'Cloud mining' is the easiest of scams to organize in Bitcoinland, because the level of due dilligence amongst coiners is so low.
Just a website with some pretty numbers and formulaic bullshit seems to be enough to convince a large number of people to give a capital sum to an anon, and then patiently wait for X days to hopefully see it slowly come back, the mythical ROI.
Even at the more respectable end of the market, large operations associated with manufacturers who have visible proof of operations rarely end up satisfying customers, due to small print regarding maintenance costs etc.
At the heart of it is the burning desire that a lot of people seem to have to see their Bitcoins 'working' for them by earning a return. Combine that with the anonymity of operators and the amount of scammers and shills about, and you have a toxic environment best avoided, imo.
Topic: Thoughts on cloud mining (Read 324 times)
99.99% scam and for the rest in mexxer post use it at your own risk and do not invest more than what you are affordable to lose. With the increasing difficulty and the imposed fees ROI —> +oo. Made your calculation before joining them in case you are planning to do.
More than 99% of cloud mining services are scam. Only (more or less) trusted one is hashnest, genesismining has mining proof too but they moderate any ad comments so that makes them a bit shady.
What are your thoughts on Cloud mining? Ive been wondering, even though i'd never "Rent/Buy" hashrate, how they do it. Do they have a pool and then just calculate the percentage of the hr-to-block and pay out according to that?
Do you trust these companies?
How come companies can offer such low prices when mining gigs are so expensive?
Any thoughts or discussion welcomed!
Do you trust these companies?
How come companies can offer such low prices when mining gigs are so expensive?
Any thoughts or discussion welcomed!
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