Topic: Are the cloud mining sites to go scam? (Read 3124 times)

Not all but most out of it. I was looking to invest in cloud mining few months ago and researched a lot about it.

Bitcoin mining is a business now and should leave for them who treat it in such way. Most of the cloud mining sites lost revenue due to halving and so that the investors of it, so now you will see either low returns on your investment or a complete vanish of your capital. I think it’s better to focus on other options, cloud mining has lost its charm.

I have never invested my bitcoins in cloud mining sites and always have preferred to stay away from it, in fact I would love to loose it in gambling instead of getting cheated.

Exactly, but how profitable investing with that sites your talking about because I have invested before in a site goes to scam and they are giving me like a 20% per month profit.

Have you ever tried genesis mining. It is one of the best mining company online. They are very legit and transparent. Another one is hashnest they are very legit since they produce their own mining hardware like the antminers the only setback is you should have at least 0.8 of investment to redeem your powers when the current unit is down but so far they are doing good. Not all mining are scam you just need to find the one who are not.

Hashocean has no mining facilities and it is actually a ponzi scheme. They are not liquid and not transparent they dont show the video or picture of their facilities their officers. Almost all are unknown about them and their scheme of mining bitcoin is questionable. Other mining companies may shut down if maintenance kick their backs but others will go on since they already have prepared for the difficulty of mining. It is still safe to invest on mining but just check their background first before investing to avoid scams.

By the way, recently was ringing the bell with  hashocean, I did not put much attention, someone knows something?

Till date we have experienced that majority of sites turned out to be scam, and I hardly saw any positive feedback from any user for any particular site, so it would be wise not to  invest in it.

Pretty much, most of the cloud mining scheme are like pay-in, pay-out.  A ponzi indeed.  They offer a services which is actually there is non and askyou to purchase it.  Then they will give you ROI by whatever they schedule it and make a payment of x% of what you pay them. Then other follow.  So basically they are just giving you the percentage of what you gave them and eventually when they feel that they have collected enough they will either run or declare bankruptcy.  Even legit cloudmining are shutting down due to mining profit issue.  So better go away from this cloud mining scheme.

well, all sites Minning cloud I've ever played, all of them being a scam within a few months. and worse, yet gains even my money back 100%. is currently very difficult to find a site Minning cloud that actually makes a profit

in my opinion bitcoin cloud mining websites dont depend on anything, to be honest i think that they most of them are just scams that sooner or later go bust

in my opinion you should never invest into any cloud mining wwebsites as they might easily turn to a scam and make you lose all your money, i would definitely never do that

We can't be certain because most of the cloudmining sites goes to scam, one thing you need to put in mind that when you invest you only need to put the money you can afford to lose because we never know their performance in the future whether they will remain profitable or not.

I think that real cloud mining websites like hashnest won't get scam, because it's legit and Bitmain own's it, which also sells AntMiners. So hashocean and similar websites will go to scam.

Almost all cloud mining are scams.
The only legit is hashnest, but don't get fooled. Meaning it's legit doesn't mean you will get money.
In fact you will lose your moey even if you go with a party as hashnest.

It is sure that the cloud mining services will go to scam like what happened to hashocean topmime and cldmine you cannot say that it is legit amd trusted just because it is paying and you have got your ROI . So don't be sure and not easily trust those websites it can be considered to be a legit and trusted if they actually have a certificate and any legal documents of their site and also a real identity of the operators and owner of that site .

We can't be sure on the cloud mining sites out there because even the "most" trusted and on the top 1 of the reviews or rating about cloud mining sites gone wrong and just to turned to scam and that is hashocean. It's better to spend your bitcoin on other ways like trading or other ways that you are the one who will take control of and you will feel more comfortable than investing.

Cloud Mining in 80% of cases - it is usual HYIP-pyramid, that is fraud. Real cloud mining where mining does have a farm on the fingers of one hand can be counted. Everything else - scam.
Well, a couple of photos allegedly making them a real farm, and the user makes a deposit and his beautiful figures painted in a private office, although this emulation and more or anything. You just do your contribution and deduct a percentage.
Not when you do not understand the cloud of mining, because with such a success of any HYIP can be created and then say they say the equipment is not paid off and closed, and whether the equipment was? ..

After halving, many trusted cloudmining company maybe will close their service because of non-profitable mining. They are not a scammer, they only go bankrupt because the block reward is halved but the price increment isn't proportional and they will end up with their own electricity bill. Real mining even with S7 and new GPU will be harder after halving.

But mayber there's cloudmining company which survive from the halvng, of course with lower payout. Lower payout isn't a problem for me as long as they still do mining.

I agree with you. There's only one site that I think is legit (maybe more legit mining sites out there) and that is HashNest. HashOcean um um um.

as we can see now, hashocean turned into scam even before halving. but in general this has nothing to do with halving but the cloudmining service itself. they are the problem because they are running a fake mining operation to start with. they don't even have mining equipment and they only sell fake hash power as a ponzi scheme to people who fall for it.

Everyone should stay away from cloud mining sites since that they turn to scam eventually. Even hashocean runned away, the one  who is branded as one of the most trusted cloud mining site is gone so now what? That proves that every cloud mining sites will eventually run even the most trusted ones will it will just make you trust them.

I think cloud mining sites are not a scam but HYIP's. If any bitcoin website offers a ROI under 3 months it is most likely not going to last very long. All the double your money websites those are scams and not even a HYIP. I like to invest in new cloud mining but i only invest in the first months then wait for my ROI and when ROI then that is profit. I did fall into scams like someone mentioned in this thread, it takes a year or a bit more then you understand how it really works.

Gambling is not better then cloud mining, in cloud mining you have a low risk for 4-5 months then its high risk while gambling you are always risking, who ever made lots of money gambling? honestly before losing about 10 times the amount you won? Now that is scam.

Another example is scrypt cc, boy did i ever make money on that site! First year I cleared about 1.5 BTC with about 0.25 BTC to start, of course this was with the help of trading, the. I withdraw my coin for a while invested in a safe place for 4-5 months then i saw the site was still going strong and paying so i decided to give it a shot, put my 1.5 btc back into it made it up to 2 BTC in about 1 week of trading (they used to havle).

Then after one week winning 0.5 btc I thought this must be my lucky day so i withdraw all in one shot 2 btc and it never got throught, never returned, support never contacted me back.

I was interested in cldmine then topmine but they offered similar rewards so i do not trust topmine since cldmine closed. Now I am trying minerfarm and cloudminergame, so far they have been paying only minerfarm seems to be getting trouble, hopefully it gets resolved soon.

Anyways just some thoughts I had.

It's depend to them if they will shutdown their mining rigs but i think that they will continue mining bitcoin or other cryptocurrency because if they find out that the bitcoin is no more profitable in mining they will find another one to sustain their users.

If the cloud mining companies like Hash Ocean don't adjust their pricing to the halved block rewards I don't think they will be operating in profit and it's very likely they are either going to incur losses or close up shop and reopen again under a different name and the current investors will kiss their money good bye which is like the worst case scenario for me. Also the advertised return on investment in 1-2 months would be very misleading and people would be very lucky to break even. I would be very careful with any investments in cloud mining companies right now before the halving as things could go very wrong real fast.

I think not all of the cloudmining is scam, i think they cant only to say that their promo that promising lifetime earning they cant do that.
It is not scam but for me they promise only that thing to have many customers to buy some khs powers. But im not saying they scam becasue many will be harsh to me.. Im just saying that they only have promise but they cant do that.

Since BTC price is rising profit wont be decreased by 50%.
More like 10-25%

No they cannot be bankrupt because in the first place their running as ponzi and surely they will turn scam even if no price rise will be happen they are just accumalting their target money and run, hopefully all of people will realize that hyips are fooling them theirs no really gaurentee of earnings if we invested with that scheme, theyre just giving low roi so they can sustain longer.

Yeah that is very true. I just don't trust cloud mining at all. I steer away from them and ponzi websites. Most of them are scams and some of them start ok and then turn bad.

Sooner or later it will be scam. the first month or so of the contract things will look smooth, and you might even make half of your investment back in a few months and think this is totally working. i should invest more before its too late. but the truth is you cant get your money back because they will get lost.

Cloud mining sites are a trap for newbies.
They only exist to take peoples coins away.
Either they are a ponzi, or, if they really should have a mining farm out there, you never reach the point of investment.

Well, all of the cloud mining sites are pretty much scams in my opinion. Either way, whether they are a ponzi or not, they are a scam. Because even if it's not a ponzi, you won't get ANY profit from that cloud mining sites whatsoever, that it promises to deliver.

Which is why i don't personally invest in cloud mining.

im not shure, i think that maybe some of them starts with good intents, but the problem is that some of them are not 100% minnig.

im talking about the "minning hardware".

some people start thinking that can create a "minning site"without a "minning software".

so, some of them want start investing the coins or even betting the coins with the naive idea that this bring them some profit, but eventually this collapse and they have to run, not with the winnings but with they loosses


; P

is a true story

you can sure it is a scam if they have referral program, and not showing signed blocks, no exceptions so far, based on my experience.
site like www.hashnest.com has real mining blocks proven at least.

I think if you're still using a tool to mine own. it would still work because not all bitcoin in the spread dude. so you can still get income although slightly. ROI is certainly time will be longer ? I do not know what will happen to cloudmining. they would have to be a scam of course

If you already invested in a cloudmining site and if it turns to scam or not. You have no choice but to accept the result. You are lucky if you are able to got your Return of Investment before it turns to scam.

2 years is too long for them to stretch somebody's money out but with the dramatic increase of price in Bitcoin up until the halving and perhaps even after it, the Ponzi HYIP websites are going to be pulling huge exit scams to cash out for as much as they possibly can before the price drops. So we should all expect this and I think in fact a few already do as I see offers for accounts to cloud mining websites being sold for fractions of the cost lol

Cloud mining sites are basically useless, and will be continuing to grow useless once the halving rolls around. They were designed with the idea of a constant supply of Bitcoin in mind, with no need for more hashing power. Any "lifetime contract" loses a majority of its value after four years, and becomes nearly valueless once 12 years go by, especially within Bitcoin.

Cloud mining sites as basically useless, and not worth investing in.

Yes ,cloudmining is scam also the more it last tge more money it scams it is good for them but this time will be a great problem if they can't supply or make a rotation to pay the investors because of the high price of btc .

Yes its obvious risk for investing in cloud mining. At this moment as the price is sky rocketing just holding also it will be more profit than mining if you have higher target for your bitcoins with little patience.

Just dont pay them any money. Almost all of them are scams and youll just lose money.

Every cloudmining site will go scam sooner or later halving has nothing to do with it.Reason is very simple,they are nothing more than ponzi scams who lie about the "mining" part so they can steal more money from clueless people.

Ponzi schemes will last as long as
A) The admin want them to
B) The supply of greedy suckers continues.

do you think hashocean is ponzi scheme using the system? if yes why their site live more than one year? it being thoughts. I was tempted by gains in bitcoin. and I've tried and I've reached the ROI but unfortunately I only invest 30 KHS only :/

We can't tell until when they will continue to operate. If they mine other coins like ethereum maybe they will continue even after halving. But i think cloud-mining companies are not safe even if they are already operating for a long time. They don't have a real proof how or where they mine their coins. It is easy to say they mine this and here is there location but we can't tell if it's true.

It's only my opinion about cloud-mining sites so don't be afraid about losing your money. Just always think positive.

I think you should have a long hard think about doing "due dilligence" and other unfashionable stuff before you even think about sending any more coin to websites with absolutely no proof of what they say they are doing.
Note the multiple use of the word "think", try it sometime.
Also try applying the criteria set out here to determine if you have half a chance of not being scammed.
What's the burning desire to "invest" BTC anyway? The price is going up faster than any mining profits, just hold.

yes recently a mining site cldmine.com has ran away with users btc...me too lost many doge coins that i invested in cldmine..i think we should wait till bitcoin halving then start investing on them again

In my opinion, not all cloud mining will go to scam. As an investor the risk is associated when investing so we need to evaluate the risk and calculate it base on our investment and our goal.

I have invested with some cloud mining but I have a bad experience in scrypt.cc, but as an bitcoin lover I would support any business that will help the community grow. With that said, I would suggest that only invest with the more trusted sites and put an amount that you can afford to lose.

Then what about HashOcean? I heard they don't mine bitcoins but altcoins. Is it safe to invest there?

May you mean it's are game HYIP or PONZI. Make sure your site for invest your money've real could minning, Like have detail where them to do it.

I think hashocean will not shutdown their mining rigs because based on their answer in email. They are not only relying on bitcoins they said that there is many cryptocurrency or altcoins that they can mine. I think if the bitcoins is not more profitable they will mine ethereum .

Cloud mining is prime for scamming because the very nature of mining requires up front costs for hardware that you then repay one little piece at a time each day. So fake cloud miners just use your own money to pay you back for months and then cash out when they want by closing the website.

Scam or not, that is the RISK that investors need to endure. I don't care anymore if Hashocean will run or not. I already got my Return of Investment there. I am just earning pure profit from them .

Man, your example is shitochean. They are not mining, they are ponzi scheme
You know what will happen with ponzi, here it is SCAM

The websites like Genesis-Mining may be able to survive with the mining of "Ethereum". Bitcoin mining would not be much profitable for them and in result, they could end up the cloud mining of bitcoin. But on the other hand, ethers could provide these sort of websites still a heck of profit, at least for  a few more months, or maybe even more if the value of ethers continue to increase with the current rate of increasing.

About the websites which only "claim" to be of cloud-mining, they'd continue as they are NOT related to crypto-currencies in any way at all. They are only and only ponzi's and HYIP's which are using bitcoin and other altcoins as a payment processor to get increase in investments anonymously. They'd continue to open, gain and close. Just like the recent example of CLDMine.

It is known that most of these sites are ponzi scheme so it just a matter of time before they turn scam. It is going to happen just when they do not get new members to invest.

Right and possible their will run with your money but if they not ruin their business of course they will tell you about a decrease in the number of bitcoin generated  per day.

I'd have to agree with a lot of other posts here. Could mining already is either not profitable for the person purchasing it or it's just a cover up for a Ponzi. Definitely don't incest in one right now! You'll never see ROI.

most of the cloud mining will go down in my opinion because they are just scams that wont to take your money

I think before bitcoin reward exhausted then cloudmining not going to die? if you want to benefit from cloudmining was still possible dude. you should look for a site mining right to mine is not a ponzi sites. then you can still benefit. cloudmining yet expired dude

I dont think the main ones are a scam but i just think they are highly unprofitable and a waste of money.

Thanks for all your replies, I will not invest any money in these sites as of now.

We can't say that all of them will turn to scam their users but it is highly recommended to not invest there anymore, withdraw all the money that you have there if you can but if you can't you can just hope to get your money back and if any little profit. I'm afraid that the payment from these cloud mining websites will be delayed first and then not paying(scamming)

I too believe most of the cloud mining sites were scams. In my view cloud mining websites target must upon the newbies, because every new user has a big dream of earning high from bitcoin initially. Only after years people understand the reality.

If you believe Hashocean, they don't mine Bitcoin, they mine altcoins and convert to Bitcoin for payment.

If you don't believe Hashocean, they are a ponzi scam similar to Scrypt.cc and will shut down when they have stolen enough money.

Which Bitcoin cloudmining companies are you referring to particularly?

Cloud mining is not profitable at all.

The only way to make profit mining is to live in a place where electricity is $0.04 to $0.02 and have a $10,000 invest in hardware.

All cloud mining companies will shut down, with the only people making profit the creators.

Theres a possibility that this cloud mining sites will turned into scam one day when halving is already started..a lot of rumors that some mining site will shutdown because of halving.

I just use nicehash, simple GUI that benchmarks your gpus for you!

The cloud mining companies are renting out their hash power to customers and they have predetermined prices that will always make them a profit no matter what the price of Bitcoin will be like. I think they will just increase the pricing on their mining packages according to the current price of Bitcoin after the Halving and they will have factored in the halved block reward at that. And I think the cloud mining websites are double dipping by renting their hash power for a much more expensive price than if you would buy an ASIC and mine with it by yourself and by using their mining farms to mine for themselves on top of that. Also their advertised profits are just a rough estimation but in reality the rising difficulty and the highly volatile Bitcoin market might just make your investments unprofitable in the long run and even cause you to lose a portion of your initial investment. Be careful when investing on such websites and don't put in big sums of cash on there  

I don't think that they will go scam, but they will try to manage some tools for maintaining their business and will make a way through which they will benefit their business as well as their members.

Cloud mining site (most of them) works on same principle of hyip and they will be in business till they success to get new investors everyday with which they can pay old investors. Thats why i think upcoming halving will not have any effect on cloud mining business other than some turning this as oppurtunity to scam and run away like cldmine.

Funny story, for me it actually was a good deal to go with Genesis Mining, just not for mining Bitcoins. I had set my earnings on Dash when they were worth around 0.006 btc and received quite a lot, profited when they hit 0.02 btc and now I'm still getting some.

I estimate I'm now at around 50 USD profit.

And if you just hold all your earnings you could still get ROI from any coin if the price suddenly rises a lot.

Nearly all of the cloud mining sites are scam. There are so little people who got their ROI from their cloudmining investments. They constantly raise their "maintance fees" and lower your profits and when you are so close to get your ROI you won't be earning anything.

Stay away from cloudmining.

as far as my experience to the cloud mining sites, it is always a scam before your money back. Well I've been several times to join in such sites, and as a result I lost my bitcoin

we don't know what would happen after that bitcoin halving but for this time it is not a good idea to invest on some cloud mining sites or any online investment i guess . maybe hashocean will shutdown their site or not we don't know . there's so many opinions and some saying that most of them will turn to scam to be careful with that it is a good idea to hold your bitcoin at this moment .

maybe they will turn into a scam . so it is not advisable to invest on cloud mining sites especially the bitcoin halving is approaching in this time they will have very huge scam because there are so many investors in their program . we are not sure what will happen soon but we need to be careful .

If the site has an exchange you know it is legititmate, like Hashnest and BW. Genesis Mining has no exchange but is considered legitimate, just has never been a good deal for investors. If you are going to buy hosted hashing power you should buy it at a site where you can also sell if you want or need to.

It btc's value keeps growing then miners income wont drop too much. But i never trust cloud mining site in the first place.

If the cloud mining site is a Ponzi they could care less about the halving, will stay afloat as long as new investors send funds allowing them to make payouts.

I dont think theres one cloud mining site that is legit? An investor shpuld check first if site is transparent enough to show their operation is legit like show their mining rigs, area of operation, owners or operators should be made public.

Some of them,,but there is still some legit ones.. cloud mining shutsdowns because of one thing ,and that is halving.
So it is better not join in a cloud mining rightnow,,it is only safe to join when halving ends.

all the cloudmining sites will go bankrupt sooner or later because they are not really good businesses and they can't both profit and give their investors any profit.
besides almost all of them are scams or will turn into scams to run away with the most money they can get.

Just a thought,

After bitcoin halving , the block reward will be reduced to half. So the profit will be decreased by 50% for miners.

Right?

Then what about the mining companies like hashocean? Will they shutdown?

Replies are welcome.

Ps: Correct me if I'm wrong on any thought.