Is cloud mining profitable in 2022? | Bitcointalksearch.org

uneng

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Quote from: Saisher on December 25, 2022, 05:59:21 PM

If we judge the reports on scam sections about all these cloud mining we can easily conclude that they are all just Ponzin schemes, cloud mining was good back 5 years ago when mining was still profitable and scammers have not found a way to make cloud mining into Ponzi scheme.
There are few good clouding mining sites but earning is not guaranteed because its hard to guaranty profit based on the volatility of the market.

Unfortunatelly cloud mining has never been a good deal for investors. The difference is that 5 years ago people were more naive about this kind of investment and some companies had reputation on this field, because their schemes weren't exposed yet. The concept of cloud mining is useless since the beginning, as you will never be able to retrieve the same sum of bitcoin you firstly invested. On the moment you start the investment, you are already losing money. Income generated decreases day by day until reaching to zero, as it happened to many investors from Genesis Mining on their "lifetime" package.

janggernaut

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Quote from: swogerino on December 25, 2022, 04:23:20 PM

There were tons of scams in 2014-2016 era and many people unfortunately fell for this scam,it was in the mood back in those days.It was so much in the mood that some companies like Genesis come into play claiming they had their datacenters full of ASICS and GPU rigs in Iceland or some place similar don't remember now.They even offered real contracts but there was a clause there that if maintenance cost were higher than the revenue you would get kinda like 0 profit and your contract would be terminated,something in those terms which made a lot of people mad and also was the end of cloud mining once and for all.

Anyone asking if cloud mining is profitable in 2022 is only asking for trouble so better stay away for this.Even us real miners are mining at a loss right now,we that continue to mine,all others who don't believe in long term recovery of crypto have shut down their rigs.

Yeah that was also me. I was one of victim from ASIC miner. Not much, just around $10 back then on 2014 and i got like $0.5 in every week (just got for first 3 weeks, and then the ASIC miner turned scam, they said we must deposited more to able get weekly payment). From that i believe there is no easy way to earn money, or too good to be true.

Quote from: malcovi2 on December 25, 2022, 11:40:41 PM

Quote from: Dubaian on December 21, 2022, 10:29:58 PM

cloud mining is a profitable mining method.

Yes, you are correct that it's a profitable method for those running/managing the scheme but for the plebs that pouring money hoping that they make a profit is a very different story.

Well i believe he is talking about from investor's side, which mean can we get profit by investing on cloud mining? Which is not, even recent news about Core Scientific, one of biggest miner has filed for chapter 11 bankruptcy

robelneo

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Quote from: Dubaian on December 21, 2022, 10:29:58 PM

Over the past few years, the crypto world has undergone numerous changes and so has cloud mining. The whole face of cloud mining has changed. Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs, and 2022 is no exception. Apart from the money making factor, by mining on the cloud platform, the risk is reduced to a great extent. And cloud mining is a profitable mining method.

You did not give us one example of profitable cloud mining in which you've invested you just opened a discussion which I think is a random topic that you've got on the internet without dwelling on the advantages and disadvantages of cloud mining.
I could cite articles on the internet which stated that cloud mining is still profitable but I could also lead you to so so many topics that were and will be created on cloud mining being a Ponzi scheme in the scam section right here in Bitcointalk.
Don't just post that cloud mining is profitable to make money, there are also traps on so many cloud mining that you failed to include in your topic.

malcovi2

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Quote from: Dubaian on December 21, 2022, 10:29:58 PM

cloud mining is a profitable mining method.

Yes, you are correct that it's a profitable method for those running/managing the scheme but for the plebs that pouring money hoping that they make a profit is a very different story.

1miau

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Even if it's not a scam, it's still very likely not profitable at all.
Mining today is done by professionals and even such highly professional mining businesses are competing against each other who can mine Bitcoin at the lowest possible cost (and therefore making a better profit compared to competitors).
Profit margins are very low and miners really need to minimize costs to be profitable.
When there's a middleman (who's mining for you), he'll keep a part of the profits. So, profits will be split while a professional non-Cloudminer only needs to care for his own profits. He has a competitive advantage / Cloudminers have a competitive disadvantage.
And when there are very small profits, he'll pay expenses like electricity and staff first, before he's paying out you. So, you are covering the risk first if mining is getting less profitable.

In addition, it's also a question if mining is profitable in general. Some statistics have shown that HODL is much better most of the time.
From what I've read so far, mining is only profitable if you are a big industrial player or you have cheap / free, excess energy.

tl;dr:
Regarding Cloudmining:
It's much more profitable and risk-free to HODL your coins.

Saisher

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If we judge the reports on scam sections about all these cloud mining we can easily conclude that they are all just Ponzin schemes, cloud mining was good back 5 years ago when mining was still profitable and scammers have not found a way to make cloud mining into Ponzi scheme.
There are few good clouding mining sites but earning is not guaranteed because its hard to guaranty profit based on the volatility of the market.

swogerino

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There were tons of scams in 2014-2016 era and many people unfortunately fell for this scam,it was in the mood back in those days.It was so much in the mood that some companies like Genesis come into play claiming they had their datacenters full of ASICS and GPU rigs in Iceland or some place similar don't remember now.They even offered real contracts but there was a clause there that if maintenance cost were higher than the revenue you would get kinda like 0 profit and your contract would be terminated,something in those terms which made a lot of people mad and also was the end of cloud mining once and for all.

Anyone asking if cloud mining is profitable in 2022 is only asking for trouble so better stay away for this.Even us real miners are mining at a loss right now,we that continue to mine,all others who don't believe in long term recovery of crypto have shut down their rigs.

sunsilk

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Not worth it nor profitable.

I even think of it just like an upgraded typical scam from those scammers that can no longer victimized people. They're just showing that it's profitable but in reality it's not.

And also think that, it's now passed and done and the new thing today is about those interest accounts or staking that's barely profitable.

hugeblack

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It is better to call it "Micro earning" because what is happening is completely different from mining and everyone who promotes it is scammer.
You can achieve small profits from such investments, but it is similar to the hierarchical market, where investors will be deceived and capital stolen when the site does not begin to provide the necessary liquidity to pay profits.

As for the hypothesis that a person buys mining equipment and then tries to use it or rent it to unknown people on the Internet, it is the year 2022, when it is difficult to find a person crazy enough to throw money on the street.

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Cloud mining is never become profitable especially to those who invest and bought mining power on such platform. Profits you get just become fee on those high maintenance fees so nothing left. If you're using a calculator it actually takes months or year^(s) before you reach your ROI. That's why cloud mining is never profitable since then.

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Quote from: Dubaian on December 21, 2022, 10:29:58 PM

Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs, and 2022 is no exception. Apart from the money making factor, by mining on the cloud platform, the risk is reduced to a great extent. And cloud mining is a profitable mining method.

So, cloud mining companies pay for equipment and related costs to reduce risk for us to a great extent and make it profitable for us. This is what you say, yeah?
Would you buy money making machine to print money for others? Of course, you would only do so if you get more money from them than you print for them.

Quote from: Dubaian on December 21, 2022, 10:29:58 PM

The whole face of cloud mining has changed.

What has changed in cloud mining? Can you name please? Did the whole cloud mining businesses change their business model? Or does Google only show you scam project that rank on first page and promise enormous profits and you think they are legit?

It's funny and strange that you post spam about cloud mining but still don't promote one.

LTU_btc

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Cloud mining never been profitable. Either it was 2021, 2020, 2019 and so on. What had to happen that it would become profitable in 2022? It always been just another type of ponzi schemes which sooner or later turn into scams.
But from other side, your statment is right. Cloud mining is profitable, but just for owner of website. In peak of cloud mining era creators of biggest scams like Hash Ocean become multi-millionaiares.

Quote from: Dubaian on December 21, 2022, 10:29:58 PM

Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs

What?! I hope that you're not talking seriously?

dkbit98

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Cloud mining was never profitable for anyone else other than person who created this snake oil scheme.
I know some of the biggest cloud mining companies stopped existing and they owners got arrested, Hasflare is the last example, and that is all you need to know about this.
Cloud mining is more like pyramid scheme and people who send money last will usually lose everything, so stay away from this and don't send them any money.

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Quote from: aioc on December 23, 2022, 08:29:02 AM

Yes and no if you join a legit cloud mining pool then yes you can make passive out of it, join a reliable and trusted cloud mining here is an article that will lead you to the best cloud mining and explain how it works
https://cointelegraph.com/news/how-to-build-a-passive-income-stream-from-cloud-mining

I see that they mentioned Stormgain in that article. Are you 100% sure that they are an actual cloud mining company? I am asking because some time ago I checked them out a bit, and for me it more seemed like cloud mining part was sort of a gimmick to attract new users and not an actual cloud mining company that mines something (iirc they are trading platforms of some sort).

@Dubaian forget about cloud mining. It wasn't smart thing to do 5 years ago, its not now and it will stay the same in 5 years (beside the fact that 99.99% were scam). Just keep it simple and buy bitcoin instead and forget about cloud mining.

aioc

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Quote from: Dubaian on December 21, 2022, 10:29:58 PM

Over the past few years, the crypto world has undergone numerous changes and so has cloud mining. The whole face of cloud mining has changed. Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs, and 2022 is no exception. Apart from the money making factor, by mining on the cloud platform, the risk is reduced to a great extent. And cloud mining is a profitable mining method.

Quote

Is cloud mining profitable in 2022?

Yes and no if you join a legit cloud mining pool then yes you can make passive out of it, join a reliable and trusted cloud mining here is an article that will lead you to the best cloud mining and explain how it works
https://cointelegraph.com/news/how-to-build-a-passive-income-stream-from-cloud-mining

There are also a lot of Ponzi scheme that hides in cloud mining platform, they really don't have the equipment and the manpower, I have seen a project that boasts that they are solar-powered when in fact they are faking pictures they present to their investors
in fact, there are stores that sell cloud mining scripts and these are the ones used by Ponzi scheme operators to deceive their investors.

People should be aware of how this cloud mining works and should check if they are investing in real cloud mining.

ultrloa

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Quote from: Dubaian on December 21, 2022, 10:29:58 PM

Over the past few years, the crypto world has undergone numerous changes and so has cloud mining. The whole face of cloud mining has changed. Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs, and 2022 is no exception. Apart from the money making factor, by mining on the cloud platform, the risk is reduced to a great extent. And cloud mining is a profitable mining method.

Answer is simply no to many changes happen and this investment option is not famous anymore so expect that scammers who operate under this schemes will do immediate scam so for you to avoid such bad incident that might happen better to leave cloud mining and find other more better option. There are to many opportunities on crypto industry and avoid thinking about those scams try to research for more information to know what are those good investments and possible scam schemes.

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Quote from: Dubaian on December 21, 2022, 10:29:58 PM

Over the past few years, the crypto world has undergone numerous changes and so has cloud mining.

I used to believe that cloud mining is profitable the concept looks too good to be true until I read a lot of bad reports, and these reports verified that so much cloud mining is actually Ponzi schemes

Quote

The whole face of cloud mining has changed. Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs, and 2022 is no exception. Apart from the money-making factor, by mining on the cloud platform, the risk is reduced to a great extent. And cloud mining is a profitable mining method.

There are so many bad reports on cloud mining and we should not take these reports for granted many of these reports are very alarming you did not show us anything like proof of payment from the cloud mining you've invested you generalized that cloud mining is very profitable disregarding bad reports, we could tag you if you have one cloud mining site promoting in your thread, its good that you don't have one.

TalkativeCoin

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I had a short test run with BeMine and StromGain, and the short summary is that you're taking away from your potential profit if you would mine yourself.

Of course, there's a question of initial hardware investment and the fact that you need to spend time/money for upkeep, but then again, this is something only you can decide on.

PrimeNumber7

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OP: with 2022 coming to a close, we need a new thread for the profitability of cloud mining in 2023

Cloud mining is generally going to lead to sub par outcomes. Cloud mining adds additional “middle men” to mining, which means that there are additional parties that will perform work, and earn their own profits when compared to mining on your own. At best, this results in diminished returns.

The above also raises the risk that one or more entities will scam you and not perform as agreed. Obviously, there is also the risk that whoever is renting the hardware is outright scamming, which will lead to a total loss.

Plaguedeath

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During bear market, almost of top coins aren't profitable to mine anymore even you're using a good mining rigs and you live in a country where electricity price is cheap. Most of miners right now only mine for long term holding, it could be next 2 years or 3 years, since cloud mining is offer you to get payment every week or month, then it's 100% scam.

Quote from: mk4 on December 22, 2022, 10:51:37 PM

As far as I know the only people who made money with cloud mining are the ones who just shilled referral links, not necessarily the people who put in their hard-earned money.

Because they're able to find a greedy people who want to invest on the scam site and then they got a share about the victim who get scammed.

mk4

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Cloud mining is either a scam, or just totally unprofitable.

As far as I know the only people who made money with cloud mining are the ones who just shilled referral links, not necessarily the people who put in their hard-earned money.

fortunecrypto

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Quote from: Dubaian on December 21, 2022, 10:29:58 PM

Over the past few years, the crypto world has undergone numerous changes and so has cloud mining. The whole face of cloud mining has changed.

Yes it becomes a new face of the Ponzi scheme, with cloud mining sites can hide the Ponzi scheme but the structure is a Ponzi scheme they are faking everything, the equipment, and location, which is why they can offer a free GHS plan, and a very high referral commission because its a Ponzi scheme it thrives on money that's coming in and not on

Quote

Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs, and 2022 is no exception. Apart from the money making factor, by mining on the cloud platform, the risk is reduced to a great extent. And cloud mining is a profitable mining method.

You should check your fact and do your research there are a lot of scams and fake cloud mining you can check the scam section there are four pages of cloud mining scam

Rigon

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Quote from: Dubaian on December 21, 2022, 10:29:58 PM

Over the past few years, the crypto world has undergone numerous changes and so has cloud mining. The whole face of cloud mining has changed. Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs, and 2022 is no exception. Apart from the money making factor, by mining on the cloud platform, the risk is reduced to a great extent. And cloud mining is a profitable mining method.

OP how did you realize cloud mining is so profitable. How do you consider cloud mining profitable in 2022 where all mining sectors are losing money. The most important thing when it comes to cloud mining is to contact trusted sites and make sure investments. Most fraud traps can be avoided and mining can be guaranteed to be profitable.

BitMaxz

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No one that I heard makes money in Cloud mining unless you are one of those who made and promote cloud mining sites.
Are you?

Then for you its profitable since you scam people I am one of people who invest in cloud mining before I invest a few times but in the end, nothing is profitable all of them are scams.

Except if the miner exists and the website is trusted where you can rent a real miner sample Nicehash and miningrigrentals that offers ASIC and GPU mining rentals but the profitability depends on the price of the coin and difficulty.

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Quote from: Dubaian on December 21, 2022, 10:29:58 PM

Over the past few years, the crypto world has undergone numerous changes and so has cloud mining. The whole face of cloud mining has changed. Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs, and 2022 is no exception. Apart from the money making factor, by mining on the cloud platform, the risk is reduced to a great extent. And cloud mining is a profitable mining method.

In 2022, real miners capitulated. Many miners start losing at $17,000 bitcoin. How is it possible to make money on bitcoin cloud mining? But there are still price paradoxes on the market, because ASICs are very expensive if we compare payback periods, but the new halving is already at the beginning of 2024.

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Quote from: Dubaian on December 21, 2022, 10:29:58 PM

Over the past few years, the crypto world has undergone numerous changes and so has cloud mining. The whole face of cloud mining has changed. Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs, and 2022 is no exception. Apart from the money making factor, by mining on the cloud platform, the risk is reduced to a great extent. And cloud mining is a profitable mining method.

Cloud mining was in 2022, like in the few past years too, a shiny wrapping over Ponzi scams in order to lure people who don't understand mining into depositing money into their scam.
So:
1. Cloud mining topics have nothing to do with mining, hence no reason to stay in the mining area.
2. So called cloud mining were profitable for the scammers and unprofitable for the rest.

All this being said, did you ever use a cloud mining website in 2022 and managed to withdraw? And if you didn't, what are you talking about?!

Dubaian

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Over the past few years, the crypto world has undergone numerous changes and so has cloud mining. The whole face of cloud mining has changed. Cloud mining will always be the best option to earn profits without the need to pay for equipment and related costs, and 2022 is no exception. Apart from the money making factor, by mining on the cloud platform, the risk is reduced to a great extent. And cloud mining is a profitable mining method.

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