"Bitcoin mining is a Big no!" - page 21.

peter0425

sr. member

Activity: 2618

Merit: 439

Quote from: DonFacundo on January 11, 2018, 11:37:29 AM

I've joined that kind of cloud mining and some of them are not last longer I almost invest one of them so most cloud mining sites are scam, sometimes I've reached the minimum withdraw but they did not pay me some of them invest first before you get your payment. So stay away just learn how to trade.

I have stayed from cloud mining because people talked that most of them are scams. Well, there are trusted sites before, but I read that they are also turning to be a scam. I want to invest and see if it is really profitable as other has confesses, however, I used my common sense and judgement not to, so I think I have made a good decision.

Quote from: BingoDog on January 10, 2018, 09:29:22 AM

I also think that the time of individual miners has gone but also know some peple who have just bought the equipment and started that business.
Cloudimining is too risky because of too many scam scheems so it looks like mining definetely isn't something that could be recommended. Unless you have a mining farm. So, stick to trading.

This is also thing of the past, solo mining is not profitable anymore. But I don't know, I still seeing people buying antminers, are they are doing solo mining or what? Trading is the only viable option for us to really make a lot of bitcoins. Solo mining is only profitable in the beginning, we have heard countless early adopters who have started to mine bitcoin and turns to be a millionaire. But now its not the case.

DonFacundo

full member

Activity: 1344

Merit: 102

I've joined that kind of cloud mining and some of them are not last longer I almost invest one of them so most cloud mining sites are scam, sometimes I've reached the minimum withdraw but they did not pay me some of them invest first before you get your payment. So stay away just learn how to trade.

fatogre01

newbie

Activity: 17

Merit: 0

Quote from: Victorycoin on January 11, 2018, 09:36:46 AM

Quote from: Rinsend on December 25, 2017, 05:57:25 PM

I know a little about cloud mining.
I think so far cloud mining is still very profitable although it is not recommended for beginners.
because there are many costs that need to be issued.
but if it can be well set.
this can produce quite large

You indeed know very little about cloud mining and that raises the question if you're the original owner of above account? As is, cloud mining ceased to be attractive to anyone as soon as they become experienced enough to see through their resemblance with any ponzi scheme out there. At best, those early payments are carrots before donkeys and unknown to many, it is sending back to you, tips of the much you already invested and only few are lucky enough to even recoup their investment before the party is over, because there usually are no mining hardware anywhere.

Haha, you have noticed something. Well, you have a great point. Cloud mining are just ponzi scheme, a waste of time and money. You don't have control on your investment and you aren't sure about the longevity of site you have joined.

Victorycoin

hero member

Activity: 1134

Merit: 517

Quote from: Rinsend on December 25, 2017, 05:57:25 PM

I know a little about cloud mining.
I think so far cloud mining is still very profitable although it is not recommended for beginners.
because there are many costs that need to be issued.
but if it can be well set.
this can produce quite large

You indeed know very little about cloud mining and that raises the question if you're the original owner of above account? As is, cloud mining ceased to be attractive to anyone as soon as they become experienced enough to see through their resemblance with any ponzi scheme out there. At best, those early payments are carrots before donkeys and unknown to many, it is sending back to you, tips of the much you already invested and only few are lucky enough to even recoup their investment before the party is over, because there usually are no mining hardware anywhere.

brylle34

full member

Activity: 476

Merit: 100

CLOUD MINING has a big risk of investing, because the smart contracts of the cloud mining company will depend not on you but on them. they hold what you have and they control all, when the company wants to close, you dont have the power to claim or to do something to get your tokens specially if your from another country. actually I personally experience cloud mining, i joined hashflare before it said that it was a lifetime contract but now the contract is 1 year, just like that they control the contracts and you dont have the power to change anything.

BattleOkapi21

newbie

Activity: 13

Merit: 0

Quote from: BitHodler on January 10, 2018, 09:15:47 AM

Quote from: BattleOkapi21 on January 10, 2018, 07:40:06 AM

Just a little advice cloud mining isn't much profitable just buy your own mining hardware and mine coins by yourself.

Doing the actual mining yourself won't do much for you either. Depending on your configuration, it might take a month or 6 on average to break even, which isn't something fantastic to look forward to.

Ok, the hardware does have resale value, but the best way to move forward, and directly with the least hassle, is doing a straight investment in Bitcoin itself, or other coins that you think have upwards potential.

Best thing is that you at any time can get your initial investment out of a specific coin, where with hardware mining you need to reach that break even point to not suffer any losses.

But I guess it is a better option than to join on cloud mining sites which I think just ponzi scheme that will likely don't have future. Yeah you need to configure mining, I think the best way is not to mine the coins with high difficulties like bitcoin.

yesuidanggan

member

Activity: 192

Merit: 11

The cost of mining is relatively high. First of all, you have to have a large number of mining machines, which have a high configuration and a large amount of electricity, and the temperature of the mine is also processed. And now it's getting harder and harder to dig, so I don't recommend digging!

rickadone

legendary

Activity: 1176

Merit: 1024

Quote from: repsol on January 06, 2018, 11:37:12 PM

for now bitcoin mining is not profitable, the cost of being in terlu high too high while bitcoin from mining is not much, my opinion buy bitcoin better than mining

Mining of bitcoin is no doubt not an easy thing to do. It really requires lot of resources and it is quite an expensive thing to do right now. There are number of countries who are facing serious problems of power and electricity and mining is something which really requires lot of consumption of both the things. In addition to this. You also need to have some super computers with very high processing speed.

BingoDog

hero member

Activity: 658

Merit: 505

I also think that the time of individual miners has gone but also know some peple who have just bought the equipment and started that business.
Cloudimining is too risky because of too many scam scheems so it looks like mining definetely isn't something that could be recommended. Unless you have a mining farm. So, stick to trading.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: BattleOkapi21 on January 10, 2018, 07:40:06 AM

Just a little advice cloud mining isn't much profitable just buy your own mining hardware and mine coins by yourself.

Doing the actual mining yourself won't do much for you either. Depending on your configuration, it might take a month or 6 on average to break even, which isn't something fantastic to look forward to.

Ok, the hardware does have resale value, but the best way to move forward, and directly with the least hassle, is doing a straight investment in Bitcoin itself, or other coins that you think have upwards potential.

Best thing is that you at any time can get your initial investment out of a specific coin, where with hardware mining you need to reach that break even point to not suffer any losses.

cherryganda

full member

Activity: 728

Merit: 131

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Cloud mining is very dangerous most of the company will run away once there are no new investors, they are paying investors with the new money that are coming to the company using referrals, this is so dangerous to everyone and this is a hyip! if you want to earn from bitcoin you just need to buy bitcoin and rest it on your wallet or make a trading, this is more secure for you and you can join signature campaigns too.

BattleOkapi21

newbie

Activity: 13

Merit: 0

Quote from: delgardo on January 10, 2018, 07:36:11 AM

is there any cloudmining groups in south africa

I don't think there are cloud mining sites that based in africa. Just a little advice cloud mining isn't much profitable just buy your own mining hardware and mine coins by yourself.

delgardo

newbie

Activity: 1

Merit: 0

is there any cloudmining groups in south africa

ETHtotheMOON1

jr. member

Activity: 280

Merit: 3

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Cloud mining companies are usually ponzi schemes for simple reason. If they really have equipment, they can simply mine on their own, why would they let you earn?

Theb

hero member

Activity: 1680

Merit: 655

Well a financial adviser suggest things on the safe side and it is true that cloud mining is a good way to earn Bitcoin but the problem is it is hard to find a true cloudmining site and the legit ones don't have good Return On Imvestment periods. Cloudmining or mining in general are for the people who really wants to earn something passively and those are for the people who have large capital. But if you really want to earn Bitcoin trading is one of the best and cheapest ways to grow your money.

d1ceplayer

sr. member

Activity: 686

Merit: 277

Quote from: A.Delaney on January 07, 2018, 09:26:00 PM

If you want to mine. I’d say buy the hardware. At least you can always sell the hardware when your done. Also you can quit whenever you want. Your not under contract.

I personally don’t like mining. There are several reasons behind this. The first and foremost reason is that it is really an expensive thing to do as you really need to have a lot of consumption of power and electricity. Other than this, if your country is not having sufficient resources, then this will be very much expensive for you. Moreover, you also to set up mining fields which is not an easy thing to do.

darklus123

hero member

Activity: 1246

Merit: 588

Quote from: neolite on January 04, 2018, 02:33:40 PM

I also tried the so-called cloud mining in 2016. I know I invested 1 btc it did not represent much and I was going to get my investment in 4 months. After 1 month the site disappeared. I do not recommend investing in cloud mining. Better invest in ICO or learn trading.

Sorry but ico is as worst as mining right now because i think if not all, almost all the IcO are into scam scheme as well. I would rather choose mining(not the scammy cloud mining tho). Mining may really be expensive but that depends on your current location of course like the colder places in which you are paying lesser electric bills like china is currently doing. I would agree on trading tho.

ActiveWizard77

jr. member

Activity: 75

Merit: 2

You can't earn a lot through cloud mining. BTW, your thread title should be "Cloud mining is a big no!", you are talking to cloud mining and not mining in particular. Mining using your own hardware is still profitable, but renting hash through cloud mining sites won't give you much profit.

droptableguy2

member

Activity: 434

Merit: 10

Quote from: LuckyHopper18 on January 07, 2018, 07:35:34 AM

I think you should go for the 2nd option. Really, cloud mining is not profitable and sometimes just a ponzi scheme. If you are really going to mine then I suggest buy your own rig and mine it yourself.

Your outlook is relatively correct. I also hired cloud computing to exploit bitcoin but the effect was not high and I just got back the capital after months of implementation. Using dedicated diggers to exploit bitcoin is the simplest and most effective way to get back your capital and profit as quickly as possible. My investment in specialized diggers is still the most effective way to exploit bitcoin.

A.Delaney

member

Activity: 266

Merit: 13

If you want to mine. I’d say buy the hardware. At least you can always sell the hardware when your done. Also you can quit whenever you want. Your not under contract.

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