Cloud Mining - Please help a newbie

[Vitamin King]

I always wanted to mine but never had enough resource. Over month, I have gathered around 0.11BTC from faucets and twitter giveaways, with which I want to buy hash power. The cheapest one I see around is offered by www.cloudmining.website, which is 0.001 BTC/GHs. But, before I invest, I'd like to know what people want to say about their experience about this service. As it seems, at current difficulty, I should reach ROI at 4 month. Please advise...

Update 30/03/2015: In fact, I invested 0.11BTC in this service and have already made ROI.

Update 11/07/2015: They are paying consistently for more than eight months now and they publish the blockchain payment proof - www.cloudmining.website/payments.php. Moreover, according to a third party cloud mining monitor, www.CloudMining.website delivered ROI within ~114 days...



Conclusion: Initially, I took them with a grain of salt, but, after eight months, I can definitely say, they are trustworthy...

[newIndia]

I always wanted to mine but never had enough resource. Over month, I have gathered around 0.11BTC from faucets and twitter giveaways, with which I want to buy hash power. The cheapest one I see around is offered by www.cloudmining.website, which is 0.001 BTC/GHs. But, before I invest, I'd like to know what people want to say about their experience about this service. As it seems, at current difficulty, I should reach ROI at 4 month. Please advise...

As of yet, the feedback is good => https://bitcointalk.org/index.php?topic=844310.0

Maybe, it worth a try.

[MichaelBliss]

I always wanted to mine but never had enough resource. Over month, I have gathered around 0.11BTC from faucets and twitter giveaways, with which I want to buy hash power. The cheapest one I see around is offered by www.cloudmining.website, which is 0.001 BTC/GHs. But, before I invest, I'd like to know what people want to say about their experience about this service. As it seems, at current difficulty, I should reach ROI at 4 month. Please advise...

The difficulty increases exponentially, so really ROI is not guaranteed no matter who you go with.   I know AM is offering cloud mining through Havelock (AMHASH), and AFAIK it's the best, or at least one of the best deals going, but will you make ROI back?   Certainly not in 4 months, no matter who you choose.    You might just want to hold the coin you have instead - it's a valid option anyway!

[El Emperador]

I suggest you not to invest in cloud mining because many cloud mining services are nothing but HYIPs.
Anyway, even if they are legit, the ROI takes too long to be reached.

[Snipe85]

I suggest you not to invest in cloud mining because many cloud mining services are nothing but HYIPs.
Anyway, even if they are legit, the ROI takes too long to be reached.

That's the point. If you compare the risk it looks similar to this:

holding BTC < trading BTC < hardware mining <  cloud mining
Pick your poison

[mezmerizer9]

I always wanted to mine but never had enough resource. Over month, I have gathered around 0.11BTC from faucets and twitter giveaways, with which I want to buy hash power. The cheapest one I see around is offered by www.cloudmining.website, which is 0.001 BTC/GHs. But, before I invest, I'd like to know what people want to say about their experience about this service. As it seems, at current difficulty, I should reach ROI at 4 month. Please advise...

I'd suggest you hashprofit but the only problem is that you can't sell you KHs for the next 90 days, or 3 months if you will. Just don't invest in cex.io if you were planing to.

[cryptworld]

you can test scrypt mining,at least more profitable than bitcoin mining
check my signature 

[nothing2seeHere]

I suggest you not to invest in cloud mining because many cloud mining services are nothing but HYIPs.
Anyway, even if they are legit, the ROI takes too long to be reached.

I agree, however even if the cloud mining company is not a ponzi/hyip most cloud mining contracts will need to have the difficulty rise unrealistically slow in order to potentially ROI period.

[Stargazer]

I suggest you not to invest in cloud mining because many cloud mining services are nothing but HYIPs.
Anyway, even if they are legit, the ROI takes too long to be reached.

I agree, however even if the cloud mining company is not a ponzi/hyip most cloud mining contracts will need to have the difficulty rise unrealistically slow in order to potentially ROI period.

That is why some of them allow you to trade the contracts. This feature also gives you a way to bail out should you need to.

[ranochigo]

I suggest you not to invest in cloud mining because many cloud mining services are nothing but HYIPs.
Anyway, even if they are legit, the ROI takes too long to be reached.

I agree, however even if the cloud mining company is not a ponzi/hyip most cloud mining contracts will need to have the difficulty rise unrealistically slow in order to potentially ROI period.

That is why some of them allow you to trade the contracts. This feature also gives you a way to bail out should you need to.

CEX.io's maintenance fees is much higher than the payout so you would get negative payouts, the cloudmining there is already unrealistic.

On the otherhand, if you are looking to profit, the best way is to trade. However, without sufficient experience and funds, you would most likely not profit. Trading is like gambling, you have the potential to lose in the long run unless you are experienced.

[Furio]

I suggest you not to invest in cloud mining because many cloud mining services are nothing but HYIPs.
Anyway, even if they are legit, the ROI takes too long to be reached.

I agree, however even if the cloud mining company is not a ponzi/hyip most cloud mining contracts will need to have the difficulty rise unrealistically slow in order to potentially ROI period.

That is why some of them allow you to trade the contracts. This feature also gives you a way to bail out should you need to.

CEX.io's maintenance fees is much higher than the payout so you would get negative payouts, the cloudmining there is already unrealistic.

On the otherhand, if you are looking to profit, the best way is to trade. However, without sufficient experience and funds, you would most likely not profit. Trading is like gambling, you have the potential to lose in the long run unless you are experienced.

LTCGEAR.com or pbmining, but pbmining is anonymous, so LTCgear.com is the safest, roi in 10 to 14 weeks.

[ranochigo]

I suggest you not to invest in cloud mining because many cloud mining services are nothing but HYIPs.
Anyway, even if they are legit, the ROI takes too long to be reached.

I agree, however even if the cloud mining company is not a ponzi/hyip most cloud mining contracts will need to have the difficulty rise unrealistically slow in order to potentially ROI period.

That is why some of them allow you to trade the contracts. This feature also gives you a way to bail out should you need to.

CEX.io's maintenance fees is much higher than the payout so you would get negative payouts, the cloudmining there is already unrealistic.

On the otherhand, if you are looking to profit, the best way is to trade. However, without sufficient experience and funds, you would most likely not profit. Trading is like gambling, you have the potential to lose in the long run unless you are experienced.

LTCGEAR.com or pbmining, but pbmining is anonymous, so LTCgear.com is the safest, roi in 10 to 14 weeks.

LTCGear seems to be quite new, I haven't seen any proof of ASICs actually mining. I wouldn't regard them as the safest as they could potentially run away once they have gained a lot of deposits. Also, you cannot sell the hashrate whenever you want to.

[Furio]

I suggest you not to invest in cloud mining because many cloud mining services are nothing but HYIPs.
Anyway, even if they are legit, the ROI takes too long to be reached.

I agree, however even if the cloud mining company is not a ponzi/hyip most cloud mining contracts will need to have the difficulty rise unrealistically slow in order to potentially ROI period.

That is why some of them allow you to trade the contracts. This feature also gives you a way to bail out should you need to.

CEX.io's maintenance fees is much higher than the payout so you would get negative payouts, the cloudmining there is already unrealistic.

On the otherhand, if you are looking to profit, the best way is to trade. However, without sufficient experience and funds, you would most likely not profit. Trading is like gambling, you have the potential to lose in the long run unless you are experienced.

LTCGEAR.com or pbmining, but pbmining is anonymous, so LTCgear.com is the safest, roi in 10 to 14 weeks.

LTCGear seems to be quite new, I haven't seen any proof of ASICs actually mining. I wouldn't regard them as the safest as they could potentially run away once they have gained a lot of deposits. Also, you cannot sell the hashrate whenever you want to.

Uhm, they have proof and the man behind is ltcgear is well-known, unlike PB mining.

[RocketSingh]

I suggest you not to invest in cloud mining because many cloud mining services are nothing but HYIPs.
Anyway, even if they are legit, the ROI takes too long to be reached.

I agree, however even if the cloud mining company is not a ponzi/hyip most cloud mining contracts will need to have the difficulty rise unrealistically slow in order to potentially ROI period.

That is why some of them allow you to trade the contracts. This feature also gives you a way to bail out should you need to.

CEX.io's maintenance fees is much higher than the payout so you would get negative payouts, the cloudmining there is already unrealistic.

On the otherhand, if you are looking to profit, the best way is to trade. However, without sufficient experience and funds, you would most likely not profit. Trading is like gambling, you have the potential to lose in the long run unless you are experienced.

LTCGEAR.com or pbmining, but pbmining is anonymous, so LTCgear.com is the safest, roi in 10 to 14 weeks.

LTCGear seems to be quite new, I haven't seen any proof of ASICs actually mining. I wouldn't regard them as the safest as they could potentially run away once they have gained a lot of deposits. Also, you cannot sell the hashrate whenever you want to.

Uhm, they have proof and the man behind is ltcgear is well-known, unlike PB mining.

Who is the man behind LTC gear ?

[dothebeats]

Cloud mining is a service offered by companies who have the power to mine in great numbers. They offer a 'share' of this mining power to their customers which in turn give them profits (not profitable, imho) over some time. There are some legit sites that offer cloud mining power, but there are also scam sites out there that only offers cloud mining services for a couple of weeks and run away with their investors' money.

[TheGeorge]

I always wanted to mine but never had enough resource. Over month, I have gathered around 0.11BTC from faucets and twitter giveaways, with which I want to buy hash power. The cheapest one I see around is offered by www.cloudmining.website, which is 0.001 BTC/GHs. But, before I invest, I'd like to know what people want to say about their experience about this service. As it seems, at current difficulty, I should reach ROI at 4 month. Please advise...

As of yet, the feedback is good => https://bitcointalk.org/index.php?topic=844310.0

Maybe, it worth a try.

I can confirm that www.cloudmining.website is paying out. The scheduled weekly withdrawal has just taken place. The risk is associated with all cloud mining websites. But, for some like CEX.io u're confirmed NOT to make ROI EVER !!!

[omega33]

Cloud mining is a zero sum game.
You can't earn btc from using cloud mining. They only chance you can win is if you trade cloud mining shares in cex.io.

[RussianRaibow]

I suggest you not to invest in cloud mining because many cloud mining services are nothing but HYIPs.
Anyway, even if they are legit, the ROI takes too long to be reached.

That's the point. If you compare the risk it looks similar to this:

holding BTC < trading BTC < hardware mining <  cloud mining
Pick your poison

I think u r partially correct. The equation should be as follows...

holding BTC (no risk no gain) <  cloud mining (ponzi or not, u can at least calculate the outcome) < hardware mining (difficulty will slip out in time) < trading BTC (some people bought at 300 and sold at 1200... as well as the reverse)

[Furio]

Cloud mining is a zero sum game.
You can't earn btc from using cloud mining. They only chance you can win is if you trade cloud mining shares in cex.io.

Simply not true, LTCgear.com breaks even in about 12/14 weeks...

[SpanishSoldier]

Cloud mining is a zero sum game.
You can't earn btc from using cloud mining. They only chance you can win is if you trade cloud mining shares in cex.io.

Simply not true, LTCgear.com breaks even in about 12/14 weeks...

Haters gonna hate... let them. Cloud mining is taking over...