is there such a thing as a non-scam cloudmining operation ?

[realwhitewhidow]

Are they all just simply scams?   or are there actually some legit ones out there ?

[1714767522]

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[1714767522]

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[mikeywith]

Are they all just simply scams?   or are there actually some legit ones out there ?

The majority of cloud mining companies are nothing but scam, the rest are overpriced, Viabtc offers a legit cloud mining service, I have not tried it but I use viabtc for mining and they are indeed trusted so it's highly unlikely that such a large pool will turn out to be selling scam mining contracts.

Also, IIRC bitdeer has a partnership with Bitmain which makes them somehow trustworthy, but again, the legit ones are overpriced, the fake ones are just ... fake.

[realwhitewhidow]

Are they all just simply scams?   or are there actually some legit ones out there ?

The majority of cloud mining companies are nothing but scam, the rest are overpriced, Viabtc offers a legit cloud mining service, I have not tried it but I use viabtc for mining and they are indeed trusted so it's highly unlikely that such a large pool will turn out to be selling scam mining contracts.

Also, IIRC bitdeer has a partnership with Bitmain which makes them somehow trustworthy, but again, the legit ones are overpriced, the fake ones are just ... fake.

IF they are legit ...    doesnt the "overpricedness" really depend on what the market is going to do ...   or would btc going up not really matter, as you would also me mining less and less, as time goes on, due to difficulty etc ...

how hard do you think btc would have to go up,  to actually make it worth while,   to buy like a 2 year contract now?   what would btc (or eth for that matter,  depending on the contract) have to move to, for it to have been a good decision?

[mikeywith]

IF they are legit ...    doesnt the "overpricedness" really depend on what the market is going to do ...   or would btc going up not really matter, as you would also me mining less and less, as time goes on, due to difficulty etc ...

There are a few factors involved, nothing I say or think is worth anything for that matter, in other words, you can't take any of it to the bank, what I know and have been saying for years is that difficulty will ONLY go up regardless of what the price does, of course, I am not talking about the short term drops that happen within a month or so, I am simply stating that the average difficulty this year will without a doubt be less than that of next year.

The second most important factor to most folks would be the price of bitcoin, while price tends to go up in the very long term, there is no guarantee that it will go up within the period of the contract, plus, notice why I said "to most folks" because, to me, price does not matter, simply based on the fact that if you are certain that price will go up, why not just buy bitcoin instead of those mining contracts?


The whole purpose of mining be it cloud mining or actual mining is to make more BTC than what you can buy directly, if not, why even bother? of course, there is always a chance that you will end up making more BTC buying those contracts, but then, so many stars have to be aligned for that to happen, chances are, most folks won't be making more BTC than what they could otherwise buy directly.

The recent difficulty drop caused by the mess in China was probably the only reason why buying those contracts a few months back was a good move, but I won't be counting on that to happen again.

[CaVO32]

Few of these cloud mining sites may not be scam, however, it really depends on how they generate income here. So if they are losing, can they sustain giving the share of their miners? So maybe, even if they have no intentions of screwing their clients, they have no choice but don't give the share of their customers. So for me, these cloud mining sites should not promise what they can distribute to their holders and promote with features that they can't stick around.

[philipma1957]

Are they all just simply scams?   or are there actually some legit ones out there ?

The majority of cloud mining companies are nothing but scam, the rest are overpriced, Viabtc offers a legit cloud mining service, I have not tried it but I use viabtc for mining and they are indeed trusted so it's highly unlikely that such a large pool will turn out to be selling scam mining contracts.

Also, IIRC bitdeer has a partnership with Bitmain which makes them somehow trustworthy, but again, the legit ones are overpriced, the fake ones are just ... fake.

IF they are legit ...    doesnt the "overpricedness" really depend on what the market is going to do ...   or would btc going up not really matter, as you would also me mining less and less, as time goes on, due to difficulty etc ...

how hard do you think btc would have to go up,  to actually make it worth while,   to buy like a 2 year contract now?   what would btc (or eth for that matter,  depending on the contract) have to move to, for it to have been a good decision?

even legit cloudmining company like viabtc has the “we can fuck you whenever we decide clause”

so if you buy a contract you are betting that the contract does not get too good along with betting it does not get to shitty.

you are also betting they do not have a natural disaster.
you are betting power costs don’t shift bigly
you are betting the country that hosues the gear does not shut power off.


all of the above they can use the fuck you anytime we want clause.

so there is far more to the picture then meets the eye.

no one should ever buy a-cloud contract .

I can go further but I wont

[Trojane]

Most cloud mining companies are realistic.
The problem is, when the mining operations are not reproducing in accordance to what is being PUT.,how then do they pools cope?
Now,we still have mining companies that have made a good NAME for rendering automated mining projects for multi purpose industries which is still running CURRENTLY
*do you think that for any reason,they will want to rob you of your peanuts compared to the companies they mine for?
* do you think they'd rather spoil thier REPUTATION??
totally impossible!!
Only for the struggling ones that might still crash anytime soon,so they use you to make wealth before collapsing

Always Mine with FORMIDABLE mining pool
Trojane🙂

[mikeywith]

you are also betting they do not have a natural disaster.
you are betting power costs don’t shift bigly
you are betting the country that hosues the gear does not shut power off.

For viabtc, the above points are likely less worthy of any consideration, but the point you mentioned here is key

so if you buy a contract you are betting that the contract does not get too good

I have noticed and warned about this subject back in November 2020, Viabtc will only allow you to point those contracts to their PPS+ pool, which is more than clear that Viabtc does not really own any mining gears, they will simply collect cash from you and give you bitcoin based on the theoretical income of that imaginary hashrate you pay for, so once the contact starts generating a lot more than what you pay, I don't see what stops Viabtc from rejecting to pay you anything.

Given that they are a well-built company, they won't just scam you, they will probably offer you a refund and maybe some kind of bonus on top and tell you "sorry our mining facilities were shut down by the government" or any other excuse, they could be honest and bear the loses, but I highly doubt that they will pay you a 100$ in BTC in return for say for an example the $20 you pay them, this is just a high risk that I certainly wouldn't want to take under any circumstances.

[lelahenderson]

I don’t find cloud mining operations beneficial at all. Most of them are either a scam or charge too much. So I don’t think that relying on them would be a good idea.

[QuickAccount]

Cloudmining isnt really a good idea if you already have the resources to mine in the first place. Look at nicehash, they take a good amount from people that can just mine on their own if they knew how.

[stompix]

The majority of cloud mining companies are nothing but scam, the rest are overpriced, Viabtc offers a legit cloud mining service, I have not tried it but I use viabtc for mining and they are indeed trusted so it's highly unlikely that such a large pool will turn out to be selling scam mining contracts.

I remember ViaBtc terminating all cloud mining contracts:
https://support.viabtc.com/hc/en-us/articles/4402753997721-Announcement-on-the-Termination-of-ViaBTC-cloud-mining-service

We are sorry to inform you that all cloud mining and offline mining operations on ViaBTC will be terminated due to the requirement of full withdrawal of cryptocurrency mining according to the policies in Mainland China.
As a result, all ViaBTC mining farms will cease operations and so will the cloud mining service. Meanwhile, the mining income allocation of the BTC36W2312 and ETH5W2312 cloud contracts will be terminated at 00:00:00 June 25, 2021 (UTC).

Seems like bitdeer is the only one left but with those prices, and the 1080 days plans, I can't picture myself sending in advance money for 3 years with the current situation, not even mentioning the plan starting "to mine" on the 31st of October.

[Blawpaw]

Are they all just simply scams?   or are there actually some legit ones out there ?

If you want to start mining cryptos, forget about cloud mining. I have used Hashnest for cloud mining and all I did was losing money. Even though Hasnest is Bitmain's cloud mining arm and one of the most trusted cloud mining services it failed to give any profits at all. If you want to get into cloud mining be prepared to put together an operation on your own and avoid cloud mining services at all costs.

[OgNasty]

Not exactly cloud mining, but NastyFans has paid out weekly Bitcoin distributions for almost a decade now and generates the BTC from mining (along with donations and coin sales). There are also some pretty cool coins available that act as a wallet for your distributions.

Thread: https://bitcointalk.org/index.php?topic=86854.0
Website: https://nastyfans.org
Shop: https://nastyfans.org/mint

[turneps]

Bitcoin Cloud Mining In a time not before, you could spend a few hundred dollars on specialized hardware and make a little profit from mining cryptocurrency. However, with the industry now so saturated, it is almost impossible to consider.

This is because the mining space is dominated by a small number of players – most of whom are based in China. With that said, you still have the opportunity to earn a constant profit through mining by sharing your resources with other investors.

Called 'cloud mining', it doesn't require buying any hardware or contributing electricity. Instead, you just buy 'hashing power' and you will get a share of the profit - proportionate to your investment.

[kano]

...
Called 'cloud mining', it doesn't require buying any hardware or contributing electricity. Instead, you just buy 'hashing power' and you will get a share of the profit - proportionate to your investment.

Nope, that doesn't happen, for most it's a very poor investment or worse a loss.

[Zahira_Paul]

I think you guys are answering this question a bit to the extreme, choosing a good mining platform is very important.
I don't endorse all the cloud mining scams you guys are talking about, I now do my own defi mining.
http://www.biki-eth.com
I feel very good about it myself, and the daily earnings are paid out in four installments.

[joniboini]

I don't endorse all the cloud mining scams you guys are talking about, I now do my own defi mining.

You are talking about different thing. It's understandable though, since the term "mining" has been used on multiple occasion to refers various money earning opportunity including lending and staking. If that's where you are going then you should discuss it on the altcoin section, or service section.

[Heathen23]

Are they all just simply scams?   or are there actually some legit ones out there ?

The majority of cloud mining companies are nothing but scam, the rest are overpriced, Viabtc offers a legit cloud mining service, I have not tried it but I use viabtc for mining and they are indeed trusted so it's highly unlikely that such a large pool will turn out to be selling scam mining contracts.

Also, IIRC bitdeer has a partnership with Bitmain which makes them somehow trustworthy, but again, the legit ones are overpriced, the fake ones are just ... fake.

IF they are legit ...    doesnt the "overpricedness" really depend on what the market is going to do ...   or would btc going up not really matter, as you would also me mining less and less, as time goes on, due to difficulty etc ...

how hard do you think btc would have to go up,  to actually make it worth while,   to buy like a 2 year contract now?   what would btc (or eth for that matter,  depending on the contract) have to move to, for it to have been a good decision?

Mining gold and holding gold are 2 different business or trade. Similarly mining bitcoin and holding bitcoin are also 2 different business or trade. I understand some people and business do both sometimes in some situations but still they are different business.

When we look at a cloud mining contracts we basically compare the production cost of the contract vs in-house production cost. I am yet to come across any cloud contract that has lesser cost of production than me doing in-house over the last several years. It does not matter what bitcoin price does, my cost of production do not become more than the contract unless my opex/ overhead/ cost of capital changes. If in-house mining is unprofitable then of course could mining will also be unprofitable. So, from that perspective, most of the cloud contracts are "over priced". I agree with Mikey.

I think you guys are answering this question a bit to the extreme, choosing a good mining platform is very important.
I don't endorse all the cloud mining scams you guys are talking about, I now do my own defi mining.
http://www.biki-eth.com
I feel very good about it myself, and the daily earnings are paid out in four installments.

No. Legendary members are not extreme. I quickly glanced through the whitepaper. It is so full of marketing catch phrases that my alarm for scam went on. I hate sales and marketing materials and don't have much time to waste. No way this is bitcoin mining in my humble opinion. I understand yield farming, liquidity farming, etc., are sold/marketed as mining nowadays but this is not really mining. Think of fiat. Government minting a $1 coin is not the same as you getting $1 as a salary or interest. What you described at best should belong to alt coin section.

[moderator's note: consecutive posts merged]