Hello! is there any legitimate way to mine bitcoin on the cloud and earning the rewards in my address ?
You should read this : (point 6)
https://bitcointalksearch.org/topic/bitcoin-mining-intro-rules-of-this-subforum-read-before-posting-2415854
Topic: Mining on the cloud - page 2. (Read 492 times)
You should read this : (point 6)
https://bitcointalksearch.org/topic/bitcoin-mining-intro-rules-of-this-subforum-read-before-posting-2415854
Yeah I don't know if there cloud mining last time I hear is Genesis Mining and Hashnest I have tried it out but not touch ROI 
and after I look it today hashnest seems down and the genesis mining says the website made "heavy maintenance " since 2022 maybe there is dozen of ponzi scheme that called itself as "Cloud Mining" but rather you tried out CLoud mining
I recommending buy BTC with Dollar Cost Averaging till you get brand new mining rig
and after I look it today hashnest seems down and the genesis mining says the website made "heavy maintenance " since 2022 maybe there is dozen of ponzi scheme that called itself as "Cloud Mining" but rather you tried out CLoud mining I recommending buy BTC with Dollar Cost Averaging till you get brand new mining rig
So, I suspect that mining may not be for me... I will keep buying sats and transfering them to my cold storage. Thanks guys.
Well... Here's the thing: why do you think people would set up ASIC miners in the cloud so you could make a profit? Why would they share their money with you if they had to do all the purchasing, maintaining,...
The answer to that question is: >99% of all cloudmining companys are scams, the <1% that's legit sells you 100% of their risk for a very small part of their profit... It's not a good deal either way IMHO. They (the <1% legit ones) just make you pay for everything and if they turn a profit you get a small share, but if the BTC price floors, the diff jumps up, their hardware breaks, their electricity rates jump up, you still pay for all those factors and get nothing in return.
In reality: if your electricity rate is to high to mine yourself, or if you don't have a suitable mining room or if you don't know how to setup an ASIC, i'd just recommend you not to mine. But that's just my personal opinion.
The answer to that question is: >99% of all cloudmining companys are scams, the <1% that's legit sells you 100% of their risk for a very small part of their profit... It's not a good deal either way IMHO. They (the <1% legit ones) just make you pay for everything and if they turn a profit you get a small share, but if the BTC price floors, the diff jumps up, their hardware breaks, their electricity rates jump up, you still pay for all those factors and get nothing in return.
In reality: if your electricity rate is to high to mine yourself, or if you don't have a suitable mining room or if you don't know how to setup an ASIC, i'd just recommend you not to mine. But that's just my personal opinion.
I thought that they could charge for the electricity + the storage of the ASIC miners, in exchange for sending you the mined BTC.
They could charge whatever they liked.
But I get your point and I realise that probably there are no such services...
there are honest companies ,but all of them have the "we can fuck you anytime we want clause"
pretend you sign for a year with a bitmain cloud mine and you spent 10,000 as it was a big contract.
If coins tank and the gear starts to lose money they pull out the "fuck you" clause and cancel.
But if coins whale and shoot up 3 fold or 4 fold. They pull out the "fuck you" clause and cancel the contract.
I had a 1 btc contract with bitmain in 2017. I got in at 1200 a btc. BTC whaled and whaled and whaled and when we were in October they cancelled me at about 4000 a coin maybe 4500. We all know by December it got to 19k. May contract should have ran until dec 3 when we were about 11.5k
So if you go with a bitmain cloud company and
BTC shifts way up "fuck you"
or
BTC shifts way down "fuck you"
the only way it is a decent deal is if BTC goes sideways for months and months and months.
All of the above assumes you find a legit company.
80% are not legit
and the legit ones do what I described above.
Well... Here's the thing: why do you think people would set up ASIC miners in the cloud so you could make a profit? Why would they share their money with you if they had to do all the purchasing, maintaining,...
The answer to that question is: >99% of all cloudmining companys are scams, the <1% that's legit sells you 100% of their risk for a very small part of their profit... It's not a good deal either way IMHO. They (the <1% legit ones) just make you pay for everything and if they turn a profit you get a small share, but if the BTC price floors, the diff jumps up, their hardware breaks, their electricity rates jump up, you still pay for all those factors and get nothing in return.
In reality: if your electricity rate is to high to mine yourself, or if you don't have a suitable mining room or if you don't know how to setup an ASIC, i'd just recommend you not to mine. But that's just my personal opinion.
The answer to that question is: >99% of all cloudmining companys are scams, the <1% that's legit sells you 100% of their risk for a very small part of their profit... It's not a good deal either way IMHO. They (the <1% legit ones) just make you pay for everything and if they turn a profit you get a small share, but if the BTC price floors, the diff jumps up, their hardware breaks, their electricity rates jump up, you still pay for all those factors and get nothing in return.
In reality: if your electricity rate is to high to mine yourself, or if you don't have a suitable mining room or if you don't know how to setup an ASIC, i'd just recommend you not to mine. But that's just my personal opinion.
I thought that they could charge for the electricity + the storage of the ASIC miners, in exchange for sending you the mined BTC.
They could charge whatever they liked.
But I get your point and I realise that probably there are no such services...
Well... Here's the thing: why do you think people would set up ASIC miners in the cloud so you could make a profit? Why would they share their money with you if they had to do all the purchasing, maintaining,...
The answer to that question is: >99% of all cloudmining companys are scams, the <1% that's legit sells you 100% of their risk for a very small part of their profit... It's not a good deal either way IMHO. They (the <1% legit ones) just make you pay for everything and if they turn a profit you get a small share, but if the BTC price floors, the diff jumps up, their hardware breaks, their electricity rates jump up, you still pay for all those factors and get nothing in return.
In reality: if your electricity rate is to high to mine yourself, or if you don't have a suitable mining room or if you don't know how to setup an ASIC, i'd just recommend you not to mine. But that's just my personal opinion.
The answer to that question is: >99% of all cloudmining companys are scams, the <1% that's legit sells you 100% of their risk for a very small part of their profit... It's not a good deal either way IMHO. They (the <1% legit ones) just make you pay for everything and if they turn a profit you get a small share, but if the BTC price floors, the diff jumps up, their hardware breaks, their electricity rates jump up, you still pay for all those factors and get nothing in return.
In reality: if your electricity rate is to high to mine yourself, or if you don't have a suitable mining room or if you don't know how to setup an ASIC, i'd just recommend you not to mine. But that's just my personal opinion.
Hello! is there any legitimate way to mine bitcoin on the cloud and earning the rewards in my address ?
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