I might be wrong about this but I need to know

[Fivestar4everMVP]

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.

I think topics related to this has been discussed several times on this forum,
Like you said, not only is this no longer profitable, but also scammers have hijacked this type of mining Bitcoin,  if you search through Google, you will probably see majority of cloud mining platforms that are still online where people can rent computing powers to mine bitcoin, but I tell you that 99.9 percent of them all are nothing but scam, so I personally would advice you to avoid this at all cost.
Better to use that money you would have spent on rent and buy Bitcoin and hold, better Than dashing it to scammers.

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[dark1234]

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.

I think topics related to this has been discussed several times on this forum,
Like you said, not only is this no longer profitable, but also scammers have hijacked this type of mining Bitcoin,  if you search through Google, you will probably see majority of cloud mining platforms that are still online where people can rent computing powers to mine bitcoin, but I tell you that 99.9 percent of them all are nothing but scam, so I personally would advice you to avoid this at all cost.
Better to use that money you would have spent on rent and buy Bitcoin and hold, better Than dashing it to scammers.

in the present era of cloud mining, it is obvious that a fishing net will catch the big fish who are tempted by the profits of a fictional mining and sites like this are repeatedly blocked and reappear under different names, as you say 99,9% cloud mining is a scam and myself was a victim of cloud mining in the early days of bitcoin and cryptocurrencies

[serjent05]

Are people still renting cloud computing Power to mine Bitcoin?

No, you can't mine Bitcoin with CPU or GPU.

As far as I know, Bitcoin can be mined using CPU and GPU but it is well known that it isn't profitable using those anymore since it cannot compete with the hashing power of ASIC.

 But if you actually mean cloud mining, almost no one bother with it these days. Although marketplace which let any people buy/sell hashrate (such as NiceHash) manage to maintain their popularity.

True! , even renting hashes on NiceHash seldom brings profit.


Most cloudmining are scams since they eventually crash at some point.  It is not a sustainable venture and is most likely used by criminals to scam investors through Ponzi schemes.

[glendall]

Many people commented on the mining service of cloud scam and my opinion the same, this is a fraud of an old model one thing that is silly if 10 years Bitcoin is present, but there are still people who are deceived by this service, very loved

[Fara Chan]

Many people commented on the mining service of cloud scam and my opinion the same, this is a fraud of an old model one thing that is silly if 10 years Bitcoin is present, but there are still people who are deceived by this service, very loved

We didn't expect that there were still people who believed in it, and some even embraced it, all of them realized that Bitcoin had been around for more than 10 years and they still believed in Cloud Mining which most people said was indirectly fraudulent services, as far as Here I see people who get big profits through cloud mining. maybe there is, but I don't know about this.

[franky1]

We didn't expect that there were still people who believed in it, and some even embraced it, all of them realized that Bitcoin had been around for more than 10 years and they still believed in Cloud Mining which most people said was indirectly fraudulent services, as far as Here I see people who get big profits through cloud mining. maybe there is, but I don't know about this.

"renting" hashpower is never profitable. if it were the OWNERS would not rent out but just mine for self profit


remote hosting equipment you bought, can reduce your costs by hosting it in a cheaper country compared to your home. but still be aware of their hosting/management fee's and also any terms/conditions about what they do with your hardware once it arrives at their warehouses.
(check out the core scientific-celsius shinanigans). corz raised its rates above the us state electric average and held celsius hardware to ransom until celsius paid its fee's which celsius disagreed with

[Nrcewker]

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

If you have free money or unlimited wealth, then only try this stunt. As cloud mining sites are expert in luring people into investing in their hash powers. I still cannot believe that, people are falling for these scams repeatedly again and again. No one other than the cloud mining site’s owner will be profitable. Moreover yes its very hard nowadays to mine Bitcoins with CPU or GPU, yes some altcoins are still mineable, but yes these altcoins price varies, so it’s very risky again. So yes OP ask your friend to avoid these types of economical stunts.

[KiaKia]

I have some bad stories about cloud mining, it was one of the few ways I started my earning online journey years ago, after losing some money to MLM high yield projects that stays alive for a few weeks or months before existing scam I started the journey of cloud mining, things went smoothly for few months and one day they stop working, that's how I knew Eobot and genesis mining. There is no cloud mining that's still profitable today, even the few legit ones ends up closing down the business.

[michellee]

Many people commented on the mining service of cloud scam and my opinion the same, this is a fraud of an old model one thing that is silly if 10 years Bitcoin is present, but there are still people who are deceived by this service, very loved

We didn't expect that there were still people who believed in it, and some even embraced it, all of them realized that Bitcoin had been around for more than 10 years and they still believed in Cloud Mining which most people said was indirectly fraudulent services, as far as Here I see people who get big profits through cloud mining. maybe there is, but I don't know about this.

It's because they see an advertisement about Cloud Mining saying that some people can earn big profits but they don't trace the truth. Besides that, people new to bitcoin are interested in earning a lot of bitcoins quickly so they will believe advertisements like that. Moreover, they need to learn more about how to do bitcoin mining. They will leave it immediately if they know the truth because it is a scam.

[n0ne]

Long back itself cloud bitcoin mining is a scam. If someone have said this to be legit and gives good return, just ask them to enjoy the profit and don't fall for it. Following this several projects too came into the market with ICO. Some projects even gained good investment, but weren't able to last for much longer time period.

With hardware equipments itself I wasn't able to make mining profitable, because of the electricity consumption. I don't how people believe in the cloud mining and fall into the trap.

[Tabani Pierson]

The profitability of mining Bitcoin has decreased significantly over the years due to the increasing difficulty of the mining process and the rising cost of electricity.

Especially now that people tend to use solar panels. As a result, it's becoming less common to mine Bitcoin using cloud computing power. Regarding the legality of mining Bitcoin using cloud computing power, it's not illegal per se, but it's important to check with the terms of service of the cloud computing provider.

Many cloud computing providers have explicitly banned cryptocurrency mining on their platforms, and engaging in such activity can result in the termination of your account.

So, while people are still renting cloud computing power to mine Bitcoin, it's becoming less common due to the decreasing profitability and increasing electricity costs.

[|MINER|]

I am also think that it kind of fraud in the eyes of Cryptocurrencies because cloud minging is a think that where you have to invest but if the cloud company wasn't reputable then it could be a loss invest . Even then  here you will face lack of controll and also scams and less profit than own minkng rigs. So I would not like to suggest anyone to use cloud mining for mining.

[merekamo]

Yeah, people are still renting cloud computing power to mine Bitcoin, but it's not as profitable as it used to be. I mean, the days of using a regular computer to mine Bitcoin are long gone, and now you need specialized equipment to do it.

So, even if you rent cloud computing power, you might not make enough to cover the cost of the rental. And, as far as I know, there's nothing illegal about it, as long as you're not using the equipment to do something illegal.