Has crypto cloud mining got market?

[Iven Jiang]

I have known many giant miner with host of hash rate. Just thinking about build a cloud mining platform for hash rate trading. Does this has market? What is the general take on cloud mining?

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[NotFuzzyWarm]

Cloud mining does not belong here in the Bitcoin mining section. No crap coins and only dealing with directly mining Bitcoin. PERIOD. Read the Rules pinned to the top of the section... Mainly point-6

6. All virtual mining - such as cloud mining, purchasing hashrate etc. is a service and NOT bitcoin mining. Discussion regarding cloud mining, contracts, hosting services, renting hashrate etc. belong in the economic services subforum and not the mining subsection.

edit: moved by mods to where it belongs 

[mk4]

Does this has market? What is the general take on cloud mining?

I'm pretty sure it's widely known by now that cloud mining services is either a scam, or a huge waste of money. We've had a lot of these in the 2017 bull market whereas a lot of people got burned that I wouldn't be surprised if you'd end up getting laughed at, regardless if you're actually providing a legitimate service or not.

[JeromeTash]

In most cases, it's just a scam or a complete waste of time, sort of like a modified Ponzi scheme. When the number of people joining reduces, the whole thing collapses. Also, when the bull run end, everything falls apart. If you have some money, just invest into setting up something else that might be sustainable in the long run.

[NeuroticFish]

I have known many giant miner with host of hash rate. Just thinking about build a cloud mining platform for hash rate trading. Does this has market? What is the general take on cloud mining?

Since the one who wants to sell hash rate wants to earn too, the buyer can easily end up not really earning anything from cloud mining (or even losing money).
Also the huge majority of cloud mining sites are plain scam.


All in all, cloud mining got a bad name and it may not worth spend time with it - neither as seller, nor as buyer.
Sorry.

[sheenshane]

Those comments above were right, the cloud mining industry here isn't a good sound nowadays because every time we heard a cloud mining company that promote their brand, it's always criticized as scammed.  Because most of them sold fake mining contracts or did not pay their users which is very common back then.  It means scams are often when you heard Cloud mining business and another factor is low revenue to the users which is didn't attractive to them.

Just go turn your path into another business that isn't worth it to spend your money and time.  But all in all, the decision is yours.

[dothebeats]

Cloud mining has long been gone, and any platform offering such is likely going to scam you, or give you a contract with insanely small gains that even if you mine with them for 3 years, you still won't get your ROI. It's a no-brainer for a mining firm to just hash on their own and get profits steadily rather than let other people use it and share the profits with them. It just doesn't add up, and it's a flawed model no matter which POV you look at.

I'd rather just buy bitcoin, hold it for a few years, and watch my profits go up. At least I own the coins.

[stomachgrowls]

I have known many giant miner with host of hash rate. Just thinking about build a cloud mining platform for hash rate trading. Does this has market? What is the general take on cloud mining?

So far i do only know two which are still long running.

https://www.genesis-mining.com/
https://hashflare.io/

Cloud mining is never been profitable wayback and now how much more as of this moment? Just like what others been saying
I would rather HODL Bitcoin than on considering putting some money on cloud mining which it doesnt even guarantee you
that you could make profits or even break even.

Aside from those legit Cloud mining sites, this market had been flooded out by lots of frauds and scam.So be careful!

[mk4]

https://www.genesis-mining.com/
https://hashflare.io/

Honestly I'm totally surprised that Genesis Mining still exists lol. I was expecting that there would be a scamquit after a year in 2017; but it seems like they're actually legitimate it looks like. Doesn't change the fact that it's a huge waste of money though.

[Taskford]

I have known many giant miner with host of hash rate. Just thinking about build a cloud mining platform for hash rate trading. Does this has market? What is the general take on cloud mining?

Many turn down the option to invest on cloudmining since if they are not scam which is repeatedly happening even by now they are not profitable as they are giving low profits to their investors and as @stomachgrowls said I would rather hodl also than choosing to invest on that kind of platform since by hodling chances to gain is more higher to investing on cloudmining also we can assure that our balance is safe since its sleeping tight on our wallets under our personal watch.

[bitgov]

I have known many giant miner with host of hash rate. Just thinking about build a cloud mining platform for hash rate trading. Does this has market? What is the general take on cloud mining?

Out of probably hundreds of cloud mining services that have arisen on the cryptocurrency market so far, probably only two were not a scam - Genesis-mining.com and Hashnest. From what Hashnest is just closing its business, and Genesis Mining is unprofitable.
In my opinion, this type of business has no possibility of success. So before you take the risk, you better think about it very carefully.

[PrimeNumber7]

Does this has market? What is the general take on cloud mining?

I'm pretty sure it's widely known by now that cloud mining services is either a scam, or a huge waste of money. We've had a lot of these in the 2017 bull market whereas a lot of people got burned that I wouldn't be surprised if you'd end up getting laughed at, regardless if you're actually providing a legitimate service or not.

Cloud mining companies have historically almost always been a scam. However there has also been a market for cloud mining, in part because people are greedy.

I would expect for people to continue getting burned from cloud mining scams.

[mindrust]

I have known many giant miner with host of hash rate. Just thinking about build a cloud mining platform for hash rate trading. Does this has market? What is the general take on cloud mining?

Cloud mining is a scam. It was a ponzi scheme 10 years ago, it still is a ponzi scheme now. If the operation was making profits, they wouldn't sell you their shares. They would collect the profits themselves.

Many people went broke by investing in cloud mining.

[Oilacris]

I have known many giant miner with host of hash rate. Just thinking about build a cloud mining platform for hash rate trading. Does this has market? What is the general take on cloud mining?

Cloud mining is a scam. It was a ponzi scheme 10 years ago, it still is a ponzi scheme now. If the operation was making profits, they wouldn't sell you their shares. They would collect the profits themselves.

Many people went broke by investing in cloud mining.

There are still which are really legit cloud mining sites but there are lots who had been mimicked out these platforms and giving out too good to be true return per day profits which most noobs
do really believe on it and it is quite rampant into those days or previous years.

Now it isnt really that profitable if you do invest with these cloud mining speaking with those legit platforms and as others been saying it would be better if you do
just simply hold your coins.

[timerland]

Absolutely not.

Cloud mining was a fad of the past when people actually believed that they would be able to make passive income from this stuff. And then bitcoin difficulty skyrocketed and most services shut down/became unprofitable and people quickly exited.

You probably won't be abel to make any money from cloud mining at this stage, either as an end user or a provider. There are plenty of other opportunities around.

[TheUltraElite]

Just thinking about build a cloud mining platform for hash rate trading. Does this has market?

I think I have come across this term in this forum or somewhere. Is it like a closed community of mining enthusiasts but not real miners who pay for buying a hashpower and then sell it on a secondary market when they wish to exit? Similar concept I have seen in p2p lending sites.

In order to check if this has a market or not, I would suggest you to do some surveys and then start a free site which can have a game like interface to buy/sell hashpower. From there you can work on it or move on in case the response is poor.

What is the general take on cloud mining?

Very poor because the market is filled with scams and MLM/HYIPs. Cloud mining itself is detested completely by the community because of its association with bitcoin brought in a lot of negative impact on the public image of bitcoin.

[mindrust]

I have known many giant miner with host of hash rate. Just thinking about build a cloud mining platform for hash rate trading. Does this has market? What is the general take on cloud mining?

Cloud mining is a scam. It was a ponzi scheme 10 years ago, it still is a ponzi scheme now. If the operation was making profits, they wouldn't sell you their shares. They would collect the profits themselves.

Many people went broke by investing in cloud mining.

There are still which are really legit cloud mining sites but there are lots who had been mimicked out these platforms and giving out too good to be true return per day profits which most noobs
do really believe on it and it is quite rampant into those days or previous years.

Now it isnt really that profitable if you do invest with these cloud mining speaking with those legit platforms and as others been saying it would be better if you do
just simply hold your coins.

What are those legit cloud mining sites may I ask? I don't know any that still operates.

Since the bitcoin prices are again close to its ATH, how is the cloud mining not profitable now? If they can't make profits now, they will never make profits. Sorry I think you are bullshitting.

[Flep182]

Since the bitcoin prices are again close to its ATH, how is the cloud mining not profitable now? If they can't make profits now, they will never make profits. Sorry I think you are bullshitting.

They're (in general) limited by a few things. One is electric price, but assuming have sorted that at a low enough point, they need to buy miners. Now Bitmain (the biggest) has mostly only pre-orders and will cater to specific larger customers, but it's not as easy as walking into a store and getting hardware. So they're limited by the capacity they can sell.
Then on top, difficulty isn't the same. So a miner that is less efficient (because best one on the market wasn't available) will be making a loss sooner. Besides hashnest I haven't seen anybody sharing what machine you're buying into.

Then there's the surrounding costs, management, uptime, facilities etc. It's not impossible but more probable someone would run them themselves and not share, at least that has been the idea of many with most cloud mining companies so far.

[examplens]

What are those legit cloud mining sites may I ask? I don't know any that still operates.

OP also says: "I have known many giant miner with host of hash rate." although I don't know of any legitimate cloud mining service that still works.

Since the bitcoin prices are again close to its ATH, how is the cloud mining not profitable now? If they can't make profits now, they will never make profits. Sorry I think you are bullshitting.

here you are also right. Cloud mining is always profitable for the owner. Their only cost is domain name and hosting plan, which is around $20 annually. all they earn more than that is pure profit and it does not depend on the current Bitcoin price.

[sunsilk]

If there's still any legitimate that still operates today, you'll see them most of their hash being sold most of the time. But most likely, many have been aware of its market to be used as a scam.

That's why if you're interested on it OP, you better get your miners if you have the budget because you're unlikely to earn from it anymore.