Topic: Cloud mining does not make any financial sense? - page 2. (Read 2120 times)
Well you see many new coins get released and when you rent you don’t have to mine bitcoins or some other coin you can mine coins different in the same time and save it for future you invested 77$ and after a year all the coins go up you can get 700$ so that’s sometimes it works.
I don't understand, why would someone cloudmine. I looked at nicehash prices
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
There are some cases in which you'd be able to mine more than what you paid for, you just have to have keen eyes for this to be achieved. Also, there are a wide range of algorithms that you can use for mining coins for a bit, just need to select the right one at the right moment and you're in profit.
I don't understand, why would someone cloudmine. I looked at nicehash prices
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
There are some cases in which you'd be able to mine more than what you paid for, you just have to have keen eyes for this to be achieved. Also, there are a wide range of algorithms that you can use for mining coins for a bit, just need to select the right one at the right moment and you're in profit.
How does it work? More miners = less profit and less miners = more profit on the day? How to know when it's the right time?
I have seen this kind of offer on Cloud mining sites like Eobot and never understood too...
And it is the same case with any kind of cloud mining. It takes long time to reach your ROI or may be you never reach that pint in your contract terms. This is also case with genesis and hash flare websites. They have contracts which are limited for one year, once you reached out that period you have to pay again to extend contract so you spend more money into it. Lolz. This cycle keeps going on and people think that they make big money during the course of contract but they aren’t really. So may be cloud mining doesn’t work really or there needs very very big investment to work on that thing. So it could be game of rich people or may be it simply not paying us.
Not really. Most of the cloud mining sites are just pure scams. They are just ponzie schemes disguised as a cloud mining sites. You give them money, they pay someone else with your money. When they attract huge amount of users, they end up running away with all your investment. So it makes no sense to invest on cloud mining sites. Better to gamble then invest on those shit scams.
Very few cloud mining that has the real mining farm where they can support their investors for selling real contracts.But for the new ones they only see cloud mining as a way to scam people letting them invest and think that they have actual photo's and proofs that they are being supported by a big mining farm. All is delusion and they have intention of scamming.
Actually it make sense to generate profits by investing on cloud mining.
Mining will be profitable if bitcoin price increase over time, as the difficulty increase as well due to more and more mining hardware get into business.
But, consider the risk; you can't control the profits as "cloud mining owners" will decide how much you get, based on their income every hour or every day. Look at genesis mining; many people claim it's not profitable anymore due to some reasons and hashflare seems turn into "shady" business recently.
So, if you want to mining, just buy ASICs hardware and do the real mining in your place instead of buying unknown hash rate from cloud mining which you don't know whether you get fair payment or not.
Not really. Most of the cloud mining sites are just pure scams. They are just ponzie schemes disguised as a cloud mining sites. You give them money, they pay someone else with your money. When they attract huge amount of users, they end up running away with all your investment. So it makes no sense to invest on cloud mining sites. Better to gamble then invest on those shit scams. Mining will be profitable if bitcoin price increase over time, as the difficulty increase as well due to more and more mining hardware get into business.
But, consider the risk; you can't control the profits as "cloud mining owners" will decide how much you get, based on their income every hour or every day. Look at genesis mining; many people claim it's not profitable anymore due to some reasons and hashflare seems turn into "shady" business recently.
So, if you want to mining, just buy ASICs hardware and do the real mining in your place instead of buying unknown hash rate from cloud mining which you don't know whether you get fair payment or not.
You are right, when you decide to invest in cloud minings, you are not paying to earn profits, just remember you are paying to loose 30-50% of your base investment.
Cloud minings really don't make any sense of financial assistance as far as you are aware of these fake schemes.
It is more better to invest in bitcoin cash, this currency is still young, can give you good profits in return.
Cloud minings really don't make any sense of financial assistance as far as you are aware of these fake schemes.
It is more better to invest in bitcoin cash, this currency is still young, can give you good profits in return.
I don't understand, why would someone cloudmine. I looked at nicehash prices
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
There are some cases in which you'd be able to mine more than what you paid for, you just have to have keen eyes for this to be achieved. Also, there are a wide range of algorithms that you can use for mining coins for a bit, just need to select the right one at the right moment and you're in profit.
It doesn't because you aren't really mining with cloud mining operators. You are loaning them money but with this loan the responsibility and risk falls on you.
If they were to take a loan from a bank they'd need to have a collateral and if they failed at payments they'd lose it. This system gives them a lot of freedom. They can fail at payments or lower them for a while blaming it on rising difficulty, maintenance cost, or lack of profitability, and there's no collateral to be lost.
If they were to take a loan from a bank they'd need to have a collateral and if they failed at payments they'd lose it. This system gives them a lot of freedom. They can fail at payments or lower them for a while blaming it on rising difficulty, maintenance cost, or lack of profitability, and there's no collateral to be lost.
It's not even a loan. It's just them using people's greed and stupidity to obtain free money, because the cloud miners already know that they will likely never have to pay back the full amount. It's a smart calculation of an increasing difficulty, their own limitations, and various other variables that all miners have to take seriously, but since most of these cloud miners aren't even mining, it's not actually a problem for them at all. You pay a cloud miner a certain amount, and that service treats you as their slave the entire time, damn, fantastic investment!
All the people who already spend a lot of time in bitcoin knows that cloud mining is a shit and scamming project, most of the time it offered something that doaesnt make any sense, I dont believe in any cloumining anymore since I was being scammed
Those coins that will be mined through nicehash after buying it can be used in the future when the time of pumping has come. Others here doesn't get to understand what the OP wants to ask about cloud mining by buying hash power through nicehash. Those people that want to invest in cloud mining sees it as an opportunity but you are risking your bet in there. I would prefer to trade it with alt coins rather than investing to them.
Actually it make sense to generate profits by investing on cloud mining.
Mining will be profitable if bitcoin price increase over time, as the difficulty increase as well due to more and more mining hardware get into business.
But, consider the risk; you can't control the profits as "cloud mining owners" will decide how much you get, based on their income every hour or every day. Look at genesis mining; many people claim it's not profitable anymore due to some reasons and hashflare seems turn into "shady" business recently.
So, if you want to mining, just buy ASICs hardware and do the real mining in your place instead of buying unknown hash rate from cloud mining which you don't know whether you get fair payment or not.
Mining will be profitable if bitcoin price increase over time, as the difficulty increase as well due to more and more mining hardware get into business.
But, consider the risk; you can't control the profits as "cloud mining owners" will decide how much you get, based on their income every hour or every day. Look at genesis mining; many people claim it's not profitable anymore due to some reasons and hashflare seems turn into "shady" business recently.
So, if you want to mining, just buy ASICs hardware and do the real mining in your place instead of buying unknown hash rate from cloud mining which you don't know whether you get fair payment or not.
It doesn't because you aren't really mining with cloud mining operators. You are loaning them money but with this loan the responsibility and risk falls on you.
If they were to take a loan from a bank they'd need to have a collateral and if they failed at payments they'd lose it. This system gives them a lot of freedom. They can fail at payments or lower them for a while blaming it on rising difficulty, maintenance cost, or lack of profitability, and there's no collateral to be lost.
Yeah that is how it works, they don’t really profit us at all. They profit for themselves man. This is the reason most of the people fall for the cloud mining stuff and they invest a lot of money to buy big contracts and then they end up in the loss without knowing what they are actually doing.
Also, you are seeing just temporary calculation from that calculator because everyday the prices and difficulty is changing for mining which alters the calculation mostly towards loss for us and more profit to the company.
May be these are the way to grab more investors into the firm and profit like that. This is what cloud mining is and don’t even know if they do really mine or not.
Actually it make sense to generate profits by investing on cloud mining.
Mining will be profitable if bitcoin price increase over time, as the difficulty increase as well due to more and more mining hardware get into business.
But, consider the risk; you can't control the profits as "cloud mining owners" will decide how much you get, based on their income every hour or every day. Look at genesis mining; many people claim it's not profitable anymore due to some reasons and hashflare seems turn into "shady" business recently.
So, if you want to mining, just buy ASICs hardware and do the real mining in your place instead of buying unknown hash rate from cloud mining which you don't know whether you get fair payment or not.
Mining will be profitable if bitcoin price increase over time, as the difficulty increase as well due to more and more mining hardware get into business.
But, consider the risk; you can't control the profits as "cloud mining owners" will decide how much you get, based on their income every hour or every day. Look at genesis mining; many people claim it's not profitable anymore due to some reasons and hashflare seems turn into "shady" business recently.
So, if you want to mining, just buy ASICs hardware and do the real mining in your place instead of buying unknown hash rate from cloud mining which you don't know whether you get fair payment or not.
I don't understand, why would someone cloudmine. I looked at nicehash prices
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
You're not missing anything.
The sellers have to make a profit - if they don't make a profit then there is obviously no point for them to list their miners up for sale. Now you as the buyer can take a risk with buying one of these contracts, and potentially profit more than you invest in it.
I would do this only for fun, as in the long run you're likely not going to be making anything in the positives. Just think about it again - if miners can make more mining themselves, why would they rent out their mining power to someone else?
I think about:
Quote
Just think about it again - if miners can make more mining themselves, why would they rent out their mining power to someone else?
let suppose I can mine and i have time to mine and I have cheap electricity and I have place to mine.
BUT I HAVE NO CASH TO BUY MINER HARDWARE.
You have cash but not the possibilities to mine with profit.
Why should the principle of cloudmining not be possible and fair?
I did this with my antminer U2.
it was fiasco because it was nor profitable to mine with profit.
It is why I have resold it in time.
But the cloudmining system is a good system if it is managed by honest webmaster.
I don't understand, why would someone cloudmine. I looked at nicehash prices
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
You're not missing anything.
The sellers have to make a profit - if they don't make a profit then there is obviously no point for them to list their miners up for sale. Now you as the buyer can take a risk with buying one of these contracts, and potentially profit more than you invest in it.
I would do this only for fun, as in the long run you're likely not going to be making anything in the positives. Just think about it again - if miners can make more mining themselves, why would they rent out their mining power to someone else?
I agree that Bitcoin was a better investment than cloud mining during 2017. But I think there was almost no investment that was better than Bitcoin during 2017.
If you bought cloud mining contracts for USD in the beginning of 2017 you would have been profitable but not if you bought them for BTC.
I think cloud mining is as best when the coin price is stable and new miners don´t have enough attraction to start mining the coin since the start capital is too big.
At Allcloudminers we publish the results from our own cloud mining contracts continuously. We also try as good as we can to sort out the legit cloud mining companies from the Ponzi Schemes.
www.allcloudminers.com
If you bought cloud mining contracts for USD in the beginning of 2017 you would have been profitable but not if you bought them for BTC.
I think cloud mining is as best when the coin price is stable and new miners don´t have enough attraction to start mining the coin since the start capital is too big.
At Allcloudminers we publish the results from our own cloud mining contracts continuously. We also try as good as we can to sort out the legit cloud mining companies from the Ponzi Schemes.
www.allcloudminers.com
I don't understand, why would someone cloudmine. I looked at nicehash prices
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
https://www.nicehash.com/buy
with 77 usd you can buy 0.05 PH for 24hrs.
According to profitability calculator, with that power you would get 60 dollars in 24 hrs. So you would pay 77 dollars to get 60 dollars. What am I missing?
Renting hashrate doesn't really make sense unless you're trying to get into an altcoin big time without disrupting the markets too much. Or perhaps you're just taking a gamble on how many blocks your pool will mine with a pretty ridiculous house edge.
Would also work if the coin isn't currently listed on any exchanges but you want to get into it.
But other than that, i don't know why someone would go with renting hashrate or even cloud mining rather than just buying the actual coin with BTC.
You could buy contracts with the major miners farms and they could eventually become profitable. But most companies that sell mining Hpower for a short period of time and didn't provide any real information about the blocks they mine are Ponzi schemes.
You could put a lite information on every block that you mine, ViaBTC provides this information[1], but I doubt that this cloud mining schemes where you can buy for just one week or month could put their name there. Or the name of their users. They only exist because BTC always go up and most of the people decide to reinvest.
And the companies that try to sell real Hpowers can't provide a great profit for the users. But in the long run, you could make some profit. But it is not a thing for less than one month.
[1]https://twitter.com/ViaBTC/status/931005733952356358
You could put a lite information on every block that you mine, ViaBTC provides this information[1], but I doubt that this cloud mining schemes where you can buy for just one week or month could put their name there. Or the name of their users. They only exist because BTC always go up and most of the people decide to reinvest.
And the companies that try to sell real Hpowers can't provide a great profit for the users. But in the long run, you could make some profit. But it is not a thing for less than one month.
[1]https://twitter.com/ViaBTC/status/931005733952356358
Nicehash or miningrigrentals like platform are only for those miners who want to rent mining rigs temporarily to mine few new altcoins to hold for longer time so that they can sell it for profit when it will be listed.
Their price is not good for mining regular alts or bitcoin as most of the seller there are renting their rigs to make profit.
Their price is not good for mining regular alts or bitcoin as most of the seller there are renting their rigs to make profit.
However these are not the Cloud mining platform right then why op makes the post like this. If he really needs to look into the cloud mining platofrm he should check in the Genesis and cloud mining sites which is completely works on the platform alone. Even you take minergate as a partial cloud site.
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