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Be very careful with your plagiarism unless you want banning.
Topic: How does cloud mining work? (Read 375 times)
Be very careful with your plagiarism unless you want banning.
If you want to keep a 1 mb file on your computer’s hard disk, you will have to have that available space on your local computer’s hard disk. However there are few advantages which were noticed eventually. example: limited storage space, hardware crash (data loss), data can only be accessed on local computer.
Now when cloud storage took place, this risk vanished and better ways to access data were discovered. Example: No hardware crash risk (cloud servers do replica backup to other servers, no data loss), unlimited storage, data can be accessed anywhere in the world even from your smart phone.
Now cloud mining is just that concept, you dont have to deploy your own miners, you dont have to configure your own networking system, no internet maintenance, no worries of downtime. Hence, great mining output.
So when you calculate, these cloud mining centers earn from subscriptions and the percentage saving on Bitcoins.
Advantage:
Disadvantage:
Now when cloud storage took place, this risk vanished and better ways to access data were discovered. Example: No hardware crash risk (cloud servers do replica backup to other servers, no data loss), unlimited storage, data can be accessed anywhere in the world even from your smart phone.
Now cloud mining is just that concept, you dont have to deploy your own miners, you dont have to configure your own networking system, no internet maintenance, no worries of downtime. Hence, great mining output.
So when you calculate, these cloud mining centers earn from subscriptions and the percentage saving on Bitcoins.
Advantage:
- No added electricity costs
- No equipment to sell when mining ceases to be profitable
- No ventilation problems with hot equipment
- Reduced chance of being let down by mining equipment suppliers.
Disadvantage:
- Risk of fraud
- Opaque mining operations
- Lower profits
- Lack of control and flexibility
Most of them charge a lot of fees because bitcoin price is down, and it will not profitable for now 
.
. maybe for now. But if you buy a cloud mining contract now, when the price is so low, and after this crypto winter is over, and the price starts to go up again (in this case i mean BTC), then it will be profitable. but that can only be if my theory will come true. At least I hope so!
Most of them charge a lot of fees because bitcoin price is down, and it will not profitable for now .
. maybe for now. But if you buy a cloud mining contract now, when the price is so low, and after this crypto winter is over, and the price starts to go up again (in this case i mean BTC), then it will be profitable. but that can only be if my theory will come true. At least I hope so!
Duration and contracts would be the main thing why it would mainly affect our profitability when it comes to cloud mining which we do indeed shared up funds to buy out hashes but we do know that profitability would be still on questioned on this thing unlike if we do have our own physical miners which we do mining operation with our very own eyes then it might convince me that this would be possible profitable than into those cloud mining.
I have no idea what you wanted to say, that's just one long, long sentence. I've read it 3 times and still can't figure it out.
Yes it can.
If self mining Bitcoin is profitable, which it is, then cloud mining can be also, as its essence is profit sharing in exchange for capital investment. There are reasons that generally it isn't, but that's down to the nature of the contractual terms rather than the concept per se.
If self mining Bitcoin is profitable, which it is, then cloud mining can be also, as its essence is profit sharing in exchange for capital investment. There are reasons that generally it isn't, but that's down to the nature of the contractual terms rather than the concept per se.
In theory. But how much would you need to invest to get ROI? There's a reason why companies are giving up on cloud mining, even CEX.IO has stopped with their gh/s sale due to cloud mining being unprofitable.
Self mining bitcoin can be profitable, yes, but how much do you need to invest again? I'd rather invest in some cloud mining service that focuses on some alt-coin (non sha-256). it's just isn't profitable anymore when you compare the amount of invested money and earned money.
I'm starting to get annoyed at the fact that people still discuss BTC cloud mining as a legit thing and cloud mining services at all... Please, the time of bitcoin cloud mining has passed a couple of years back, it just can't work anymore.
Yes it can.
If self mining Bitcoin is profitable, which it is, then cloud mining can be also, as its essence is profit sharing in exchange for capital investment. There are reasons that generally it isn't, but that's down to the nature of the contractual terms rather than the concept per se.
I'm starting to get annoyed at the fact that people still discuss BTC cloud mining as a legit thing and cloud mining services at all... Please, the time of bitcoin cloud mining has passed a couple of years back, it just can't work anymore.
Yes it can.
If self mining Bitcoin is profitable, which it is, then cloud mining can be also, as its essence is profit sharing in exchange for capital investment. There are reasons that generally it isn't, but that's down to the nature of the contractual terms rather than the concept per se.
Easy, cloud mining means using the processing power shared from the data center remotely. You Just need a home computer or laptop to communicate, local or outside bitcoin wallet and so on. But better if you use local wallet. eg Mining hosted by hiring a mining machine guided by the provider.
I'm starting to get annoyed at the fact that people still discuss BTC cloud mining as a legit thing and cloud mining services at all... Please, the time of bitcoin cloud mining has passed a couple of years back, it just can't work anymore.
There's no need to read detailed posts and articles on why btc cloud mining isn't viable anymore, you just have to think about it a little and you'll see for yourself.
Don't invest anything in cloud mining that you can afford to lose and don't invest into ones that are strictly "mining" bitcoin.
There's no need to read detailed posts and articles on why btc cloud mining isn't viable anymore, you just have to think about it a little and you'll see for yourself.
Don't invest anything in cloud mining that you can afford to lose and don't invest into ones that are strictly "mining" bitcoin.
The problem with these scam "cloud miners" is, that contracts seem to be allowed to be sold on popular auction platforms. Many crypto newcomers are trapped into these "services", because they simply don't see another way to buy Bitcoin, at least in countries, where no Bitcoin ATMs are offered.
I appreciate the effort for writing this post, but whatever with a good suggestion of cloud mining negative side will still carry the whole lot. Its not even profitable to those who want to invest in this kind of scheme. Though there are some who profit but still I will not recommend it.
Many people said that cloud mining is not advisable if someone want to mine bitcoin is like someone mention in the thread below.
https://bitcointalksearch.org/topic/mining-3268826
If you want to know more information about mining visit the mining section of this forum because there are a lot of information on what is the best and advisable way if someone want to engage in the mining world.
Well in theory or on paper, the thing that happens it that you rent a companies, miners (be it their asics or their gpu's) and then you're going to get the profits that come from the mining -- minus some fees that the company charges. You'd be able to rent for a certain amount of time or sometimes even unlimited.
Make sure you notice how I said this is how it works on paper -- in most companies they're going to scam you, in some of the reputable companies they're just going to stop paying you when it's not profitable for them anymore, so then you're going to be shit out of luck. Plus the fact that it literally makes no sense for a company to do this, they could just reap their OWN rewards.
Make sure you notice how I said this is how it works on paper -- in most companies they're going to scam you, in some of the reputable companies they're just going to stop paying you when it's not profitable for them anymore, so then you're going to be shit out of luck. Plus the fact that it literally makes no sense for a company to do this, they could just reap their OWN rewards.
OP tries to tell everyone how cloud mining works but he has no idea. All he does is repeat what cloud mining companies want us to think. That you're getting a physical miner at their facility and it's going to be working for you and they will provide all the help and troubleshooting for a small fee. 
In reality it's a ripoff! Stay away!
In reality it's a ripoff! Stay away!
In my very very honest opinion based from my experience and knoweldge about something that is not appropriate at all but works and being applied up even until now. It only works for the company they are just using you to work for them with a low salary that could have been bigger if they are honest. I've seen this image on the web many times of a man was having a catch of his life while businessmen was using him and after the catch they manipulate the catch and paying the ordinary man lower than he deserve i hope many will realize this and break out of the cancerous system.
...................
I see still you want to know whether there is a legit cloud mining websites or not.
Answer is yes there, but still if you want to ROI soon. This is not at all your option mate.
Please find the websites below mate.
https://www.genesis-mining.com/
............
I see still you want to know whether there is a legit cloud mining websites or not.
Answer is yes there, but still if you want to ROI soon. This is not at all your option mate.
Please find the websites below mate.
https://www.genesis-mining.com/
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yes iam also workign with GM since many years now and they allways payed me and got my ROI there
I hope there will be soon more bitcoin contracts available !
regards
Long time you are mining in GM means you may have the decent amount with you right! why cannot you go wth investing on mining GPU cards and start the mining work. You may have your investment with you itself right.
Even ROI would be faster than you can get from the cloud miing contracts mate.
Hope you know about it more and I do not need to explain it more.
I appreciate the effort for writing this post, but whatever with a good suggestion of cloud mining negative side will still carry the whole lot. Its not even profitable to those who want to invest in this kind of scheme. Though there are some who profit but still I will not recommend it.
Look how funny it is opinions on Cloud mining always end up in the negative side. I think OP didn't know how bad the reputation of cloud mining in this forum. I know some factors that even legit cloud mining end up as bad investment for others because they want instant or fast success that even mining equipments find it hard to profit unless you have tons of rigs in the first place. 
How does it works? Well, it's aim is to profit owner, not new and sometimes silly investors if we can even call them word investor. You pay for contracts or hashrates, they sell it very pricey + take fees of electricity, insurance and some additional fees. In this way it's like they got money of equipment + this equipment stays with them. Once contract isn't profitable, they close it with you. So they can still mine and get some profit without fees (they can't fee themselves ) and also sell equipments.
) and also sell equipments. Finally found out your motive to create this thread, LOL
Looks like you are here to only get some referrals under you in some of the cloud mining sites which offer high ref commission.
Looks like you are here to only get some referrals under you in some of the cloud mining sites which offer high ref commission.
What a surprise
Quote from: OP
PB mining
Bad choice of name.
Actually, it is a totally valueless crock of shit post altogether..
Actually I don't know any legit cloudminer anymore, but theoretically people "rent" hashpower of a mining farm and get mined cryptocurrencies minus maintance fees and other costs. There are also individuals and companies, which offer their hash on platforms (miningrigrental and nicehash). But I don't see profits as costs are higher than mining results.
Finally found out your motive to create this thread, LOL
Looks like you are here to only get some referrals under you in some of the cloud mining sites which offer high ref commission.
There is no need to praise any cloud mining contract because almost all of them are not profitable at current difficulty and price per bitcoin. The only profitable mining will be mining with your own device in places where electricity is very cheap to free.
Looks like you are here to only get some referrals under you in some of the cloud mining sites which offer high ref commission.
There is no need to praise any cloud mining contract because almost all of them are not profitable at current difficulty and price per bitcoin. The only profitable mining will be mining with your own device in places where electricity is very cheap to free.
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