No Asic miner, No Bitcoin mining

[KiaKia]

How many of you thought that cloud mining Bitcoin was the easiest way to avoid spending money on asic miners? I was one of those people and the experience was half good and half bad.

I started my Bitcoin mining through cloud mining using Genesis Mining and Eobot, this went on for months and got my payment like their mining calculators revealed, this brainwashed me, thinking why the heck do people spend money on Asic miners when they can do this, I called them fools, not knowing I was the fool.

I will like to show some prove of the hash powers I bought



And around this, I had a dream, to make 0.16BTC in 4 months, here is the prove



It wasn't up to 2 months that the cloud mining payout goes incredibly lower and I had no choice than to quit, I withdraw some funds successful and later the cloud mining stop working, one closed down and the other (EOBOT) took a bit longer to close down as well.

I created this thread to share my painful past ecoerimece with cloud mining, because today, some beginners are still thinking they can get away with Bitcoin mining using cloud mining service. No legal cloud mining service can run anything right now because they are not profitable to run.

If you see any new cloud mining it's a scam, there is no way they can make profit for you and themselves anymore, the few that are legit between 2015 to 2017 are no more functioning. The days where Bitcoin mining was cheaper is unfortunately no more.

No Asic miners, No Bitcoin mining.

[Cantsay]

I believe I also had an experience back then before I came to this forum to learn more.

I don't know if you have heard about a mobile app that claim you can mine and earn passively just by using their app and their VPN, I think the name was Cryptotab Or Cryptotap i can't recall the name vividly anymore... What even gave me hope that I could mine successfully from the app was due to some YouTube videos I watch teaching me how to increase my earnings through the site by combining phones.

I later left the site after realizing what I was doing was stupid, That was not the only cloud mining I participated in I also did some that claimed they had their headquarter somewhere and all I was needed to do was just to sign into my account and click on a certain button to start mining and if I wanted to increase my earnings I would have to pay a certain amount (they all claimed this though). I reall wasted alot of my time doing these things before I finally realised my foolishness.

[tabas]

It was believed the easiest way to mine Bitcoin before and even if there have been warnings years ago that people shouldn't trust the cloud mining companies except the few that have made their brand as known for this, still, there have been people that think just as you. I was so close in investing heavily with these not until I've read those concerned forum members telling that someone shouldn't be too invested on it. Because if you see some good offers giving you hash power and you'll rent it to them, it's like you're just mining numbers and not real Bitcoin. With that, the cloud mining company, known or not can easily stop their cloud mining operations anytime without prior notice. There's another option of mining through nicehash with the use of GPU and you'll get paid in Bitcoin. It's like sharing your hashpower to them but it's likely you get to share your profit to them or vice versa.

[Oshosondy]

Cloud mining are scam. You want to mine, getting your own ASIC is very important. Only what you can depend on should not be more than mining pool if you can not have your own pool.

Cloud mining is a scam. There are even some websites that are fake, they mine fake bitcoin for you to entice you so you can be a premium members. If you pay, that is scam.

The ones that looks legit too is just as you explained it up.

[348Judah]

Scammers often use the incidence of cloud mining to decieve people these days that they can mine bitcoin without the use of ASIC miner and other mining rig set-up infrastructure, they will even go to an extent of convincing that their mining is backed up by Satoshi and bitcoin, they will take much of your time and later left you with nothing than a huge unfinished task of surveys, puzzles and games to play in other to claim your earnings, these are nothing than a pure and legit scam.

[hugeblack]

If the company that provides the cloud mining service is not a well-known company in mining Bitcoin and has a surplus of hardware that provides a cloud service in exchange for some hot money to cover some expenses or urgent loans, otherwise it is either fraud or a waste of time.

No one gives you money for free, so mining vs your time or watching ads will not be worth much to them because they can sell bitcoins and get those services.
It remains for you to send some of your coins to mining services, which you use to develop mining farms and give you a fee for that, and if these services are available, the average user will not have access to them.

In short, cloud mining is a scam, don't get carried away with quick wins.

[Aikidoka]

There are two possibilities to consider when discussing investing in cloud mining sites

1- Scam cloud mining sites
2- Cloud mining sites that pay really poorly: Some sites may pay very little and are likely to turn into scams eventually because they are not profitable for their owners.

Before considering investing in any cloud mining site it's important to keep these points in mind. I had a negative experience a few years ago with two cloud mining sites where I lost money. One of them was Hashocean which used to be a famous cloud mining site until it scammed thousands of people.

As you mentioned, if you're interested in mining it's advisable to buy your own ASIC miners and not rely on any third-party service. Otherwise, you may end up losing your money.

[Cookdata]

I believe I also had an experience back then before I came to this forum to learn more.

I don't know if you have heard about a mobile app that claim you can mine and earn passively just by using their app and their VPN, I think the name was Cryptotab Or Cryptotap i can't recall the name vividly anymore... What even gave me hope that I could mine successfully from the app was due to some YouTube videos I watch teaching me how to increase my earnings through the site by combining phones.

I later left the site after realizing what I was doing was stupid, That was not the only cloud mining I participated in I also did some that claimed they had their headquarter somewhere and all I was needed to do was just to sign into my account and click on a certain button to start mining and if I wanted to increase my earnings I would have to pay a certain amount (they all claimed this though). I reall wasted alot of my time doing these things before I finally realised my foolishness.

Knowledge can achieve anywhere but if you don't know the real place to get correct one, it becomes expensive and that is why the illiterate suffer for it but glad you found the forum for the right information. You see this mining of a thing, I saw some couple of guys that were discussing about cloud mining business and how a anonymous bitcoin mining plan to help them start their own mining without leaving their comfort zone, I tried everything to convince them that the cloud mining business is a scam but they never listen, they were eager and ready to make quick money as it was there first time to start bitcoin business.

That was how they lost everything and they couldn't trace the anonymous bitcoin mining, even when they lost their money, they were first at denial stage, it took them month before they finaly agreed that their money is gone for good, they didn't understand how mining works in bitcoin and that is what some people still don't understand till today.

[mendace]

 In all honesty I can't understand how anyone can think that someone has ASICs available and mines for others.  You in your defense will say "I pay for the service so it's not doing it for free", ok but if that service is mining bitcoins why not continue to do it autonomously and keep them for itself?

[so98nn]

Fun. We actually used to have this type of conversation before 2017. Bad old days when some smart pants literally loot thousands of peeps in the internet world using those cloud mining tricks. That’s literally nothing. There is no mining at all and soon after there were hundreds of websites who started to showcase their mining calculations and how they are profitable etc etc. Turned out that they were just attracting new users into their reality zone and show some quick bucks. They never worked and never will work in the future. There is still chance for many peeps if they are involved in cloud mining then they should pull out.

[Ultegra134]

Cloud mining sites are generally said to be scams; the whole idea and concept aren't feasible unless you're earning a few pennies. However, how much money (or BTC) were you projecting to earn every day? I have almost zero knowledge regarding mining; the only experience I have was through Nicehash quite a few years ago. Thus, I neither know nor recall how much hashing power is considered decent. I see your calculations on paper, and it mentions something as little as $0.04 per day; is that the actual amount you were earning? If yes, how much did you spend in order to get started?

On the one hand, I find it quite logical that something such as cloud mining can't compete with actual ASICs; otherwise, no one would purchase them, but on the other hand, there are still platforms that appear to be showing relatively decent yields, such as Binance's newest cloud mining addition, but personally, even though it's a trusted platform, I wouldn't bother.

[BitcoinPanther]

@OP, it is not new that Cloudmining is not a profitable venture and often times plagued with scammers.  There had been a time when cloud mining was very popular and many of the unsuspecting investors were deceived and got scam by these ponzi company.  Most of the cloudmining are created through pyramiding or ponzi scheme where they source of pay out are the next people in line for investing to the hashes sold by the cloudmining company.  It will be good in the beginning but the moment they reached their point of saturation, they will abruptly close running away with the money of the investors.

No Asic miner, No Bitcoin mining

Bitcoin is not online mined through asic miner, Bitcoin can also be mine by CPU and GPU so even without asic miner, people can still mine Bitcoin.

[franky1]

@OP, it is not new that Cloudmining is not a profitable venture and often times plagued with scammers.  There had been a time when cloud mining was very popular and many of the unsuspecting investors were deceived and got scam by these ponzi company.  Most of the cloudmining are created through pyramiding or ponzi scheme where they source of pay out are the next people in line for investing to the hashes sold by the cloudmining company.  It will be good in the beginning but the moment they reached their point of saturation, they will abruptly close running away with the money of the investors.

No Asic miner, No Bitcoin mining

Bitcoin is not online mined through asic miner, Bitcoin can also be mine by CPU and GPU so even without asic miner, people can still mine Bitcoin.

at this present moment. where a block is solved using a share of 350exahash on a constant runtime all things considered. where not all of that constant hashpower becomes the winning solver group

but if you look at the hashrate constant. and then look at the low amount of hashrate of a CPU/GPU to calculate how much aid/ability CPU/GPU is actually giving to the block hash attempts you will see its currently futile and not profitable to mine with CPU/GPU

take for instance foundrypool which has 100exahash and gets about 40 blocks per day
thats 250btc a day for 100exa/s
thats 0.25btc a day for 100peta/s
thats 0.00025btc a day for 100tera/s
thats 0.00000025btc a day for 100giga/s

yep 25sats a day if they had 100gigahash
1sat a day for 4gigahash

the top GPU is not even 4gigahash
no GPU does more then 1gagahash

so in short you wont even be able to get a share of 1sat per 4 days.. yet your electric burn rate over 10 hours is far more then 280sats at current exchange rate..  meaning if you want to mine for 1 sat over 4 days, you end up wasting 2352sats of electricity.. and unable to claim that 1 sat because its below dust spend level

[panganib999]

"oh wow, my repurposed mining rig that's not even dedicated for mining and pooled from mining pools on the market isn't performing as well as a dedicated ASIC bitcoin miner, how could I have been so blind!"

This is how you guys sound like every time the realization hits that ASIC miners are made for a reason and all your miners are just pale imitations of said ASIC miner. Of course it would perform well, of course it would beat you in hash power, of course it's going to yield more money for less the cost when it comes to electricity. All these things are taken into account into creating a pretty solid bitcoin miner, I don't think this needs to be emphasized anymore. But I digress, just cause every other miners pale in comparison to ASIC, doesn't mean they are already obsolete, they still could really push for profit, just don't expect staggering amounts,

[Stalker22]

It is surprising that people still fall for cloud mining scams. I thought everyone knew by now that it is a bad idea.

When I first began my crypto journey, I naively believed that it could be a wise investment. However, after extensive research and reading numerous threads on this forum, I came to the conclusion that cloud mining is far from profitable for the average user, to say the least. I have come to the conclusion that most cloud mining companies are scams. They use clever marketing tactics and try to lure new investors into their scheme. The main reason why they do this is because they want your money, plain and simple.

[panganib999]

It is surprising that people still fall for cloud mining scams. I thought everyone knew by now that it is a bad idea.

When I first began my crypto journey, I naively believed that it could be a wise investment. However, after extensive research and reading numerous threads on this forum, I came to the conclusion that cloud mining is far from profitable for the average user, to say the least. I have come to the conclusion that most cloud mining companies are scams. They use clever marketing tactics and try to lure new investors into their scheme. The main reason why they do this is because they want your money, plain and simple.

Most of them are newbies, a lot of them are those who think they can cheat the system by not financing a personal miner and thinking they can pull a fast one by using “cloud miners” which is just stupid for the veterans. I’m gonna be honest way back then, during my early years in the crypto world I’ve stumbled upon a bunch of tjem in pursuit of greater profits in this industry.

Cloud mining is profitable if you don’t expect high gains. You can’t have your cake and eat it too basically. So for people who are okay with getting paid peanuts over cloud mining platforms that’s fine and dandy, but without a miner, you’re definitely not gonna earn anythibg significant.

[adaseb]

Cloud mining has been a scam since 2014 or so. I am surprised it still exists with all the negative press it has gotten lately. But I am not surprised you got coned. They use good marketing basically saying “You get 100T forever” and in the fine print it says that it needs to make enough to cover the maintaince. Most don’t realize how quick an ASIC becomes obsolete.

Look at all those old ASICS which are basically scrap pretty much because they consume more power than they generate profit. ASICS have very quick turnover.

[Silberman]

It is surprising that people still fall for cloud mining scams. I thought everyone knew by now that it is a bad idea.

When I first began my crypto journey, I naively believed that it could be a wise investment. However, after extensive research and reading numerous threads on this forum, I came to the conclusion that cloud mining is far from profitable for the average user, to say the least. I have come to the conclusion that most cloud mining companies are scams. They use clever marketing tactics and try to lure new investors into their scheme. The main reason why they do this is because they want your money, plain and simple.

Ignorance about their ways is the biggest weapon on the arsenal of scammers, after all a scammer could have the best scamming skills anyone may imagine, but if the person in front of them knows what is going on then there is no way they can scam them, cloud mining has been a scam for many years, and yet newbies keep falling into it as they want to find a way to make a stable income without any effort being exerted on their part, so scammers play to their fantasies and offer them what at first glance it may seem a feasible plan, but if you really stop to think about it there is no way those promises can ever be true.

[pooya87]

Based on what I've experienced in the past decade I categorize cloud mining services into two groups.
1. The outright scams
These are services that have little to no hashrate and are created as a pure Ponzi scheme to rip people off and steal their money. The main characteristic of them is that they won't last long because this type of scam is not sustainable.

2. The partial scams
These are services that have actual hashrate and at the start they may even be legitimate services that might even be honest too but eventually they realize that they can not pay their "investors" while making profit themselves not to mention that the profit their investors earn is small so they can't attract enough money.
So they too start becoming a Ponzi scheme by selling fake hashrate and go the same direction the first group went.
This group lasts longer though.

This is why people always say all cloud mining services are scams and should be avoided.

[KiaKia]

There are two possibilities to consider when discussing investing in cloud mining sites

1- Scam cloud mining sites
2- Cloud mining sites that pay really poorly: Some sites may pay very little and are likely to turn into scams eventually because they are not profitable for their owners.

Before considering investing in any cloud mining site it's important to keep these points in mind. I had a negative experience a few years ago with two cloud mining sites where I lost money. One of them was Hashocean which used to be a famous cloud mining site until it scammed thousands of people.

As you mentioned, if you're interested in mining it's advisable to buy your own ASIC miners and not rely on any third-party service. Otherwise, you may end up losing your money.

There is no reason why anyone will run a cloud mining service this days because it's no more profitable to go into this business, there are so many cloud mining services in 2015 and they all gave the same excuses when they decided to close down the business, unprofitable they said.

After 2017 I developed this habit of asking every new cloud mining services to provide some prove that they actually own any mining rigs, and in most cases, they replied with privacy and security is their priority, and that they don't want criminals to know their location to avoid getting robbed.

That's why most of those cloud mining sites have fake addresses, which is also a good way to operate freely without anyone being able to trace them, scammers acting as saints.