Mining on the cloud

[joniboini]

So they think it's more profitable than mining by themselves?

I'm pretty sure they can mine profitably. Heck, they have no reason to open another service if it is not profitable for them to begin with. This is just another attempt to get more money from users who are not aware of how risky giving away their money just to get $1/day. They claim they offer maintenance, etc, but at the end of the day, you need to trust them.

Do you have any idea if its minimum investment is also up to their Binance users? I was a bit nacurios even though, of course, if I was just trying to test cloudmining, it would be best to try here in Binance than on the other platform.

You can check it at https://pool.binance.com/en/cloud. Not sure what the minimum purchase is since it was sold out already. You can probably check it out in the future, though I won't be too hopeful about it. You should never bother with cloud mining in the first place, there are other methods to earn BTC such as day trading, assuming you want to learn and spend time doing trading management, etc.

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[Maxre]

Hello! is there any legitimate way to mine bitcoin on the cloud and earning the rewards in my address ?

I do not know that why people do not understand that those people who have such high mining machines will be able to share their hash power in actually to sell toy their power. And they are already making profits. So they do not need such money. They are only scammers and will scam you your money.

[StormHawk]

I have some confession to make, I spent so much money on cloud mining years ago, that's how I knew genesis mining and Orbot, still it doesn't pay me to keep running, I end up pulling the money I had left out of the system, cloud mining is not profitable, and most of them are scams, they have no real mining machines working for them.

[FP91G]

A new solution for cloud mining, but NFT token will be sold instead of hashrate. This is the same, but inexperienced users will still buy.

Bitcoin Mining Firm Navier Starts Tokenized Hashrate Marketplace for 'Qualified' Customers
The Navier platform is intended to give users more control over their acquired hashrate, and enable them to sell it on.
https://www.coindesk.com/tech/2023/03/22/bitcoin-mining-firm-navier-starts-hashrate-marketplace-for-retail-customers/

[John Abraham]

I don't know if any "Real" cloud mining services exist. But I haven't seen any of them yet. To be honest, I never looked for them. So, I may miss some genuine services. All I saw was a Scam Ponzi scheme. They say they will mine for you and share revenue with you. Sometimes a few websites offer crazy ROI. There might be some genuine service. But, You won't get too much profit. Never invest there if any service offers a significantly high ROI that looks unreal. Why not start with your miner?

I recently discovered that Binance has launched its cloud mining. This is how everything is done very conveniently: excellent profit calculators. On the one hand, we have a large proven exchange, a user-friendly interface. Thousands of people use it.
On the other hand, the eternal question of cloud mining is why do they give us their power?
So they think it's more profitable than mining by themselves?

Oh Really? I knew Binance had a mining pool while I tried to mine some ETH when it was POW. But I didn't see when they started could mining. We know what is their benefit. They running the miner and they know the profitability. Ofcourse they will charge you some extra. Also, This will be considered as invest in Binance. If you don't mine on Binance, You may do it on other services. Binance taking this advantage so you have transact with them.

[bettercrypto]

Nowadays I don't really see any cloudmining that pays real and most of them are actually non-paying, yes you can see that you earn but you can't release what you earned on the platform.

     Rather, you will be asked for a condition that you first enter an amount of money before you can take it out, but the question is can you really take it out? because usually once you put in the money that you thought you would be able to take out what you expected to earn, it turns out not to be the case, so the ending is that you are just disappointed or cheated.

[cafter]

Well... Here's the thing: why do you think people would set up ASIC miners in the cloud so you could make a profit? Why would they share their money with you if they had to do all the purchasing, maintaining,...

The answer to that question is: >99% of all cloudmining companys are scams, the <1% that's legit sells you 100% of their risk for a very small part of their profit... It's not a good deal either way IMHO. They (the <1% legit ones) just make you pay for everything and if they turn a profit you get a small share, but if the BTC price floors, the diff jumps up, their hardware breaks, their electricity rates jump up, you still pay for all those factors and get nothing in return.

In reality: if your electricity rate is to high to mine yourself, or if you don't have a suitable mining room or if you don't know how to setup an ASIC, i'd just recommend you not to mine. But that's just my personal opinion.

yes, there are many new cloud mining companies are created everyday, to take money from us, i don't think they actually set up miners and hardware to mine, they just invest our money in risky investments or trade with peoples money, and we just see fake money generated in our app or website and when withdrawing, withdrawal never arrived.

i see many advertisments of cloud mining sites like "Cloud mining TRX with 50%/month", and after searching there review on trustpilot there are all 1star red reviews been seen,
a tip to people who want to start cloud mining, if you want interest then you can go to big companies which we stake our crypto for interest (no a financial advice)
and in my view most of the cloud minin sites are fraud or make you interest from gambling or taking high risk on your money.