Cloud Mining Question - page 2. | Bitcointalksearch.org

ipanks

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Quote from: kkent on October 06, 2017, 02:07:16 PM

Hello,

I have seen many websites offering "Lifetime" contracts on cloud mining hashrate. Most ROI calculators that I have come across appear to indicate that these contracts will lose profitability in around 20-30 weeks, so less than a year. Am I looking at this wrong, or are these contracts actually just that much of a scam?

maybe what they mean about lifetime contracts is as long as they can operate the company then you can still mining with them but if somehow they are shutdown their services in just 6 month then they are only scam you. i have seen this is the past and there are many cloud mining offering "lifetime" like you said but the fact is after they operate in just one year or less, they are run away with the money and people getting sad. for example, in genesis mining, i can reach the ROI in just 9 month with small hashrate and i am sure this will happen too with the big hashrate. in hashnest, the ROI is almost equal with genesis mining. but in the other places, maybe they can guarantee that the ROI can be reach in 4 month but i think its difficult to reach ROI in short of term.

btcney

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Quote from: kkent on October 06, 2017, 02:07:16 PM

Hello,

I have seen many websites offering "Lifetime" contracts on cloud mining hashrate. Most ROI calculators that I have come across appear to indicate that these contracts will lose profitability in around 20-30 weeks, so less than a year. Am I looking at this wrong, or are these contracts actually just that much of a scam?

What ROI calculators have you used? It may not be accurate.

Some cloud mining sites will close your current contract as soon as you stop making a profit to cover maintenance, others will wait until there are three consecutive days of not enough profit to cover maintenance. But in both cases, your contract will not last more than 4 years(since halving makes mining rewards go down significantly).

I'd say that on average, lifetime contracts will only outlive the 1 year contracts by a maximum of a few months. It is not a good investment to make.

TheCoinFinder

legendary

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Yeah, you are not looking at the right way. This type of contracts are not acceptable in the market of investment anymore.
Most of the cloud mining platforms are in market likely to put you in loss financially.
Nobody have been profitted by these contractors as promised.
Instead of bumping your money into mining contracts, you can get good profit trading altcoins.

Kyraishi

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Quote from: kkent on October 06, 2017, 02:07:16 PM

Hello,

I have seen many websites offering "Lifetime" contracts on cloud mining hashrate. Most ROI calculators that I have come across appear to indicate that these contracts will lose profitability in around 20-30 weeks, so less than a year. Am I looking at this wrong, or are these contracts actually just that much of a scam?

You're completely right, actually.

The fact is that "lifetime" contracts are not "lifetime" at all. In fact, as network difficulty goes up and bitcoin rates fluctuates, it is very possible and even probable that your contract is going to be terminated in under a year or two.

Even if your contract keeps going, it won't get you good results after the initial few months. Is it a scam? I don't think that's the right word, but it's close to one.

cpfreeplz

legendary

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You've got past that first hurtle. If it sounds to good to be true, it probably is. All cloud mining ponzis are a scam. They would make more by mining rather than going through the hassle of renting out contracts. Lifetime contracts are good for the lifetime of the business, which will always be short lived. All of these ponzis will fail and if you think you're in a legitimate cloud mining scheme you're going to be very surprised when they reach their end game goal and you get taken for everything.

TimeTeller

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Quote from: squatz1 on October 06, 2017, 03:09:58 PM

No, these contracts are right. With the amount of profits that people can see from buying into the altcoin mining frenzy the difficulity is going to increase at an exponential rate due to this. Plus, my view on Cloud Mining (be it bitcoin or Altcoins) is that all of the companies that offer this out are a bunch of scams, and the few that aren't are the ones that are just going to stop mining on your 'lifetime' contract when it isn't profitable for them.

Avoid it all together dude, you're bound to lose all your money in the end.

That's very correct. Never trust them even the legit ones.
I lost a lot of money with cloud mining contracts before.
And yes, even with the so-called lifetime contracts, they will just stop sending your share.
Hard lesson for me. So please don't ever place big investments on this.
Just money that you can risk of or you're ready to lose, if you really want to invest on cloud mining.
There are a lot of discussions here also related to cloud mining, so you might want to dig deeper & learn more about this before plunging to an unknown venture.

lumeire

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Quote from: kkent on October 06, 2017, 02:07:16 PM

Hello,

I have seen many websites offering "Lifetime" contracts on cloud mining hashrate. Most ROI calculators that I have come across appear to indicate that these contracts will lose profitability in around 20-30 weeks, so less than a year. Am I looking at this wrong, or are these contracts actually just that much of a scam?

Avoid those lifetime contracts, but if you're gonna push with cloudmining, better go on a platform that has a secondary Ghs market, so you can liquidate ur assets anytime, or trade for profit.

nb1985

newbie

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Yes, I am sad to say that I will likely lose a decent amount of BTC on a "Lifetime" cloud mining contract. I purchased a cloud mining contract back in August (I got caught up in a fervor and didn't do my due diligence.) While it is still paying out, my earning are decreasing by about .0002/week and, if that stays the case, I will no longer be earning anything 34 weeks from now. I think that I will be lucky if I get even 50% of my initial investment back.....I am currently just trying to figure out how to earn some BTC so that I can at least end up with the same BTC as I started with before getting scammed/wasting my BTC on this cloud hash rate

kkent

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Thanks for the information, I figured it was like anything else that seems too good to be true. Angry

mensa84

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Quote from: kkent on October 06, 2017, 02:07:16 PM

Hello,

I have seen many websites offering "Lifetime" contracts on cloud mining hashrate. Most ROI calculators that I have come across appear to indicate that these contracts will lose profitability in around 20-30 weeks, so less than a year. Am I looking at this wrong, or are these contracts actually just that much of a scam?

Cloud mining is evil. Why sell contracts for mining, if you can mining coins on this hardware (gpu, asics). Cloud mining this is a fraudulent pyramid.

squatz1

legendary

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Flying Hellfish is a Commie

No, these contracts are right. With the amount of profits that people can see from buying into the altcoin mining frenzy the difficulity is going to increase at an exponential rate due to this. Plus, my view on Cloud Mining (be it bitcoin or Altcoins) is that all of the companies that offer this out are a bunch of scams, and the few that aren't are the ones that are just going to stop mining on your 'lifetime' contract when it isn't profitable for them.

Avoid it all together dude, you're bound to lose all your money in the end.

kkent

member

Activity: 98

Merit: 10

Hello,

I have seen many websites offering "Lifetime" contracts on cloud mining hashrate. Most ROI calculators that I have come across appear to indicate that these contracts will lose profitability in around 20-30 weeks, so less than a year. Am I looking at this wrong, or are these contracts actually just that much of a scam?

Topic: Cloud Mining Question - page 2. (Read 576 times)