Cloud mining for bitcoin

[AvianLord6495]

Greetings! I'm on a quest to find some bitcoin mining sites/apps that have a considerably lower threshold for minimum withdrawal My plan is to reach whatever the would-be minimum payout thresholds, add it all up and then sell the BTC. I'm looking to setup as many as I can to get ideally 0.33 BTC as quick as possible; then sell the BTC. The money I received then will go towards groceries and anything else beyond. Such as investing in the best paid online traffic methods in efforts to make money online via online content creation. I've recently been spending some time devising strategies and formulating plans to make money working smart rather than hard.
Or perhaps another cryptocurrency can help me with this, one way or another. Thanks for the replies, greatly appreciated 🙏

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[hosseinimr93]

There is no bitcoin mining website and all so called cloud mining websites are scam. Such websites usually display a fake number as your balance and once you reach their minimum withdrawal amount, they ask you to deposit some bitcoin to be able to make withdrawal.

Don't waste your time and your money. That's not how bitcoin is mined.

[spectre71]

If it was profitable we would all be doing it already. Even if there was a good company the profit is so razor thin right now it wouldn't be profitable for either party.

You could buy some asic's an have them hosted. But I would tend to think that simply buying bitcoin and holding it would be more profitable and maintain liquidity. ROI would be a long time as well.

[BitMaxz]

You could buy some asic's an have them hosted. But I would tend to think that simply buying bitcoin and holding it would be more profitable and maintain liquidity. ROI would be a long time as well.

Don't compare the profitability of mining and buying a bitcoin they are different. You can reach the ROI fast  in mining depending on where you live or if you have free or very cheap electricity rate.
Buying bitcoin and hold them for a long time is always effective but mining will generate you more bitcoin and you can hold them until blockhalving to make more profit.

[Bitcoin_Arena]

Greetings! I'm on a quest to find some bitcoin mining sites/apps 

Don't waste your time and other resources such as internet data on the cloud mining scam

The best resource you have right now is actually time, and you can turn that time into money if you get a well thought strategy.

Don't compare the profitability of mining and buying a bitcoin they are different. You can reach the ROI fast  in mining depending on where you live or if you have free or very cheap electricity rate.
Buying bitcoin and hold them for a long time is always effective but mining will generate you more bitcoin and you can hold them until blockhalving to make more profit.

With this current inflation rate, I am pretty sure there are very few places with cheaper electricity. I still think buying Bitcoin is more effective and profitable for a low budget person if one buys at the right time of the market.

Mining Bitcoin requires a lot of effort and also takes time for you to breakeven, even if the electricity is free.

[Daltonik]

Currently, when home mining requires really high costs to pay bills, more and more scammers have begun to offer cloud mining services, you need to be extremely careful and try not to trust their attractive offers, since at best it is a ponzi scheme and almost always it is a scam.

[NotFuzzyWarm]

Is cloud mining safe?

If you had bothered to read any of the previous posts you would know that the answer is a resounding NO!
The vast majority if not all of them are SCAMS.

[WhyFhy]

You could buy some asic's an have them hosted. But I would tend to think that simply buying bitcoin and holding it would be more profitable and maintain liquidity. ROI would be a long time as well.

Don't compare the profitability of mining and buying a bitcoin they are different. You can reach the ROI fast  in mining depending on where you live or if you have free or very cheap electricity rate.
Buying bitcoin and hold them for a long time is always effective but mining will generate you more bitcoin and you can hold them until blockhalving to make more profit.

If you dont care about the logistics involved , you can get discounted bitcoin via mining.
 The profit spread of buying vs mining with 90+% of btc already being mined and the work/capitol involved in mining now make purchasing the coin directly the "best" bet.
Time is money, the time & logistics involved in mining vs buying isnt worth the spread in profit differences imo. (edit to say these days , in the past mining was the way to go!!!)

[Blawpaw]

I used to rent from Hashnest, which was the ccloud mining arm of Bitmain. But in two years I ended up losing more money than earning. Cloud mining is not profitable at all. Not even mining at Hashnest cloud mining services is profitable. Cloud mining is not worth it at all. Better for you to buy real miners and find someone that can host them for you that to contract web mining services. This is my opinion, but you  re free to check Hasnest and see what they have to offer.

[Daltonik]

However, despite all the risks associated, including with cloud mining, all the nearest capacities on the recently launched binance cloud mining have already been sold out, after binance announced the launch of cloud mining.
https://www.binance.com/en/support/announcement/binance-pool-launches-cloud-mining-ef75792b15524f2081b33f6e3a64465a

https://pool.binance.com/en/cloud

[Kryptowerk]

As mentioned by reasonable members of the forum with enough experience that you should kind of give value to their opinion: Most (99%) of "cloud mining services" are SCAMS.
Meaning they are PONZI-SCEMES in the most traditional sense. If you don't know what that means, google it, it's essential to survive in crypto.

In the rare case it's not a scam: Just understand, that price fluctuation of bitcoin, total (global) hashrate and electricity costs will vary and make any prediction of profitability almost impossible.

[AvianLord6495]

Hi everyone, so I read your replies and although it may not have been what I hoped for, thanks for the replies. However, I know this forum is about bitcoin but is there any way I could make this work with any other cryptocurrency?

I.E. Ethereum and/or Bitcoin Cash

[NotFuzzyWarm]

Hi everyone, so I read your replies and although it may not have been what I hoped for, thanks for the replies. However, I know this forum is about bitcoin but is there any way I could make this work with any other cryptocurrency?
I.E. Ethereum and/or Bitcoin Cash

For that you need to ask in the Altcoin Discussion areas of the Forum. This area is for BTC only.

[AvianLord6495]

Thank you

[joniboini]

You might want to look into farming. It does need some capital and it is not free from risk, but if you compare it to cloud mining then it is better in risk/reward ratio. You can farm on a popular pool to reduce the risk instead of trusting your money to some random party over the world. Regardless of altcoin or bitcoin, you still need some capital to make it work. Just remember that there is no free lunch. CMIIW.

[NotFuzzyWarm]

I used and use only Bit3-mining services. They are on a mission to make bitcoin mining smarter and make it easily accessible to all. That is why they made an indelible impression on me.

I have to agree, Bitcoin mining difficulty dropped by 50%. It's the ideal time to get into Bitcoin cloud mining.

What planet are you from? BTC Diff sure as hell has NOT dropped by 50% here on Earth...
Folks... cloud mining for BTC is a SCAM. Generally they are Ponzi's. Period. End of story.
Brand new folks here shilling *any* cloud site and making ridiculous 'observations' like I emphasized in the quote should be and *is* a HUGE clue.

[stompix]

What planet are you from?

Bit3 offices, those three spammers have caught my eye today with their posts about cloud mining and bit3

Name:   Pepchich1989Date Registered:   December 08, 2022, 04:14:01 PM
Name:   NimboPontik93Date Registered:   December 08, 2022, 04:10:35 PM
Name:   martinenrotDate Registered:   December 08, 2022, 04:38:44 PM

The website is one month old, they claim euro 11kwh and running a profit, their calculations are obviously bogus on revenue and inflated by 50%, is there anyone still falling for these?

[NotFuzzyWarm]

I've been reporting all their spam posts to the mods as:  Trash, cloudmining spam
With any luck they will soon be booted off the Forum 

[Bitcoin_Arena]

I've been reporting all their spam posts to the mods as:  Trash, cloudmining spam
With any luck they will soon be booted off the Forum 

Still not banned, or at least the trash posts deleted. I am not sure if the mods are paying attention in this board.

Meanwhile, I have just decided to take the shill accounts as a temporary solution.

[Jensen Guttenberg]

If it was profitable we would all be doing it already. Even if there was a good company the profit is so razor thin right now it wouldn't be profitable for either party.

You could buy some asic's an have them hosted. But I would tend to think that simply buying bitcoin and holding it would be more profitable and maintain liquidity. ROI would be a long time as well.

So True