Is cloud mining still profitable?

[CrackedLogic]

From Google...

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

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[Phildo]

Read CloudMining 101.

Most of them are scam, and even if they are legit, I don't think it's profitable.

So most of them are ponzis?

I mean how can a cloud mining ponzi work? I know if they don't mine they're scamming but how can they do a ponzi out of cloud mining?

You give them money. Instead of wasting that money by buying and operating miners, they just do the math and see how much money you would have earned , and give that money back to you.

These had been able to go on for a while because most miners would never payout the amount of money you paid in. If they did, the operator could use other people's money to payout, or just take the money and run.

If someone is actually running miner in their cloud mining you should be able to point the miners where you want them and you should be able to look on the blockchain and see fresh coins be mined, and go to your address.

That's interedting... So they fake the transactions to look like they're mining and that's a ponzi?

Yes. If you give me 1btc for mining hashpower that will only generate .9 btc, why would I bother buying a miner and wasting electricity. I can just slowly give back .9 of the 1 btc you gave me over time.

if I was really mining the coins I gave you would be very very fresh, and I would be able to show you on the blockchain where the coins were mined and how they got to you.

[Berau]

From Google...

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

I've heard that blockchain.info's information isn't always correct.

What if the company says that they uses their own miner products? Such as zen hashlets.

[Berau]

Yes. If you give me 1btc for mining hashpower that will only generate .9 btc, why would I bother buying a miner and wasting electricity. I can just slowly give back .9 of the 1 btc you gave me over time.

if I was really mining the coins I gave you would be very very fresh, and I would be able to show you on the blockchain where the coins were mined and how they got to you.

Hmm... So they're just paying out from their hot wallet, instead of investing the money other people has invested into real mining?

How can you prove that "my coin is freshly dug"?

[Phildo]

From Google...

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

I've heard that blockchain.info's information isn't always correct.

What if the company says that they uses their own miner products? Such as zen hashlets.

The coins have to come from somewhere. Find the transaction where you got the coins on the blockchain, and see when they were created.

[Berau]

From Google...

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

I've heard that blockchain.info's information isn't always correct.

What if the company says that they uses their own miner products? Such as zen hashlets.

The coins have to come from somewhere. Find the transaction where you got the coins on the blockchain, and see when they were created.

Is there information on blockchain.info regarding which address has mined the coins?

[tspacepilot]

From Google...

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

What about this?

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Shows the TH/s of most pools.  Is that what he's looking for?  Maybe I missed something.

[Berau]

From Google...

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

What about this?

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Shows the TH/s of most pools.  Is that what he's looking for?  Maybe I missed something.

I'm looking for how I can check which address generated the bitcoin, so that I can check if a site is legit, or just a ponzi.

Thanks for the kind advice guys.

[Phildo]

From Google...

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

I've heard that blockchain.info's information isn't always correct.

What if the company says that they uses their own miner products? Such as zen hashlets.

The coins have to come from somewhere. Find the transaction where you got the coins on the blockchain, and see when they were created.

Is there information on blockchain.info regarding which address has mined the coins?

Yes, you can trace all coins on the blockchain.

See this address, https://blockchain.info/address/14yfxkcpHnju97pecpM7fjuTkVdtbkcfE6

there are lots of fresh coins in there, it belongs to someone who is mining. When someone receives a payment from someone, you can backtrack to see where the coins come from. If you are getting coins from cloud mining, it really shouldn't take that man clicks to get from you getting the coins to "No Inputs (Newly Generated Coins)" because the point of cloud mining is to distribute those newly generated coins to the people that paid for the miners. If they are the same coins you already gave them, something is up.

[Berau]

From Google...

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

I've heard that blockchain.info's information isn't always correct.

What if the company says that they uses their own miner products? Such as zen hashlets.

The coins have to come from somewhere. Find the transaction where you got the coins on the blockchain, and see when they were created.

Is there information on blockchain.info regarding which address has mined the coins?

Yes, you can trace all coins on the blockchain.

See this address, https://blockchain.info/address/14yfxkcpHnju97pecpM7fjuTkVdtbkcfE6

there are lots of fresh coins in there, it belongs to someone who is mining. When someone receives a payment from someone, you can backtrack to see where the coins come from. If you are getting coins from cloud mining, it really shouldn't take that man clicks to get from you getting the coins to "No Inputs (Newly Generated Coins)" because the point of cloud mining is to distribute those newly generated coins to the people that paid for the miners. If they are the same coins you already gave them, something is up.

Wait... I've heard that one characteristic of a ponzi is that they don't allow you to cashout your earnings conveniently.

Does that mean that pbmining is a ponzi? Because they don't allow you to trade your contract and has high cashout standards.

[tspacepilot]

From Google...

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

What about this?

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Shows the TH/s of most pools.  Is that what he's looking for?  Maybe I missed something.

I'm looking for how I can check which address generated the bitcoin, so that I can check if a site is legit, or just a ponzi.

Thanks for the kind advice guys.

So you want to check, for a given block, which computer on the network found the block?  Or you want to do this for all blocks?

There's a difference between the IP address of a computer which solved a block and the address where the block reward went.  Are you talking about mining or simply sending a transaction.  Sorry it's not clear to me from your post.

[Berau]

From Google...

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

What about this?

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Shows the TH/s of most pools.  Is that what he's looking for?  Maybe I missed something.

I'm looking for how I can check which address generated the bitcoin, so that I can check if a site is legit, or just a ponzi.

Thanks for the kind advice guys.

So you want to check, for a given block, which computer on the network found the block?  Or you want to do this for all blocks?

There's a difference between the IP address of a computer which solved a block and the address where the block reward went.  Are you talking about mining or simply sending a transaction.  Sorry it's not clear to me from your post.

No like to check if a site is legit mining or is just paying out from what you sent them, so I need to check whether there's a newly created bitcoin block related to the payout address, or it's just from other people's sent bitcoins. Sorry for being unclear.

[Phildo]

If they are legit they really shouldn't have a problem sending you links on the blockchain to their payouts and showing you that they are legit. That's the whole point of crypto, everything is written down and can't be faked. If they can't show it to you, why trust them?

[Syke]

How can you prove that "my coin is freshly dug"?

Look at this block:

https://blockchain.info/block-index/814643

Under Transactions you see:

No Inputs (Newly Generated Coins) ->

That's how you know those coins were first mined.

[Monetizer]

Has any of you guys ever made profit through these sites? I made a little through buying and selling on sites like gh.io but never made anything from holding onto the mining contract if you will.

[Berau]

Has any of you guys ever made profit through these sites? I made a little through buying and selling on sites like gh.io but never made anything from holding onto the mining contract if you will.

I tried cex.io with less than BTC0.05, within a few days of purchase of GH/S, my btc balance went negative from the maintenance fees.

But was damn lucky to sell that gh/s for something like 0.07, due to market fluctuations.

[Phildo]

Has any of you guys ever made profit through these sites? I made a little through buying and selling on sites like gh.io but never made anything from holding onto the mining contract if you will.

If someone had a money making machine that would generate x dollars/paycoins/whatever why would they rent it to you for less than that?

[Berau]

Has any of you guys ever made profit through these sites? I made a little through buying and selling on sites like gh.io but never made anything from holding onto the mining contract if you will.

If someone had a money making machine that would generate x dollars/paycoins/whatever why would they rent it to you for less than that?

Lol, what are paycoins? Another altcoin?

[jacktheking]

No. Cloud mining is not profitable now. Unless the Bitcoin price shoot up, the electricity and maintenance gonna cost 90% of what you mine in the cloud. In addition, most of the cloud mining site are ponzi based.

[Berau]

No. Cloud mining is not profitable now. Unless the Bitcoin price shoot up, the electricity and maintenance gonna cost 90% of what you mine in the cloud. In addition, most of the cloud mining site are ponzi based.

I don't think cloud mining uses up electricity, did you just mean maintenance?