Topic: Is cloud mining still profitable? (Read 2606 times)

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Quote

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

What about this?

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Shows the TH/s of most pools. Is that what he's looking for? Maybe I missed something.

I'm looking for how I can check which address generated the bitcoin, so that I can check if a site is legit, or just a ponzi.

Thanks for the kind advice guys.

So you want to check, for a given block, which computer on the network found the block? Or you want to do this for all blocks?

There's a difference between the IP address of a computer which solved a block and the address where the block reward went. Are you talking about mining or simply sending a transaction. Sorry it's not clear to me from your post.

No like to check if a site is legit mining or is just paying out from what you sent them, so I need to check whether there's a newly created bitcoin block related to the payout address, or it's just from other people's sent bitcoins. Sorry for being unclear.

tspacepilot

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Activity: 1456

Merit: 1081

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Quote from: Berau on March 07, 2015, 08:27:51 PM

Quote from: tspacepilot on March 07, 2015, 08:22:42 PM

Quote from: CrackedLogic on March 07, 2015, 06:48:02 PM

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Quote

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

What about this?

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Shows the TH/s of most pools. Is that what he's looking for? Maybe I missed something.

I'm looking for how I can check which address generated the bitcoin, so that I can check if a site is legit, or just a ponzi.

Thanks for the kind advice guys.

So you want to check, for a given block, which computer on the network found the block? Or you want to do this for all blocks?

There's a difference between the IP address of a computer which solved a block and the address where the block reward went. Are you talking about mining or simply sending a transaction. Sorry it's not clear to me from your post.

Berau

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Activity: 448

Merit: 250

Quote from: Phildo on March 07, 2015, 08:28:53 PM

Quote from: Berau on March 07, 2015, 08:16:53 PM

Quote from: Phildo on March 07, 2015, 08:12:44 PM

Quote from: CrackedLogic on March 07, 2015, 06:48:02 PM

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Quote

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

I've heard that blockchain.info's information isn't always correct.

What if the company says that they uses their own miner products? Such as zen hashlets.

The coins have to come from somewhere. Find the transaction where you got the coins on the blockchain, and see when they were created.

Is there information on blockchain.info regarding which address has mined the coins?

Yes, you can trace all coins on the blockchain.

See this address, https://blockchain.info/address/14yfxkcpHnju97pecpM7fjuTkVdtbkcfE6

there are lots of fresh coins in there, it belongs to someone who is mining. When someone receives a payment from someone, you can backtrack to see where the coins come from. If you are getting coins from cloud mining, it really shouldn't take that man clicks to get from you getting the coins to "No Inputs (Newly Generated Coins)" because the point of cloud mining is to distribute those newly generated coins to the people that paid for the miners. If they are the same coins you already gave them, something is up.

Wait... I've heard that one characteristic of a ponzi is that they don't allow you to cashout your earnings conveniently.

Does that mean that pbmining is a ponzi? Because they don't allow you to trade your contract and has high cashout standards.

Phildo

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Activity: 1526

Merit: 1000

Quote from: Berau on March 07, 2015, 08:16:53 PM

Quote from: Phildo on March 07, 2015, 08:12:44 PM

Quote from: CrackedLogic on March 07, 2015, 06:48:02 PM

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Quote

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

I've heard that blockchain.info's information isn't always correct.

What if the company says that they uses their own miner products? Such as zen hashlets.

The coins have to come from somewhere. Find the transaction where you got the coins on the blockchain, and see when they were created.

Is there information on blockchain.info regarding which address has mined the coins?

Yes, you can trace all coins on the blockchain.

See this address, https://blockchain.info/address/14yfxkcpHnju97pecpM7fjuTkVdtbkcfE6

there are lots of fresh coins in there, it belongs to someone who is mining. When someone receives a payment from someone, you can backtrack to see where the coins come from. If you are getting coins from cloud mining, it really shouldn't take that man clicks to get from you getting the coins to "No Inputs (Newly Generated Coins)" because the point of cloud mining is to distribute those newly generated coins to the people that paid for the miners. If they are the same coins you already gave them, something is up.

Berau

sr. member

Activity: 448

Merit: 250

Quote from: tspacepilot on March 07, 2015, 08:22:42 PM

Quote from: CrackedLogic on March 07, 2015, 06:48:02 PM

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Quote

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

What about this?

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Shows the TH/s of most pools. Is that what he's looking for? Maybe I missed something.

I'm looking for how I can check which address generated the bitcoin, so that I can check if a site is legit, or just a ponzi.

Thanks for the kind advice guys.

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

Quote from: CrackedLogic on March 07, 2015, 06:48:02 PM

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Quote

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

What about this?

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Shows the TH/s of most pools. Is that what he's looking for? Maybe I missed something.

Berau

sr. member

Activity: 448

Merit: 250

Quote from: Phildo on March 07, 2015, 08:12:44 PM

Quote from: CrackedLogic on March 07, 2015, 06:48:02 PM

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Quote

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

I've heard that blockchain.info's information isn't always correct.

What if the company says that they uses their own miner products? Such as zen hashlets.

The coins have to come from somewhere. Find the transaction where you got the coins on the blockchain, and see when they were created.

Is there information on blockchain.info regarding which address has mined the coins?

Phildo

legendary

Activity: 1526

Merit: 1000

Quote from: CrackedLogic on March 07, 2015, 06:48:02 PM

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Quote

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

I've heard that blockchain.info's information isn't always correct.

What if the company says that they uses their own miner products? Such as zen hashlets.

The coins have to come from somewhere. Find the transaction where you got the coins on the blockchain, and see when they were created.

Berau

sr. member

Activity: 448

Merit: 250

Quote from: Phildo on March 07, 2015, 06:50:28 PM

Yes. If you give me 1btc for mining hashpower that will only generate .9 btc, why would I bother buying a miner and wasting electricity. I can just slowly give back .9 of the 1 btc you gave me over time.

if I was really mining the coins I gave you would be very very fresh, and I would be able to show you on the blockchain where the coins were mined and how they got to you.

Hmm... So they're just paying out from their hot wallet, instead of investing the money other people has invested into real mining?

How can you prove that "my coin is freshly dug"?

Berau

sr. member

Activity: 448

Merit: 250

Quote from: CrackedLogic on March 07, 2015, 06:48:02 PM

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Quote

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

I've heard that blockchain.info's information isn't always correct.

What if the company says that they uses their own miner products? Such as zen hashlets.

Phildo

legendary

Activity: 1526

Merit: 1000

Quote from: Berau on March 07, 2015, 04:15:51 PM

Quote from: Phildo on March 07, 2015, 10:37:22 AM

Read CloudMining 101.

Most of them are scam, and even if they are legit, I don't think it's profitable.

So most of them are ponzis?

I mean how can a cloud mining ponzi work? I know if they don't mine they're scamming but how can they do a ponzi out of cloud mining?

You give them money. Instead of wasting that money by buying and operating miners, they just do the math and see how much money you would have earned , and give that money back to you.

These had been able to go on for a while because most miners would never payout the amount of money you paid in. If they did, the operator could use other people's money to payout, or just take the money and run.

If someone is actually running miner in their cloud mining you should be able to point the miners where you want them and you should be able to look on the blockchain and see fresh coins be mined, and go to your address.

That's interedting... So they fake the transactions to look like they're mining and that's a ponzi?

Yes. If you give me 1btc for mining hashpower that will only generate .9 btc, why would I bother buying a miner and wasting electricity. I can just slowly give back .9 of the 1 btc you gave me over time.

if I was really mining the coins I gave you would be very very fresh, and I would be able to show you on the blockchain where the coins were mined and how they got to you.

CrackedLogic

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Activity: 1050

Merit: 1000

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

You can't. If they advertise that they use equipment from a certain provider you can ask the provider to approve the cloud miner company to see if they actually did order the miners.

Quote

Is there a site that I can check the GH/S of a pool?

Not that I'm aware of but there's this https://blockchain.info/blocks

Berau

sr. member

Activity: 448

Merit: 250

Quote from: xstr8guy on March 07, 2015, 04:33:48 PM

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

So how can I know if a cloud mining company is actually mining or it's just a scam?

I.e. Is there a site that I can check the GH/S of a pool?

xstr8guy

hero member

Activity: 784

Merit: 1004

Glow Stick Dance!

From Google...

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Eventually, Ponzis always collapse. Early investors may actually profit but later investors get seriously screwed.

Berau

sr. member

Activity: 448

Merit: 250

Quote from: Phildo on March 07, 2015, 10:37:22 AM

Quote from: xstr8guy on March 07, 2015, 12:31:41 PM

Read CloudMining 101.

Most of them are scam, and even if they are legit, I don't think it's profitable.

So most of them are ponzis?

I mean how can a cloud mining ponzi work? I know if they don't mine they're scamming but how can they do a ponzi out of cloud mining?

You give them money. Instead of wasting that money by buying and operating miners, they just do the math and see how much money you would have earned , and give that money back to you.

These had been able to go on for a while because most miners would never payout the amount of money you paid in. If they did, the operator could use other people's money to payout, or just take the money and run.

If someone is actually running miner in their cloud mining you should be able to point the miners where you want them and you should be able to look on the blockchain and see fresh coins be mined, and go to your address.

That's interedting... So they fake the transactions to look like they're mining and that's a ponzi?

specgamer

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I love bitcoins.

Don't invest your bitcoins into cloud mining, most of them are scams. Hold on to your bitcoins and I suggest you make trading offers with them. Wait until bitcoin go up then you can have more options.

ToQcHista

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ToQcHista

Simple answer... No.

Don't waste your time, money our effort. Home mining is dead as well. Bitcoin mining has long since passed into the hands of those with (very) deep pockets and will never return to the masses.

If you really need to invest in BTC, just buy BTC. Otherwise... move along, nothing to see here.

A small profit is still.

should will buy very much GHS and get you many btc.

xstr8guy

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Merit: 1004

Glow Stick Dance!

Quote from: Phildo on March 07, 2015, 10:37:22 AM

Read CloudMining 101.

Most of them are scam, and even if they are legit, I don't think it's profitable.

So most of them are ponzis?

I mean how can a cloud mining ponzi work? I know if they don't mine they're scamming but how can they do a ponzi out of cloud mining?

You give them money. Instead of wasting that money by buying and operating miners, they just do the math and see how much money you would have earned , and give that money back to you.

These had been able to go on for a while because most miners would never payout the amount of money you paid in. If they did, the operator could use other people's money to payout, or just take the money and run.

If someone is actually running miner in their cloud mining you should be able to point the miners where you want them and you should be able to look on the blockchain and see fresh coins be mined, and go to your address.

You could have shortened your post considerably just by saying, "most cloudmining is a Ponzi scheme". Wink

xstr8guy

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Activity: 784

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Glow Stick Dance!

Simple answer... No.

Don't waste your time, money our effort. Home mining is dead as well. Bitcoin mining has long since passed into the hands of those with (very) deep pockets and will never return to the masses.

If you really need to invest in BTC, just buy BTC. Otherwise... move along, nothing to see here.

1Referee

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Activity: 2170

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Cloud mining is fine if you just want to have it for testing purposes and don't mind to take a loss.

Other than that there is barely a chance nowadays to get a profit. It's just a waste of time.

foxkyu

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Nope. Most of cloud mining is ponzi/scam
you better hold your bitcoin, or trading it if you want more

pozmu

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(っ◔◡◔)っ🍪

Only invest in cloud mining where you can set your own custom pool and watch your miners work.
I don't know how many such services exist besides betarigs/leasearig/miningrigrentals.
If you can't set your custom pool it's very likely to be a scam Shocked

Phildo

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Quote from: Berau on March 07, 2015, 05:32:18 AM

Read CloudMining 101.

Most of them are scam, and even if they are legit, I don't think it's profitable.

So most of them are ponzis?

I mean how can a cloud mining ponzi work? I know if they don't mine they're scamming but how can they do a ponzi out of cloud mining?

You give them money. Instead of wasting that money by buying and operating miners, they just do the math and see how much money you would have earned , and give that money back to you.

These had been able to go on for a while because most miners would never payout the amount of money you paid in. If they did, the operator could use other people's money to payout, or just take the money and run.

If someone is actually running miner in their cloud mining you should be able to point the miners where you want them and you should be able to look on the blockchain and see fresh coins be mined, and go to your address.

sherbyspark

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Well some of them are. In the beginning I was part of the cloudminr campaign , where it paid 18 GH/S , and I havev been able to get a positive ROI within 4 months by now

ToQcHista

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ToQcHista

Guys,

I came across this a long time ago and at that time I wasn't really sure to invest or not.

But now so much scam has collapsed, while some are pretty stable.

So should I invest in cloud mining contracts, and if yes which ones should I invest in?

I advise you will use this company > https://bit-x.com/

most truther , payer and reliable . nowaday .

i now using this website.

you if don't want will buy hardware and put home therefore i advise you will use bitx. https://bit-x.com/

CrackedLogic

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cloud mining was never profitable. Don't put your money into these ponzi's. Look at how pbmining.com turned out.

dr1980m

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now it isn't
but maybe i it will if bit coin prices increase more then 300 dollars..

bitwarrior

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Nope , cloud mining is no longer profitable..a lot already closed down due to operation costs. If you manage to invest on some I doubt you can make your investment back, not even in a long time.

Amph

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no they aren't since long time, better to hold your bitcoin, or trade them if you are good, in trading

Berau

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