Mining on the cloud

[Vampobit]

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

[mocacinno]

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.

[Vampobit]

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.

I thought that they could charge for the electricity + the storage of the ASIC miners, in exchange for sending you the mined BTC.

They could charge whatever they liked.

But I get your point and I realise that probably there are no such services...

[philipma1957]

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.

I thought that they could charge for the electricity + the storage of the ASIC miners, in exchange for sending you the mined BTC.

They could charge whatever they liked.

But I get your point and I realise that probably there are no such services...

there are honest companies ,but all of them have the "we can fuck you anytime we want clause"

pretend you sign for a year with a bitmain cloud mine and you spent 10,000 as it was a big contract.

If coins tank and the gear starts to lose money they pull out the "fuck you" clause and cancel.

But if coins whale and shoot up 3 fold or 4 fold. They pull out the "fuck you" clause and cancel the contract.

I had a 1 btc contract with bitmain in 2017. I got in at 1200 a btc. BTC whaled and whaled and whaled and when we were in October they cancelled me at about 4000 a coin maybe 4500. We all know by December it got to 19k. May contract should have ran until dec 3 when we were about 11.5k

So if you go with a bitmain cloud company and

BTC shifts way up "fuck you"
or
BTC shifts way down "fuck you"

the only way it is a decent deal is if BTC goes sideways for months and months and months.

All of the above assumes you find a legit company.

80% are not legit

and the legit ones do what I described above.

[Vampobit]

So, I suspect that mining may not be for me... I will keep buying sats and transfering them to my cold storage. Thanks guys.

[dansus021]

Yeah I don't know if there cloud mining last time I hear is Genesis Mining and Hashnest I have tried it out but not touch ROI and after I look it today hashnest seems down and the genesis mining says the website made "heavy maintenance " since 2022 maybe there is dozen of ponzi scheme that called itself as "Cloud Mining" but rather you tried out CLoud mining

I recommending buy BTC with Dollar Cost Averaging till you get brand new mining rig

[paid2]

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

You should read this : (point 6)

https://bitcointalk.org/index.php?topic=2415854.0

[logfiles]

So, I suspect that mining may not be for me... I will keep buying sats and transfering them to my cold storage. Thanks guys.

It's the best thing to do if you can't buy and maintain the equipment to mine. Imagine a few weeks ago, BTC was worth around 16K and today is worth approximately 23K. That's a huge ROI compared to so many ventures you would try out without breaking much sweat

Cloud mining is a huge scam and nobody should ever think of wasting their time and money in it.

[Outhue]

So, I suspect that mining may not be for me... I will keep buying sats and transfering them to my cold storage. Thanks guys.

What cold storage? Can you share more info on this? Because not all cold storage are real cold storage, I just care about your safety that's all, the safest option to lock your bitcoin away for a long time is a hardware wallet, do not let anyone tell you it's not.

If anyone is running a cloud mining right now it's a scam or Ponzi scheme, gone are the days where cloud mining was profitable, some legit companies have run cloud mining years ago and the legally closed down because it's no more profitable.

[tjtonmoy]

Cloud mining is just a scam. Whatever they do, most of them are to scam people. You may find some legitimate mining service for cloud mining, but it is hard to tell which will provide the service. All of them may give you some in the beginning but when it comes to claim your profits, they end up asking for you to deposit some of your own money to do it. If they are really legit, they will deduce the amount from the mined profit as a fee.
And there has been already many topics about this one. Read this. Be sure to find them and read all the reply on those topics. One legit I saw was available on Binance, but it was already sold out. So try to avoid them.

[Daltonik]

I thought that they could charge for the electricity + the storage of the ASIC miners, in exchange for sending you the mined BTC.

This works if you transfer your miners to a data center, for example, if you don't have a place to place them, then you just pay for electricity and rental costs, and in the case of cloud mining, you buy a pig in a poke.

[KiaKia]

Have you seen any website that promised to give return if you can deposit an amount to cloud mine Bitcoin?  do not fall victim as such websites are operated by scammers, there is no way to mine Bitcoin using cloud mining, if you want to mine bitcoin you have to buy a asic miner with the sha256 algorithm, these miners are pretty cheap this days, there is no real cloud mining out there.

[gunhell16]

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

Why cloud mining dude? if you can afford it, just buy your bitcoin mining, that's what you should do instead of something you want.

The money you invest in cloud mining will only be put at risk, most of that cloud mining ends up being a scam, because once you accumulate it, you will often be told to deposit this amount before you can withdraw, or it will suddenly disappear or down their website, where you have no claim.

[Ojima-ojo]

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

Avoid cloud mining 100% of them are scam because, in the real sense of business, no one will render such service to a third party just to profit from it.

We have seen a surge in cloud mining scam lately, and we are doing everything possible to warn people to stay away from source activities, that is risky to their investment.

[gunhell16]

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

Is there still legitimate cloud mining in this day and age to earn bitcoin? It's like maybe only 1% is legitimate, but if you make money from this kind of cloud mining, then it's only for a short time for sure.

I saw something, I'm looking, if I can withdraw even though I'm not expecting it, but I don't have anything to lose, only the effort and time that will be wasted on me, but not the money. Let me, when I withdraw I will send you here. But for now, it will be a few more days before I can withdraw.

[mocacinno]

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

Is there still legitimate cloud mining in this day and age to earn bitcoin? It's like maybe only 1% is legitimate, but if you make money from this kind of cloud mining, then it's only for a short time for sure.

I saw something, I'm looking, if I can withdraw even though I'm not expecting it, but I don't have anything to lose, only the effort and time that will be wasted on me, but not the money. Let me, when I withdraw I will send you here. But for now, it will be a few more days before I can withdraw.

Even IF you can withdraw from a "free" cloudmining site, it proves absolutely nothing... It's a (very) old tactic that has been around for as long as i've been around (~2014): let your first "investors" withdraw and promote your site to lure in more victims, then scam them.

[bettercrypto]

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

Is there still legitimate cloud mining in this day and age to earn bitcoin? It's like maybe only 1% is legitimate, but if you make money from this kind of cloud mining, then it's only for a short time for sure.

I saw something, I'm looking, if I can withdraw even though I'm not expecting it, but I don't have anything to lose, only the effort and time that will be wasted on me, but not the money. Let me, when I withdraw I will send you here. But for now, it will be a few more days before I can withdraw.

Even IF you can withdraw from a "free" cloudmining site, it proves absolutely nothing... It's a (very) old tactic that has been around for as long as i've been around (~2014): let your first "investors" withdraw and promote your site to lure in more victims, then scam them.

At that point, you are right, even if he can withdraw, that is still not a demonstration to say that the cloud mining site is legit, because it is also certain that one day suddenly, his hosting will not open in the end.

     Because that's what I saw in 2017-2018 when I was able to withdraw but after a few weeks passed, the website of the could mining platform couldn't be opened, it's like they're just biting those who were the first to put money into their platform.

[summonerrk]

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?

[bettercrypto]

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?

I often traded to Binance, I didn't notice that, did you try this cloudmining that Binance launched for their users?

       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.

[Fara Chan]

Even IF you can withdraw from a "free" cloudmining site, it proves absolutely nothing... It's a (very) old tactic that has been around for as long as i've been around (~2014): let your first "investors" withdraw and promote your site to lure in more victims, then scam them.

Yes right, because so far we know from cloud mining is not very good, the percentage of fraud in cloud mining is higher than the percentage of results, especially those that provide free, both from platforms or other, op should avoid cloud mining, and if you want to do Mining at this time, we further advise you to try ASIC, if you really want to go into Bitcoin mining, but prepare funds to do this mining opera

At that point, you are right, even if he can withdraw, that is still not a demonstration to say that the cloud mining site is legit, because it is also certain that one day suddenly, his hosting will not open in the end.

It often happens, when the demand and interest of a platform increases, we often see events like this, those who open and carry out the mission to signal the interest of people to participate in their cloud mining platforms, and all of the results from the end of everything are Fraud, in the end the platforms that have been made will be inaccessible, many are deceived here, even some of them are depressed, maybe this is because they don't understand all of this, therefore it is very important for someone to examine it first