Is Bitcoin cloud mining legitimate or worth it today?

[maloy633]

Bitcoin cloud mining services are still being advertised, even though mining difficulty and competition have increased a lot over the years.
Is there a chance that it exists in a legitimate form for Bitcoin today or it's nothing but marketing and scams? I don’t need any advice or names of specific projects, just your view on the current state of this area.

[philipma1957]

Bitcoin cloud mining services are still being advertised, even though mining difficulty and competition have increased a lot over the years.
Is there a chance that it exists in a legitimate form for Bitcoin today or it's nothing but marketing and scams? I don’t need any advice or names of specific projects, just your view on the current state of this area.

It is really hard to make money.

At least half are bad fake thieves.

the few good ones have a rule that reads "we can cancel for any reason we want"

So you buy a 1 year contract for 2400 bucks.  and in month four a crazy bull run happens you are whaling. looks like your 2400 in will get you 8k in btc.

they cancel the contract and mine with the gear to take to next 8 months profit.



Oh they refund you the 8 months at 200 a month and you do make money for the first four months say 2700+1600 =4,300, but  4300 is not the 8k you would have got.

[BlackHatCoiner]

How could such a business be anything other than scam? If you're a miner, and you've already purchased a bunch of ASICs, then you've already put your capital at risk. The whole point of capital raising, which cloud mining supposedly is, is that you're not risking your own capital for all the infrastructure of your business idea. But if you've already risked your capital, then why do you want my capital for? How does it help you? Why don't you just turn the miners on and start mining to get the profit that you initially calculated?

[TheUltraElite]

Cloud mining is a scam and has been over all these years.

You can buy ASICs yourself and start mining at your own place if you have cheap electricity and cooling. But you will need a big farm of ASICs to compete. Now here cloud mining seems very lucrative because you just put in money and it comes back double. Unless you know this mining company physically, you will be at great risk putting money in it.

If your known people are building a mining farm a good location and you can physically access it, then you might want to put your money to invest in it, that is a not a bad option.

[FP91G]

Bitcoin cloud mining services are still being advertised, even though mining difficulty and competition have increased a lot over the years.
Is there a chance that it exists in a legitimate form for Bitcoin today or it's nothing but marketing and scams? I don’t need any advice or names of specific projects, just your view on the current state of this area.

All large companies mine independently or attract investors. You need to learn how to calculate real profits to understand which services are scams. I'm a miner, for example, and my price is 4 cents per kilowatt. I maintain the equipment myself and don't pay taxes. But a cloud mining service offers me better terms. Why do you think that is?

[logfiles]

Same way we still have people still believe that Ponzi scheme can actually make them so good money, we do have people who still fall for cloud mining even when the business model does not make sense at all.

As of today, avoid anything to do with cloud mining. In fact, most scams and Ponzi schemes just decided to hide behind cloud mining as a for of passive income.

[Stalker22]

Someone who has the equipment, low-cost electricity and the efficiency to mine Bitcoin profitably at the current level of around $90,000, would never rent you that capacity at a discounted rate.  They would likely want to maximize a sure thing like Bitcoin mining rather than pass on part of their profits to others.

As far as I know, there were a few legitimate cloud mining platforms in the past, but they all ceased to exist long ago.