Cloud Mining? Good, Bad, Ugly? - page 2.

ipanks

hero member

Activity: 1610

Merit: 507

Quote from: Temptaz on September 07, 2017, 04:30:32 PM

Hello all I am new here and have recently tried Cloud Mining with some success.

By some I mean I will (should) make ROI on the small amount of hash power I purchased.

My BTC mining generates ~20.00 USD each month but is on a contract that will expire once profitability is null for the cloud miner.
My ETH mining generates ~15.00 USD each month but is on a contract for two (2) years.

Its a small investment but it was mainly for testing if a scam.

My question is this:

Has anyone else tried out cloud mining with a limited contract based on profitability?

If so how long did it take to reach?

actually i am use cloud mining too in my past and until now i still can get profit because i can reach my ROI in one year, its a long time before i reaching. fortunately, my cloud mining giving two option which is with a limited contract or lifetime so i choose lifetime and until now it still mining although i only small hashrate and now my earning is not too big.

joshki

full member

Activity: 210

Merit: 100

I've never understood the concept of buying equipment to run a mining farm and then selling the hashpower for it at a loss to customers rather than using it to mine for myself.

Ergo, I must assume all cloud mining has to be a scam in some way. I've never really looked into it all that closely, but there's no logical sense to it.

digaran

copper member

Activity: 1330

Merit: 899

🖤😏

I would go for genesis mining with an amount not greater than $1000 and wait 6 months or so to get back my initial investment a few bucks at a time everyday, after 6 months or so when I got to my ROI I will start to receive profit though a few bucks less than before everyday. after 2 months of profit earnings I'll start to notice payment are not everyday anymore.

I just don't know if it worth the risk, couldn't we just earn more by trading or by holding Bitcoin? IMO it only worth investing if you are mining alt coin which has no significant market value and by holding what you receive you could only profit greatly if that alt increases 50 times in price.

Temptaz

newbie

Activity: 66

Merit: 0

Quote from: john2231 on September 08, 2017, 07:52:44 PM

Quote from: Temptaz on September 08, 2017, 06:28:09 PM

Thanks everyone for replies and advice. To answer some questions asked:

I used Genesis Mining and paid 145USD for each contract for a total of 290USD about 6 months ago.

These were the smallest contacts they offered at the time.

So you mean you already made a 145 usd with your investment of $145 its times 2 am i right..
Honestly this is impossible if you earn that amount in 6 months because the difficulty is changing except for bitcoin value changes.
But the amount of bitcoin you invest is not increases?

Base on what i experience never made any profit in cloud mining site because the difficulty is keep increase it takes more longer to be able to recover my invest and make profit..
And most of them if you can withdraw your profit you can be experience of pending just like the other cloud mining site that turn into scam in the end..

When I got my contract BTC/ETH was much lower in price I believe this alone is the reason I will reach ROI.

Their payments are "daily" but my contracts do not meet the minimum to withdraw which is 0.05 ETH and 0.0015 BTC so they have to accumulate first. Even if they did meet the minimum I have seen alot of posts on their blogs about problems with payouts so they seem to be having problems. I also see alot of reports of scams from them and other cloud mining.

Overall it seems I got lucky with the rise in price but its a bad idea moving forward.

john2231

hero member

Activity: 924

Merit: 1001

Quote from: Temptaz on September 08, 2017, 06:28:09 PM

Thanks everyone for replies and advice. To answer some questions asked:

I used Genesis Mining and paid 145USD for each contract for a total of 290USD about 6 months ago.

These were the smallest contacts they offered at the time.

So you mean you already made a 145 usd with your investment of $145 its times 2 am i right..
Honestly this is impossible if you earn that amount in 6 months because the difficulty is changing except for bitcoin value changes.
But the amount of bitcoin you invest is not increases?

Base on what i experience never made any profit in cloud mining site because the difficulty is keep increase it takes more longer to be able to recover my invest and make profit..
And most of them if you can withdraw your profit you can be experience of pending just like the other cloud mining site that turn into scam in the end..

Temptaz

newbie

Activity: 66

Merit: 0

Thanks everyone for replies and advice. To answer some questions asked:

I used Genesis Mining and paid 145USD for each contract for a total of 290USD about 6 months ago.

These were the smallest contacts they offered at the time.

illusioNiZt

sr. member

Activity: 756

Merit: 252

Id say bad its very hard to even get the capital money invested in it back in your pocket after all the time they made you wait, which site did you invest in and how much?

crisdean

newbie

Activity: 60

Merit: 0

Quote from: DaMut on September 08, 2017, 02:49:49 AM

go here for more review about cloud mining site from users :
https://www.cryptocompare.com/mining/genesis-mining/bitcoin-gold-mining-contract-lifetime-small/

Buying cloud mining contracts in my opinion is a bad idea,
because you will get profit if the price keep increasing and the difficulty fixed(not increasing).
but it's impossible for difficulty to not keep increasing due to demand of the users.
which mean you will get less than before everydays/months/years later.
and if you buy a contracts in there and it's no longer profitable because of the expanses that you need to buy.
they will close your account without permission.
some of them complained about their account closed by the site,you can find it in there .

how about renting the hash if you keep insisting to mine ?
you can get more than buying the contracts in cloud mining site,
rent 24 hours hash power and mine the coin that you want to mine and use the calculator.
i believe you will get more than buying the contracts,

Depends, do your maths and see what you want to invest. It can be profitable.

DaMut

sr. member

Activity: 1274

Merit: 263

Look at this statement below

Quote

Study case: I bough a 1 year contract for 1MH/s ETH mining. I've paid 0.11BTC for it (equivalent of 45$ at the time). In one year, Genesis gave me back 2.38ETH (equivalent of 69$ now), so you could say that I've made a profit. But you would be wrong!!! That's just because the price of ETH is high now (29$ versus 12.5$ one year ago).

If I would have kept my 0.11BTC, now it would be worth 135$.

If I would have bought ETH with the 0.11BTC back then (I would have gotten 3.66ETH, that's 1.3ETH more than what they gave me back), now it would be worth 106$.

Could mining is a scam! Works only for the cloud owners!

go here for more review about cloud mining site from users :
https://www.cryptocompare.com/mining/genesis-mining/bitcoin-gold-mining-contract-lifetime-small/

Buying cloud mining contracts in my opinion is a bad idea,
because you will get profit if the price keep increasing and the difficulty fixed(not increasing).
but it's impossible for difficulty to not keep increasing due to demand of the users.
which mean you will get less than before everydays/months/years later.
and if you buy a contracts in there and it's no longer profitable because of the expanses that you need to buy.
they will close your account without permission.
some of them complained about their account closed by the site,you can find it in there .

how about renting the hash if you keep insisting to mine ?
you can get more than buying the contracts in cloud mining site,
rent 24 hours hash power and mine the coin that you want to mine and use the calculator.
i believe you will get more than buying the contracts,

Wusolini

legendary

Activity: 1190

Merit: 1000

no need to carry heavy money bags anymore

Quote from: PranDoW on September 07, 2017, 06:05:55 PM

C`mon cloud mining in 2k17? Completely unprofitable and useless thing.

C`mon, show some respect to newbie (we all have been once).

I dare to oppose your opinion as I disagree with your total generalization.
There are two companies I'm pretty sure can be useful (namely hashnest and bixin) when used correctly. ( the thing is you can't count with easy profit just from the mining. Users have to constantly buy/sell hashes to make profit ).

PranDoW

sr. member

Activity: 420

Merit: 252

C`mon cloud mining in 2k17? Completely unprofitable and useless thing.

bilz100

newbie

Activity: 2

Merit: 0

What cloud mining service did you use?

Quote from: Temptaz on September 07, 2017, 04:30:32 PM

Hello all I am new here and have recently tried Cloud Mining with some success.

By some I mean I will (should) make ROI on the small amount of hash power I purchased.

My BTC mining generates ~20.00 USD each month but is on a contract that will expire once profitability is null for the cloud miner.
My ETH mining generates ~15.00 USD each month but is on a contract for two (2) years.

Its a small investment but it was mainly for testing if a scam.

My question is this:

Has anyone else tried out cloud mining with a limited contract based on profitability?

If so how long did it take to reach?

fanou1989

newbie

Activity: 42

Merit: 0

In my opinion cloud mining is not profitable at all because they always charge you extra fees for maintenance, which is very annoying and cuts your profits. Undecided

Wusolini

legendary

Activity: 1190

Merit: 1000

no need to carry heavy money bags anymore

BAD.

I have tried few contracts in past and was able to make some profit ( but mainly due to refs. and I'm not proud of that now).

You might be lucky and ROI but consider this:
Your contract "will expire once profitability is null for the cloud miner".
As you probably know BTC price floats quite significantly. It's not a big secret it could drop under the edge of your contract being profitable for few hours, days maybe weeks .. but the price can (and most certainly will) come up again (making it profitable again). But they just cancel you contract and resell your hashes again. Is this fair? I don't think so. If you would be the miner you would either sell the equipment or just pause the mining for the while (or take the risk and keep mining).

In general you can consider mining contracts as well calculated to be profitable for operator rather then customers.
Great example is hashflare, once they realized the contracts being to much profitable for customers, they changed the terms see: https://bitcointalksearch.org/topic/hashflare-screwed-us-up-2139246

Temptaz

newbie

Activity: 66

Merit: 0

Hello all I am new here and have recently tried Cloud Mining with some success.

By some I mean I will (should) make ROI on the small amount of hash power I purchased.

My BTC mining generates ~20.00 USD each month but is on a contract that will expire once profitability is null for the cloud miner.
My ETH mining generates ~15.00 USD each month but is on a contract for two (2) years.

Its a small investment but it was mainly for testing if a scam.

My question is this:

Has anyone else tried out cloud mining with a limited contract based on profitability?

If so how long did it take to reach?

Topic: Cloud Mining? Good, Bad, Ugly? - page 2. (Read 1041 times)