Topic: Cloud Mining Viable in 2017? (Read 6764 times)

Hi Chronicfathead,

Am very glad you've had positive results with cloud mining.
Thanks for sharing with us your experience!

I have not personally tried one of the cloud mining sites, but have friends who do who have not gotten good results and have advised me against it.
Their comments are pretty much similar to something you will find discussed here at https://bitcointalksearch.org/topic/can-i-trust-hashflareio-1152278.
I think some people such as yourself are lucky to have received ROI, but most I've come across do not. Anyway, keep a good thing going by all means.

I personally mine with BitClub Network and have been getting great results. Everyone who has mined for at least a year plus in the last 3 years since its inception have made their money back and then some, and they have a great programme in place to remain sustainable and it looks that way for some years to come. While some people claim they are a cloud mining site as well (at least they used to point their hashes to a well-known cloud mining site), we now own our own pool and members actually own their own mining hardware at the farm, and they can choose to write in an opt out and have their mining hardware delivered back to them at any time, although no one I know has done that (because we all know it would be pointless to do that). I have also withdrawn my mining earnings and sold off to someone who wanted to buy (effectively getting ROI by cashing out), although I think I may want to follow in your footsteps and maybe invest in some other altcoins the next time I withdraw. You may find some of their programme features discussed here at http://www.coinpurveyor.com/faq-bitcoin-mining-bcn/.

First of all if you want to do bitcoin mining, you should buy your own hardware and equipment, by doing so you can get some profit out of it. With the daily success of bitcoins some people might try to steal your bitcoins from you by getting you invested into their scan cloud mining. Other than that you should not mine if you are going to do it on small scale. Mining is best at larger scales and people who understand it get extreme profits out of it.

Yes you are completely right about investment strategy depicted here. However ripple is going down all the way as compared to monero. Where Ripple stood at highest peak on 22nd June the price since then is falling while the monero has started to go up already. The two coins have already met in event this month but as the time is passing the monero started to heads up. Factor on the other hands seem to take sharp upward moment this month and it will surely cross the ripple by August.

I'm not sure about other two but doge is the one on the list too.

Does anyone have statistics for Genesis in 2017?

I have just registered, as I invested approx £40 at hashflare last April, and by Feb this year I had withdrawn my original £40, and invested a lot back.

From my original £40 investment,  I currently have over £70 of Ardor, Doge, Bytecoin and Nav combined.  If I include my reinvested money at hashflare, I also have over $160 worth of Bitcoin and Script hashing power, and it's growing at nearly $30 a month currently.

I aim to withdraw more occasionally when another altcoin takes my fancy, but my main goal is to keep investing hard till I get to $100 a month profit, and then start withdrawing more.

In my eyes, my £40 investment just over a year ago has been amazing, with no sign of it making a loss any time soon.  The only reason they will stop mining is if the contract makes a loss, or they go bust, but their model must be good, as they have been going for years.

All you people who "say" cloud mining is bad, have you even tried it, or are you just repeating what you have heard.

I don't have anything to do with any coin or mining company. 

All I know is, that if I was to mine at home it would cost so much in electricity and hardware it wouldn't be profitable for many months.  If I'm lucky, my mining contracts will be paying out for years, and could form part of my pension, or enable me to pay for a solar installation and my own mining hardware.

A lot of cloud mining web sites are scams. I don't know much about Genesis Mining, but online reviews portray them as legit. However the profits are not what you think, you could make more by simply buying a few coins with potential, hold for a year, then sell. If you buy well, you could possibly earn more than genesis mining will pay you as interest in the same time frame.

Talking of impossible, the could mining takes the first place in the list. Believe me like others cloud mining was golden in the past few years and from now onwards the increased difficulty has made it down mining. Theses companies has to pay for maintenance first, then take out their own profits and then they will think of giving you share if they made something after all that. And whatever it is, its not possible now a days. Hope you will save up some coins rather than spending them on miners.

Now doing cloud mining is an inappropriate choice. Everyone currently has chosen hardware mining. Cloud mining is not a favorite because it is not profitable, even many people who lose by investing in cloud mining. Since the beginning of cloud mining does look strange and for me there is currently no cloud mining that really can bring profits.

Problem with cloud mining in general is that even when a service offers a legit cloud mining service, it is set up with the intention of them at some point getting in a position where they can freely terminate people's contracts. Common mistake that people make is that they reinvest their "earnings" into even more contracts, which basically means one thing -- you're not earning anything! So yes, you're right, the money they are paying out to people, most of the times flows directly back into the pockets of these services.


Mining with your own hardware requires too much time, money, and hassle. I never understand why people like to invest into mining equipment, while just buying and selling whatever coin is always far more profitable. Why do people always look to walk the least comfortable path to success (profits)? I fail to understand that.

I was experience to earn profit in cloud mining site but they are just making people to be excited and encourage people to invite other people and invest more  you will experience of first withdrawal that you are thinking that you can make a good money if you invest more so you invest more bitcoin back to the ponzi or cloud mining site because you want to gain more profit but in the end they ran your coins and never came back..

I think new promising altcoin is not a good solution if they actually want to gain profit buy a good miner and build a mining rig to mine altcoin that can be exchange into fiat or bitcoin..

Cloud mining is not worth the hassle anymore, in the past I was a big fan of it, but a history of failed cloud mining businesses and many obvious scams made me verify my enthusiasm.
It would be much better if you had access to your coins and trade with it than simply give it away and expect ROI after couple months.
Do you want to earn money? Buy the most promising altcoins and hold them, or even better - buy more BTC now, it is still underpriced and scaling upgrade is still underway.

By reading all these posts im not feeling viable with 2017 or any year after this.  Because the thing is im not trusting any mining site after having bad experience with it. I tried investing in few of them but they take years to give you back your investment. 

It wont really be profitable and if i do have the money to invest on i would rather choose up on making or building my own mining rig rather than thinking off lending my money to those cloud mining sites knowing that most of them are scams and if not then ROI would really be long since mining difficulty does decrease which means the longer the days the smaller you will make profits.

Yes you are taking good decision here and I'm completely pushing you for this thing. Your coin list seems to be good one and no doubt you will make good profits from them for sure. Ripple, Monero, and doge are my favourites and has always given me opportunity to get good profits. With your strategy putting $30 every month would make you earn big profits as the price is fluctuating continuously and you will probably buy gain from the monthly up and down windows. Better than going for cloud mining which have no address if they are lost. :-)

That's right and I could not argue about all ideas of being profitable nowadays, and those legit sites out there was not trusted as well and I know that profit is little due to ponzi ways of paying to the investors. Yes, and that's not a new story about ponzi's; it even happened in the fiat money economy engaging on different products networking that's applied by a ponzi style of income payments. The income of the investors came from the one who brought the products or goods introduced to be beneficial to the so called participants who were investing with the business. In cloud minings that's how it really works as of todays journey of mining strategies, which I think not viable for this year and so on.

I'd say not. It's hasn't been viable for quite some time now. I did invesnt into cloudmining a few years back and actually did get ROI but today's it's not profitable at all.

Cloud mining is no longer as profitable as we thought but we still have legit sites out there but I can't advise in investing such because the profit at the end of the day is little.

It is total mystery how bitcoin mining is working. I suspect how it got boomed in 2013 when cex was highly promoted. Because bitcoin mining is a tug of war between running cost is an profitability. Personally I do not have any plan to go for cloud mining. If I get chances I will mine with some powerful miner.

In my understanding, mining will be profitable only for the future speculation. People who are mining and holding bitcoin might find profits with it, for that, we might need big capital to afford running costs.

It can be profitable indeed but could you imagine the cost of the solar mining itself and its maintenance fee? If you doesn't used your head by using that surely you will get a hard time to earn some profits on this since im sure you will be eaten by fees if you select a wrong coin to mine.

I must totally agree with that statement because you can't be growint profit with that cloud mining this year 2017, and electricity energy cost is growing higher nowadays. Unless it happened that you've invested a solar energy generation for your personal use, I think it could be profitable in the future of cloud mining and you don't need to invest on those ponzi sites that scams you.