Mining in the cloud vs simply buying bitcoin - page 6.

TheCoinGrabber

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Quote from: Adriano2010 on May 17, 2019, 01:55:21 PM

I tried cloud mining on past but i not get ROI, and i lose seomthing like 0.03 bitcoin from what i invest, is better buying if mining at home is not possible because of space, cost of equipment, cost of electricity and other factors.

Kept hearing about cloud mining before but never bothered trying it out, mostly due to lack of capital. And I'm glad I didn't. It's far easier and affordable to just buy bitcoin and hold.

Not sure about mining alts though, I heard those are more profitable.

Rufsilf

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I think buying bitcoin directly is better than cloud mining because right now it is very hard to mine bitcoins and you need to buy a good software for you to be able to mind effectively and if you also do cloud mining through cloud mining websites it is very risky because a lot has been reported as fraudulent. Also if you own a mining rig maintenance can be very expensive and the value of your mined bitcoins may not be enough to cover the maintenance alone.

KlepZ

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I guess if you’re looking at mining as a long term investment than perhaps it can generate you more coins in the long run but it’s also much more risky. First of all miners can break down, and even if you host them somewhere accidents do happens. Also there’s no way to know how high or low will the Bitcoin mining difficulty reach so numbers can change drastically. If you want an immediate winner than I’d definitely go with buying Bitcoins instead of mining them.

bettercrypto

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It is good to buy bitcoins than become a miner specially, if you do not have knowledge on how to mine BTC. There are many miners all over the world and mining becomes already a competition since 2014. Due to the large numbers of miner, there is no more good profits. Therefore, I never plan to build mining rigs or buy just to mine.

shield132

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Quote from: nydiacaskey01 on May 23, 2019, 07:27:45 PM

Question is,is there such thing as cloud mining, I know a few reliable ones like Hashnest but the profits there is too small and the maintenance fee will eat up your profits. That is why I stick to trading because there your coins have more opportunity to grow with careful selection of what coin to buy and careful planning.

As far as I know, hashnest has already changed, btw that doesn't matter. Even cloud mining is worst thing because you never ROI while if you buy bitcoins, there is high chance that price will rise and you'll profit while in cloud mining you even lose what you invested.
So I think comparing of these two isn't correct, especially now when even real mining is dead.

mangsitin

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Cloud mining does provide fast profits, but it is very high risk when you invest there, they pay for the first time, but for the next is fraud, I have tried it, so I think buying Bitcoin is a good thing.

Adriano2010

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Indeed is better to avoid cloud mining, i try it and i not made a ROI i invest over 0.1 bitcoin and i get back 0.078 bitcoin, if possible better buy bitcoin and hold for long.

OrangeII

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Quote from: entebah on June 07, 2019, 11:34:15 AM

Quote from: coin-investor on June 07, 2019, 11:07:32 AM

Cloud mining is a thing of the past, I also invested in cloud mining three years ago and joined a lot of cloud mining that offers free hash, but I never got my investment back like a Ponzi scheme I also need to refer and ask my referrals to invest so I can add more hash so I can reach my cashout threshold.

Yes, it is terrible if we invest in Cloud Mining, because most sites lead to fraud, so I only buy Bitcoin from the exchange market, and do normal trading.

for now I'm also avoiding that. after all, I also tried cloud mining and it didn't work well. so, when I need bitcoin, of course I better buy it directly in a market, or collect it patiently. I think it's better for now.

Ayiranorea

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Quote from: entebah on June 07, 2019, 11:34:15 AM

Quote from: coin-investor on June 07, 2019, 11:07:32 AM

Cloud mining is a thing of the past, I also invested in cloud mining three years ago and joined a lot of cloud mining that offers free hash, but I never got my investment back like a Ponzi scheme I also need to refer and ask my referrals to invest so I can add more hash so I can reach my cashout threshold.

Yes, it is terrible if we invest in Cloud Mining, because most sites lead to fraud, so I only buy Bitcoin from the exchange market, and do normal trading.

Yes, getting into normal trading is perfectly the best way to earn compared to mining where we don't have to do any big work other than just investing on mining equipments and run it. Mining has got a very big community, but cloud mining in most cases is a scam, because what they assure as return on the investment is very big and impossible to get out of mining. One can get a bigger profit on just buying and holding than investing on cloud or other hardware based mining.

entebah

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Quote from: coin-investor on June 07, 2019, 11:07:32 AM

Cloud mining is a thing of the past, I also invested in cloud mining three years ago and joined a lot of cloud mining that offers free hash, but I never got my investment back like a Ponzi scheme I also need to refer and ask my referrals to invest so I can add more hash so I can reach my cashout threshold.

Yes, it is terrible if we invest in Cloud Mining, because most sites lead to fraud, so I only buy Bitcoin from the exchange market, and do normal trading.

coin-investor

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Cloud mining is a thing of the past, I also invested in cloud mining three years ago and joined a lot of cloud mining that offers free hash, but I never got my investment back like a Ponzi scheme I also need to refer and ask my referrals to invest so I can add more hash so I can reach my cashout threshold.

fankhan466

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Quote from: Adriano2010 on May 17, 2019, 01:55:21 PM

I tried cloud mining on past but i not get ROI, and i lose seomthing like 0.03 bitcoin from what i invest, is better buying if mining at home is not possible because of space, cost of equipment, cost of electricity and other factors.

Can you help me in mining setup at home ? i have free electricity ... i want to start from small setup then more....
thx

OrangeSeller

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They are both the same, there are times they are profitable and there are also times that they are not profitable at all. You just have to know when to continue with a particular one and when not to go with it. You can buy Bitcoin today and within a few days the price will drop down seriously. So you never know which one is right and the same thing also applies to cloud mining just like you have explained it, there are times when it is not profitable and there are also times that it can be profitable.

Oilacris

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Quote from: trickyriky on May 24, 2019, 01:21:00 PM

Quote from: engrshu on May 20, 2019, 06:40:31 AM

Mining is another form of investment, in terms of buying equipments and consuming energy I think it is far more expensive. I haven't heard any good news about cloud mining, all I can see here in the community and even on various searches, the majority of cloud mining are scam so that's another risk. For now, buying btc or any well stablished crypto is far better especially how bearish the market as of these past few months

Unfortunately, many cloud mining online services turned out to be simple scammers. I know the best and the most honest way to get Bitcoin and make a profit with it - to buy this cryptocurrency and hold it.

This is the most simply thing to be done rather than considering yourself to invest with those cloud mining companies which mostly are scams but people

do really need that passive or simple way that's why they do end up on having this kind of option. Volatility alone will already give out an edge because if you
do plan to put you money on a cloud mining site the profitability of yours are not guaranteed and in worst you wont able to reach up ROI compared
when you are just holding your btc that kind of risk wont exist on the extent that you would able to lose it up.

trickyriky

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Quote from: engrshu on May 20, 2019, 06:40:31 AM

Mining is another form of investment, in terms of buying equipments and consuming energy I think it is far more expensive. I haven't heard any good news about cloud mining, all I can see here in the community and even on various searches, the majority of cloud mining are scam so that's another risk. For now, buying btc or any well stablished crypto is far better especially how bearish the market as of these past few months

Unfortunately, many cloud mining online services turned out to be simple scammers. I know the best and the most honest way to get Bitcoin and make a profit with it - to buy this cryptocurrency and hold it.

BronxCats

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Is cloud mining specifically made for cryptos, or is it like an Amazon computer service, for example?

nydiacaskey01

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Question is,is there such thing as cloud mining, I know a few reliable ones like Hashnest but the profits there is too small and the maintenance fee will eat up your profits. That is why I stick to trading because there your coins have more opportunity to grow with careful selection of what coin to buy and careful planning.

UNOE

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This is personal

Cloud mining have more risks than their expected rewards for doing it. Be aware of cloud mining ponzis, there are many bad guys on that market. I do not know any cloud mining service that is actually working right now, and thats tells everything about situation. Better buy Bitcoin and hold it at your own, at your own wallet. Be patient and results will come.

South Park

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Quote from: adzino on May 17, 2019, 02:33:31 PM

Most of the cloud mining site that are available now are just pure scam. They are just HYIP or some other ponzie scam. If you ask them to show some proof that they are actually mining something or their mining rigs, they won't be able to do so or they might just show you some fake mining farm. Most of them are fake because cloud mining is no longer profitable and the just are running a ponzie scheme in the name of mining.
I would rather suggest you to buy bitcoin and just hold it.

Exactly, the calculations made by the OP seem to be correct but he is assuming that cloud mining is in fact an honest activity when we have known for a long time that most of the sites offering such services are scams and cannot show evidence that they actually own any mining equipment, so for all of those that want to mine bitcoin just buy the hardware and join a mining pool and if you do not want to go to the trouble then just buy bitcoin and forget about cloud mining.

binhvo1505

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I understand how you calculate. But these are 2 different areas. Some people really want to be safe with their money, they will use bitcoin mining service on the cloud platform. Some people like to use 1 BTC to hold or trade from time to time. But 2 jobs are different, a passive person and an active one.
The risk is always there and sometimes 1 BTC you buy in 2019 will not have a good price compared to 2020.

Topic: Mining in the cloud vs simply buying bitcoin - page 6. (Read 1616 times)