Cloud mining still profitable? - page 2.

bitgov

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Quote from: 2double0 on October 30, 2020, 04:31:12 PM

Has cloud mining ever been profitable for the buyer who buys their packages on their site? I think that the number of cloud mining companies who remained genuine for years is so small that nothing looks comparative in this industry. And it is good to keep your coins in your wallet than trusting a 3rd party to pay you at some fixed intervals.

When the reward for "mining" the block was greater and the difficulty was less, cloud mining was quite profitable. It was a great option for people who didn't know how to run mining rigs, or just didn't want to invest a lot of money in hardware. Unfortunately, at the moment with a much lower reward than a few years ago, this profitability is very low. The only chance to make a profit from it is that the Bitcoin price will continue to rise, which unfortunately we cannot be 100% sure about.

2double0

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Has cloud mining ever been profitable for the buyer who buys their packages on their site? I think that the number of cloud mining companies who remained genuine for years is so small that nothing looks comparative in this industry. And it is good to keep your coins in your wallet than trusting a 3rd party to pay you at some fixed intervals.

bitgov

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Quote from: semobo on October 30, 2020, 02:17:21 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.

semobo

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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.

Arkann

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Cloud mining is really a thing of the past and you need to use your own funds more rationally, and not pay mining companies, as a result of which your expenses will be higher than income. Cloud mining is really a thing of the past and you need to use your own funds more rationally, and not pay mining companies, as a result of which your expenses will be higher than income.

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Quote from: judeafante on September 27, 2020, 05:57:28 AM

Quote from: veznata on September 25, 2020, 02:16:34 PM

cloud mining is not scam if you use the proven companies that offer these services BUT you will lose money. in case BTC rises drastically in value you will make a profit but it will be much much much lower if you just buy it. Holding today is the best option waiting for expected bullrun.

I cannot even name one cloud mining site that has a good reputation and pay its investors, cloud mining is a thing of the past there is no good mining site now, this is 2020, not 2016 it's better to buy a coin and hold or trade it but investing in mining site it's like investing in a Ponzi scheme.

Since i enter this forum i always heard about cloud mining not being profitable and some says it is a Ponzi.
though i have no knowledge about this really.
My brother use to Mine altcoins but stopped after a year because of too much energy consumption and he don't even get a break even from his mining activities.

i will stay away from mining not unless i become a millionaire and capable of having a Mining farm to make sure
a income from this operation.

judeafante

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Quote from: veznata on September 25, 2020, 02:16:34 PM

cloud mining is not scam if you use the proven companies that offer these services BUT you will lose money. in case BTC rises drastically in value you will make a profit but it will be much much much lower if you just buy it. Holding today is the best option waiting for expected bullrun.

I cannot even name one cloud mining site that has a good reputation and pay its investors, cloud mining is a thing of the past there is no good mining site now, this is 2020, not 2016 it's better to buy a coin and hold or trade it but investing in mining site it's like investing in a Ponzi scheme.

sulendra12

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Quote from: nicecrypto on September 27, 2020, 12:11:59 AM

Yeah, i agree to this one, I think cloud mining was a thing of the past, nowadays only very few people still engage in it, most people already understand majority of the cloud mining are fake and not trussed platform,

There are a legit one but it takes forever to actually get your investment back also known as ROI, they give back your money/investment sure, but depends on your investment it will take forever. I have never heard these days people who already got their money back from cloud mining

nicecrypto

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Quote from: fourpiece on September 25, 2020, 09:42:36 PM

Investing on defi rather on cloud mining is a way better, defi coins can give you immediate and high profit, cloud mining are sometimes scam. But i dont recommend that you will invest on defi, better to research first.

Yeah, i agree to this one, I think cloud mining was a thing of the past, nowadays only very few people still engage in it, most people already understand majority of the cloud mining are fake and not trussed platform, but if there are still good ones available then maybe you can generate some profit, i think better to join any masternode or staking project which is good.

Police Indo

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There is a feature of users choosing their mining pool for free because they collaborate with BTC.com, AntPool, F2Pool, ViaBTC, and BTC.TOP. try to learn for yourself by trying it for free if there is still one. or if you are in doubt just go to a mining site which has been proven to be not a scam. actually mining for now can still make a profit, but most coins have experienced havling So that the income is reduced, the could mining site still survives, but the profit sharing will also be adjusted to the mining results produced.

Shasha80

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Since 2019 there have been many cloud mining sites scams, making cloud mining is not an option to generate profit anymore.
Investors are no longer interested in investing in cloud mining, now there are many more promising investment options.
Therefore, in my opinion, cloud mining is no longer profitable. Now investors are more interested in DeFi projects,
which can provide a large enough profit.

Ayiranorea

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Mining is the basic thing behind the successful running of the network. People weren't aware of the mining process, upon the same there were more and more number of scams in the name of mining. Cloud mining assure with big return for minimal investment which isn't possible with the hardware mining.

In recent days more other forms of mining process have been followed by different projects, but those weren't effective as the mining with GPU's. Mobile based, browser based and sharing based mining is the recent advancement over the cloud based mining.

wxxyrqa

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Quote from: fourpiece on September 25, 2020, 09:42:36 PM

Investing on defi rather on cloud mining is a way better, defi coins can give you immediate and high profit, cloud mining are sometimes scam. But i dont recommend that you will invest on defi, better to research first.

In my opinion, one does not interfere with the other. You can simultaneously invest in cryptocurrency, giving preference to promising and real DeFi projects, and at the same time engage in cloud mining, but only in both cases, the most important thing is to conduct accurate research. Most DeFi projects, like companies or resources that provide computing power for mining, are scammers and this must be taken into account constantly, giving preference to one or another project. But there is another option when you will have a choice not to invest in new projects and not pay companies for cloud mining, but to invest your own funds in your own mine.

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Quote from: fourpiece on September 25, 2020, 09:42:36 PM

Investing on defi rather on cloud mining is a way better, defi coins can give you immediate and high profit, cloud mining are sometimes scam. But i dont recommend that you will invest on defi, better to research first.

What you said contradicts. But at least you have given an advise to do research first and that should be done by everyone who's aiming to invest with anything related to cryptocurrencies.
Defis or any projects, they have to do their research individually to avoid being scammed.

fourpiece

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Investing on defi rather on cloud mining is a way better, defi coins can give you immediate and high profit, cloud mining are sometimes scam. But i dont recommend that you will invest on defi, better to research first.

tabas

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Quote from: veznata on September 25, 2020, 02:16:34 PM

cloud mining is not scam if you use the proven companies that offer these services BUT you will lose money. in case BTC rises drastically in value you will make a profit but it will be much much much lower if you just buy it. Holding today is the best option waiting for expected bullrun.

You sure they are not scam? what if I say you that many of them are scam, as in almost all of them are. Yes, some are good as they are but many are.
I urge people not to invest with cloud mining and get rid of them.

AmoreJaz

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Quote from: veznata on September 25, 2020, 02:16:34 PM

cloud mining is not scam if you use the proven companies that offer these services BUT you will lose money. in case BTC rises drastically in value you will make a profit but it will be much much much lower if you just buy it. Holding today is the best option waiting for expected bullrun.

i can say there are legit cloud mining sites but yes, you will lose money from all of them. been there, done that. tried several cloud mining sites before, legit and known ones. but they failed in giving you the advertised ROI at a specified time.
so nope, not gonna traversed the same path again. if you have the funds, slowly accumulate mining gadgets. at least if it is not profitable, you can stop but you have your hardware that you can go back anytime

MCobian

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I can assure you that cloud mining is no longer profitable to work on, because there are so many cloud mining sites that have proven scams.
So investing in cloud mining should be avoided, I even lost more than $ 1000 because of investing in cloud mining. Most cloud mining uses
a ponzi scheme method, offering substantial rewards. So my advice is never to try investing in cloud mining if you don't want to lose the capital
you have.

veznata

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cloud mining is not scam if you use the proven companies that offer these services BUT you will lose money. in case BTC rises drastically in value you will make a profit but it will be much much much lower if you just buy it. Holding today is the best option waiting for expected bullrun.

btcmurat

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Mining has recently started to lose popularity. Because the price of Bitcoin fell too much. I don't know how Cloud Mining will happen in the future, but Lightning Network can come to good places.

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