I might be wrong about this but I need to know

[Z390]

Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because the way he hyped this I am having a second thoughts maybe its illegal.

[1714692556]

1714692556

[NeuroticFish]

Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because the way he hyped this I am having a second thoughts maybe its illegal.

Mining bitcoin is not possible on CPU or GPU. This being said, one cannot meaningfully mine bitcoin on cloud computing / AWS like machines.
I don't know how is it for altcoins too, some can be mined with CPU/GPU and then converted for bitcoin, but you may want to ask about that on the altcoins area.
I don't think it's legal (the cloud website might kick you out) or it may not worth it (too expensive), but I don't know.

On the other hand, beware of cloud mining websites. Those are plain scams.

[un_rank]

Cloud mining for bitcoin today is likely a scam attempt.

With the computing power competition among high-end modern equipment, cloud mining is unprofitable and exposes your device tomlots or risks from malwares and viruses.

- Jay -

[CryptounityCUT]

Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because the way he hyped this I am having a second thoughts maybe its illegal.

They still do, profit from mining is bigger in countries with lower electricity costs. But I don't like mining like this, rather than this buy yourself a mining rig and calculate how much energy is consumed and how much you need to pay for electricity.

[Obari]

One thing I know I'd the fact that anything associated with cloud mining is a big scam and at some point you will get to regret ever involving in it.
With this been said, mining Bitcoin with cpu wouldn't be possible though I don't know of altcoins but if with altcoins then you might causing a greater damage to your computer over the profits you're even expected to make.
I also have a friend who despite all my suggestion and advice still mines Satoshi with his phone and I will be glad to even know if it's possible to mine such on a mobile device too.

[BitMaxz]

I guess your brother didn't know exactly how to mine Bitcoin he might be talking about renting a hash rate on Nicehash or from Miningrigrentals and pointed to any pools like Nicehash to convert your hash rate to BTC. Meaning the hash rate you bought is from GPU mining and Nicehash paid you with Bitcoin.

There are very few that currently legit cloud mining but almost all are scams. Miningrigrentals and Nicehash and the one that Bitmain promoted before I don't remember exactly what the website is but I think they don't offer hashrate anymore because the slots are full.

Be careful what your brother said the only way to mine Bitcoin is to have ASIC units that support SHA256 algo if he give you some details and redirect you to another link with unknown cloud mining site then that's 100% scam.

[sunsilk]

You're right with your thoughts and your brother is the one that doesn't know what he's talking. Did you asked him what he's cloud mining?

Even before, most cloud mining were likely a scam and if there's a few that are actually legit, you'll barely get a slot to rent them because majority of them are always full.

[buwaytress]

They've almost always been scams, even when the concept was profitable. There were even companies that tried to do it more professionally (with real-time mining stacks, revenue tracking with block rewards, share systems). Think there were even at least a couple of ICOs in 2017 trying to raise funds to do it. It all eventually collapsed, not only because of market forces, but just the fact that it was really very hard to do fairly and accurately.

Then again, I did earn some coins on Monero and others, when electricity wasn't an issue but I probably overworked my machine.

[mk4]

Every since, cloud mining services are either:

1. A scam
2. Very unprofitable

I wouldn't touch such services with a ten-foot pole unless you want to just mess around and burn money.

[Frankolala]

It is scam and impossible to mine bitcoin with CPU, CPU processing speed has limit in mining and it also consumes large power with a very low output at the end of the day. Don't allow your friend to confuse you with his low mentality on this.

You can mine some altcoin with GPU but I don't think it will be profitable and this can lead to the damage of your machine due to over working of the machine.

[Ojima-ojo]

Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because of the way he hyped this I am having a second thoughts maybe it's illegal.

Bitcoin cloud mining is a known scam since that mechanism doesn't work with Bitcoin and any form of the cloud mining site is illegal as others have rightly said.

In my early days in Bitcoin I was scammed by this so-called cloud mining site that kicked me out a few weeks after registration, I fall victim to their scam due to my novice state at that time.

I lost all my investment,  but that incident lead me to search for more information about bitcoin and with that quest for knowledge I located this really helpful forum.

[PrivacyG]

They are a waste of time, money and nerves.

If it was that simple, there would be many legitimate companies running this business.  Most of them are scams.  If they are not scams, expect them not to be profitable anyway.

In fact, even mining by yourself with a large capital will not make you necessarily rich.  There are many costs and troubles implied.  In the middle of a recession as we currently are, kWh price spikes and all these variables make your daily / monthly earnings vary greatly.

There are many good ways you can spend and invest money.  Cloud mining is not one of them.

-
Regards,
PrivacyG

[franky1]

when it comes to renting.. 99.99% are scams
they wont ever be profitable
if they were profitable the hardware owner would not be selling off mining time for other people to profit from his hardware

however when it comes to mining procurement and hosting. thats different
what they do is allow people to BUY hardware either upfront or on 'buy now pay later' and then host (receive delivery) of the hardware in locations of lower electric,(compared to some places like hawaii/japan) to allow owners to mine cheaper than their own local electric rate

but be sure that their management fee's and electric are then profitable for the owner(the customer)

[Bitstar_coin]

In this day and age am shocked someone still believe in cloud mining. They were able to deceive and scam investors back in the days as many people don't have the right knowledge about these so-called cloud mining platforms. But now people are more informed and a lot wiser.

There is a strong posibility that most of the cloud mining platforms are running a Ponzi scheme where they use the funds of new customers to pay the returns of older customers without actually mining any btc. Many of them charge high fees and may not be transparent about their costs which can make it difficult for investors to know if their investment is profitable or not. It is better not to be convinced by your brother from another mother. Cloud mining are bad news.

[The Cryptovator]

Nowadays, cloud mining is nothing but a scam. From the start, it was a Ponzi scheme, and many people were deceived in this way. Still, some scammers are attempting to deceive us. To mine bitcoin, you need to purchase mining equipment. Never trust meaningless promises. You should have consulted the forum before falling victim to fraud. After reading the responses, I hope you have a better understanding of what cloud mining actually is. Explore the forum more often to discover how to earn Bitcoin legally. Don't give your money to fraudulent artists.

[Findingnemo]

Bitcoin mining is profitable but when you have the right equipment and a better environment to accommodate them then only you can save electricity bills and make money. As far as I know cloud mining is not really possible anymore to bitcoin so you can partner with others and start mining with ASICs or simply invest on bitcoin for long term.

[yhiaali3]

Yes, as everyone said here, cloud mining is mostly scam and the rest is no longer profitable.

I have tried some cloud mining sites in the past, most of them do not pay, but there was one company that paid, which is genesis-mining (I think it is still working today) I bought hash power from the site and I was getting some profits on a daily basis, but after a short period of time the profits began to decrease on a daily basis , I didn't even get a ROI.

My advice is stay away from all cloud mining sites.

[tygeade]

Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because of the way he hyped this I am having a second thoughts maybe it's illegal.

Bitcoin cloud mining is a known scam since that mechanism doesn't work with Bitcoin and any form of the cloud mining site is illegal as others have rightly said.

In my early days in Bitcoin I was scammed by this so-called cloud mining site that kicked me out a few weeks after registration, I fall victim to their scam due to my novice state at that time.

I lost all my investment,  but that incident lead me to search for more information about bitcoin and with that quest for knowledge I located this really helpful forum.

It doesn't "have to be" a scam, but so far it has always been. Normally if the idea is to make sure that you have a collective cash, then you could sell something that could make 1.2 million dollars in a year, but sell it for 1 million dollar collective today, thanks to that 1 million you get today, you could buy a lot more machinery right away, and build that next to one you already have, when the year is over, you will have 2 systems worth 1.2 million so you would make 2.4 million next year.

Plus, you would take the costs out of the earnings from the customers as well, meaning cloud system could technically work. It's just that nobody has done it in a legit way, and that's the issue.

[yazher]

Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because the way he hyped this I am having a second thoughts maybe its illegal.

Cloud minings are prone to scams and you need to look out for their offers because most of the time they lure you with their good-to-be-true offers to their investors. Then they won't execute their plans too early because they wanted to maximize the profits their about to steal and that's what happened to most of the investors in the year 2015-2017 most of them has fallen victim to this kind of scheme and they lose their bitcoins which if they were sold this year, it could turn the table of their lives in a positive way.

[Fara Chan]

Are people still renting cloud computing Power to mine Bitcoin?

It's possible that it still exists, and it happens to those who don't fully know about Bitcoin mining, and we'd rather say it's not good (not recommended).

Apart from not recommending this cloud mining and this is an attempt at fraud, some people say the same thing about cloud mining, we are not so sure about this work, besides this cloud mining is vulnerable to making computers or devices at risk of viruses, and seeing the development of equipment that The more modern it makes cloud mining far behind, especially from the profit and risk factors that we mentioned earlier.
You need to be careful about cloud mining, some people here say this is a big scam.