Topic: Cloud mining does not make any financial sense? (Read 2199 times)

You've bumped an old thread and now suggesting to invest on your own cloud mining? I dont see anything new offerings with these kind of investment schemes and i dont know how can you differentiate yourselves into those cloud mining companies that do operating for years now like genesis.If they arent profitable then it would really be just the same outcome on where you would go.

If you consider cloud mining a scam, or potentially harmful financial-wise, please continue reading!

Yes, you are absolutely right, there are "only" 20 million BTCs available for mining. But what about other altcoins whose potential skyrocketing growth is yet to occur?

Presently, mining requires strenuous time and effort, but also adept technical knowledge of mining hardware deployment and maintenance. That’s where MyHashing steps in with strong motivation to provide a simple yet secure cloud mining environment.

So far we have three mining facilities which are located across Georgia. Highly experienced teams of professionals ensure safety of the installation, testing, and maintenance of the equipment, and the delivery of the best results. We use hardware and other mining equipment from Bitfury and Bitmain.
We are constantly searching for low-cost electricity and machine friendly weather conditions to build new facilities.

When our platform launches we will be offering Bitcoin and Bitcoin Cash mining contracts. Further down the line we may look into additional crypto currencies. All of our contracts will be signed for a 5 year period.
The packages on offer will be:



Naturally the more hash power you purchase from us, the cheaper the price per TH/s will be.
Our maintenance fee is 0.17 USD a day which will be deducted from your mined coins on a daily basis.

Our website is currently under construction, and will be available shortly.

In the meantime, you can check other interesting specifics via:

FACEBOOK - https://www.facebook.com/myhashingmining
TWITTER - https://twitter.com/myhashingmining
BITCOINTALK  -  https://bitcointalksearch.org/topic/m.46151121

You're close but not quite onto the point- cloudmining is NEVER a good option and you should never consider it to ever be a remotely good option. It's always a better option to consider alternatives like getting miners hosted when you want to consider mining outside of your own home- risks increase as you go from home mining to hosting to finally cloud mining.

Depends what your daily needs are- the situation with mining profitability is absolutely shit right now, and you need a large setup for the (potential) profit to even be worth your time IMHO. A few rigs won't sustain my personal daily needs. There is a whole lot of risk with not a whole lot of reward in mining right now, especially when the break even time of most GPUs and ASICs that aren't risky first-batch new-algo machines are below or around a year and the situation with profitability has been dropping or stagnating recently.

That's just basically it. Cloud does make sense back when Bitcoin  was still not that great but now the wage or profit that the average person can get in even a legit company is still not enough. I prefer mining with an antminer and any other mining rigs though the profit is not that great but could sustain your daily needs or maybe months.

Hahaha that what they call false strategy, people may say they can earn something from it, if they are not careful enough and don't know how to analyze things properly then you will loss, but if you things carefully you'll leave them alone and look for better opportunity.

Its always been part of the human nature on being a stubborn one.We do know already the risk but still we do decide to continue or risk it up.
If we can just mind up the possible things or in future that can possibly happen we would able to avoid it on the very first place if we are wise enough but of us do failed up.

Its being mentioned for a hundred times that cloud mining wont really be profitable on longer runs but still people decide to invest and now they are shocked on what happened?

i dont  think  it currently  make  economic  sense for  someone  to  practice  small  scale  mining. someone  can  barely break even by  doing  so.   

It doesnt matter even if they are based on a weekly or daily interest , most of them are still scam that is why i would not recomend anyone to try these so called cloud mining sites . Instead youd better go on to something thats real profitable like investing or trading. But if you really wanted to do mining as a long term hobby then much better if you can just buy a real mining hardware in order to see the best possible results.

You perfectly describe the structure of a scheme, which means that people shouldn't be very careful, but completely avoid it. It makes no sense to use something from which you know that it is a scheme, and that it will likely stop paying out at some point in the future. People won't face challenges and losses if they don't mess around with this garbage, how difficult is that to understand?

And what is that critical point? They will just make you lose out and they are all fine.

People know that cloud mining sites will stop paying at some point, and yet they complain afterwards when everything happens they beforehand know it would happen.

In the last two days, Hashflare's maintenance fee was larger than the payout, so they have reached a critical point in their business.

Yes, most of the cloud mining are based on the daily interest and weekly interest. As long as they are getting investment from people we are in safe hands and once the interest is stopped we have to face many challenges and there is no guarantee whether we are receiving our investment back. So we have to be very careful when dealing with this cloud mining websites.

NiceHash Review: Bitcoin Cloud Mining
Renting hashing power online is a great way to start mining cryptocurrencies without having to make the investment in mining equipment. So which one ranks among the most trusted cloud mining sites?

This site allows you to buy hashing power for Bitcoin, Ethereum, Monero, Dash, Zcash, Litecoin and other coins and get paid in bitcoin. There's no contracts so if mining doesn't turn a profit for you, you can immediately stop your investment.

NiceHash has real miners who use their own mining equipment which is connected to the site's multipool so you'll never have to worry if the mining equipment actually exists.

Buy and Sell Hashing Power‎
So if you want to start cryptocurrency mining but you've been hesitant because of shady cloud mining services, this is the solution that you've been looking for.

You'll get access to a host of user-friendly features for buyers including:

A minimum order price of 0.005 Bitcoin for every algorithm
No contracts, no risk. You may cancel at any time without a cancellation fee
Only pay only for valid shares
Mine on any pool you want, when you want
Get access to real-time statistics & dashboard

The best part about cloud mining sites is that unlike actual bitcoin mining, you don't have to spend weeks learning about mining hardware and software in order to get everything set up. In fact, with this site you can actually be up and running in just a few minutes.

Getting started in this site is easy. All you need to do is:

1. Register a new account and deposit BTC.
2. Add the mining pool you want to direct your purchased hashing power to.
3. Set the fixed price or bid for mining and then create a new order.
4. Monitor your order on the marketplace.

Another reason to consider cryptocurrency cloud mining is the fact that you can time your entry so that you can make the most of your investments. Getting in on cryptocurrency cloud mining while bitcoin prices are low means better returns later on versus having to invest in expensive mining hardware upfront.

So if you just want to learn how it works and place some initial orders, you can sign up for free to check it out for yourself.

Click here to join and you'll also get a free guide to buying hashing power with tips on efficient mining.

All the cloud mining websites are fake in the market whether you get the promo code or anything we should not invest on these kind of scheme at all. There are wide range of people getting scammed because of cloud mining everyday.
And then finally they have opened a thread to ask whether it is legit or not.

If you want to invest on the any cloud platform please check about the project in the below website.
http://badbitcoin.org/thebadlist/

Just asking here about the certain servise is good enough, even tho the concept of btc cloud mining is not viable since 2013/2014. The only service I've made ROI with was cex.io and even they've stopped selling gh/s due to it not being profitable. Don't know why people even bother anymore.

Also, the best way to tell it the cloud klmining service is legit, is to see if they're bitcoin (sha-256) focused or not butcoin focused.

No need for you to re-bumped this thread just to tell us about those promocodes on such cloud mining contract. Talking about on the topic cloud mining is never been profitable this is why its really a dumbed decision for you to make investment if you do saw or picture out on the possible earning or negatives you would able to get.Instead on making money you would eventually lose.Didnt have awareness about that 24 hour contract though.

The thing with Nicehash is that it's actually a hash RENTING service. SO while it's made and marketed to look like a hash on demand service, what it helps facilitate is p2p transactions to rent someone's hash more securely rather than having to fully trust them. Renters ofc put prices that are slightly higher than if they'd be mining directly.

Most people think that cloud mining is a way to make money easily. And that's all not true because cloud mining can not make sure we get a profit. We are required to deposit capital to buy some virtual hardware and the results will be sent to the account we have. But that is a very long time and the problem is usually the owner of cloud mining is blurred when it has not completed the contract cloud. This is the problem and the concern of many people is that they will fail. So before we decide to try this investment, then I suggest to search for various information on the internet. Personally I would say that cloud mining is not the right choice in investing !!

Well that's the basic logic behind the bitcoin cloud mining today. If people are just to think a little about how much of an investment you need for btc mining and the difficulty of mining, they'd ask themselves why aren't those people mining for themselves but are offering power. Makes no sense.

Bitcoin cloud mining, no. Alt-coin focused, maybe.

There's plenty of stupid people in this world. These companies take advantage of people who are blinded by greed and want fast and easy profit. People who don't know basic math and can't read terms and conditions. It's just how it is. Some people have to lose money for others to profit.

I don't understand why people would rent power from for example nicehash.com to mine ETC.
The cheapest renting I can see cost about 60.29$/ per GH / day
If mined with current difficulty about yields about 3.31ETC/day(58.88$/ day)  aka profit = -1.41$
Buying 3.31ETC from exchanges cost about 59.18$(excluding fee).

Why the hell would someone consider renting power to mine, rather then buying directly from exchanges.