i have 400$, i cannot buy a good miner, is cloud mining a good idea in this case

[sadog]

my question up  , but lets just say <h1>pls response to this question</h1>

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[NeuroticFish]

my question up  , but lets just say <h1>pls response to this question</h1>

Most cloud mining websites are scam. So my suggestion is to stay away from those, else you can easily end up with the money taken and nothing mined at all.

[avikz]

Majority of the cloud minings are an evolved form of ponzi. So no, I wouldn't recommend any cloud mining platform except Nicehash. But again do a thorough research before you actually invest your money into their system andnknow about the risks of doing so. Also with 400 ISD initial investment, you won't be able to buy so much power that will give you a guarantee to find a block. So please refrain from such investments. It's a personal recommendation.

[stompix]

Majority of the cloud minings are an evolved form of ponzi. So no, I wouldn't recommend any cloud mining platform except Nicehash.

There is still Bitdeer, it's owned by Bitmain, I haven't heard any issue with them but I wouldn't recommend them
- their packages are 99% of the time over OP budget
- if you break down the numbers and take into account a rising hashrate which will definitely come you're better off just buying BTC and waiting for the price to rise, I made a projection a few days ago and if the hash rate would have jumped by 25% in the next 90 days you would be losing money even if there was no growth afterward with the current offers, and we just had a 10%.

So OP, better stick to buying and hodl.

[nullama]

You won't be able to mine Bitcoin efficiently with $400.

You'll get a much better return by just buying Bitcoin directly with that $400.

[philipma1957]

mining in the cloud is complicated.

All cloud mining companies have a "we can fuck you at anytime clause"

So if BTC goes to the moon they will cancel your contract rather than pay you the btc. You will get a refund at best

and if btc crashes and burns they will cancel your contract rather than mine at a loss.

So for cloud mining deal to work you will need to hope Difficulty and BTC price move in such a way that you make a small profit.

Not a loss = the fuck you clause will be used to cancel you
Not a big gain = the fuck you clause will be used to cancel you

My suggestion is hope for a crash and buy some coins.

BTW we are down to 38900k

so buy 100 usd worth and then hold 300 in cash.
If we drop to 35 k buy 150 usd worth and hold 150 cash.
 If we drop to 30k buy 75 usd worth
If we drop to 25k buy 75 usd worth.

hodl all of the coin above for 4 years no matter what happens.

 Then thank me.

worst case is you only buy 100 worth at 38900 and it moons.

best case you get to buy all this levels you hold for 4 years and it moons.

[Coin_trader]

my question up  , but lets just say <h1>pls response to this question</h1>

99% of cloud mining available is all and the few legit is only offering a very minimal profit which will take you a couple of years to make a ROI rather than just trade the token that you want to mine. The price volatility of crypto is a good opportunity to make tons of profit compared on the passive income side given by cloud mining. Staking in DeFi is much advisable and I believe the new form of cloud mining.

[bitbollo]

Some years ago I have used cex.io service of Cloud mining (yet some years ago they have offered that service and It was also possible trade computational Power).
At a certain point the whole process become completely inefficient with high fees, and practically negative gain or ROI (at this point as suggested you can earn more Just hodl your Coin or with DeFi etc).
Most of Cloud mining sites are just Ponzi all user with experience agree on that and you can check by yourself... No sites provide real proof of mining but Just fake information.

[LeftLane10Under]

Some years ago I have used cex.io service of Cloud mining (yet some years ago they have offered that service and It was also possible trade computational Power).
At a certain point the whole process become completely inefficient with high fees, and practically negative gain or ROI (at this point as suggested you can earn more Just hodl your Coin or with DeFi etc).
Most of Cloud mining sites are just Ponzi all user with experience agree on that and you can check by yourself... No sites provide real proof of mining but Just fake information.

Look into DeFi projects. I keep seeing your posts about $400 lol

[caffinated]

buy btc now... when your 400 becomes 800 you can buy a second hand miner

[bitbollo]

buy btc now... when your 400 becomes 800 you can buy a second hand miner

First part of suggestion seems simply obviously but isnt because buying directly Bitcoin Is the easiest solution (and the best one with that conditions)
Second part should be revised because difficulty will be higher... Like "inflation".
It Is required a more and more expensive miner (more or less )after each difficulty adjustment...

[Heathen23]

With $400 budget the best thing you can do is buy btc.

[TheBeardedBaby]

mining in the cloud is complicated.

All cloud mining companies have a "we can fuck you at anytime clause"

So if BTC goes to the moon they will cancel your contract rather than pay you the btc. You will get a refund at best

and if btc crashes and burns they will cancel your contract rather than mine at a loss.

So for cloud mining deal to work you will need to hope Difficulty and BTC price move in such a way that you make a small profit.

Not a loss = the fuck you clause will be used to cancel you
Not a big gain = the fuck you clause will be used to cancel you

My suggestion is hope for a crash and buy some coins.

BTW we are down to 38900k

so buy 100 usd worth and then hold 300 in cash.
If we drop to 35 k buy 150 usd worth and hold 150 cash.
 If we drop to 30k buy 75 usd worth
If we drop to 25k buy 75 usd worth.

hodl all of the coin above for 4 years no matter what happens.

 Then thank me.

worst case is you only buy 100 worth at 38900 and it moons.

best case you get to buy all this levels you hold for 4 years and it moons.

I've always wonders what is the point (profit) of all that cloud mining and if the price goes down who's gonna mine at all on a loss. I never though about the price goes up scenario here.
With these 400$ maybe only a lotto mining if you want to see how it works.. that's all. A guy hit a block with some USB miners lately, right?

[m2017]

my question up  , but lets just say <h1>pls response to this question</h1>

Most cloud mining websites are scam. So my suggestion is to stay away from those, else you can easily end up with the money taken and nothing mined at all.

You are talking about most cloud mining websites are scam. So, there are websites that provide cloud mining without being a scam? Can you name those that have proven themselves well and can be trusted?  Or should all cloud mining websites be treated with suspicion and caution?

[bakasabo]

Cloud mining is another example of "not your keys, not your coins". If anything happens to a cloud mining project or decide "to do something shady", you will never get your money back. Moreover, in case something happens with them, you will own nothing. You mention that you "cannot buy a good miner", then in lose scenario, you will have at least a hardware device, which you can sell later. But in a lose scenario, your investment in cloud mining turn to zero.

[NeuroticFish]

You are talking about most cloud mining websites are scam. So, there are websites that provide cloud mining without being a scam? Can you name those that have proven themselves well and can be trusted?  Or should all cloud mining websites be treated with suspicion and caution?

If I knew I would have been mentioning them. Last time I've seen cloud mining that was not scam was many years ago; I no longer remember their names and they're most probably out of business.
But that doesn't mean that I can tell for sure that there are no legit cloud mining businesses. I just cannot rule out that possibility, hence generalizing like "all cloud mining sites are scam" can easily be a lie.

[stompix]

I've always wonders what is the point (profit) of all that cloud mining and if the price goes down who's gonna mine at all on a loss. I never though about the price goes up scenario here.

You can also bet that if the price goes down other miners would fold before your plan starts losing money so you make money even in a bear market, but that is one huge gamble and it's more on testing the company to not f*** you over as phil said.

A perfect example on how probably the only still legit company is screwing its customers right here, you can check the bitdeer plans and you're going to see:



t first nothing wrong but I was rather surprised the plan is still making that much taking into account the change in price and difficulty, so I went to the archive and surprise:



Despite the t19 being less efficient than the s19 suddenly both the rent cost per TH and the electricity cost per TH, have gone down!
From 9.37 + 8.10 cents to 8.53 + 6.75, just to make the plan more attractive.
Fairly obvious that they were simply charging extra before, fleecing the customer as much as they could.

[TheBeardedBaby]

In general I'm skeptical about all those cloud mining services, every time I hear about it, someone already has call those scams. Actually I cannot recall crossing a positive message about them in general from a reputable member at all. People are always at a loss, at least those I've read about.
If I go back to bitcoin mining again, I would definitely use my own hardware.
Looking at the solo mining stats, really started considering the lotto mining for fun. 4 blocks since the middle of Jan is not bad at all

[pressing207]

Is there at least one cloud mining site that has been operating for more than three years? Unlikely. That's the whole answer.

[NotFuzzyWarm]

Is there at least one cloud mining site that has been operating for more than three years? Unlikely. That's the whole answer.

Bitmain's Bitdeer has been around for many years but - historically still a very poor investment.