when it comes to renting.. 99.99% are scams
they wont ever be profitable
if they were profitable the hardware owner would not be selling off mining time for other people to profit from his hardware
however when it comes to mining procurement and hosting. thats different
what they do is allow people to BUY hardware either upfront or on 'buy now pay later' and then host (receive delivery) of the hardware in locations of lower electric,(compared to some places like hawaii/japan) to allow owners to mine cheaper than their own local electric rate
but be sure that their management fee's and electric are then profitable for the owner(the customer)
Topic: I might be wrong about this but I need to know - page 2. (Read 291 times)
They are a waste of time, money and nerves.
If it was that simple, there would be many legitimate companies running this business. Most of them are scams. If they are not scams, expect them not to be profitable anyway.
In fact, even mining by yourself with a large capital will not make you necessarily rich. There are many costs and troubles implied. In the middle of a recession as we currently are, kWh price spikes and all these variables make your daily / monthly earnings vary greatly.
There are many good ways you can spend and invest money. Cloud mining is not one of them.
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Regards,
PrivacyG
If it was that simple, there would be many legitimate companies running this business. Most of them are scams. If they are not scams, expect them not to be profitable anyway.
In fact, even mining by yourself with a large capital will not make you necessarily rich. There are many costs and troubles implied. In the middle of a recession as we currently are, kWh price spikes and all these variables make your daily / monthly earnings vary greatly.
There are many good ways you can spend and invest money. Cloud mining is not one of them.
-
Regards,
PrivacyG
Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because of the way he hyped this I am having a second thoughts maybe it's illegal.
Bitcoin cloud mining is a known scam since that mechanism doesn't work with Bitcoin and any form of the cloud mining site is illegal as others have rightly said. In my early days in Bitcoin I was scammed by this so-called cloud mining site that kicked me out a few weeks after registration, I fall victim to their scam due to my novice state at that time.
I lost all my investment, but that incident lead me to search for more information about bitcoin and with that quest for knowledge I located this really helpful forum.
It is scam and impossible to mine bitcoin with CPU, CPU processing speed has limit in mining and it also consumes large power with a very low output at the end of the day. Don't allow your friend to confuse you with his low mentality on this.
You can mine some altcoin with GPU but I don't think it will be profitable and this can lead to the damage of your machine due to over working of the machine.
You can mine some altcoin with GPU but I don't think it will be profitable and this can lead to the damage of your machine due to over working of the machine.
Every since, cloud mining services are either:
1. A scam
2. Very unprofitable
I wouldn't touch such services with a ten-foot pole unless you want to just mess around and burn money.
1. A scam
2. Very unprofitable
I wouldn't touch such services with a ten-foot pole unless you want to just mess around and burn money.
They've almost always been scams, even when the concept was profitable. There were even companies that tried to do it more professionally (with real-time mining stacks, revenue tracking with block rewards, share systems). Think there were even at least a couple of ICOs in 2017 trying to raise funds to do it. It all eventually collapsed, not only because of market forces, but just the fact that it was really very hard to do fairly and accurately.
Then again, I did earn some coins on Monero and others, when electricity wasn't an issue but I probably overworked my machine.
Then again, I did earn some coins on Monero and others, when electricity wasn't an issue but I probably overworked my machine.
You're right with your thoughts and your brother is the one that doesn't know what he's talking. Did you asked him what he's cloud mining?
Even before, most cloud mining were likely a scam and if there's a few that are actually legit, you'll barely get a slot to rent them because majority of them are always full.
Even before, most cloud mining were likely a scam and if there's a few that are actually legit, you'll barely get a slot to rent them because majority of them are always full.
I guess your brother didn't know exactly how to mine Bitcoin he might be talking about renting a hash rate on Nicehash or from Miningrigrentals and pointed to any pools like Nicehash to convert your hash rate to BTC. Meaning the hash rate you bought is from GPU mining and Nicehash paid you with Bitcoin.
There are very few that currently legit cloud mining but almost all are scams. Miningrigrentals and Nicehash and the one that Bitmain promoted before I don't remember exactly what the website is but I think they don't offer hashrate anymore because the slots are full.
Be careful what your brother said the only way to mine Bitcoin is to have ASIC units that support SHA256 algo if he give you some details and redirect you to another link with unknown cloud mining site then that's 100% scam.
There are very few that currently legit cloud mining but almost all are scams. Miningrigrentals and Nicehash and the one that Bitmain promoted before I don't remember exactly what the website is but I think they don't offer hashrate anymore because the slots are full.
Be careful what your brother said the only way to mine Bitcoin is to have ASIC units that support SHA256 algo if he give you some details and redirect you to another link with unknown cloud mining site then that's 100% scam.
One thing I know I'd the fact that anything associated with cloud mining is a big scam and at some point you will get to regret ever involving in it.
With this been said, mining Bitcoin with cpu wouldn't be possible though I don't know of altcoins but if with altcoins then you might causing a greater damage to your computer over the profits you're even expected to make.
I also have a friend who despite all my suggestion and advice still mines Satoshi with his phone and I will be glad to even know if it's possible to mine such on a mobile device too.
With this been said, mining Bitcoin with cpu wouldn't be possible though I don't know of altcoins but if with altcoins then you might causing a greater damage to your computer over the profits you're even expected to make.
I also have a friend who despite all my suggestion and advice still mines Satoshi with his phone and I will be glad to even know if it's possible to mine such on a mobile device too.
Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because the way he hyped this I am having a second thoughts maybe its illegal.
They still do, profit from mining is bigger in countries with lower electricity costs. But I don't like mining like this, rather than this buy yourself a mining rig and calculate how much energy is consumed and how much you need to pay for electricity.
Cloud mining for bitcoin today is likely a scam attempt.
With the computing power competition among high-end modern equipment, cloud mining is unprofitable and exposes your device tomlots or risks from malwares and viruses.
- Jay -
With the computing power competition among high-end modern equipment, cloud mining is unprofitable and exposes your device tomlots or risks from malwares and viruses.
- Jay -
Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because the way he hyped this I am having a second thoughts maybe its illegal.
Mining bitcoin is not possible on CPU or GPU. This being said, one cannot meaningfully mine bitcoin on cloud computing / AWS like machines.
I don't know how is it for altcoins too, some can be mined with CPU/GPU and then converted for bitcoin, but you may want to ask about that on the altcoins area.
I don't think it's legal (the cloud website might kick you out) or it may not worth it (too expensive), but I don't know.
On the other hand, beware of cloud mining websites. Those are plain scams.
Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because the way he hyped this I am having a second thoughts maybe its illegal.
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