Topic: Cloud Mining Viable in 2017? - page 3. (Read 6726 times)

Cloud mining will not be viable this year 2017 because it has lower profit compared with other optional sources like with trading. Most of mining reputations lowered due to some of the negative feedbacks on ponzi schemes, that pertains to profit scamming by different mining investments; that's why it turned out preventive by other people to invest by those reasons.

What exactly do you mean by that? And hich contract are you referring to?

Yes it's profitable, but it takes time.
But for example, a new contract has lost half of his value already for me.

Btw, I just read hashnest terms:

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Contract Expiry

The contract expires at the moment that the principal has been paid back in full.
BITMAIN may pay extra Bitcoin to the owner of PACMiC before the principal has been paid back in full, which will accelerate the payout even more.

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What the hell? Do i understand this correctly? The contract is terminated as soon as I get my money back? Why should I pay them if I won't make profit as defined by the contract?! Or am I getting something wrong here?


/EDIT: Sorry, I found this upon further reading:
Q:When does the user start to get the profit? Where does the bonus go?
A:Bonus payout begins accumulating when the first block is found after contract activation. Bonus will be paid directly to user’s wallet on Hashnest.com

Q: How does the customer make profit?
A: Bonus payouts are calculated using the formula: unpaid principal (BTC) * 0.45 (satoshis per BTC per second) * time to find a block (seconds). Mining revenue will first be used to make bonus payments, the remaining of mining revenue will be payment towards the purchase price.

But was it profitable for you (to buy the accounts)? Because the income from cloud mining is lower each new day. I think the only way to make some good profit would be buying and reselling accounts, always selling more expensive than you bought. If you depends only the mining income you will probably wait forever until hit ROI.

Why them over hashnest.

Why did you choose this specific company? Why them over hashnest.
With all the opinions from former Genesis users about them terminating contracts before the expiration date and very long ROI times I wouldn't expect anyone to try them unless they were paid to do it.
Cloud mining in general isn't a great investment but if I had to choose I'd say Hashnest has a much better offer than Genesis.

That's the point of supply and demand. But you can do it easy.

When you have a Genesis Mining account you have to change your emailaddress (you need to send support an email with the request, signed with your bitcoinaddress) because the buyer needs to control not only the account, but also the email attached.

When you have a Hashlare mining account you can either choose to change the emailaddress (you need to send support an email with quite some details showing you are the owner) -for the same reason as GM account- or you can ask support to transfer hashrate to someone else's account.

In both cases you need to try to sell this on bitcointalk or other forum because they don't facilitate that. And even then, I've bought a few accounts - even some which were for sale for about 6 months.

Buying and selling on HashNest is much faster and easier.

I decided to fianally find out by myself if cloud-mining in 2017 can still be profitable.

Just today I started blogging about it, with very detailed statistics/analytics: https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway

The possibility to liquidate anytime you say is to sell the hash you bought anytime?

I tried this on HashNest, bought some mining power, made low profit from their income and when I sold the hash, the price was much lower than the price when I bought. Result was a loss, even selling my hash power + income from mining...

PACMIC is expensive, although the rewards are higher. What I like with the regular hash is that you can liquidate it anytime.

What's your definition of good investment?

1) There is a relative big chance you never get ROI because there is a big chance you reach the moment cost of electricity/maintenance is higher than mined bitcoin. -> negative
2) There is a chance you will get ROI -> then every satoshi you earned more is better dan simply hodling. -> positive

Ofcourse there are more ways to earn bitcoin, like trading or lending (on an exchange for example).

Hashnest has -besides the "normal" investments- also the PACMIC. You can also take a look into that.

Hello all,



The last years I have been trading BTC and Litecoin with 1:20 and 1:50 leverage on broker sites like Plus500 and Avatrade. Yesterday, for the first time I decided to buy some BTC directly via an exchange and some Ethereum. I now have a mere 0.4 BTC there and 4.0 Ethereum. The entire night I have been awake to read all about Bitcoin (price predictions) and cryptocurrencies on this forum and on other bitcoin related websites. I also made a bitcoin wallet at blockchain.info and set it up for 2FA. Anyway, as I am really interested in investing more in bitcoin I was wondering if cloud mining, in this case by a company called genesis mining, is viable? They offer lifetime 200 GH/S for a onetime payment of $30 and then $0.00028 per GH/S per day. I tried using the calculator at castrox.com, that says I will ROI about september this year if price stays the same. If price increases, which I am thinking, is cloud mining then a good way of investing? So far my plan was to do the following: Split 70/30 budget BTC Ethereum to own myself directly and then every month invest $30 or upgrade about $30 in Ghash via genesis mining. What do you guys think, viable or not anno 2017?

PS. I know my initial investment is far from 70/30 devided BTC/ethereum but that was just first deposit, will maintain 70/30 thru the year.