable anymore,if you want to mine bitcoin either you can mine on your own but it needs huge capital to build your farm or just buy bitcoin. Cloud mining is great but you need good internet.
No,mining doesn't depend on the internet speed,very decent stable connection is enough for mining only the hash rate decides your mining rate. right, internet speed is not a problem, the problem is the cost, and care that we need to spend. in this case, I was really interested in mining, but only limited to studying it. so far, I prefer to collect bitcoin directly. I think it is faster, although it is a bit troublesome and risky. If you have your own mining rig with less hash rates then it is not profitable to mine bitcoin with it but no need to wate that investment you can mine less difficulty level altcoin which might give decent profits when you hold it.
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shoreno
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May 18, 2019, 06:14:24 AM |
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Most of the cloud mining sites are scam and the legits ones are not profitable anymore,if you want to mine bitcoin either you can mine on your own but it needs huge capital to build your farm or just buy bitcoin. Cloud mining is great but you need good internet.
No,mining doesn't depend on the internet speed,very decent stable connection is enough for mining only the hash rate decides your mining rate. right, internet speed is not a problem, the problem is the cost, and care that we need to spend. in this case, I was really interested in mining, but only limited to studying it. so far, I prefer to collect bitcoin directly. I think it is faster, although it is a bit troublesome and risky. If you have your own mining rig with less hash rates then it is not profitable to mine bitcoin with it but no need to wate that investment you can mine less difficulty level altcoin which might give decent profits when you hold it. They say that alts are more better to mine due to their less diffuculty and you can even use lighter devices to be able to mine them while in bitcoin you need to have a good hardware to be able to mine effeciently but that will also cost you more electric consumption . Mining is dependent but cloud mining is easy and can be done by anyone but the only downside is that its verry risky since most of the are known to be a scam and wont lost a longer time .
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Thanasis
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May 18, 2019, 06:24:08 AM |
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Mining is dependent but cloud mining is easy and can be done by anyone but the only downside is that its verry risky since most of the are known to be a scam and wont lost a longer time .
If you don't know much about cloud mining then just search it on google you will get a result of only cloud mining scam threads.Actually it is profitable when you did that few year back and only for few times and those profits comes from the investors capital they invested after you so its just like a pyramid kind of investment.
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joinfree
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May 18, 2019, 07:18:02 AM |
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If not from a trusted farming firm then i really don't like cloud mining platforms and putting all the difficulty adjustments in place you would realize that it is very unlikely to get that 1.6 BTC you spoke about. So why take the risk of investing into cloud mining which sometimes don't pay its users their exact quota of the block reward when you can buy and hold bitcoin for like a year and earn profits from it.
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serjent05
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May 18, 2019, 07:20:13 AM Last edit: May 18, 2019, 07:36:48 AM by serjent05 |
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Mining is dependent but cloud mining is easy and can be done by anyone but the only downside is that its verry risky since most of the are known to be a scam and wont lost a longer time .
If you don't know much about cloud mining then just search it on google you will get a result of only cloud mining scam threads.Actually it is profitable when you did that few year back and only for few times and those profits comes from the investors capital they invested after you so its just like a pyramid kind of investment. It wasn't profitable since 2015, lots of cloudmining that exist that time closed due to the fact that their maintenance cost is way more than what they are gaining. CEX.IO was once the most largest cloudmining in the industry but they closed that service because of the same reason. It is best to buy a whole Bitcoin than invest in cloudmining for the reason that you get what you bought. If you are enticed by the lifetime contract, wake up, many cloudmining had offer this and yes they are true to their word because customers had their contract effective until the company shutsdown or turned into a scam. Lifetime contract refers to the existence of the company not the existence of the world ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) . And most of those who bought these contract never got their ROI.
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bonker
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May 18, 2019, 07:34:20 AM |
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Buy bitcoins then you will get real bitcoin,if you go for cloud mining sites to make bitcoins then they will run away with your invested money.
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fiulpro
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May 18, 2019, 08:02:19 AM |
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Also you should understand that mining is pretty expensive when it comes to the part of paying for that , the electricity is too expensive when you use the big softwares needed for the part of profitable mining. Instead of that if you use some minor softwares you won't be able to get that much profit as compared to the things that you are paying for that . Also it's banned at some places , other than that trading in altcoins and Bitcoins have been proven to be much more beneficial. Don't indulge in mining if you are not a pro , it will likely be a waste of time effort and money. Invest , trade , earn.
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kryptqnick
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May 18, 2019, 08:36:02 AM |
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I think that given the current situation it's better to simply buy Bitcoin, rather than mine it. Mining is not easy, and it requires both time and investments into the process. Moreover, the price and difficulty rate suggest that it might not even be profitable. Finally, Bitcoin has enough potential of increasing its price, so the profit from buying would probably be worth it on their own. If you choose mining, you first have to get back the money you invested. If you go for direct investment in Bitcoin, whenever the price increases, you are already profiting.
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FlightyPouch
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May 18, 2019, 11:42:54 AM |
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Well, buying Bitcoin is much better than mining in the cloud. As far as I know, there are a lot of people that are scammed by a site in the past, I don't know the site though since all I heard is that this site did not make the payout to the people that need to be paid. Mining is hard now, and with a lot of miners in the world, I'd rather buy BTC than to mine, even with BTC miner, can't afford it.
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Cosbycoin
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May 18, 2019, 12:05:11 PM |
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I think buying bitcoin and hodling is better than cloud mining reason being that 95% of the cloud mining industries we have in existence are all scam and are just out there to make a lot of money for themselves before they close down the shop, most of this companies don't even have a miner in their possession and make it looks as if they have so many mining farms in order to deceive innocent crypto users in investing with them, they always pay for some few months and then crash in the sea. So I think it is best to hodl you coin.
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ginobitcoiner
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May 18, 2019, 12:36:19 PM |
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Cloud Mining has become very risky, why? because they do a lot of fraud, it would be better if you buy bitcoin directly and invest in bitcoin.
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kaya11
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May 18, 2019, 01:16:47 PM |
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I really wanted to mine since the beginning I entered crypto space. The problem is I don't have the money to buy the equipment I needed. I was able to mine ether but did not take long because I have my pc to my friend but my cards are here with me. I love mining, the thing is I get free electricity that is why. Now if I have the chance and money I would like to buy more cards and a build a rig again. As for now buying small bits of BTC is possible.
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