Legit cloud mining?

[BTC22]

I know this topic has previously been discussed a lot, but Im wondering if there are any legit cloud mining services anyone can recommend?

[1714908822]

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[1714908822]

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[rdluffy]

The only and old cloud mining that I know is Genesis Mining
There were, and probably there is tons of cloud mining web sites, but trust me, it's all scam, ponzi etc

And even if it's not a scam, it's not worth to invest, because you'll only gain money if price of the coin rises, so it's better to buy the coin directly
If you think it's worth, just do the math and you'll see  

[joker_josue]

To this day, I have never seen a cloud mining service that paid off.

What I've heard about is people who rent spaces in countries with very cheap energy, and then send their mining machines there. Although they are not there and this is done remotely.
But I don't know a credible company that provides this type of service.

[DevFile90]

Even if there is any they will never be profitable, running a legit cloud mining isn't as easy as many think, miners are costly and electricity to run them are high too, there will always be some damage too like PSU going bad, MOBO going bad and other things, I've replaced 4 PSU in my farm in just 3 months of mining.

[joker_josue]

Even if there is any they will never be profitable, running a legit cloud mining isn't as easy as many think, miners are costly and electricity to run them are high too, there will always be some damage too like PSU going bad, MOBO going bad and other things, I've replaced 4 PSU in my farm in just 3 months of mining.

This is also not normal, having to replace 4 PSU in 3 months.
Have you checked for any electrical problems? Sometimes an error in the electrical installation can cause problems.

[FirmWars]

Don't bother looking for one to avoid getting scammed, running cloud mining isn't profitable anymore since the days of genesis cloud mining, buy mining equipment and start making money in your room.

[JayDDee]

The obvious one is Nicehash. It's not a traditional cloud mining service in that they don't sell from their own farm,
they sell from the miners (people) who mine at Nicehash. It's effectively an open exchange market where the price is
determined by the supply of miners and the demand from buyers.

[Dean2]

I know this topic has previously been discussed a lot, but Im wondering if there are any legit cloud mining services anyone can recommend?

Cloud mining was discussed unhealthy amount of times in this forum and the conclusion was its all scam.

Didin't know that they're still a thing in 2022 i thought they all ended in the 2017 era with probably an  exit scam.

[adaseb]

The cloud mining company weren’t really scams it’s just that their terms weren’t in any way fair and you can call them unethical.

They were more geared towards new comers because they used term like “10Thash mining Forever ….” Or “5Th/s of Bitcoin mining never expires” etc.

However if you read the terms there was a maintainance cost which was always deduced from the profits and eventually the cost to run the miner was higher than the profits and those contracts were voided.

People assumed that if they pay $500 and make $5 a day forever that it’s a great deal, because it sounds like it is but most don’t read the terms correctly or understand how mining actually works.

[BitKongy]

Why are cloud mining companies using outdated asic miners? If this cloud mining thing is a very profitable business they should be able to upgrade their miners every year and no go extinct, its not a profitable business for the runners not the investors, that's what I found out.

[joker_josue]

Whenever this question arises I think of the following:
If the ASIC machine is rentable, what advantage do I have in renting this machine for a lower price than the profit it makes, for someone else to profit?

As I can't see where the advantage is in this service, I always came to the conclusion that something in these services is poorly advertised.

[GEMIN_M4]

My question is have you seen any cloud mining website that have proof of asic miners ownership? They will give excuses like ' they want the location to be safe, its dangerous to reveal' none of them have real miners, its a pyramid scheme.