Yeah, people are still renting cloud computing power to mine Bitcoin, but it's not as profitable as it used to be. I mean, the days of using a regular computer to mine Bitcoin are long gone, and now you need specialized equipment to do it.
So, even if you rent cloud computing power, you might not make enough to cover the cost of the rental. And, as far as I know, there's nothing illegal about it, as long as you're not using the equipment to do something illegal.
Topic: I might be wrong about this but I need to know (Read 291 times)
I am also think that it kind of fraud in the eyes of Cryptocurrencies because cloud minging is a think that where you have to invest but if the cloud company wasn't reputable then it could be a loss invest . Even then here you will face lack of controll and also scams and less profit than own minkng rigs. So I would not like to suggest anyone to use cloud mining for mining.
The profitability of mining Bitcoin has decreased significantly over the years due to the increasing difficulty of the mining process and the rising cost of electricity.
Especially now that people tend to use solar panels. As a result, it's becoming less common to mine Bitcoin using cloud computing power. Regarding the legality of mining Bitcoin using cloud computing power, it's not illegal per se, but it's important to check with the terms of service of the cloud computing provider.
Many cloud computing providers have explicitly banned cryptocurrency mining on their platforms, and engaging in such activity can result in the termination of your account.
So, while people are still renting cloud computing power to mine Bitcoin, it's becoming less common due to the decreasing profitability and increasing electricity costs.
Especially now that people tend to use solar panels. As a result, it's becoming less common to mine Bitcoin using cloud computing power. Regarding the legality of mining Bitcoin using cloud computing power, it's not illegal per se, but it's important to check with the terms of service of the cloud computing provider.
Many cloud computing providers have explicitly banned cryptocurrency mining on their platforms, and engaging in such activity can result in the termination of your account.
So, while people are still renting cloud computing power to mine Bitcoin, it's becoming less common due to the decreasing profitability and increasing electricity costs.
Long back itself cloud bitcoin mining is a scam. If someone have said this to be legit and gives good return, just ask them to enjoy the profit and don't fall for it. Following this several projects too came into the market with ICO. Some projects even gained good investment, but weren't able to last for much longer time period.
With hardware equipments itself I wasn't able to make mining profitable, because of the electricity consumption. I don't how people believe in the cloud mining and fall into the trap.
With hardware equipments itself I wasn't able to make mining profitable, because of the electricity consumption. I don't how people believe in the cloud mining and fall into the trap.
Many people commented on the mining service of cloud scam and my opinion the same, this is a fraud of an old model one thing that is silly if 10 years Bitcoin is present, but there are still people who are deceived by this service, very loved
We didn't expect that there were still people who believed in it, and some even embraced it, all of them realized that Bitcoin had been around for more than 10 years and they still believed in Cloud Mining which most people said was indirectly fraudulent services, as far as Here I see people who get big profits through cloud mining. maybe there is, but I don't know about this.
I have some bad stories about cloud mining, it was one of the few ways I started my earning online journey years ago, after losing some money to MLM high yield projects that stays alive for a few weeks or months before existing scam I started the journey of cloud mining, things went smoothly for few months and one day they stop working, that's how I knew Eobot and genesis mining. There is no cloud mining that's still profitable today, even the few legit ones ends up closing down the business.
On the other hand, beware of cloud mining websites. Those are plain scams.
If you have free money or unlimited wealth, then only try this stunt. As cloud mining sites are expert in luring people into investing in their hash powers. I still cannot believe that, people are falling for these scams repeatedly again and again. No one other than the cloud mining site’s owner will be profitable. Moreover yes its very hard nowadays to mine Bitcoins with CPU or GPU, yes some altcoins are still mineable, but yes these altcoins price varies, so it’s very risky again. So yes OP ask your friend to avoid these types of economical stunts.
We didn't expect that there were still people who believed in it, and some even embraced it, all of them realized that Bitcoin had been around for more than 10 years and they still believed in Cloud Mining which most people said was indirectly fraudulent services, as far as Here I see people who get big profits through cloud mining. maybe there is, but I don't know about this.
"renting" hashpower is never profitable. if it were the OWNERS would not rent out but just mine for self profit
remote hosting equipment you bought, can reduce your costs by hosting it in a cheaper country compared to your home. but still be aware of their hosting/management fee's and also any terms/conditions about what they do with your hardware once it arrives at their warehouses.
(check out the core scientific-celsius shinanigans). corz raised its rates above the us state electric average and held celsius hardware to ransom until celsius paid its fee's which celsius disagreed with
Many people commented on the mining service of cloud scam and my opinion the same, this is a fraud of an old model one thing that is silly if 10 years Bitcoin is present, but there are still people who are deceived by this service, very loved
We didn't expect that there were still people who believed in it, and some even embraced it, all of them realized that Bitcoin had been around for more than 10 years and they still believed in Cloud Mining which most people said was indirectly fraudulent services, as far as Here I see people who get big profits through cloud mining. maybe there is, but I don't know about this.
Many people commented on the mining service of cloud scam and my opinion the same, this is a fraud of an old model one thing that is silly if 10 years Bitcoin is present, but there are still people who are deceived by this service, very loved
Are people still renting cloud computing Power to mine Bitcoin?
No, you can't mine Bitcoin with CPU or GPU.
As far as I know, Bitcoin can be mined using CPU and GPU but it is well known that it isn't profitable using those anymore since it cannot compete with the hashing power of ASIC.
But if you actually mean cloud mining, almost no one bother with it these days. Although marketplace which let any people buy/sell hashrate (such as NiceHash) manage to maintain their popularity.
True! , even renting hashes on NiceHash seldom brings profit.
Most cloudmining are scams since they eventually crash at some point. It is not a sustainable venture and is most likely used by criminals to scam investors through Ponzi schemes.
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.
I think topics related to this has been discussed several times on this forum,Like you said, not only is this no longer profitable, but also scammers have hijacked this type of mining Bitcoin, if you search through Google, you will probably see majority of cloud mining platforms that are still online where people can rent computing powers to mine bitcoin, but I tell you that 99.9 percent of them all are nothing but scam, so I personally would advice you to avoid this at all cost.
Better to use that money you would have spent on rent and buy Bitcoin and hold, better Than dashing it to scammers.
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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.
I think topics related to this has been discussed several times on this forum,Like you said, not only is this no longer profitable, but also scammers have hijacked this type of mining Bitcoin, if you search through Google, you will probably see majority of cloud mining platforms that are still online where people can rent computing powers to mine bitcoin, but I tell you that 99.9 percent of them all are nothing but scam, so I personally would advice you to avoid this at all cost.
Better to use that money you would have spent on rent and buy Bitcoin and hold, better Than dashing it to scammers.
Are people still renting cloud computing Power to mine Bitcoin?
It's possible that it still exists, and it happens to those who don't fully know about Bitcoin mining, and we'd rather say it's not good (not recommended).
Apart from not recommending this cloud mining and this is an attempt at fraud, some people say the same thing about cloud mining, we are not so sure about this work, besides this cloud mining is vulnerable to making computers or devices at risk of viruses, and seeing the development of equipment that The more modern it makes cloud mining far behind, especially from the profit and risk factors that we mentioned earlier.
You need to be careful about cloud mining, some people here say this is a big scam.
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.
Cloud minings are prone to scams and you need to look out for their offers because most of the time they lure you with their good-to-be-true offers to their investors. Then they won't execute their plans too early because they wanted to maximize the profits their about to steal and that's what happened to most of the investors in the year 2015-2017 most of them has fallen victim to this kind of scheme and they lose their bitcoins which if they were sold this year, it could turn the table of their lives in a positive way.
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.
Plus, you would take the costs out of the earnings from the customers as well, meaning cloud system could technically work. It's just that nobody has done it in a legit way, and that's the issue.
Yes, as everyone said here, cloud mining is mostly scam and the rest is no longer profitable.
I have tried some cloud mining sites in the past, most of them do not pay, but there was one company that paid, which is genesis-mining (I think it is still working today) I bought hash power from the site and I was getting some profits on a daily basis, but after a short period of time the profits began to decrease on a daily basis , I didn't even get a ROI.
My advice is stay away from all cloud mining sites.
I have tried some cloud mining sites in the past, most of them do not pay, but there was one company that paid, which is genesis-mining (I think it is still working today) I bought hash power from the site and I was getting some profits on a daily basis, but after a short period of time the profits began to decrease on a daily basis , I didn't even get a ROI.
My advice is stay away from all cloud mining sites.
Bitcoin mining is profitable but when you have the right equipment and a better environment to accommodate them then only you can save electricity bills and make money. As far as I know cloud mining is not really possible anymore to bitcoin so you can partner with others and start mining with ASICs or simply invest on bitcoin for long term.
Nowadays, cloud mining is nothing but a scam. From the start, it was a Ponzi scheme, and many people were deceived in this way. Still, some scammers are attempting to deceive us. To mine bitcoin, you need to purchase mining equipment. Never trust meaningless promises. You should have consulted the forum before falling victim to fraud. After reading the responses, I hope you have a better understanding of what cloud mining actually is. Explore the forum more often to discover how to earn Bitcoin legally. Don't give your money to fraudulent artists.
In this day and age am shocked someone still believe in cloud mining. They were able to deceive and scam investors back in the days as many people don't have the right knowledge about these so-called cloud mining platforms. But now people are more informed and a lot wiser.
There is a strong posibility that most of the cloud mining platforms are running a Ponzi scheme where they use the funds of new customers to pay the returns of older customers without actually mining any btc. Many of them charge high fees and may not be transparent about their costs which can make it difficult for investors to know if their investment is profitable or not. It is better not to be convinced by your brother from another mother. Cloud mining are bad news.
There is a strong posibility that most of the cloud mining platforms are running a Ponzi scheme where they use the funds of new customers to pay the returns of older customers without actually mining any btc. Many of them charge high fees and may not be transparent about their costs which can make it difficult for investors to know if their investment is profitable or not. It is better not to be convinced by your brother from another mother. Cloud mining are bad news.
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)
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)
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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