Is cloud mining safe? | Bitcointalksearch.org

carlisle1

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Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

I have heard and also read in various threads that mining is too risky. The invested money can all be gone with a blink of eye. Actually i am not sure wither i should do it or not. If i invest, then is there any chance to loss all the money?

If i invest, then what should be the amount first?

And in which sites would be better to do mining?

Well if it is cloud mining that we are talking about, there is actually a very high chance that you'll lose all your money . I'll suggest you to make a final decision for the better, whether to invest to it or not . It'll be better for you to Try to learn any other ventures instead .

BitHodler

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Quote from: tsaroz on August 04, 2017, 11:11:50 PM

Genesis mining and Hashnet (Bitmain) are real miners. (Proof: Their signed mining address) and I can vouch for them.
Minergate too holds a large pool and might have some good mining hardware and is my second choice.
ViaBTC, one of the largest exchange and pool are also offering cloud mining service.

Hashnest is a legitimate mining operation, but that can't be said about genesis mining. From there I am very interested in the signed message from one of GM's mining addresses.

GM has been refusing to sign or even show their Bitcoin mining address, and that's going on for years now. It's nothing more than a scheme that eventually will vanish with people's money ~ that's a guarantee.

Also, just because Hashnest is a legitimate mining operation, this still doesn't mean you'll get to ROI at whatever time frame ~ cloud mining in general is one big joke.

tsaroz

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Genesis mining and Hashnet (Bitmain) are real miners. (Proof: Their signed mining address) and I can vouch for them.
Minergate too holds a large pool and might have some good mining hardware and is my second choice.
ViaBTC, one of the largest exchange and pool are also offering cloud mining service.

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Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

I have heard and also read in various threads that mining is too risky. The invested money can all be gone with a blink of eye. Actually i am not sure wither i should do it or not. If i invest, then is there any chance to loss all the money?

If i invest, then what should be the amount first?

And in which sites would be better to do mining?

There are high risk involved investing in cloud mining, there are many cloud mining site already been close . Before investing in any site be sure that you are ready what ever happened, there are many other way to earn much higher profit but you need to have more experience in it. But it's almost the same risk with high return than investing in cloud mining , is much safer if you are the one who will manage your money and do not entrust it to others.

richardsNY

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Quote from: Aamir1 on August 04, 2017, 11:38:43 AM

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No matter how many times people get adviced to not invest their money into cloud mining, people will just disregard given advice, and do it anyway. Buying Bitcoin or whatever altcoin has always been far more rewarding than any type of mining. People for some reason let themselves go soft just because of the thought that cloud mining will grant them a passive form of income. I definitely understand that having a passive income stream is something a lot people are dreaming of, but people shouldn't attempt to get it all cost. Cloud mining is a waste of money and precious time.

Aamir1

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Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

I have heard and also read in various threads that mining is too risky. The invested money can all be gone with a blink of eye. Actually i am not sure wither i should do it or not. If i invest, then is there any chance to loss all the money?

If i invest, then what should be the amount first?

And in which sites would be better to do mining?

Believe me, its not worth it. Investing in cloud mining is just wasting the money. It is not like all of them are scam or will run away with your money, maybe there are a few which are legit, but the process is too much slow that reaching ROI takes a really long time and i don't think it makes any sense to invest 0.05btc (for example) and wait for a year to get the same amount with just a 20 or 30% profit with it (maybe what i'm saying is more or maybe less, but it is actually like that).

ethereumhunter

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Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

If i invest, then is there any chance to loss all the money?

yes there is a chance for you to get loss all the money so if you want to invest in cloud mining better you search first before you invest.

Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

If i invest, then what should be the amount first?

the amount is depend on how much you are ready if one day the cloud mining site is scam so you don't regret for investing in that site.

Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

And in which sites would be better to do mining?

in my opinion, genesis mining, hashnest is still legit but i don't know about their future, they can scam you too because there no company that will stay forever and you should know. at least, i get ROI in that site.

from all of this, i think its better for you to learning trading like above me said or you can buy bitcoin and altcoin and then hold it for a year. but for me, i'd better to do trading because this is my chance to increase my bitcoin.

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Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

I have heard and also read in various threads that mining is too risky.

You heard it right and mining (legit) is risky today if you don't have your rigs to mine for and you just suddenly think that it's a profitable one. But if you are referring to cloud mining, 100% it's risky and not recommended.

Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

The invested money can all be gone with a blink of eye. Actually i am not sure wither i should do it or not. If i invest, then is there any chance to loss all the money?

You had already said the answer on your question Cheesy

Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

If i invest, then what should be the amount first?

Go for trading instead and not for cloud mining.

Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

And in which sites would be better to do mining?

Cloud miners are trusting genesis mining but just like hash ocean it can runaway anytime.

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Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

I have heard and also read in various threads that mining is too risky. The invested money can all be gone with a blink of eye. Actually i am not sure wither i should do it or not. If i invest, then is there any chance to loss all the money?

- Yes it is very risky
- If those cloud mining services don't have any mining hardware than they are just hyip so they might go offline overnight just like hyips.
- You shouldn't invest in cloud mining (fake/virtual mining), buy real mining hardware and mine it yourself.
- You might have to wait for more than a year to get back your initial investment even if the site where you have invested are providing legit service.

Ultegra134

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Nope, I would advise against investing any money in cloud mining, many of these "companies" keep popping up with their Ponzi schemes offering high ROI and so on, there might be a fee legit ones which you could potentially check, but I am not really into that, it's similar to gambling.

iram1011

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Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

I have heard and also read in various threads that mining is too risky. The invested money can all be gone with a blink of eye. Actually i am not sure wither i should do it or not. If i invest, then is there any chance to loss all the money?

If i invest, then what should be the amount first?

And in which sites would be better to do mining?

Most of the cloud mining companies are scam. Some which aren't, it is never profitable to invest in them. You will just keep on waiting for your returns. With all that huge fees they will rob you of your money. Stay safe and instead buy some Bitcoin and hold. You will enjoy better ROI.

mrcash02

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If you want to invest a large sum of money to earn passive income I suggest FreeBitco.in site. It's a hybrid faucet with Dice game and some extra features. Site working since 2013 and since some months ago they started paying interest over your balance there (0.01% daily).

It's much better than cloud mining sites, and why? Because you hit ROI since the beginning of the investment, after the first day the profit is already positive, different from cloud mining sites where you wait forever to hit ROI (to recover the same amount of coins you invested).

savioroshan

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Genesis mining is a good site. I have tried that site. I reached my roi with this site. But I think it's better to get btc from any exchange and keep it in your wallet if you have money. Because you won't get much or any profit if you invest in cloud mining sites and it may take a year to reach roi. But if you buy some btc and keep in your wallet , after one year you may get double or triple profit.

el kaka22

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If you want a straightforward answer, of course cloud mining is safe, but most of the cloud mining websites are fake. I would advice that before making a decision to invest in mining, you keep reading about how it works in the forum, understand every bit of it and then proceed.

If you just ask for websites, there are many paid posters and paid accounts, which will suggest a particular website or a group of websites. Then there is the risk of people posting something random just to increase their post count and activity.

giveen

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It's not safe at all you may say that genesis and hashflare is online for few years i agree with you but if you just make a search of hashocean that was a cloud mining service giving roi in 3 months it ran for 2 years running a ponzi , genesis mining doesn't claim to have a fixed period for a roi but from the past history of cloud mining it's all scam and imagine it will take a year to get your money back then what's the use of mining you can earn 2-10 times your funds in a year if you concentrate on trading.

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Quote from: Bee Leb07 on August 02, 2017, 01:39:02 PM

I have heard and also read in various threads that mining is too risky. The invested money can all be gone with a blink of eye. Actually i am not sure wither i should do it or not. If i invest, then is there any chance to loss all the money?

If i invest, then what should be the amount first?

And in which sites would be better to do mining?

With the response you received above Im pretty sure you have gained some idea now.

But you know there is "real cloudmining" but considering the current bitcoin mining difficulty and rewards, even we have lots of legit cloudmining operation around, it's really not profitable to invest on those today. And how much you will invest; BTC0.01, BTC0.05, BTC0.1? That's not enough.

Better find other method to earn bitcoin and forget passive income for now. Work for it actively than rely on other services that will automatically gained you profits.

Tyrantt

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There were a few ones that were legit, cex.io and some russian cloud mining service and I've made ROI on both of them. Tho today, the cex.io has seized it's hashrate selling because of the fees and maintenance,etc.. Today cloud mining services aren't viable at all.

yndye

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I have joined "cloud mining" before because there are so many people who recommended it in the social media that says it pays everyday, a big percentage of up to 10% of your capital and it's really enticing so I joined being only a newbie who wanted to earn. Yes I got back what I invested but being greedy I reinvested it again so I can earn more. After a few days, their site cannot be accessed anymore and so many people have been scam! Yes it is a scam so don't believe any cloud mining or HYIP sites cause more often than not they are scam. They will just pay at first then later on when they got enough coins, they will be gone.

frowsiter

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This is really been asked at least hundred times in this section and in the mining section too.

There is no such thing like cloud mining because they don't really exists. They pose like they are mining but there are no hardware in the background and you just see numbers and calculators on the website which makes you feel like you are mining something. The idea is ponzi kind of and must not be trusted.

Recently seen pictures of hashflare rigs, the team working on it but I don't believe in pictures too. So just be aware while investing, rather go for trading or simply do campaigns.

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Quote from: Bee Leb07 on August 02, 2017, 02:17:45 PM

Thanks for your suggestion. But can you tell me that from which sites i should start safe mining?

Cloud mining or for more precise mining on the cloud (web) is 100% scam and even they are legit it takes forever to pass ROI. If you would like to mining, better to buy your own mining rig and make a setup by yourself with your management and community from here than risk your money with cloud mining.

Topic: Is cloud mining safe? (Read 1515 times)