Topic: Topic considering the cloud mining services (Read 204 times)

If you are just seeking out for altcoin contracts then why would bother on using shady cloud mining websites that do offer those things? Reason is that they do offer much more higher returns on a single day with too good to be true offers which if a newbie will able to see it they are easily being deceived on what is being offered.If you do seek for alts contracts then better go for hash and genesis but same as being advised above never invest on the amount that you can afford to lose.This would really have a high risk on losing money instead of gaining on a short duration of time.

Can't blame them for their lack of knowledge about it. Different individual have different knowledge,skills,attributes,excels and most of all their perspectives, we can say cloud miners are a bunch of idiots they don't know the math yet investing in a large community with so many competitors and no certain possibility you will earn or even profit from it. For me it is risky as fuck. I hope more newbie's would be aware and guided from this scheme and avoid such high risk.

The problem with most newbies these days is that they think cloud mining is an easy and profitable way of making quick bitcoins. There's a whole lot of youtubers out there that are affiliated with cloud mining networks, and newbies will obviously see their profits and think that it's reliable, passive income.

There are defintiely legit and profitable opportunities out there, but they depend on altcoin prices. SHA-256 mining is definitely not that profitable anymore, and that is if you get any profit to start with. And even if you make profit off altcoin mining, it is unlikely that you would have made a lot less from just investing in the altcoin itself.

Other than it being a way for newbies to get to know how the business works, I just don't see anyone making a long term profit off just cloud mining.

I never trust any cloud mining site because i experienced a lot about them never made me profit and most of them are scam.
Honestly this is my first time to hear that cex.io is offering cloud mining i never heard them before but cex.io is one of the well known exchanges that i think could be trust.. Only hashflare that i know can be legit for now but i really don't know if how long this business will last long i saw a video about their site and you can say they had almost all miners in their farm ..
For me i suggest to you if you wanted to invest why not invest to your own hardware build your own rig and mine altcoin and it can decrease the risk of your investment and you can mine what coin you wanted to. If ever its not profitable you can resell your graphics card to other and take your profit..

Unfortunately the cloud mining business cannot be considered a good business/service to invest in. Those Russians sites in which you did make ROI are usually scams, life expectancy of these sites has been 3-6 months. Right now legit companies offering cloud mining is only Hashnest , Genesis Mining and Hashflare cannot be considered legit due to an insane amount of complaints against them.

Even with Hashnest making ROI is almost impossible as they charge high maintenance fee daily for a GHS. My conclusion is that whatever money you invest for whatever reason into these services , chances are you will never see them again in most of the cases. Hashnest is legit and better compared to Genesis and Hashflare as you can play in the market and can sell your GHS at any given time, minimizing your loss in the worst case and making some small profit from trading in best case.

     Every day I see, more and more, post about cloud mining services. So as someone who invested in various cloud mining services back in the day, and still checking out some here and there, I wanted to write a post about that.

     As we all know, huge amount of investments is needed for bitcoin mining and with mining difficulty going up, that power is needed to be upgraded or simply discontinued because of the lack of profit.

     Now I'll be speaking from my point of view and my experiences with it. I've invested first time, in cloudmining, in CEX.IO service and actually little by little got a ROI after a few months (was also trading Gh/s but they've stopped selling gh/s now due to unprofitability) also I've made ROI with some russian cloud mining service as well (think it's closed down now) and I've barely invested 20-30$ to start with at both.

    Today, most are scams simply because bitcoin cloud mining isn't viable because of fees and rising difficulty and hence the whole concept gained bad reputation, even tho there may be some legit ones besides genesis.

    I've stopped investing in cloud mining today but still like to check out new services that come out and see what are they offering and how realistic it is. So here's how I throw away some services as scams, that's if they're:

   - offering huge ROI for a small investment
   - website that has nothing but a dashboard and buying power pages (poorly made)
   - is solely mining bitcoin, none of the alt-coins (huge red flag for me)
   - offers lifetime contracts (can depend)
   - their FAQ is only about how much are they charging and how to deposit (nothing about who/where they are or equipment they're using)
   - everything about their business is 100% good, working and just merry.


That's why I tend to trust businesses more that actually discontinue the selling of mining power due to it not being profitable (cex.io) and actually putting a disclaimer about investing that it might not be profitable and should not be considered as a primary source of income (EoBot).


Again, this is not me telling you to go and invest in cloud mining and vice versa, just saying that there still may be some legit ones that are actually focusing on various profitable alt-coins rather than just bitcoin. Do you own research before investing and DO NOT invest more than you can cover.

Any feedback would be appreciated. Thank you.