Cloud mining still profitable? | Bitcointalksearch.org

ardentvolcanoes

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Quote from: fourpiece on November 05, 2020, 05:41:08 PM

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most sites like this only last 1 to 3 months even those that offer huge profits can only last 2 to 3 days, in my opinion if all the cloud mining information is not clear you should avoid it because it will definitely end up being a scam

Some of them wont even last for at least a month as long they already collected big amount of deposit or investment.. They promise good returns in short period of time but they will be the first to get before anyone will receive their reward.

They only exist for short period of time knowing that in the long run no one will invest to their scheme, better to invest with good project

instead of trying your luck finding cloud mining investment, learn to study and research invest with proper knowledge instead of wasting

your time making things as quick as you want you'll only leading yourself to lose your money.

fourpiece

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Quote from: ?? on ??

most sites like this only last 1 to 3 months even those that offer huge profits can only last 2 to 3 days, in my opinion if all the cloud mining information is not clear you should avoid it because it will definitely end up being a scam

Some of them wont even last for at least a month as long they already collected big amount of deposit or investment.. They promise good returns in short period of time but they will be the fisrt to get before anyone will recieve thier reward.

MonsterV

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ive been genesis mining before and its could be profitable for you but its long term investment depend on which website you are investing, some website are using cloud mining name but they are hyip that promised you short term profit and end up scam, just be carefull when you get into cloud mining world.

darewaller

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That is the problem with the new companies trying to build cloud mining business but can't because of the stigma. Normally if you live in a nation that has low electricity cost and if you could focus on just the expense of the machines, you could totally make a profit from mining without a doubt. Obviously mining is something volatile as well, these days mining profits you a lot more than what it did a year ago, but remember when ETH went as low as 80 dollars? Miners lost money like bunches during that period as well and there is no guarantee that won't come back ever neither.

There were so many companies that did cloud mining and claimed "they got hacked" and not paid anyone's money that, even though cloud mining could work as a good business, people just do not trust them anymore.

disconnectme

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I don't believe that at this age and with the huge information out there some one still feels cloud mining is still a thing, Cloud mining always end up one way and that is down. For the sake of newbies please do not put your money into cloud mining most of them are scams and it is not a sustainable business

arjuna BTC

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Quote from: Bitum on November 04, 2020, 02:35:09 PM

99% of all cloud mining is not real mining, but rather a scam. You have no equipment, simple script runs in the background. The profit is made with new users, that's ponzi, whoever comes last loses everything.

absolutely true, thats why i never invest in any cloud mining after i lost a lot of money few years ago in cloudmining site
its better to stake some POS coins in our wallet if we want get passive income in cryptocurrency

poodle63

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Quote from: Gibreil on October 30, 2020, 06:20:08 PM

Do you still find some legit cloud mining apps or sites? Well, I never seen any of them as legit right now. Most of my cloud mining apps are just bubble. They are not good when it comes to making profits because most of them needs an initial investment. They just good at your first glance but it is not worth to install or try. Because cloud mining for me is a scam.

Yes, cloud mining are mostly scam even if there's any legit ones i bet no one gonna trust them. Cloud mining is just gimmick and in the inside it's just some another ponzi. If you want to waste money instead of wasting it on this kind of gimmick cloud mining might aswell buy some real mining rig. Though I guess you're not gonna get the ROI within a year maybe.

Bitum

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99% of all cloud mining is not real mining, but rather a scam. You have no equipment, simple script runs in the background. The profit is made with new users, that's ponzi, whoever comes last loses everything.

gamer4156

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I actually don't have solid confirmation that cloud mining's will give us more benefit. A large portion of the past venture that I've experienced regarding mining, it was actually a disappointment. I currently consider crypto mining can be a misfortune regarding operational expenses in mining. we realize that power utilization for mining is enormous, we need to do an intensive estimation.

pealr12

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Nowadays cloud mining is not profitable, as some of the newly rise cloud mining programs are scam. I think these days cloud mining is dead and no one will gonna believe on cloud mining again.

wxxyrqa

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Quote from: culuuton on November 04, 2020, 04:12:36 AM

You shouldn't trust cloud mining applications or websites, many of which have been reported scams in the past few years. If you haven't yet participated in it, you should give up this thought because they usually disappear in a short time.

also this reason that over the years cloud Mining has been tagged as scams and many victims cried tears in this forum and even outside about their experiences.

I completely agree with you that the stigma of a fraud has long been imposed on cloud mining and there is no reason to trust this or that resource. But nevertheless, apparently someone else is able to deceive users, since such sites are still advertised. And even if we assume that for those people who do not understand the choice of equipment and whose country has a high price for electricity, then Cloud mining can in fact be a good choice. But almost all resources are built on the principle of a financial pyramid, because the first users make a profit at the expense of new users who came and at a certain moment the Scam bursts.

carlisle1

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Quote from: Hektur on January 22, 2019, 02:30:29 PM

Hello, I have just found this website bitdeer.com, it should be a new cloud mining site with very good prices, they pay daily directly from official BTC.com pool. They should have direct partnership with Bitmain.
So, please, does someone use their contracts? It is still profitable? Or what about Genesis Mining?
Thank you.

If you have Millions of dollars as capital and living in places where electricity wont kill you?then yeah it is profitable because if not then surely you will be at loss in a matter of year.
Some of my friends tried having a Miner but end up quitting and at losses .

Quote from: culuuton on November 04, 2020, 04:12:36 AM

You shouldn't trust cloud mining applications or websites, many of which have been reported scams in the past few years. If you haven't yet participated in it, you should give up this thought because they usually disappear in a short time.

also this reason that over the years cloud Mining has been tagged as scams and many victims cried tears in this forum and even outside about their experiences.

culuuton

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You shouldn't trust cloud mining applications or websites, many of which have been reported scams in the past few years. If you haven't yet participated in it, you should give up this thought because they usually disappear in a short time.

Benefactor

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I would assume that this site resembles the others of this sort. Also, no they are not productive, on the off chance that you inquire as to whether you can make benefit with them. In the event that you need to get a few benefits from mining I can just suggest mining tokens, where you get a piece of the mining benefits when you hold the mining tokens. t may be better if their mining exercises stop quickly trusting that the market will improve and that will make digging more productive for the excavators.

MCobian

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Quote from: seleme on October 31, 2020, 03:50:07 PM

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Individual miners maybe getting some profits if they choose to mine altcoins but with bitcoin it looks impossible to reap anything unless they got free or extremely cheap electricity charges.

It is an obvious fact that having a cheap electricity source will increase the chances of making a profit. Otherwise, the costs will surpass the profit and the investor is supposed to wait a few more years. The best option is to find another country where the electricity costs will be cheaper, for example: Iran and Georgia have a better profit/loss ratio for miners, AFAIK.

If we can find a location that has a cheap electricity cost, then that place is very suitable as a mining farm. Usually mining farm owners
have difficulty making profits if they have to pay high electricity costs. From research conducted by R&D Elite Mining Inc, it was found
that the countries with the cheapest electricity prices belonged to Burma and Egypt, and other research conducted by Global Petrol Prices
countries with the cheapest electricity prices are Iran and Burma. It seems that Burma is very feasible as a place to seek profit from mining.

seleme

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Individual miners maybe getting some profits if they choose to mine altcoins but with bitcoin it looks impossible to reap anything unless they got free or extremely cheap electricity charges.

It is an obvious fact that having a cheap electricity source will increase the chances of making a profit. Otherwise, the costs will surpass the profit and the investor is supposed to wait a few more years. The best option is to find another country where the electricity costs will be cheaper, for example, Iran and Georgia have a better profit/loss ratio for miners, AFAIK.

Renampun

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Quote from: Gibreil on October 30, 2020, 06:20:08 PM

Do you still find some legit cloud mining apps or sites? Well, I never seen any of them as legit right now. Most of my cloud mining apps are just bubble. They are not good when it comes to making profits because most of them needs an initial investment. They just good at your first glance but it is not worth to install or try. Because cloud mining for me is a scam.

many cloud mining went bankrupt when the price of Bitcoin dropped a few years ago...
Current cloud mining is not profitable at all, the cloud mining companies that were once very trusted have not opened their services because the BITCOIN price is not that high at the moment.

KennyR

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Quote from: semobo on October 31, 2020, 06:26:36 AM

Quote from: bitgov on October 30, 2020, 01:50:51 PM

Quote from: semobo on October 30, 2020, 01:17:21 PM

Quote from: ?? on ??

in my opinion, the age of a cloud mining website will not last long because it is ponzi scheme , maybe if the new cloud mining will profitable but it will not long.

Cloud mining website actually doesn't do any mining,they just send few initial payout from the investment capital but after the one or two payout, you will be facing issues that is the story of evert cloud mining website. Even mining is hard to make profitable in this 2020 so don't expect money in the easiest way.

I agree that many cloud mining services have turned out to be scams, and a very large part is completely unprofitable. However, there are some websites that have survived for many years and are still doing well. For example https://www.genesis-mining.com/ I haven't checked their profitability at the moment and I don't expect them to be very profitable, but if someone strongly believes that Bitcoin's price will be much higher in the future, I think that the risk of loss is here the lowest.

In 2020 opening a contract on genesis mining will end up in a loss for sure because the mining difficulty increased a lot, you will be charged 28% as hardware maintenance fee on genesis mining which is going to eat up your capital until it gets exhausted itself.

If that's the case the sufferers will be the small scale miners. As per my calculation mining difficulty have been increasing and to compensate the same high efficient hardwares were getting launched. This helps maintain the profit unlike the mining difficulty, but the maintenance fee and other miscellaneous fee will surely eat up the profit. Cloud mining doesn't seem to be profiting, those are days when normal computer itself mined bitcoin.

semobo

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Quote from: bitgov on October 30, 2020, 01:50:51 PM

Quote from: semobo on October 30, 2020, 01:17:21 PM

Quote from: ?? on ??

in my opinion, the age of a cloud mining website will not last long because it is ponzi scheme , maybe if the new cloud mining will profitable but it will not long.

Cloud mining website actually doesn't do any mining,they just send few initial payout from the investment capital but after the one or two payout, you will be facing issues that is the story of evert cloud mining website. Even mining is hard to make profitable in this 2020 so don't expect money in the easiest way.

I agree that many cloud mining services have turned out to be scams, and a very large part is completely unprofitable. However, there are some websites that have survived for many years and are still doing well. For example https://www.genesis-mining.com/ I haven't checked their profitability at the moment and I don't expect them to be very profitable, but if someone strongly believes that Bitcoin's price will be much higher in the future, I think that the risk of loss is here the lowest.

In 2020 opening a contract on genesis mining will end up in a loss for sure because the mining difficulty increased a lot, you will be charged 28% as hardware maintenance fee on genesis mining which is going to eat up your capital until it gets exhausted itself.

Gibreil

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Do you still find some legit cloud mining apps or sites? Well, I never seen any of them as legit right now. Most of my cloud mining apps are just bubble. They are not good when it comes to making profits because most of them needs an initial investment. They just good at your first glance but it is not worth to install or try. Because cloud mining for me is a scam.

Topic: Cloud mining still profitable? (Read 1127 times)