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Author Topic: Is cloud mining still worth it?  (Read 389 times)
NotFuzzyWarm
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April 08, 2025, 04:35:23 AM
Last edit: April 09, 2025, 01:42:29 AM by NotFuzzyWarm
 #21

There are people making it with services like nicehash. I've never tested it and not sure how they they are monetizing when the price of BTC is so volatile now.
Again, Nicehash and MiningRigRentals are NOT cloudmining operations. They are hash rental marketplaces where you rent whatever amount of hash rate you want for whatever amount of time you want to pay for. The price you pay is NOT fixed like cloud mining is - the marketplaces use a continuous bidding process. Highest bidders get their part of the available hash.

Rental times can vary from just 1 hour up to several days or longer. On top of that, your hashing can be interrupted when folks are willing to pay more than you did meaning you either wait for the higher bidders to spend their money & go away or increase the fee you are paying to resume hashing. They are viable because they do not pay you anything - you are just paying for hash rate that you point anywhere you want to in the hope that you find a block during the rental. If you do get a block the reward is sent to you or the pool you were using otherwise you get nothing. Of course most folks do NOT get a block so using Nicehash et al is definitely gambling.

Cloud mining has fixed contracts that usually run for 1 month or more with fixed amounts of 'guaranteed hash rate' that will not be interrupted by higher bidders. They also state that you will receive income for the length of your contract - that is where most of the problems start and why so many were/are actually pyramid schemes.

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April 08, 2025, 11:26:01 AM
 #22

There are people making it with services like nicehash. I've never tested it and not sure how they they are monetizing when the price of BTC is so volatile now.
If you want to rent a hashrate on nicehash and then sell the mined coins at a higher price, you will always make a loss. If you are waiting for the price to rise, it is more profitable for you to buy a coin on the exchange.

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