Topic: Cloud Mining (Read 305 times)

I moved a big portion of my portfolio into hashflare (which is sort of regret but not too much). Here are the downsides and things you should know.

Don't expect to make what a calculator tells you, difficulty will go up and your investments payouts will slow down with time. If the calculator said you will ROI in 100 days for example, I would guess a more realistic one to be 130-140 days. Which is quite a bit of time. So lets say I put in 100 Dollars worth of BTC into it, in the 130 days I would probably have at least been able to turn that into at least 200 if I moved it to good projects and ICO's, yet with cloud mining I don't get my initial investment back and with Hashflare it is a 1 year contract.

My payouts will eventually slow down with time unless I reinvest some of my earnings to get more hashpower, but that will put my ROI further on and I need to wait longer to be profitable.
I am prioritizing first to get the amount of BTC I put in out first.

Also if you are going to do any cloud mining you need to take into account the minimum withdrawl amount. If you cannot liquidate your earnings quickly then thats a big problem. In my case I don't have spare fiat to put into crypto every month, so I did this to have a constant stream of income in BTC to buy tokens and coins I want for the next year. Speaking for hashflare I would say don't do it unless you can put in at least 2000 USD worth to kick it off, else you will have zero liquidity.

Its not a bad investment still, but its not as good as I expected it to be.

I do take some solace in the fact that I can see they make profit from me, which helps convince me its not some kind of scam (most likely). If you are going to look at alternatives always do the math for them, look at what they charge you per GH/sec, look at the cost of an Antminer and look at their maintenance fees etc. If you do not see a very profitable business behind that then I would suggest you move on. The cheapest cloud mining isn't always the best.

Overall its not too bad though, they pushed up the minimum withdrawl right after I joined, which limited me on some ICOs I wanted to get into but its not too bad. I had quite a few dollars worth of BTC to kick it off with so it's okay for me.

Investing into a rock solid ICO is a better option though, or going into a good existing coin.

Hope this helped you mate, shout if you want to know anything else specific.

I heard about cloud most of mining projects are scams..

You don't use your hardware on could mining. You just pay for the equipment in cloud, The company manage it for you and give you the winning benefit after take a determinate maintenance fee, electricity bills, and take a % for managing it for you.

Imagine you're owning a money printing machine, would you rent your money printing machine to other people?

Most cloud mining companies are scam, hardly a true cloud service would give you a decent profit unless you invest an exceptional amount of money from where they can take the energy, machinery and profit margin

What is the most well known cloud mining that is not a scam?Is there any that we can guarantee our money wont loss?

Is there any cloud mining that is recommended and legit in order for us to invest?

Nor to me. Although I understand the appeal, especially for newbies... that's how they get ya.

Yes, in my Opinion Cloud Mining is a Ponzi scheme.

Images if you had a money printing machine, would you rent this money printing machine to other people?
It make no sense to me.

Isn't this the definition of a pyramid scheme? So yeah, stay away from cloud mining. It's usually too good to be true.

At this stage, mining is getting more than more difficult. I wouldn't recommend you to do that. No matter cloud mining or local mining. Most of those cloud mining sites are scammers. There are many other options for you to invest your money.

Thanks for all the suggestions! I think I am just going to stick with trading.

I have done a lot of reveiw on most so called profitable cloud miners but I havne't get any positive news from any of them, they are all tag scams. So I think you better focus on trading or buy and hold.

The only way to make money with cloud mining is, when you promote cloud mining and you earn from the referral links (the "use my promotion Code" thing).

I had this conversation recently:

Him: "I bought a cloud mining contract at the beginning of the year and I tripled my money."
Me: "Well, if you just bought the bitcoins instead, your profit would have been 10x, so you lost money."

Once i tried to use cloud mining. So i wasn't happy with it, i do not recommend it

Yeah his referral link

Seems that Genesis is out of stock now.

Let me guess, he gave you his referral link? 🙄

Some people say that HashFlare is trustworthy enough, but if I were to try out cloud mining I would only go with Genesis Mining. I wouldn't expect to profit though, if I were to use Genesis Mining it would be only for shits and giggles.

Trading sounds nice. Could you recommend some good trading site? Thanks.

My friend told me he invested some money a few months ago and already got the money back and keep making profit, not sure whether to trust him. Maybe another scam.

do not invest in cloud mining sites , may be there few legit sites like hashflare ,gensis etc , but cloud mining sites will turn scam suddenly , instead of that best is to buy few amount of bitcoins and hold it for longer time and once bitcoin price increases you can sell it with the profit rate.And also if you are familiar with trading you can do some trading on good sites that also with less amount.

The only sort of legitimate cloud mining site I know is Genesis Mining. To answer your questions though..
Is it good? Depends. What do you mean by "good"? Good in terms of what?
Is it profitable? Definitely not.

My friend recommend me HashFlare, not sure whether it is legit

From what I have seen, There are no legit cloud mining websites.

Think about it.

If someone had mining hardware and they could make $10 a day off it, why would they rent to you for $5 a day and let you make $5 a day profit?

Cloud mining is not so good. I personally don't like recommend cloud mining. Most cloud mining sites are scam. You have so many other ways to invest your money.

I heard there is something called cloud mining, so that we do not need to use our own hardware. Is it good? Is it profitable?