Cloud mining, profitable or not?

[gwching]

I believe the cloud mining platform is more profitable than normal miner, it cost lesser long run(lesser electricity cost), more profitable(online is 24 hours, hence more profit), no long wait no prouder, no need to bear with heat or noise(i have a egg heater in my room), and less stress to miner(no need keep monitoring to prevent downtime).
Overall I think cloud mining will be the future, but the key point is to go with a reputable company, especially need to avoid scam companies out there... I myself has start shifting my funds to a new cloud mining service Zeushash(cloud mining service from Zeusminer), and the trans id is all traceable. I believe it is one of the reputable company out there.

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[Theo75]

Cloud Mining can be profitable depending when you get in. Many people who started cloudmining with pbming (like me) in the beginning already reached ROI and now it is all profit. You have to do your own calculations including a little luck based on how you think the difficulty will go (based on new miners coming out etc)

Until PBMining is able to show me their block generation or information regarding their incorporation I'm going to assume they are a ponzi. Gavin labeled cloud mining as such and PBMining's response was to show some pics of a mining center.  That doesn't really prove anything.

Indeed, I think that we should be really careful with companies that seem to spring out of nowhere and they do not show sufficient credentials! I think you should choose respectful companies if you think that cloudmining covers your needs!

[Theo75]

I believe the cloud mining platform is more profitable than normal miner, it cost lesser long run(lesser electricity cost), more profitable(online is 24 hours, hence more profit), no long wait no prouder, no need to bear with heat or noise(i have a egg heater in my room), and less stress to miner(no need keep monitoring to prevent downtime).
Overall I think cloud mining will be the future, but the key point is to go with a reputable company, especially need to avoid scam companies out there... I myself has start shifting my funds to a new cloud mining service Zeushash(cloud mining service from Zeusminer), and the trans id is all traceable. I believe it is one of the reputable company out there.

I agree with you that unless you have very cheap electricity, ample space and low custom duties cloud-mining seems to be the logical solution. But you have to make your own due diligence before you select a company to work with. I do think that Zeus is maybe the best company in scrypt mining at the moment (not bitcoin though, I think) with a proven track record and their Zeushash service works really great! They are transparent and have restored the confidence in scrypt mining after all the recent failures (Alpha, Finobbacci, Flowertech, etc.)

[gwching]

I believe the cloud mining platform is more profitable than normal miner, it cost lesser long run(lesser electricity cost), more profitable(online is 24 hours, hence more profit), no long wait no prouder, no need to bear with heat or noise(i have a egg heater in my room), and less stress to miner(no need keep monitoring to prevent downtime).
Overall I think cloud mining will be the future, but the key point is to go with a reputable company, especially need to avoid scam companies out there... I myself has start shifting my funds to a new cloud mining service Zeushash(cloud mining service from Zeusminer), and the trans id is all traceable. I believe it is one of the reputable company out there.

I agree with you that unless you have very cheap electricity, ample space and low custom duties cloud-mining seems to be the logical solution. But you have to make your own due diligence before you select a company to work with. I do think that Zeus is maybe the best company in scrypt mining at the moment (not bitcoin though, I think) with a proven track record and their Zeushash service works really great! They are transparent and have restored the confidence in scrypt mining after all the recent failures (Alpha, Finobbacci, Flowertech, etc.)

Absolutely. Anyone who did preorder before would know the suffering in long time waiting, and uncertainties, worrying the company would not ship out the miner.

I bought 20 over miners from Zeus, and they are delivering all on time. Besides, their 1to1 replacement for my 2 malfunction miners make me really impressed.

Now they came out with the cloud mining that is totally a blast. I believe their transparency in cloud mining would certainly beat other scam companies out there.

[brokjen420]

I tried Zeus Hash I got a mh, I was skeptical at first of cloud mining. Buying a single Mh was nice to keep my risk low as possible. Now that I know it works and its producing ill slowly invest more into the cloud to essentialy buy LTC at a slow Rate. Mining GIves me the ability to Judge the markets, I can see the fluctuations in the ouput and a movement on the market. Since I refrain from Selling LTC I can Determine The best time to straight up Buy LTC outright and Hold.  I shouldnt have said that, but meh whos gonna read it anyway.

[leozzo]

99% of cloudmining site are not profitable.

That's all.

[Theo75]

99% of cloudmining site are not profitable.

That's all.

I think that this is an exaggeration. Profitability is determined by lots of things, e.g. the price fluctuation of the coin that you mine, when do you enter cloudmining, which company you use and what price you pay. Surely you should do your due diligence and decide which is the most profitable option!
I have also tried Zeushash, and (although this is a scrypt cloud mining service) it seems to be working very well! I am sure there will be similar options for bitcoin cloud mining.

[cryptomole]

Cloud mining has been a heated topic recently. Some analysts say although the price of coins is going down, the price of cloud mining is rising in general. And some cloud mining providers have even run of stocks of their products.

To me the market a little weird. I think for the cloud mining industry to better develop, it should invite more competition. And buyers should evaluate the risk and returns in advance.

What is your thought on this?

Like the rest of the mining arena, cloud hashing or hosting is really a strange phenomena!
Normal business, trading or investing attitudes dont seem to apply.
Mining generates its own kind of buzz which lots of people want to be part of it.
Admittedly crypto is highly speculative but there are loads of people who are more than willing to invest in hardware pre-orders and current stock that has no hope of breaking even (I deliberately didnt use the completely misused acronym "ROI"). In some cases investments are made purely out of ignorance and lack of understanding of the mechanism and drivers, in some cases its because people want to be part of the process and hold a belief or hope (as I do) that crypto will rise and would rather be involved in putting blocks on the chain than investing $$.
Some people are attracted to the geeky anarchic rebellion against the establishment.

The question "profitable or not" I guess can only be properly answered with hindsight.
Cloud Hashing is just another flavour of a multifaceted industry.

I think the real question is: If you are going to be involved in crypto, what is your preferred flavour?
If it were a sure thing then the providers would be only mining into their own wallets and not selling hashing power.

IMO cloud hashing offers a few benefits over its alternatives

One avoids paying heavy import duties on hardware
It provides a good alternative to people who have to deal with high electricity costs
One can buy a contract and be mining immediately
You can add to your investment according to the market and your profits
You dont have to deal with the noise, heat & maintenance aspects of the industry
You dont need a location to run physical miners
There are no issues with environmental problems
You dont need to worry about your machines underhashing or interupted service.

For the vendors there is an existing market
for the buyers its all down to which flavour they prefer...

For me personally, I enjoy the geeky hobby aspects with an outside chance that I may get rich on it as others have with Bitcoin in the past.
I have always preferred to be in control of my hardware - but am beginning to get quite tempted by some of the latest pricing - http://cryptomining-blog.com/3425-zeushash-scrypt-cloud-mining-hashrate-now-available-for-16-usd-per-mhs/

[efc17]

3 Days to go until ZeusHash opens.  I'm going to buy some MH/s I've decided.

I'm just wondering whether to store my payouts or invest in more MH/s?

What do you guys generally do? Or a combination of both?

[david123]

I have some small amount on pbmining, I'm quite close to ROI, but I can't really recommend starting
now, the rates are too high (and there are still uncertainties about their legitimacy). But for me it worked
out, I was also quite tired of babysitting the machines.

Scrypt-wise, I'm happy with ltcgear. Using the discount code "anniversary1yr" you can get 160 MH for
below 800$ (if you pay with BTC) and the payments can be converted to BTC automatically. I think this is as
close to ROI as one can get, considering the options available at the moment. One should be cautious
as with any investment, but for now they have a >1yr clean record.
(Yes, the link in my sig is a ref-link. Don't use it if you don't like, i'm not advertising here, just
wanted to report that I'm happy with them )

[cryptoonion888]

What do you thing about eobot.com and its cloud service?

[xstr8guy]

What do you thing about eobot.com and its cloud service?

I don't even have to visit that URL to determine whether it's a scam or not, lol.

Hint... it's a scam.

How do I know? They haven't posted an official thread on this forum. If you're a legitimate company, that's the FIRST thing you would do.

I'm even going to go out on a limb and guess that their software is malicious. There's probably a worm that will steal your passwords and your coins.

[cryptoonion888]

What do you thing about eobot.com and its cloud service?

I don't even have to visit that URL to determine whether it's a scam or not, lol.

Hint... it's a scam.

How do I know? They haven't posted an official thread on this forum. If you're a legitimate company, that's the FIRST thing you would do.

I'm even going to go out on a limb and guess that their software is malicious. There's probably a worm that will steal your passwords and your coins.

Well, the truth is I'm a little bit worried, i mean I not gonna be poorer or richer if is a scam but, well, you start to lost confidence in this new world. 

I saw in that cloud a few good characteristics: 1) They dont have fees, just buy the hashpower. 2) The accept paypal to buy hashpower 3) You can "mine" others coins like doge, btsx, nmc, sys, ltc, drk etc. Around 13 different coins  4) You can buy either scrypt khs or sha 256 ghs, but if you buy sha 256 you only gonna get btc. ...

These seems good enought to me, so i bought some scrypt hash with paypal. Then they when i tried to do my first withdrawl, there says that for the new policy of disputes, the withadraw will be enable 180 days before my last purchase!!! That really pissme off, I call paypal, and to support of eobot and they reduce the days to 45... so right know i'm ok with that.

But there are some other things. They are more expensive that zeushash or hashlet (almost twice) and i dont know why, maybe because the free fee. Yes your account shows the coins you are "mining", but they really dont mine but LTC and BTC.I thing  at the moment you are mining they do the convertion frome LTC to DRK or BTSX, even NTX that is PoS. 

They can refund me, but I dont wanna mine BTC or LTC, wait a month, and then change them in an exchange to my coins of election -in that case is better just buy the BTC and buy NTX and BTSX or DRK, etc, and do trading and not mining.

I know with this mining stuff I'm not gonna have my ROI in a long time, that don't care me. I believe in the cryptocoins, I wanna be part of it. But also I dont want to be cheated. Everybody said me inside that the company works well, it's right, I dont have to worry about the time, they have at least 10 months working.

So if somebody have a complain about the company or information about, i will be grateful.

[brokjen420]

I beta Tested Zeus Hash, I'm loving the ability to start small in either BTC mining or LTC mining.

I really think Buying cloud hash is a lot like Trading. Buy when its a good time to buy and you will profit greatly. 

[baltimoreppc]

I sold all my share at Gawminer and Bought LTCGear - Got First ROI Today after 4 weeks..Can't say he is real deal or not but I got my payment last 5 weeks..so far it is real.

[Kimowa]

I sold all my share at Gawminer and Bought LTCGear - Got First ROI Today after 4 weeks..Can't say he is real deal or not but I got my payment last 5 weeks..so far it is real.

Nice, but why did you sell gawminer to buy LTCgear? Better return?

[eoakland]

Cloud mining is good and bad.  i like the hassle free mining and not worrying about electrical costs.  however, i do not like that someone else controls my miner and can change TOS or the status quo at the drop of a hat.  unless you are going to buy some serious Th/s i would recommend just buying the coin at current price levels.  

[ranochigo]

Cloud mining is good and bad.  i like the hassle free mining and not worrying about electrical costs.  however, i do not like that someone else controls my miner and can change TOS or the status quo at the drop of a hat.  unless you are going to buy some serious Th/s i would recommend just buying the coin at current price levels.  

Even if you buy TH/s of hash rates, you will not have ROI. Although you don't have to worry about electrical cost, the maintenance fees and price per GH is ridiculously high. Don't even think about mining unless you buy a lot of ASIC (not preordering)  and have nearly free electrical cost. Cloud mining will not be profitable with the increasing difficulty and maintenance fees.

[ErikvanBreen]

LTCgear is still extremely profitable, hop in the ROI train while you still can 

[wunkbone]

LTCgear is still extremely profitable, hop in the ROI train while you still can 

This is the part I don't understand, why are ltcgear selling profitable contract..