Topic: Cloud Mining Thoughts (Read 1326 times)

The problem is I don't have place for a rig + electricity in the UK is stupidly expensive. The investment of 500$ is a very small part of my portfolio, every other coin I have just bought.

Stating that cloud mining wont pay out... We shall see, I have already withdrawn the 0.05BTC into bittrex without issue.

I expect that I will make the 0.12BTC which I would have been able to buy in August in the next 3-4 months. If that's the case I will have a run of 6 months of profit.

I'm not preaching that cloud mining is a good investment, this was more of an experiment + I wanted to give everyone accurate data just in case they were thinking of doing it. Saying that, at the current rate, it will turn into a good investment.

Calculations on your investment in cloud mining isn't accurate. And why in the first you guys keep on believing cloud mining? Don't fall for it, there might some "stable" cloud mining but still it's your decision if you'll get into those cloud mining. I didn't invest to any cloud mining after those big cloud mining site started to get out of their service and scammed their investors, it's not trustworthy to invest on it.

True, cloud mining will never pay out, they are offering 1 year contracts and if you reach ROI that is all you will reach, it is not worth of money. Mining or trading is best way to earn crypto, if OP has place for rigs he should go with it, cloud mining is big no.

Seeing on those numbers you are definitely reaching out ROI very soon and just as expected because mining difficulty do rise and come to think off that mining contracts now do have duration which means possibilities that might still able to lose up on your investment is there this is why mining on cloud or rending others computing power isn't really worth at all specially for longer runs.

don't just don't , you can't be lazy and earning decent amount of money at the same time ,just just build your mining rig and learn all the process , I assured you will earn more going to the cloud mining approach

So I've worked out what I could have bought in BTC on the day I bought the cloud mining contract.

If I had invested my 520$ directly in BTC I would have been able to buy: 0.12BTC (End of August)

In the 3 months since I've had the cloud mining contract, I've mined in total: 0.05503711BTC. So In theory, I should be able to get to the 0.12BTC in the next 3-4 months - depending on difficulty.

I'll update this thread in 3 months and let you know where its got to!

You can take a look at https://www.coingecko.com/en/price_charts/bitcoin/usd/
There you can find an option (under the chart) to look for a longer period (say 90d or MAX), then you can see the exchange rate for every single day.

This is true, I probably should have made a note of the amount of BTC I could have bought, I'll figure out the BTC price at the time of the cloud mining purchase and work out the difference in BTC.

I don't think your calculations are correct; first: you should only think in bitcoin - because as you said you could have bought bitcoin at the same time. When you think of earning in $, your earnings will fluctuate as much as bitcoin price will do.


And that statement is from a newbie, who has no experience with signature campaigns on bitcointalk at all.

I don't really like the cloud mining. Because most of them are pretty sure  scam. If i were you, i must join to signature campaigns rather than investing to cloud mining companies that are not liable to your investments.

Hi Guys,

Thought I would update you all on progress. So I bought a mining contract with HashFlare 2 months ago, I spent 500$ on this contract. To date I have mined 300$ worth of BTC.

2 Months, 300$ great right on a 12 month contract?! Should easily make my 500$ back and more.... but... that said, there are some downfalls. First is, BTC price has increased a good 25% since I bought the mining contract. So in theory if I had bought BTC rather than investing in my mining contract, I would have $625 by now. So now I only have recouped about 45% of my initial investment.

In theory I should still make a good ROI as I have this mining contract for another 10 months, it is worth noting that the difficulty has increased when mining BTC, so I am making less daily than I did when I initially took the contract out.

I also tested the withdrawal functionality with Hashflare, worked fine transferring my BTC to Bittrex.

My advice..... I think now with the current difficulty its probably not worth worth cloud mining unless the cloud mining companies lower the price of the mining contracts, just buy BTC direct from an exchange. If I could go back in time I probably would have still bought the cloud mining contract, it will be interesting to see if I will make more than what I would have if I had just bought BTC.

~ Lucas.

Bought my Genesis BTC mining contract a few months ago and it should start on the 31st. That's just 8 days time, I was quite pumped about it but not so sure now after having read the comments ^^^ Only time will tell I guess, anyone else in the same situation I wish you well.

I bought an ETH 2 year contract as well and that's paid out about .7 ETH so far after 43 days but the returns are diminishing week on week started out looking like I should get around 14 ETH return which would have seen a fair profit based on $300 per ETH but it's dropping off slowly, not sure if this sort of thing has good months and bad months again only time will tell I guess

Never hurry, never worry and always stop to smell the flowers

I think it is a terrible idea to play in cloud mining, none of the cloud mining sites are legit, you better invest in other place, and yes I had a bad experience with cloud mining, a brand new cloud mining closed in 3 months where I invest 0.03 inside, so I dont believe in cloud mining anymore

No, it's not a good investment. And if you are just planning to invest just avoid those cloud mining sites they will never offer you a good contract. It's good to invest your $1,200 into decent alt coins and just do nothing hold it and wait for the pump and take your profit immediately. This is a better way to earn from your capital.

Well its your choice on seeing on your profits to earned on hashflare and i would say it would really takes time for  you to reach roi. Its good that you put lots of investment on altcoin and i hope you would succeed on that one and if you are really serious on putting money on cloud mining sites then it would be fine but if i were you i do have the money then better to go in self mining since you would able to operate physically and seeing on your own mining rigs operating. I recommend antminer s9, setting it up? Its hard to explain since its technical.

Thanks Steve, good post. I've made quite a lot on just investing in altcoins so I have put a small amount in Hashflare just to see what its like, it's definitely one of those which will take a while to start turning a profit. But I'm happy to wait.

I'm debating getting some mining equipment, what would you recommend? How easy is it to set it up?

I have tried mining myself, cloud mining and bitconnect and buying the coins and holding over the past 12 months
bad to good in this order
cloud mining is not that profitable unless you can get a few hundred refferals dont bother
also Genesis is in a crisis at the monent and people havent been paid for over 2 weeks
stay clear you have been warned
Genesis is a real company and have real mining facility  in Iceland but they are really a referrals ponzi mlm type of company
that sells its hashing power to make to bigger profits for uneducated bitcoiners who fall for it and a smart miner would mine
on there own at home
Bitconnect looks better profit that cloud mining but dont gamble what you cant afford to lose and of lately they have been
losing money over a website glitch so wait till they sort this out
home gpu mining has been good for me and i have all of my ROI back after 5 months
buying bitcoins at £1850 and now its £3300 has also been a winner for me
so to some it up cloud mining is notprofitable unless you can get lots of referrals
creating a youtube channel like Trevon James and Craig grant and talking bullshit every day has worked for them
to generate referrals off stupid people  they brain wash
home mining is much better for me i can make £1500 a month without a risk on a ponzi scam website closing down
I made my money buying 10 houses and renting them out over the last 20 years  
I can only tell you my experiences and you can do what ever you want it doesnt matter to me chaps

thx
steve

i have good experience with genesis and hashflare but i think my recommendation would go with hashnest because genesis and hashflare, they are cloud mining, but hashnest, they are really cloud mining and they have their own hardware. so i think you can thinking first before you invest with them. but i admitted that genesis mining, hashflare and hashnest is the best cloud mining until now and they are the oldest cloud mining.

Back when I didn't know any better, I dropped some money on Genesis. Was never in any danger of seeing any kind of ROI. And Genesis is actually one of the better ones. Didn't learn my lesson the first time, so I bought a big contract from zeropond when zec launched. Needless to say, rekt to shit. There will never come a situation where I will waste another penny on cloud mining again. It's all shit, scam, and more shit.

All of the cloud mining site that offers you a good profit monthly is almost a scam don't trust on any ponzi scheme site like they will run your funds better to put your money on altcoins and learn to trade because now alts are cheap because of bitcoin is rising, There's no legit cloud mining site but if you want to mine try to buy your own GPU and look for guide on how to mine bitcoins using your computer.