Cloud Mining - Legit or not? | Bitcointalksearch.org

Oceat

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Quote from: savioroshan on November 06, 2017, 02:55:28 PM

Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Buddy, Don't worry, its a legit site. I invested nearly 900 dollars in this site and they are paying me once in every five days without any problem. So I can confirm that its a legit site. But I need to highlight a fact that it will take nearly 8 months for you to reach your ROI in fiat and the sad thing is, it will take years for you to reach your ROI in bitcoin, if you had invested in this site with bitcoin. So its better to buy the coin directly from the exchange instead of investing in it.

As i can see what is happening here, it may be legit but it's not recommendable for bitcoin investments i guess since it would only take years before you reach your ROI. Even if you invest in altcoins it will take too long before you could ever reach your ROI too. I guess it's not worthy of your time to waste on this cloud mining thing. You better buy your own miner if you wanted to invest in mining and not into cloud mining which will take a lot of time before you reach your ROI.

kabit9

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if you would like to receive a small discount on a Genesis contract, use the code rCIpeV

savioroshan

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Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Buddy, Don't worry, its a legit site. I invested nearly 900 dollars in this site and they are paying me once in every five days without any problem. So I can confirm that its a legit site. But I need to highlight a fact that it will take nearly 8 months for you to reach your ROI in fiat and the sad thing is, it will take years for you to reach your ROI in bitcoin, if you had invested in this site with bitcoin. So its better to buy the coin directly from the exchange instead of investing in it.

omonuyak

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Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

I think this YouTube video should be an old one and genesis mining is one of those cloud mining firms you should run from. according to online research "99% of cloud mining companies are fraud and scams". Investing In cloud mining is one of the risky investment decisions you can make and if you want to invest in cryptocurries? I will advise you to buy your own mining tools and start mining altcoins.

cryptojedi

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Genesis Mining is a very, very bad solution. If I were you, I would not touch them with a ten foot pole. I have never seen a single person making any money with them, ever.

The only thing which actually works for me is DMD Diamond cloud, it is an AMAZING service. I m sure you can find the link, if not, let me know and I ll send it to you.

Stroustrup

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Waste of money, waste of time.
It might take months (or even years) to get what you invested, and for what? A tiny profit? Company can go bankrupt, or any disaster can occur. Even the BTC can fall, and you will lose a lot of money.
Better open a bank account and earn the little % that banks give you..

Nfp

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Maybe its legit. Because if its not legit, why there's so many miners until now since its started? Maybe there are some mining companies that are not, But not all of theme.

pratik009

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Cloud minning is not legit.it is scam.but only very less sites are legit.And most of sites are scam.i also invested in one cloud mining sites.but onoy first 2-3 days it gives me 10% interest on my investment and after that they banned my account.i couldn't sign in my account and lost my all btc.As same all ponzi sites are scam.so i suggests you to research properly for any minning sites before investment.

WiserCoin

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Cloud mining is not a profitable investment. Instead, it looks more profitable mining alt coin

AmXProX

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Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Some of the cloud mining companies are legitimate at the start but eventually will crash down, if you are really earning from the super computers that you have why would you offer it to other people by just getting a chuck from it's operation?

And besides if you have the money to invest on those cloud miners why not just invest it to your own mining rigs. mine altcoins first then when you earn enough to buy bitcoin mining equipment you start mining bitcoins.

Weawant

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There are some cloudmining sites are legit but not recommended for those people who seeks a huge profits and to the rush people since cloudmining profits are so low since those legit sites are giving some low roi due to difficulty and their mining operation expenses, But if you can ably to wait for long term low profit then I recommend to look for the site on service announcement section and read carefully on the feedback given by the people who invested on there.

Pairoducks

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@error08 finally someone who isnt salty about cloud mining. As bitcoin value increases and as the community becomes wiser in regards to scams, more and more legitimate cloud mining operations will become popular. From my own, albeit limited experience, CCG Mining seems to be one of those.

That said if genesis ever releases more bitcoin mining contracts I'll be the first to jump on. I think its important to diversify your mining contracts in terms providers. Because no matter how legitimate a company is there is always a chance that it will make a few bad decisions and as a result their business will suffer.

error08

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There are few legit cloud mining and genesis mining is one of those.
Even though many people keep claim cloud mining isn't profitable but genesis continues to develop their mining farm on Hongkong and Iceland. On the other hand, too many scam projects in the name of cloud mining, which cause people judge all cloud mining is a bad investment. why they want to share bitcoin mining profits to others for lifetime contract? As long as bitcoin price keep growing, mining will be always profitable.

darthmaul

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Quote from: Fidemoga on October 29, 2017, 07:27:01 PM

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

Yes genesis is one of the name actually which you can choose to invest in but as a experienced with cloud miner I would suggest you to invest into hosting of miners or may be somewhere else but not in the cloud mining itself. Invest only if you have big money and you are strong enough to loose the money and never talk about it again. Why more money? Because this will get you most of the hash rate which you can use to get your ROI faster. However that all seems vague after sometime when the bitcoin prices fluctuates a lot. Better go for hosting your own miner and get rentals out of it. You can start earning decent money in few months only.

Pairoducks

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To echo what most posters have said Genesis is the most establish company in this industry. It all comes down to mining difficulty and bitcoin value. Additionally this site is sold out fairly frequently, which I think is a good indicator of legitimacy. There are other sites that provide similar service but have not been running for as long. For example CCG Mining is one that I use. They have similar pricing to Genesis and also provide mining rigs if you are interested in mining at home, again the profitability of this depends on how cheap your electricity is.

Hamphser

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Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Genesis mining for now can be considered as legit since they are operating already for how many years and been used by some investors when it comes on cloud mining.Mining bitcoin or other coins would really be asic miners and pc or laptop mining isnt really possible nowadays since it would really need its own dedicated miner on that kind of stuff. Worth it? No it wont to invest some money on these cloud minings sites specially for long term basis profits will lesser as the time goes by which i would say it wont really be an ideal stuff.

coolcoinz

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Quote from: CodyAlfaridzi on October 30, 2017, 11:55:29 AM

Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Easy and fun? It isn't. Believe me. Genesis mining has been here since 2014 IIRC and they always paid, but that's not the problem. The problem is it's not worth it. Cloud mining is risky and it may be not profitable. Better hold your Bitcoin and wait for (hopefully) another steep rise. Holding Bitcoin in 2017 is probably the easiest money making experience that I had so far. Isn't it more easy and fun?

If you really want some thrill, go invest in some alts or do day trading on Bitcoin/top crypto like ETH.

If they would always pay there wouldn't be so many people reviewing their services in a bad way. Haven't you read statements from people whose contracts were terminated due to unprofitability? Just use the search function and you'll find plenty.

They are doing good only because Bitcoin is doing good so they have enough to keep paying people.

felicita

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Quote from: sukamasoto on October 30, 2017, 12:26:38 PM

Quote from: felicita on October 30, 2017, 09:11:47 AM

ima using genesis ming now since 2 years and it got my ROI there.
iam also buying months a bit hashrate there.
you cna find many proofs of there minign in youtoube or google Wink

its legit until now Cheesy

kind regards

Can you explain more detail about your profit ? Share to us here perhaps ?
I'm kinda afraid if I must invest on cloud mining site because I'm ever got scam on the past.

Well I know that's the risk but I just want to prevent myself from same experience ,twice !

what can i say about payments ?
they are paying since they are online .
i got no delays .... currently is payout limit 150 000 Satoshi !
when i started on Gensis payout limit was 50 000 Satoshi and i got payed every day Cheesy

until now my bitocin contracs are open end .

kind regards

sukamasoto

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Quote from: felicita on October 30, 2017, 09:11:47 AM

ima using genesis ming now since 2 years and it got my ROI there.
iam also buying months a bit hashrate there.
you cna find many proofs of there minign in youtoube or google Wink

its legit until now Cheesy

kind regards

Can you explain more detail about your profit ? Share to us here perhaps ?
I'm kinda afraid if I must invest on cloud mining site because I'm ever got scam on the past.

Well I know that's the risk but I just want to prevent myself from same experience ,twice !

CodyAlfaridzi

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Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Easy and fun? It isn't. Believe me. Genesis mining has been here since 2014 IIRC and they always paid, but that's not the problem. The problem is it's not worth it. Cloud mining is risky and it may be not profitable. Better hold your Bitcoin and wait for (hopefully) another steep rise. Holding Bitcoin in 2017 is probably the easiest money making experience that I had so far. Isn't it more easy and fun?

If you really want some thrill, go invest in some alts or do day trading on Bitcoin/top crypto like ETH.

jeniferqueen0409

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Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

It's not a scam, it's just not profitable. You're interested in cloud mining, but it looks like the first 8 months are just making your money back.

GetOutOfMyLife

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Quote from: Fidemoga on October 29, 2017, 07:27:01 PM

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

Yes, how long and how to make profit with over 6 months to get return. Plus mining fee, electric daily fee. So why not invest to buy mining computer to do your self as China have many mining factory? Cloud mining almost scam soon or long

.. I never believe in Cloud Mining, a long time a go i join cointellect and earn 32k doge at this site and i recognized that Cloud mining = HYIP

felicita

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ima using genesis ming now since 2 years and it got my ROI there.
iam also buying months a bit hashrate there.
you cna find many proofs of there minign in youtoube or google Wink

its legit until now Cheesy

kind regards

mobnepal

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Pros ;
- You don't have to maintain mining machines
- You don't have to handle all noise problem and electricity bill

Cons;
- You will never own any mining rig/device in reality, if genesis mining will change their terms or get bankrupt you will get zero in your hand
- Most likely genesis is selling more mining power than they actually owns that make them just like another hyip/ponzi
- You will never have full control over device purchased through your money
- You have to pay higher rates for same mining power than what you could get by buying real mining device

One big con about every cloud mining site is that you can actually loss all you have invested overnight and you might have to wait for years to get your initial deposit back due to increasing mining difficulty. Personally I will never suggest anyone to invest in these likely ponzi schemes. Grin

Welsh

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I discourage the use of cloud mining, just because it's not profitable in the long term. Normally what happens is a few people start earning a steady income with the service and either the company runs away with the money or clients stop earning the money. You only have to look at the history of these things and they always turn out to be a scam or unsuccessful.

Maveth13

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Legit? Yes. Genesis mining has had some issues here and there but they've been doing business for years. You will have a huge mix of opinions about this by just searching on google.
Is it worth it? For me, no. It just takes too actually get a profit out of cloud mining.

tiggytomb

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Genesis Mining has been around for a few years and is one of the legitimate ones, there have been some complaints which you will find in the forum but overall I think they do pay out, I had a contract with them last year and although it did go all the way to the end the ROI was tiny.
This was last year and a lot can change in that time and after seeing a couple of comments here it seems that they may have turned a bit sketchy.

If you are looking for a good profit cloud mining isn't really the best way to go about things, you will come across lots of cloud mining sites and they are notorious for being fake and will just take your money, there are only a couple which are legitimate but really you would be better off simply holding your bitcoin rather than using these sites.

Teraboy

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Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

It is not a legit site, many people knows about the fact that the genesis already turned into the shady behavior in this time. as you can see in some recent articles about the genesis mining review. A lot of users of genesis mining itself gets a lot of problem with it. You will never meet your roi.
The real thing about genesis mining will never give a profit for your investment. They are taking your investment just a free loan and that gives you back again later. I meant about your first amount.
You will never meet your roi through invest in there and i reccomend you to stay away.

giveen

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Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

No cloud mining site will ever be termed as legit genesis mining has a shady past in terms of btc mining and other issues. People still invest no doubt about that but always invest what you can afford to lose.

Quote from: mk4 on October 29, 2017, 09:55:15 PM

Genesis Mining seems legit for now, as I've found good proof that they actually have a sort of like a GPU farm on a huge warehouse and not just make money through schemes like HYIPs. The only question is, is it profitable? I personally don't think so. The only reason you see YouTubers shill GenesisMining is just so you use their referral link.

If you really like to make money through mining, buy some good GPUs and or ASIC miners.

Another misconception do you have any proof that they actually have a huge farm you are just repeating what they have showed you. About profitability I'm not sure about btc mining but i did buy hashpower for alt mining and made 2x my investment till now (because price of alt increased).

Quote from: pinkflower on October 29, 2017, 10:52:39 PM

Quote from: Fidemoga on October 29, 2017, 07:27:01 PM

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

The only reason why Genesis Mining is still around is because of its size and new monthly inflows of contract buyers. Cloud mining sites and practically mostly all miners are breaking even because of BTC's rising difficulty. If the price of BTC stops going up but the difficulty keeps growing, Genesis Mining will incur losses and might also be forced to change their lifetime contracts to limited annual contracts.

Its better to invest in BTC from my perspective.

Exactly they are most likely running a ponzi scheme you never know getting profit is assured from their site but 1 year just to get roi seems really high and not worth it.

allcloudminers

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Genesis Mining is a legit cloud mining company. It´s probably the largest and most transparent cloud mining operator as well.

During 2017 it would have be a better investment to just hold Bitcoin. However, I think there is no investment form that actually was better than just hold Bitcoin during 2017.

Cloud Mining is a probably as best when the Bitcoin price is stable.

Read more about cloud mining reviews, ROI, payout chart and more at www.allcloudminers.com

pinkflower

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Quote from: Fidemoga on October 29, 2017, 07:27:01 PM

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

The only reason why Genesis Mining is still around is because of its size and new monthly inflows of contract buyers. Cloud mining sites and practically mostly all miners are breaking even because of BTC's rising difficulty. If the price of BTC stops going up but the difficulty keeps growing, Genesis Mining will incur losses and might also be forced to change their lifetime contracts to limited annual contracts.

Its better to invest in BTC from my perspective.

mk4

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Genesis Mining seems legit for now, as I've found good proof that they actually have a sort of like a GPU farm on a huge warehouse and not just make money through schemes like HYIPs. The only question is, is it profitable? I personally don't think so. The only reason you see YouTubers shill GenesisMining is just so you use their referral link.

If you really like to make money through mining, buy some good GPUs and or ASIC miners.

btcdiggingmaster

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Quote from: Fidemoga on October 29, 2017, 07:27:01 PM

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

There are some sites still paying on your investment but it will take lot of time to get returns on your investment. I think OP should shift from cloud mining to trading platform because you will make more money if you invest same amount in Bitcoin or altcoins.

Fidemoga

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Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

Bitcoincy

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I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Topic: Cloud Mining - Legit or not? (Read 917 times)