Mining through Website...Legit or not?

wantjokull

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Quote from: omegagold18 on December 02, 2017, 07:43:44 AM

Hi! I have an account in a mining website. Are these websites legit? If yes, how they're doing this mining? If no, why you say so? Explain please.

Mining website, you most probably talking about cloud mining. I started the discussion like that becaus now a days we can also mine with browser by opening up the website dedicated for that reason. They will use your computer power by doing the calculations over it and will give you x share out of it depending upon the hash rates you are providing them.

For cloud mining there is literally big no with most of the websites. Only site that I have recognised with good review is genesis but I’m not confident fully either. But the thing is they turn scam afterwards due to one thing, they loose the profitability with the time and it gets difficult for them to earn and spread the eggs for us.

trecore4

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It’s not about whether it is legit or not but it’s all about whether will you get paid via these investment or not. I mean that’s what your questions meaning is. It is completely legit as long as your government does not state that it is not legit. Whatever income generated that way would be completely legit as it will be in the form of bitcoin or other coins if you gonna put investment into different contracts.

But in the end you wanna know whether you will get paid from them or not. The thing is no one can surely state this as it is uncertain that when the specific mining website will turn into scam site and run away with your investment.

Better invest into trading or even gambling I would say and try your luck out. That would be far safer than this, though it looks very easy way to earn money by just buying the contracts. It’s not, believable me.

timerland

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Quote from: omegagold18 on December 02, 2017, 07:43:44 AM

Hi! I have an account in a mining website. Are these websites legit? If yes, how they're doing this mining? If no, why you say so? Explain please.

If you are talking about startminer here then it's 100% scam.

Let's go through some of their claims:

1. Free 0.0002 BTC per day for doing nothing. That is literally a free $2+ per day doing nothing, if they are legit, why isn't everyone abusing their system and creating infinite amounts of accounts?
2. Multiple tiers of investments. All of which is unrealistic. Apparently you can buy a plan for 0.05 BTC and expect 0.01 BTC per day returns?
3. Absolutely no proof of miners.
4. Site is poorly designed, does not scale properly.

I would avoid at all costs if i were you.

Wicked17

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Quote from: omegagold18 on December 02, 2017, 07:43:44 AM

Hi! I have an account in a mining website. Are these websites legit? If yes, how they're doing this mining? If no, why you say so? Explain please.

Dont believe in cloud mining because it is not profitable at all. Most of cloud mining are scam so stay away in it. Its only same as ponzi scheme that only want is to get profit on investors.

jorneyflair

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Quote from: omegagold18 on December 02, 2017, 07:43:44 AM

Hi! I have an account in a mining website. Are these websites legit? If yes, how they're doing this mining? If no, why you say so? Explain please.

Unless they are actually mining with your computer through an application such as coinhive, then no they are not legit. There has been plenty of precedents like this which initially paid people out, but in the end inadvertently all died off.

To be frank, these are nothing but ponzi schemes.

You'd probably be better off investing in legit cloud mining and taking a loss, than trying to reap profits from these sites.

Ctn

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Quote from: omegagold18 on December 02, 2017, 07:43:44 AM

Hi! I have an account in a mining website. Are these websites legit? If yes, how they're doing this mining? If no, why you say so? Explain please.

Ah this business is always been scam since the start of 2016-2017 period. The network difficulty has driven the miners very crazy and they are not able to compete the market unless and until they will have bug mining facility with proper set up. Mining is not profitable as long as miners don’t look after it with serious notes. The coins are getting costly and with the increased rate of coin it gets even difficult for these cloud miners to pay on the daily basis. It’s simple fact, if they are earning abc profits on one day and the rates are dropped dramatically on the second day then they loose the value and can’t really pay for things which has to be paid in the form of fiat currency such as maintenance guys, team behind it, electricity etc. so that’s why they are not profitable to us at least.

LTU_btc

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Quote from: omegagold18 on December 02, 2017, 07:43:44 AM

Hi! I have an account in a mining website. Are these websites legit? If yes, how they're doing this mining? If no, why you say so? Explain please.

We can't answer your question if you wont tell name of that website.

There are only few cloud mining websites which are legit more or less - Genesis Mining and Hashflare. They just have mining hardware and they are selling hashpower to their users. But it's not very profitable for users.

Quote from: omegagold18 on December 02, 2017, 08:04:11 AM

One example is Startminer.com... You can search for it. I'm thinking that too.

Oh, that's obvious scam. They have nothing with cloud mining, don't be naive. Just stay away!

t3hpwnographer

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Quote from: omegagold18 on December 02, 2017, 11:21:13 AM

I don't know what GPU is, as you see I'm newbie here. But I'm using mobile phone only.

Ah, I see. Unfortunately most mobile mining apps are scams as well. Mining in general is done either with ASICs (Application Specific Integrated Circuit, costs thousands of dollars and requires a lot of electricity) or GPUs (Graphics Processing Unit, the video card in your computer). Mining Bitcoin specifically is really only possible with ASICs, while mining most other coins require at least one recent GPU (preferably more than one if you actually want to make a profit). Phones don't have nearly as much power as ASICs or GPUs, so it's highly unlikely you'll ever make any money mining on your phone. There's a small chance you could earn a payout, but it will likely be less than the amount you paid to charge your phone.

omegagold18

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I don't know what GPU is, as you see I'm newbie here. But I'm using mobile phone only.

t3hpwnographer

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Quote from: omegagold18 on December 02, 2017, 11:04:42 AM

What can you suggest for me?

That depends... What GPU do you currently have or are you looking to purchase one (or more)? Do you pay for electricity? Any mining experience at all?

omegagold18

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What can you suggest for me?

t3hpwnographer

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Quote from: omegagold18 on December 02, 2017, 08:04:11 AM

One example is Startminer.com... You can search for it. I'm thinking that too.

Yeah they claim that you can earn 1BTC per day by paying them to "upgrade" your account. Looks like most of their business lies in their "Affiliate" program, which is otherwise known as a Ponzi scheme. I'd stay away from web based miners. Setting up a miner and joining a reputable pool isn't very difficult. If your problem is lack of decent hardware, no website or other software is going to be able to change that for you.

omegagold18

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One example is Startminer.com... You can search for it. I'm thinking that too.

t3hpwnographer

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Which website? There are a lot of scam sites out there, but a few that I believe to be legit. Though even if they are legit it's unlikely you'll make a profit from them. If you really want to mine, take the time to learn how to set it up yourself.

omegagold18

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Hi! I have an account in a mining website. Are these websites legit? If yes, how they're doing this mining? If no, why you say so? Explain please.

Topic: Mining through Website...Legit or not? (Read 374 times)