Cloud mining for bitcoin

[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 

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.

Just an update to this, their accounts & of course posts have been removed by the mods.
The mods did leave this post of mine about it as a CSA https://bitcointalk.org/index.php?topic=5422048.msg61423936#msg61423936

[bettercrypto]

     For your information nowadays there are no cloud mining apps that you can earn or have bitcoin that you can convert to real money. Even if you see downloadable cloud mining apps, for sure it's just a trap for trying customers who have no idea and know, yes you can deposit but don't expect to be able to withdraw money from the apps.

    You might just see that you're making money in your account or dashboard but you won't be able to take it out because almost all of it is just a scam, so be a little careful.

[Lida93]

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.

There's this very cloud mining site I got involved in through a colleague of mine who introduced me into it showing me his first withdrawal from it. So I had to get involved due to his show of first withdrawal to me as evidence, I immediately registered and funded my account with $100 for the purchase of the supposed mining machine, as days go by, figures started increasing in number of which I was giving a stipulated compulsory period of time before I can make withdrawal. Just a 2 days to the withdrawal day a message popped up on the site that they are doing upgrading and it would take days to finish with the update and that was how that site crashed to my realization that I have been scammed.

What I understand about this cloud mining is that the first people to get involved are paid so that they can put in more money than they previously invested in and also  also bring in new people and they all end up becoming victims eventually as the money gets bigger.

[yhiaali3]

Yes, that's right, cloud mining companies are all scams. I have tried many of them in the past but they are liars who only give you false promises.

Several years ago, genesis-mining was one of the best cloud mining companies (according to their claim of course), so I registered with it and bought hash power for bitcoin mining. In the early days, they gave me good profits, but they decreased with time.

After a while they told me that the mining difficulty increased dramatically and my hashing power was no longer enough to mine bitcoin and they transferred me to altcoin mining. Profits continued to decrease on a daily basis until they became nothing.

In the end I didn't even charge an ROI.

[fennic]

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 🙏

According to me and that's how much knowledge I get that Bitcoin cloud mining websites are scam. There lire only new people and that's why they get a lot of funding in their accounts. They also offer some free hash power and that power is too low that you cannot withdraw even after 1 years of Their stopwatch. You should avoid from these scam clod mining websites. And I will recommend you only this.
I have also tried some websites too but thank Ms god I have never invested my my mean do not deposit money into that. And that sucks me a lot when a lot of people get scammed and their whole savings have been gone too.

[FP91G]

If you want to earn money in cloud mining, it is better to buy 1 mining farm first. Then you will understand why you should not invest in cloud mining.

[lionheart78]

Yes, that's right, cloud mining companies are all scams. I have tried many of them in the past but they are liars who only give you false promises.

Not all but those that are not scams diverted to other businesses, of course, they settle their client's accounts first before moving to their new form of business.  You can check CEX.IO for that.

Several years ago, genesis-mining was one of the best cloud mining companies (according to their claim of course), so I registered with it and bought hash power for bitcoin mining. In the early days, they gave me good profits, but they decreased with time.

As far as I can recall, I also invested in this one but I was lucky I was able to sell my hashes before the system collapsed.  So I ended up with a profit in this one. 

After a while they told me that the mining difficulty increased dramatically and my hashing power was no longer enough to mine bitcoin and they transferred me to altcoin mining. Profits continued to decrease on a daily basis until they became nothing.

In the end I didn't even charge an ROI.

Scam cloud mining company are just using a Ponzi scheme structure where first investors are being paid by the incoming investors but obviously it will collapse making lots of a bit late comer to not get their ROI.

[tjtonmoy]

I would not encourage anyone to waste their time in cloud mining. The majority of the cloud mining available in the market are scam, or they will add some odd conditions to withdraw your funds. Specially with BTC cloud mining. Other company may offer with altcoins. But by the time you mine a good amount of tokens to withdraw, the price will fall.
In the end, whatever you do, it's just a waste of time. So try to find other options that are available on the internet to make money from that.
One cloud mining from which I have made some profit in the past is storm gain.(in order to withdraw, you will have to trade future with that bonus BTC and make profit. you can only withdraw the profit, not the bonus) But if you want to use it, then do your own research before using it.

[Mr. Magkaisa]

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 🙏

    - Cloud mining is really what you thought of as a way to do what you want dude, there are many other options out there to help you do what you want to happen, like Crypto trading, or if you have a lot of money buy a bitcoin mining rig so hassle is not involved anymore.

Because in this era cloud mining is just junk in the trash because it is no longer profitable to be honest dude. Assets will only be at risk, bosses who know how to be careful are still good.

[FP91G]

    - Cloud mining is really what you thought of as a way to do what you want dude, there are many other options out there to help you do what you want to happen, like Crypto trading, or if you have a lot of money buy a bitcoin mining rig so hassle is not involved anymore.

Because in this era cloud mining is just junk in the trash because it is no longer profitable to be honest dude. Assets will only be at risk, bosses who know how to be careful are still good.

If you do not want to lose money on cloud mining, then it is possible to do this on crypto trading
Most cloud mining services become active when the price of bitcoin rises and mining quickly pays off. Now most miners are trying to save their business, and most of the cloud mining offer is probably scammers.

[pixie85]

Yes, that's right, cloud mining companies are all scams. I have tried many of them in the past but they are liars who only give you false promises.

Several years ago, genesis-mining was one of the best cloud mining companies (according to their claim of course), so I registered with it and bought hash power for bitcoin mining. In the early days, they gave me good profits, but they decreased with time.

After a while they told me that the mining difficulty increased dramatically and my hashing power was no longer enough to mine bitcoin and they transferred me to altcoin mining. Profits continued to decrease on a daily basis until they became nothing.

In the end I didn't even charge an ROI.

That was their operating scheme.

Get someone to invest in cloud mining.
Offer high profit to make them feel safe like the business is paying for itself, but give them less than their investment so that they can never withdraw 100%
Give them bonuses to make them invest some profit into upgrades and such to extend their ROI time.
Use user's money as a loan to buy more mining equipment that would mine for the company.
As ROI time came close tell user the purchased has is no longer profitable.

This made the user get back almost all the investment and feel like it's not worth their time to sue the company because there was no real loss on their part.
The company was happy because they got 0% loan from the user for a year or 2 in which time they'd buy a miner that generated profit for Genesis.

The difference between companies you call scammers and those you don't in the cloud mining industry is in the amount you felt that they scammed you for. If it was all of your investment = scam! If the company gave you back your investment = legit. The problem is that both companies scammed you.

[gunhell16]

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 🙏

If cloud mining is what you are looking for dude, I advise you not to continue investing in it, as many have given their suggestions on what you want to do, I think you should know what to do right.

It is true what most people said in the topic you made here, instead of spending time investing in cloud mining sites, it is better to grow your capital by doing trading activities here in cryptocurrency. At least there is still a big chance that the amount you will allocate to it will grow.

[nicehash]

You can buy hashrate on NiceHash. NiceHash is not a cloud mining company since you are not buying contracts but are only creating hashrate orders which can be manipulated (change the price, hashrate limit, or cancel it anytime).

You can read what NiceHash is here: https://www.nicehash.com/support/general-help/nicehash-service/what-is-nicehash-and-how-it-works

[WhyFhy]

You can buy hashrate on NiceHash. NiceHash is not a cloud mining company since you are not buying contracts but are only creating hashrate orders which can be manipulated (change the price, hashrate limit, or cancel it anytime).
You can read what NiceHash is here: https://www.nicehash.com/support/general-help/nicehash-service/what-is-nicehash-and-how-it-works

Nicehash is the gateway to rentals, but the deposits and fee's make renting from these guys unideal as well as a questionable history of fraud hence no one's mentioned em thus far.
 
maybe check this alternative out (my reference included)  MiningRigRentals.com 

[yhiaali3]

The company was happy because they got 0% loan from the user for a year or 2 in which time they'd buy a miner that generated profit for Genesis.

Good man, you described the situation very accurately, yes that is what cloud mining companies are for.
I always asked myself this question: If mining is so profitable, why don't they mine themselves? Why do they sell hardware devices they claim to have bought? the answer to this question is that they are liars. They take the investors' money and return it to them slowly in the long run.

In fact, Genesis is considered the best of them because at least it returns some money to investors in the end, while some other companies do not return anything, they steal all the money.

[Mr. Magkaisa]

You can buy hashrate on NiceHash. NiceHash is not a cloud mining company since you are not buying contracts but are only creating hashrate orders which can be manipulated (change the price, hashrate limit, or cancel it anytime).
You can read what NiceHash is here: https://www.nicehash.com/support/general-help/nicehash-service/what-is-nicehash-and-how-it-works

Nicehash is the gateway to rentals, but the deposits and fee's make renting from these guys unideal as well as a questionable history of fraud hence no one's mentioned em thus far.
 
maybe check this alternative out (my reference included)  MiningRigRentals.com 

   - Are these the mining rentals you are talking about mate have you tried putting money into it? if your answer is yes, how are you? I hope the real answer is not because you will get a commission here.

Because as far as I know, at this time I don't see anyone who can say that these types of mining are profitable just by using their website platforms.

[WhyFhy]

You can buy hashrate on NiceHash. NiceHash is not a cloud mining company since you are not buying contracts but are only creating hashrate orders which can be manipulated (change the price, hashrate limit, or cancel it anytime).
You can read what NiceHash is here: https://www.nicehash.com/support/general-help/nicehash-service/what-is-nicehash-and-how-it-works

Nicehash is the gateway to rentals, but the deposits and fee's make renting from these guys unideal as well as a questionable history of fraud hence no one's mentioned em thus far.
 
maybe check this alternative out (my reference included)  MiningRigRentals.com 

   - Are these the mining rentals you are talking about mate have you tried putting money into it? if your answer is yes, how are you? I hope the real answer is not because you will get a commission here.

Because as far as I know, at this time I don't see anyone who can say that these types of mining are profitable just by using their website platforms.

Admittedly right now the whole mining ecosphere isn't ideal, so I'm not even currently using these services. 
When flexpool started its boom I was renting  30-50% of the entire pool hashrate when it started hitting a block every few hours ,
I'd do burst rentals for a few hours right after a block was found (luck reset) if we hit 1 block i was breaking even if we hit 2 or 3 during my rental the payouts where phenomenal.
eventually I got penciled out after about a week. I did this 11 times , broke even 5 times hit more than 1 block 4 times and got nothing 2 times. Your luck may vary.
I advise you to really understand your risk before attempting this, luck is a metric you cannot ignore and things like doubling down after a unlucky streak should be taken with caution.
Dont deviate from your plan.
This is how nerds like me really gamble.

[BitDane]

You can buy hashrate on NiceHash. NiceHash is not a cloud mining company since you are not buying contracts but are only creating hashrate orders which can be manipulated (change the price, hashrate limit, or cancel it anytime).
You can read what NiceHash is here: https://www.nicehash.com/support/general-help/nicehash-service/what-is-nicehash-and-how-it-works

Nicehash is the gateway to rentals, but the deposits and fee's make renting from these guys unideal as well as a questionable history of fraud hence no one's mentioned em thus far.
 
maybe check this alternative out (my reference included)  MiningRigRentals.com 

   - Are these the mining rentals you are talking about mate have you tried putting money into it? if your answer is yes, how are you? I hope the real answer is not because you will get a commission here.

I did try to rent rigs from them.  Its fine so far, you can point the miner wherever you wanted them to mine.  I used them to mine Doge back then.  If I hold those Doge that I mined I would have say I have profited a lot but sadly, I sold them when the price was too cheap.   I would still recommend to buy coins than renting mining rig because the best deal you can have in renting rigs is a break even except you plan to hold the mined coins and sell it when the price goes up.

Because as far as I know, at this time I don't see anyone who can say that these types of mining are profitable just by using their website platforms.

They host mining rigs that are set for rentals.  Of course the platform needs to profit and at the same time the owner of those mining rigs. So there are already added charges which reduce the profitability for mining. You can try it for experience, since you have to command on where you wanted to point those miners. 

[Mr. Magkaisa]

I did try to rent rigs from them.  Its fine so far, you can point the miner wherever you wanted them to mine.  I used them to mine Doge back then.  If I hold those Doge that I mined I would have say I have profited a lot but sadly, I sold them when the price was too cheap.   I would still recommend to buy coins than renting mining rig because the best deal you can have in renting rigs is a break even except you plan to hold the mined coins and sell it when the price goes up.

  - In short, you've tried to do this in the last few years mate? Did it come back to you in any way that the capital you used in this rental mining grew? and at that point you're saying that it's not profitable, right?

They host mining rigs that are set for rentals.  Of course the platform needs to profit and at the same time the owner of those mining rigs. So there are already added charges which reduce the profitability for mining. You can try it for experience, since you have to command on where you wanted to point those miners. 

   - if that's the case, I think I want to try it, nothing, just out of curiosity, I don't have a problem if I don't make money and at least I know the feeling of this way in this industry to earn crypto via rental mining.

[KFC786]

I want to mine Bitcoin and also crypto cause I need Money from my expenses and it spuid be good if earn so fast. But I have heard that Cloud mining sites are scam. So I haven't invested yet.