How do I identify genuine mining opportunities? - page 2.

Mister1k

hero member

Activity: 896

Merit: 520

Quote from: Aamir1 on December 10, 2017, 05:07:30 AM

Online mining should never be an option even if the service is legit, they wont give you the profit you may desire. There are some legit cloud mining websites where you can invest your bitcoins, but you should keep this in mind that cloud mining wont generate you any quick profits and it would even take a long time to give you the ROI (Return Of Investment). So my personal suggestion to you would simply be not to get into it and try something else, and i'm saying this because i did it myself in past.

This biggest headache for newbies actually. They doesn't understand issue behind the Ponzi cloud mining sites. Normally we are finding the many cloud mining sites in online those are been used rent the hashes and for mining contract. We may know that mining site like this cheat us bit newbies doesn't know that invested there. Suggestion for them should not on that. If you wish start mining initially go with GPU mining and then go with ASIC mining platform.

Aamir1

hero member

Activity: 756

Merit: 500

Online mining should never be an option even if the service is legit, they wont give you the profit you may desire. There are some legit cloud mining websites where you can invest your bitcoins, but you should keep this in mind that cloud mining wont generate you any quick profits and it would even take a long time to give you the ROI (Return Of Investment). So my personal suggestion to you would simply be not to get into it and try something else, and i'm saying this because i did it myself in past.

Kingofbitcoin12345

full member

Activity: 462

Merit: 102

I can relate to this topic because I’m once been victimized by this cloud mining site scammers.. I don’t know how to separate legit one to another because even the prestige one in a time can turn into a scamming site someday.. It is totally just about the guts you have with the risk of failing is big.. So to be sure,, withdraw your earnings everytime and don’t leave on the site..

Carmen01

full member

Activity: 294

Merit: 101

Streamity Decentralized cryptocurrency exchange

Quote from: Buwa on December 01, 2017, 05:46:38 PM

With scammers everywhere wanting to capitalize on one's lack of knowledge, how can I idenify which mining opportunities are genuine to avoid falling victim to scammers. Help out with whatever knowledge and experiences you might have.

avoid that kind of imagination because scammer is only a trial here in bitcoin,You can easily avoid all of scammer here like create a new account then register in their site so it so safe even they scam or hack you,I think they can scam you if you register in their mining site so do a wise thing for the safe of your account,always read or search about history of the mining site before you do investment then think already that mining can turn to scam anytime,Moreover i think don't invest in any cloud mining and do only mining if they have free bitcoin first

fanbeila

hero member

Activity: 714

Merit: 500

Most of cloud mining firms are scam nowadays.So,genesis cloud mining firm could be suggested as it is found to be legit.Three plans are available based on the hash rates.

But what should be considered is that even the initially invested amount would take almost six months to get recovered.

So,i would suggest to better invest in bitcoins and hold or invest in altcoins and do trading.But if you need passive income,then just go with the first option.

veleten

legendary

Activity: 2016

Merit: 1107

Quote from: cheeseburgerparade on December 04, 2017, 08:56:01 AM

I've had pretty good luck with the open ended BTC contracts at Genesis, but that's the only provider to this point that I've trusted enough to put real capital towards. That said, it's a long term play with some significant uncertainty as to whether it would have been better to have just bought and held BTC (will need it to run long enough to give me back more BTC than what I put into it; guesstimating about 18 months).

you assume that the mining will still be there in 18 months
the main p[roblem is that they turn scam with almost 100% certainty
or change their terms on the fly,increasing the fees,changing contracts etc.
nobody in their right mind would allow you to buy a contract for 2 years when the price was 300$
and let you cash in on the almost 40 times growth,just like that
without trying to nab you

cheeseburgerparade

newbie

Activity: 32

Merit: 0

I've had pretty good luck with the open ended BTC contracts at Genesis, but that's the only provider to this point that I've trusted enough to put real capital towards. That said, it's a long term play with some significant uncertainty as to whether it would have been better to have just bought and held BTC (will need it to run long enough to give me back more BTC than what I put into it; guesstimating about 18 months).

Sophia29

member

Activity: 70

Merit: 10

Make sure you read reviews and investor's opinion before getting involve with cloud mining program, internet is full of scam sites, but some are good sites yet questionable returns of investment. Be sure you understand terms and condition more.

Buwa

newbie

Activity: 31

Merit: 0

In my research in the last few days, i was introduced to a mining group, a group of people come together to pay for the machine. Fingers crossed, lets hope this is genuine. Thanks to all who responded. I learnt from you all.

veleten

legendary

Activity: 2016

Merit: 1107

how to know if a cloudmining is scam? -it has a website!
on a more serious note,cloudminings are the thing of the past
even the ones that are legit won't let you profit
if you want to learn more about how to determine the legitimacy of a cloudmining ,go here:
https://bitcointalksearch.org/topic/cloudmining-101-ponzi-risk-assessment-878387

you can also find a short list of the "legit" sites and also a huge list of the already collaped scams

Granxis

hero member

Activity: 1400

Merit: 536

Quote from: kapipindot on December 03, 2017, 09:24:56 AM

My advise is to stay away from this type of investment. It is very risky as it may only lead to being scammed. If you really want to earn, just purchase your own rig or try trading. It is better that you manage your investment than giving it to somebody and let them do the job for you. There are no shortcuts to success.

Everyone can not get these devices because their expensive devices require expertise. Most people are having trouble getting to the pool and integrating it. Most importantly, you need to use an office and a warehouse. It's quite expensive but the most guaranteed method.

nidacoinlove

sr. member

Activity: 588

Merit: 254

Hey boy come on don't ever think of something like cloud mining to be a genuine stuff to invest your money in. There could be very rare mining investment offers if it ever exists.
I am personally a victim of cloud mining unfortunately. Cry

I have tried many times to find a genuine mining website but I failed every time. Finding such kind of a website or app is a waste of time and money both. It is much better to look for something other than it where your money and time both are not in vain.

kapipindot

full member

Activity: 168

Merit: 100

My advise is to stay away from this type of investment. It is very risky as it may only lead to being scammed. If you really want to earn, just purchase your own rig or try trading. It is better that you manage your investment than giving it to somebody and let them do the job for you. There are no shortcuts to success.

Tyrantt

hero member

Activity: 1022

Merit: 564

Need some spare btc for a new PC

Today, btc cloud mining is really hard to be profitable since the difficulty is huge and the fees aren't making any less difficult and you can google to see if the service is genuine or see what they're offering, so if the offerings are just too good to be true, like ROI after a few months, then it's pretty much fake. There are probably some genuine ones but alt-coin mining ones. Check out the one in my signature, they're looking genuine and they're not absolutely just bitcoin based, I'm thinking to invest myself as well.

Creeptolady

member

Activity: 70

Merit: 13

Learnt a lot just reading the posts here. From what I gather, cloud mining is a no-no. I've had a couple of no-good experiences with those. I had thought maybe I wasn't doing something right. Now I know better. My issue is, the security that cryptocurrency offers might also end up being its Achilles' heel.

Buwa

newbie

Activity: 31

Merit: 0

Quote from: deadsilent on December 02, 2017, 02:20:44 AM

It's hard to identify what cloud mining can be a genuine. Even a reputable cloudmining can be a scam. They give you lifetime contract and they will change it lately because they are not be able to cover their power costs. That's how they work. Since the money you invest to them are nonrefundable. You can't get your money back. Besides, it's not even profitable at all. You're not even sure if it can cover your initial investment to them. They said you can get your ROI in just 6 months. Well, that's absolutely not true.

There's a lot of investment out there which can give you decent profit and surely not a scam. Trading, lending and mining. These are good ways to make good profit.

Thanks for the info. I appreciate

Buwa

newbie

Activity: 31

Merit: 0

Quote from: filharvey on December 02, 2017, 02:08:23 AM

Quote from: Buwa on December 01, 2017, 05:46:38 PM

With scammers everywhere wanting to capitalize on one's lack of knowledge, how can I idenify which mining opportunities are genuine to avoid falling victim to scammers. Help out with whatever knowledge and experiences you might have.

Its true that nowadays most of the cloud mining firms are scam.Genesis is said to be the most legit firm.They seem to allow three plans based on the hash rate.

But whatever plan you select,for getting your investment back,it may take approximately six months to get.You would have to consider such things before investing in it.

Truth be told six months is a long time and anything can happen within that period. However, do u care 2 provide me with the website for Genesis, will love to take a look at them.

AngelSky

hero member

Activity: 1008

Merit: 537

Quote from: Buwa on December 01, 2017, 05:46:38 PM

With scammers everywhere wanting to capitalize on one's lack of knowledge, how can I idenify which mining opportunities are genuine to avoid falling victim to scammers. Help out with whatever knowledge and experiences you might have.

Mining can be done with the GPU cards or ASIC hardware alone. If you want to mine with the cloud mining platform you will be able to find the scam site alone. You might heard that cloud mining is ponzi schemes in many threads.
I see that you are asking about Genesis mining in your further posts but you will never able to take the investment you done with that site. That is the real problem in any cloud sits. some of shit cloud sites will lock your account or go away after some amount of money collected as contract rate or hash power rentals.

Buwa

newbie

Activity: 31

Merit: 0

Quote from: khufuking on December 01, 2017, 08:16:56 PM

There is no cloud mining that I know off that can make you any real profit , In my opinion stay away far away from them . There is ton of others things that you can put your money in that is more reliable than cloud mining .

Thanks for your response. Please do you care to share these other options that are more reliable?

Buwa

newbie

Activity: 31

Merit: 0

Quote from: batang_bitcoin on December 01, 2017, 08:11:04 PM

Quote from: Buwa on December 01, 2017, 05:46:38 PM

With scammers everywhere wanting to capitalize on one's lack of knowledge, how can I idenify which mining opportunities are genuine to avoid falling victim to scammers. Help out with whatever knowledge and experiences you might have.

If you are talking about cloud mining, there's no need for you to do some deep research. Basic knowledge is enough to determine that they are scams. But if you are still looking for a genuine way to mine, you should start to get know more about mining woth ASIC / Antminer or GPU mining these are the legit mining you are looking for.

Thanks for your response. But aren't these options capital intensive?

Topic: How do I identify genuine mining opportunities? - page 2. (Read 1015 times)