Binance launches new cloud mining for Bitcoin

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Quote from: Ultegra134 on March 18, 2023, 07:32:38 PM

Quote from: Husires on March 18, 2023, 03:10:46 PM

Quote from: BitMaxz on March 18, 2023, 06:27:55 AM

That's not new it was launched last year I don't know how profitable their cloud mining but why not calculate them using this tool below?

You can find some details here https://pool.binance.com/en/cloud The last time I visited the site, the service was not available, but now it seems that it is available, with prices starting from Start from $ 5.8590

Quote

Est. Start time
2023-05-17
Hashrate Fee
0.0120 USD/T/Days
Electricity Fee
0.0531 USD/T/Days
Historical Output
0.0809 USD/T/Days
Static Revenue Rate
131.66%

Freezing about $6,000 for about 90 days is reason enough to stay away from them, because you will first trust them and then think that they will give you enough profit, which is something that can be obtained from trading.

It's not $6,000, but $5.85 per TH. You can choose your desired hashrate from as little as 1 TH to even 1000 TH or more. Binance's platform provides a mere estimate of your earnings depending on the hashrate you choose. For instance, 100 TH costs approximately $600 and is expected to yield 0.005317 BTC, currently worth approximately $150, after the 90-day lock-in period. To be honest, it's not too bad, but I don't like the whole idea of cloud mining, even when it's coming from Binance. We were always advised against using something that sounds too good to be true and prompts a Ponzi scheme.

Losing $450 isn't too bad? I think i'd rather just get out a lighter and burn money vs waiting 90 days to lose 75%, wouldn't you? Being binance I am pretty sure you'll have to pass KYC as well while you are losing money.

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Quote from: buwaytress on March 24, 2023, 07:05:09 AM

Didn't see this topic earlier, also saw an email when cleaning up my inbox. Didn't think anyone would want to try yet another cloud mining project, particularly when even legitimate ones have closed down (to my knowledge anyway).

For me, anything that feeds a regular and predictable income at scheduled periods has to be anything but cloud mining. Mining is anything but predictable.

I have been marking and supporting cloud mining that is reported in the scam section as a Ponzi scheme and now here we have Binance one of the top exchanges in the industry re-introducing cloud mining to the community that will make the community change their perception of cloud mining.
If Binance cloud mining becomes successful and in demand, we'll see more cloud mining sites and could be using Binance as their model, but I still won't change my perception that cloud mining is a Ponzi scheme, there are a lot of scripts for cloud mining that scammers are using.

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Didn't see this topic earlier, also saw an email when cleaning up my inbox. Didn't think anyone would want to try yet another cloud mining project, particularly when even legitimate ones have closed down (to my knowledge anyway).

For me, anything that feeds a regular and predictable income at scheduled periods has to be anything but cloud mining. Mining is anything but predictable.

That said, they have "sold out" all their options now, so maybe they have a limited pool of subscribers.

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Quote from: Rikafip on March 20, 2023, 09:18:37 AM

Quote from: MeCsc on March 20, 2023, 08:21:57 AM

Please I will like to know which mining pool is better for mining bitcoin and also if they do ask for Kyc verification

But why would you bother with cloud mining and waiting for a certain period of time to get your bitcoin when you can simply buy it directly and have it immediately in your own non-custodial wallet? And yes, if you plan to use Binance cloud mining you will have to go through KYC.

Supposedly, Binance's programs break even at approximately 39 days; thus, any Bitcoin mined after the 40th day is pure profit. If everything goes according to plan, it's estimated that you'll yield roughly 25% profit, which isn't too bad. However, there are no guarantees, and even traditional mining has suffered a loss in earnings. The general idea of cloud mining has flaws already, even though Binance is a reputable exchange. All these services are investment products, so they aren't liable if anything doesn't go as planned.

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I think, be to proceed with caution when it comes to cloud mining, and to do your research before investing any money. In terms of profitability, it's difficult to say whether Binance's cloud mining is more profitable than joining a mining pool.

So, it really depends on a number of factors, including the cost of electricity in your area and the current price of Bitcoin.

However, it's worth noting that cloud mining typically involves higher fees than mining in a pool, which can eat into your profits. While it's possible to earn decent mining rewards with cloud mining, it's also a high-risk, high-reward proposition that is not suitable for everyone.

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Quote from: Ultegra134 on March 18, 2023, 07:32:38 PM

Quote from: Husires on March 18, 2023, 03:10:46 PM

Quote from: BitMaxz on March 18, 2023, 06:27:55 AM

That's not new it was launched last year I don't know how profitable their cloud mining but why not calculate them using this tool below?

You can find some details here https://pool.binance.com/en/cloud The last time I visited the site, the service was not available, but now it seems that it is available, with prices starting from Start from $ 5.8590

Quote

Est. Start time
2023-05-17
Hashrate Fee
0.0120 USD/T/Days
Electricity Fee
0.0531 USD/T/Days
Historical Output
0.0809 USD/T/Days
Static Revenue Rate
131.66%

Freezing about $6,000 for about 90 days is reason enough to stay away from them, because you will first trust them and then think that they will give you enough profit, which is something that can be obtained from trading.

It's not $6,000, but $5.85 per TH. You can choose your desired hashrate from as little as 1 TH to even 1000 TH or more. Binance's platform provides a mere estimate of your earnings depending on the hashrate you choose. For instance, 100 TH costs approximately $600 and is expected to yield 0.005317 BTC, currently worth approximately $150, after the 90-day lock-in period. To be honest, it's not too bad, but I don't like the whole idea of cloud mining, even when it's coming from Binance. We were always advised against using something that sounds too good to be true and prompts a Ponzi scheme.

Last time I tried cloud mining whatever coins I mined all went to maintenance when the difficulty rose but anyway ,I like your numbers game ..but if you buy the 100 TH at $600 does this make up for all the costs and some revenue in the number of days you be cloud mining...Is this really a good deal Binance is giving it's clients...
More revenue projections will be interesting to see, and if this is profitable why is Binance not keeping this inhouse Huh

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Quote from: MeCsc on March 17, 2023, 10:57:05 PM

Binance launches a Cloud Mining products for BTC mining.Subscriptions by members is to Cloud Mining to purchase hashrates, and start earning mining rewards.
Am currently learning about how mining pool works since its currently the best way for me to mine Bitcoin but I still need help to know more about it and especially in how hashrates is being calculated and I will like to know your views on binance mining pool because am planning on joining them.
Also please I would love to know how profitable is this new cloud mining and if it is more profitable than joining a mining pool.

Mining in general hasn't really been as profitable as it has been in the past, so I'm not really sure how Binance will manage to give profit to their cloud mining investors considering they might not even earn enough themselves from mining to cover all the costs. Or maybe they have very large mining farms with free electricity or so.

Upon checking, I could see they only have one product up that investors can buy which is starting from $5.85 and the mining I guess will start in May, 2023 for that product. Remember to read their FAQ before investing your money, and also read their terms and conditions.

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Quote from: MeCsc on March 19, 2023, 05:28:16 PM

So cloud mining is not always profitable?

Has it ever been profitable? It's one of the biggest scams when it comes to Bitcoin, but apparently it still sells very well today considering that people are constantly asking questions like this. If a so-called "respectable CEX" decides to offer something like this, then I wonder if they are just greedy, or if their business is going so badly that they take money in this way.

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Quote from: MeCsc on March 19, 2023, 05:28:16 PM

Thanks everyone I learnt alot, So what is the best mining pool for mining bitcoin with PC?

Quote from: MeCsc on March 20, 2023, 08:21:57 AM

Please I will like to know which mining pool is better for mining bitcoin and also if they do ask for Kyc verification

If you're planning to mine with your CPU and GPU, forget it. The difficulty has become too high, you will just be wasting resources. What you need are ASIC hardwares, see bitmain.com (provider) for instance.

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Quote from: MeCsc on March 20, 2023, 08:21:57 AM

Please I will like to know which mining pool is better for mining bitcoin and also if they do ask for Kyc verification

But why would you bother with cloud mining and waiting for a certain period of time to get your bitcoin when you can simply buy it directly and have it immediately in your own non-custodial wallet? And yes, if you plan to use Binance cloud mining you will have to go through KYC.

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Please I will like to know which mining pool is better for mining bitcoin and also if they do ask for Kyc verification

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Quote from: MeCsc on March 19, 2023, 05:28:16 PM

So cloud mining is not always profitable?
Also is that the reason binance said that one may lost if the price drops?

Yep, not always.

Let's say Binance already correct to calculate the electricity cost, maintenance cost, depreciation cost, tax, current Bitcoin difficulties and the current Bitcoin price, because those are the factors that determine how much they will get and they need to make sure mining is always profit in order to pay the investors return.

But they don't have a way to know the difficulties in the next month and the Bitcoin price next month, this make you might not earn the expected return you've hope based on their previous calculation.

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Quote from: Saisher on March 18, 2023, 06:37:05 PM

The industry has a bad perception or feedback on cloud mining because it's being used as a front to a Ponzi scheme Binance should be transparent on this or it's going to be a loophole.
Now that they are doing cloud mining, it will become popular again and scammers will cite and try to legitimize cloud mining because the biggest exchange in the industry is now doing this.
I expect the resurgence of Ponzi schemes hiding in Cloud mining, there are still few cloud mining but I'm sure the number will double once Binance rolls this up.

I read something about this and that why I was surprised when I discovered that binance has a Cloud Mining

Quote from: Jawhead999 on March 19, 2023, 06:00:48 AM

Quote from: robelneo on March 19, 2023, 04:40:54 AM

then we have Binance the top exchange in the industry reinventing cloud mining as a source of passive income, they can do that because they have their platform for their source of profit.
If they can do this and become successful they will set the trend again and there will be confusion because cloud mining has long been marked as a Ponzi scheme because scammers are using it as a front.

Binance launch cloud mining feature isn't for giving away their profit which they get from their centralized exchange, but they're just want to expand their business and taking opportunity to make more money although there's a risk behind it.

Cloud mining is possible, but technically they shouldn't make a promise if they will always make profit, based on their static revenue rate, it's always higher than 100% which mean they're make sure their cloud mining will make profit.

So cloud mining is not always profitable?
Also is that the reason binance said that one may lost if the price drops?

Thanks everyone I learnt alot, So what is the best mining pool for mining bitcoin with PC?

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I don't get this cloud mining bullscheiße Grin

Cloud mining is bullshit!
Just imagine, someone finds a company to negotiate with safe mining equipment shipment and payment, then this person takes care of finding a good datacenter that also offers good electricity prices to host his mining rig and still his duties aren't limited there, he has to deal with Binance too.

As far as I know, cloud mining is a new thing on Binance, am I right? I haven't seen that before and since it's a new thing and their rates are good too, it means first come, first served.
I would either trade or buy real mining equipment.

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Quote from: robelneo on March 19, 2023, 04:40:54 AM

then we have Binance the top exchange in the industry reinventing cloud mining as a source of passive income, they can do that because they have their platform for their source of profit.
If they can do this and become successful they will set the trend again and there will be confusion because cloud mining has long been marked as a Ponzi scheme because scammers are using it as a front.

Binance launch cloud mining feature isn't for giving away their profit which they get from their centralized exchange, but they're just want to expand their business and taking opportunity to make more money although there's a risk behind it.

Cloud mining is possible, but technically they shouldn't make a promise if they will always make profit, based on their static revenue rate, it's always higher than 100% which mean they're make sure their cloud mining will make profit.

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I used to do some research on cloud mining years ago when it was quite trendy. Although there are names that have earned more or less a good reputation like ViaBTC or NiceHash, the overall impression is that cloud mining is almost like a scam. I doubt that CZ is clueless of the dirty reputation of cloud mining. He must be aware of it. But he's still pursuing this, and I don't know why. Perhaps he just wants to make more money. He must have assumed that with the Binance name, it could easily attract investors.

This doesn't come as surprise to me, though. CZ is an aggressive businessman. He makes the most of every opportunity. This cloud mining business is just another addition to an already long list.

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Quote from: Ultegra134 on March 18, 2023, 07:32:38 PM

It's not $6,000, but $5.85 per TH. You can choose your desired hashrate from as little as 1 TH to even 1000 TH or more. Binance's platform provides a mere estimate of your earnings depending on the hashrate you choose. For instance, 100 TH costs approximately $600 and is expected to yield 0.005317 BTC, currently worth approximately $150, after the 90-day lock-in period. To be honest, it's not too bad, but I don't like the whole idea of cloud mining, even when it's coming from Binance. We were always advised against using something that sounds too good to be true and prompts a Ponzi scheme.

In my posts about cloud mining here in Bitcointalk I always advise our members to not invest in these so-called cloud mining because it's been proven that they are front of Ponzi scheme operators and we are always right 100% then we have Binance the top exchange in the industry reinventing cloud mining as a source of passive income, they can do that because they have their platform for their source of profit.
If they can do this and become successful they will set the trend again and there will be confusion because cloud mining has long been marked as a Ponzi scheme because scammers are using it as a front.

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Quote from: BitMaxz on March 18, 2023, 06:27:55 AM

Honestly, I mine on their pool before but they pay me less than mining on other pools. So I don't think buying hashrate on their pool is profitable unless the price of BTC keeps increasing.

Sheesh, i thought they offer higher rates than the others especially when the numbers of miners on their pools expands after closing/shutdown of pools in the last few years, well at pandemic era.

Quote from: Ultegra134 on March 18, 2023, 07:32:38 PM

To be honest, it's not too bad, but I don't like the whole idea of cloud mining, even when it's coming from Binance. We were always advised against using something that sounds too good to be true and prompts a Ponzi scheme.

Right? Sounds like binance are trying to prove and make cloud mining is a legit thing. When in fact it's just a waste of time, like maintenance rate increase every time that you will no longer get any profit because you will end up paying such fees in the end. Even the withdrawal fees is a bit high too. Well, that was my experience on so called "legit cloudmining" before, but lets see how binance will prove this kind of service is different from others.

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Quote from: Husires on March 18, 2023, 03:10:46 PM

Quote from: BitMaxz on March 18, 2023, 06:27:55 AM

That's not new it was launched last year I don't know how profitable their cloud mining but why not calculate them using this tool below?

You can find some details here https://pool.binance.com/en/cloud The last time I visited the site, the service was not available, but now it seems that it is available, with prices starting from Start from $ 5.8590

Quote

Est. Start time
2023-05-17
Hashrate Fee
0.0120 USD/T/Days
Electricity Fee
0.0531 USD/T/Days
Historical Output
0.0809 USD/T/Days
Static Revenue Rate
131.66%

Freezing about $6,000 for about 90 days is reason enough to stay away from them, because you will first trust them and then think that they will give you enough profit, which is something that can be obtained from trading.

It's not $6,000, but $5.85 per TH. You can choose your desired hashrate from as little as 1 TH to even 1000 TH or more. Binance's platform provides a mere estimate of your earnings depending on the hashrate you choose. For instance, 100 TH costs approximately $600 and is expected to yield 0.005317 BTC, currently worth approximately $150, after the 90-day lock-in period. To be honest, it's not too bad, but I don't like the whole idea of cloud mining, even when it's coming from Binance. We were always advised against using something that sounds too good to be true and prompts a Ponzi scheme.

Saisher

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The industry has a bad perception or feedback on cloud mining because it's being used as a front to a Ponzi scheme Binance should be transparent on this or it's going to be a loophole.
Now that they are doing cloud mining, it will become popular again and scammers will cite and try to legitimize cloud mining because the biggest exchange in the industry is now doing this.
I expect the resurgence of Ponzi schemes hiding in Cloud mining, there are still few cloud mining but I'm sure the number will double once Binance rolls this up.

Topic: Binance launches new cloud mining for Bitcoin (Read 294 times)