Topic: What do you guys think of ice rock mining (Read 402 times)
Who wants to know about their first ICE ROCK Mining project (ROCK1 Token) look here https://bitcointalksearch.org/topic/situation-about-ice-rock-mining-rock1-token-no-buyback-as-promised-3532364.
They're going to be mining with new top secret super strength (10 PH/s!!!) vaporware, and take over the world.
If they're not a scam, they are trying very hard to look like one...
https://www.btcnn.com/ice-rock-mining-ico-reveals-a1-pro-next-gen-miner-from-switzerland/
If anything looks too good to be true it's usually a scam. Especially something with such an aggressive advertising campaign on all major platforms. Make money fast, they said. 367% returns, they said. Cloud mining, they said. Yeah, right.
What do you guys think of ice rock mining, they promise an amazing roi, do you belive its legit
Do not invest in this untransparent project, they hype the service with 367% ROI pet year for lifetime which maybe ends so bad for new investors.
They have completed first ICO since November 2017 but many people didn't get mining payment, that is more than 4 months.
You can check at their telegram channel (https://t.me/IRM_ICO_Phase_One)
where many people ask for payment but no response from IRM team, one of the team member --> (https://bitcointalksearch.org/user/diaskurmanov-1059957)
But, if you ask how to invest on ICO phase 2, they will answer immediately.
Unfortunately, we can't find opening post in the first ANN thread as aTriz delete it --> https://bitcointalksearch.org/topic/old-2196082
At the current price ($7060) an S9 grosses nearly exactly $200 per month @ 13.5 T/hs, exclusive of any running costs or overhead whatsoever.
Icerock book the capital cost of an S9 at $2500 in their "calculator."
Their split of that gross $200 income works out (monthly):
50% roi paid = $100
20% reinvest = $40
20% overhead = $40
10% IRM profit = $20
or 40% of those figures per $1000 investment.
In that 20% overhead, electricity @ their claimed $0.03 Kw/h, comes to ~$28 per month out of that $40 per S9. That leaves $12 per month per machine for everything else
Reinvestment? The great compounding idea?
@ $16 per month retained, it will take over two years compounding to buy another $1000 share of hash.
How relevant/competitive/useless will the original S9's be in two years time, even if the price of Bitcoin increases? Not only is this reinvestment supposed to grow your hashrate, it must also maintain the original return first.
ROI?
So, without any of your "reinvestment" money actually adding to your hashrate (and income), in current conditions you will get $40 a month return on a $1000 investment, that's 4% a month (48% per year), or over two years before you get your original money repaid and start earning a profit....
"352%" ROI...?
Icerock book the capital cost of an S9 at $2500 in their "calculator."
Their split of that gross $200 income works out (monthly):
50% roi paid = $100
20% reinvest = $40
20% overhead = $40
10% IRM profit = $20
or 40% of those figures per $1000 investment.
In that 20% overhead, electricity @ their claimed $0.03 Kw/h, comes to ~$28 per month out of that $40 per S9. That leaves $12 per month per machine for everything else
Quote from: self modded thread
security, fire protection, salaries to employees, internet, broken parts etc etc etc
being paid for out of the remaining $300 per week income from the 100 miners they have now. Are wages that low in Kazakhstan?Reinvestment? The great compounding idea?
@ $16 per month retained, it will take over two years compounding to buy another $1000 share of hash.
How relevant/competitive/useless will the original S9's be in two years time, even if the price of Bitcoin increases? Not only is this reinvestment supposed to grow your hashrate, it must also maintain the original return first.
ROI?
So, without any of your "reinvestment" money actually adding to your hashrate (and income), in current conditions you will get $40 a month return on a $1000 investment, that's 4% a month (48% per year), or over two years before you get your original money repaid and start earning a profit....
"352%" ROI...?
300% ROI is all that is needed.
No sane person would triple one's money and take some small profits. I'm surprised they haven't ran yet, with all the fud that's being spread about them. Maybe they enjoy the publicity.
I also don't think they've raised as much as they have said they are, and they have a lot of shills on their Telegram chat. They'll probably run in 1-3 months.
~Zapo
No sane person would triple one's money and take some small profits. I'm surprised they haven't ran yet, with all the fud that's being spread about them. Maybe they enjoy the publicity.
I also don't think they've raised as much as they have said they are, and they have a lot of shills on their Telegram chat. They'll probably run in 1-3 months.
~Zapo
Anything to do with mining in its name has to be considered as a ponzi scheme because with those numbers for roi how do they make enough to afford to continue running while paying out the people who are participating in their service?
Takes some logical reasoning to see it does not make sense.
Takes some logical reasoning to see it does not make sense.
So if you're registering a private mining company that is not selling contracts you are a ponzi scheme. By your own words everything with mining in its name is a ponzi scheme.
If they are registered in Kazakhstan they probably think they can scam all they want. Nobody is going to go there to look for them and the police have no knowledge of cryptocurrencies and mining.
Still, most comment of this thread clearly says that the ice rock mining is scam. So please better to warn your friends if you have enough evidence about this issue. Hoping that you may provide good and useful link also.
Saw some advertisement in YouTube regarding Ice Rock Mining and honestly speaking, it reeks of ponzi scam to me. The video itself is poorly made and the concept that they are trying to convey to the community is somewhat laughable (if you know what mining is). But, I can also say that if someone without any knowledge regarding crypto would be able to watch, they can get hooked by its crazy ROI.
Again and again, I would stay away from this cloud mining/mining contract companies. They'll just scam you in the end and will runaway with your money (without you reaching your ROI). I've been a victim of it in the past and I will never put my money again in those kind of scams.
Again and again, I would stay away from this cloud mining/mining contract companies. They'll just scam you in the end and will runaway with your money (without you reaching your ROI). I've been a victim of it in the past and I will never put my money again in those kind of scams.
Even as bad of a scam like this could survive many months if they're going negative. Basically they would just be paying you back your own money over time to make them seem legit to be able to scam more people and then ultimately run off with all the Bitcoin.
They are using the many promotion channel such as Google and Youtube bro. I have seen their promo video on Youtube bro.
I've seen a video while watching some replays of my favorite show on youtube. It popped out on my screen so I noticed it. I don't know if that is a legit or not, they have showed their "Ice Rock" place where their mining rigs are put on that cave. Whatever they are offering if it's a cloud mining I will just stay away from any of them.they promise an amazing roi, do you belive its legit
It's too good to be true, just as others said. ICO + cloud mining.The video could just be a ploy to make it seem like its real. At first, I honestly thought that it was really cool of ice rock mining to set up mining rigs in actual mountains, making them lessen their costs on cooling - without any prior knowledge on cloud mining and how they operate. This made me think that they are able to generate that much profit because they are able to save, and that they have a lot of investors. They have enough funds to invest on advertismenets, just the other day I saw an ad on a social media site. However, it seems to be merely the tip of an iceberg and their “amazing” roi is already a red flag.
I don't believe any cloudmining will be legit, I have been deceived by cloudmining in previous and I don't plan to trust another one, no matter how good is the presentation and the promised they tell, I won't put any of my money in cloudmining and I suggest the same to all people
Some Red flags (there are many):
1) Their projected profitability was summarized in a Google spreadsheet when Bitcoin was $13k and the difficulty/price relationship was temporarily extreme.
2) Their reinvestment calculations seem to be based on immediate deployment of new mining capacity instantaneously.
3) The self moderated Ann thread in which the answer to most questions is "If you don't want to invest, don't invest" or outright lies regarding current profitability
4) Other potentially negative conflicts of interest and vulnerabilities are very low maintenance cost projections, the claim that the owners already supposedly run a large separate mining operation and the untested ability of the "cave" to provide a suitable environment when/if the farm expands
The biggest threat to investors' money is the hardline anti crypto stance of Kazakstan's National Bank, which is something that could shut them down overnight.
https://blockchaininvest.io/kazakhstan-will-prohibit-cryptocurrency-trading-and-mining/
http://lenta.inform.kz/en/daniyar-akishev-sryptocurrency-has-no-value_a3162515
Which mean, the risk in ice rock mining is too high, proven all the link and comment on this thread. So don't fall on their trap Sir, specially the author of this. Find a worthy one and be smart in every investment we choose. 1) Their projected profitability was summarized in a Google spreadsheet when Bitcoin was $13k and the difficulty/price relationship was temporarily extreme.
2) Their reinvestment calculations seem to be based on immediate deployment of new mining capacity instantaneously.
3) The self moderated Ann thread in which the answer to most questions is "If you don't want to invest, don't invest" or outright lies regarding current profitability
4) Other potentially negative conflicts of interest and vulnerabilities are very low maintenance cost projections, the claim that the owners already supposedly run a large separate mining operation and the untested ability of the "cave" to provide a suitable environment when/if the farm expands
The biggest threat to investors' money is the hardline anti crypto stance of Kazakstan's National Bank, which is something that could shut them down overnight.
Quote from: Chairman of Kazakhstan National Bank
“The National Bank is very conservative about this issue, welcoming only rather stringent restrictions. That is, we want to prohibit the purchase and sale of cryptocurrency for the national currency, we want to prohibit the activities of exchanges on this segment and any kinds of mining,”
https://blockchaininvest.io/kazakhstan-will-prohibit-cryptocurrency-trading-and-mining/
http://lenta.inform.kz/en/daniyar-akishev-sryptocurrency-has-no-value_a3162515
Some Red flags (there are many):
1) Their projected profitability was summarized in a Google spreadsheet when Bitcoin was $13k and the difficulty/price relationship was temporarily extreme.
2) Their reinvestment calculations seem to be based on immediate deployment of new mining capacity instantaneously.
3) The self moderated Ann thread in which the answer to most questions is "If you don't want to invest, don't invest" or outright lies regarding current profitability
4) Other potentially negative conflicts of interest and vulnerabilities are very low maintenance cost projections, the claim that the owners already supposedly run a large separate mining operation and the untested ability of the "cave" to provide a suitable environment when/if the farm expands
The biggest threat to investors' money is the hardline anti crypto stance of Kazakstan's National Bank, which is something that could shut them down overnight.
https://blockchaininvest.io/kazakhstan-will-prohibit-cryptocurrency-trading-and-mining/
http://lenta.inform.kz/en/daniyar-akishev-sryptocurrency-has-no-value_a3162515
1) Their projected profitability was summarized in a Google spreadsheet when Bitcoin was $13k and the difficulty/price relationship was temporarily extreme.
2) Their reinvestment calculations seem to be based on immediate deployment of new mining capacity instantaneously.
3) The self moderated Ann thread in which the answer to most questions is "If you don't want to invest, don't invest" or outright lies regarding current profitability
4) Other potentially negative conflicts of interest and vulnerabilities are very low maintenance cost projections, the claim that the owners already supposedly run a large separate mining operation and the untested ability of the "cave" to provide a suitable environment when/if the farm expands
The biggest threat to investors' money is the hardline anti crypto stance of Kazakstan's National Bank, which is something that could shut them down overnight.
Quote from: Chairman of Kazakhstan National Bank
“The National Bank is very conservative about this issue, welcoming only rather stringent restrictions. That is, we want to prohibit the purchase and sale of cryptocurrency for the national currency, we want to prohibit the activities of exchanges on this segment and any kinds of mining,”
https://blockchaininvest.io/kazakhstan-will-prohibit-cryptocurrency-trading-and-mining/
http://lenta.inform.kz/en/daniyar-akishev-sryptocurrency-has-no-value_a3162515
There rates based on 1000$ looks really to good to be true o0
But the Ice Rock minig Concept is great they have fee buckers with very cold temperature inside and very low electristy costs..
I also maybee put in a samll amount witch i can lose its my gambling amount
regards
O man, I just replied to your post about genesis mining in other topic.But the Ice Rock minig Concept is great they have fee buckers with very cold temperature inside and very low electristy costs..
I also maybee put in a samll amount witch i can lose its my gambling amount
regards
Do you think before you post?
Look at this contradiction: their rates looks too good to be true, but they have great concept
Conclusion
At first sight, the ICO site looks really good and so does the Instagram. However, having looked at Maliks Murzashev’s history we would advise against investing.
Here are some of the reasons:
The website claims to double your money in 3 months. Furthermore, their profit calculator promises tripled earnings if you wait until May. This is too good to be true.
Malik Murzashev operates 2 very sketchy sites.
The domain is registered to an address in California even though it should be in Kazakhstan
The team has two kids onboard, of whom one has “extensive experience in regards to the requirements of launching massive mines in the CIS”
The CEO claims to have been the CEO of apples.kz, which supposedly served 20k customers yet has only 8 reviews on google
OP as you say they promise an amazing ROI - so why don't they profit for theirself? Why do they benefit you while they can benefit theirself?
Because they are scammers, full of nice words and I highly douby these people learn on mistakes. If you believe anything here then ok, I can't add anything.
Because they are scammers, full of nice words and I highly douby these people learn on mistakes. If you believe anything here then ok, I can't add anything.
There rates based on 1000$ looks really to good to be true o0
But the Ice Rock minig Concept is great they have fee buckers with very cold temperature inside and very low electristy costs..
I also maybee put in a samll amount witch i can lose its my gambling amount
regards
O man, I just replied to your post about genesis mining in other topic.But the Ice Rock minig Concept is great they have fee buckers with very cold temperature inside and very low electristy costs..
I also maybee put in a samll amount witch i can lose its my gambling amount
regards
Do you think before you post?
Look at this contradiction: their rates looks too good to be true, but they have great concept
seems promising, I've seen their ads on youtube. if they do intend to commit fraud then it is not hard to find them. certainly if you want to invest do not invest all your wealth! according to its location who knows tomorrow the cave collapsed..Lol. Just kidding 
Anything to do with mining in its name has to be considered as a ponzi scheme because with those numbers for roi how do they make enough to afford to continue running while paying out the people who are participating in their service?
Takes some logical reasoning to see it does not make sense.
Takes some logical reasoning to see it does not make sense.
IMHO (based on several years of experience), there are 2 types of cloudmining companies:
For me, neither options sounds appealing... Sure, if a company is a ponzi and you're an early investor, you'll ROI, but you'll be aiding in stealing funds from the late investors.
If you're certain a company is legit, and they're just selling 100% of their risk for a small cut of the profits, it *might* look like a good idear for somebody to invest, especially if they think the market is going to improve. In this case, it's an honest form of gambling... It's not for me, but whatever floats your boat... Just remember that if it was more profitable/stable for a company to mine with their hardware for themselfs, they would do this instead of selling cloudmining shares...
A cloudmining company is a commercial entity... They want to make money, as much as possible. If they're selling cloudmining contracts, this means that selling these contracts will give them better odds at making money than mining themselfs... So they're selling the risk of plummeting prices, failing hardware or rising difficulty to their investors for a small piece of the income... They'll always make sure they get their money, even if it means you lose your investment (that is: if the cloudmining company is withing the 1% honest cloudmining companies)
In this case, i'm not sure if icerockmining is legit to start with... An ICO is a red flag for me, as is the rather unrealistic profit calculation and the affiliate program they seem to run (i found links containing an affiliate code using google). I would dig into their whois information if i had some spare time...
- 1) Outright ponzi's or scams... It looks like about 99% of the cloudmining companies fall into this category
- 2) Companies that sell 100% of their risk for a small cut of the profits
For me, neither options sounds appealing... Sure, if a company is a ponzi and you're an early investor, you'll ROI, but you'll be aiding in stealing funds from the late investors.
If you're certain a company is legit, and they're just selling 100% of their risk for a small cut of the profits, it *might* look like a good idear for somebody to invest, especially if they think the market is going to improve. In this case, it's an honest form of gambling... It's not for me, but whatever floats your boat... Just remember that if it was more profitable/stable for a company to mine with their hardware for themselfs, they would do this instead of selling cloudmining shares...
A cloudmining company is a commercial entity... They want to make money, as much as possible. If they're selling cloudmining contracts, this means that selling these contracts will give them better odds at making money than mining themselfs... So they're selling the risk of plummeting prices, failing hardware or rising difficulty to their investors for a small piece of the income... They'll always make sure they get their money, even if it means you lose your investment (that is: if the cloudmining company is withing the 1% honest cloudmining companies)
In this case, i'm not sure if icerockmining is legit to start with... An ICO is a red flag for me, as is the rather unrealistic profit calculation and the affiliate program they seem to run (i found links containing an affiliate code using google). I would dig into their whois information if i had some spare time...
What he said.
Miners who sell contracts or any form of direct investment for their mining farms is a form of hedging their risks by passing them to you, the buyer. They are already assured of profit, while you would have to depend on the mining operation and hope you make ROI.
Legit or not, I don't think cloud mining can be profitable. Though looking at ice rock mining's site, it's pretty sketchy in my opinion. Based on their site, for $1000 your monthly income would be:
Sure looks good in paper, but too good to be true in my opinion. I'd personally stay away from those kinds of sites, especially those ones with a promised amount of income.
Ice rock mining is legit i think what is on the picture are the maximum possible incomes you can get every month. I think that was the best income they could have given. Not.sure though this is just my opinion on their services and the $1000 income? That is too good to be true i guess too. Sure looks good in paper, but too good to be true in my opinion. I'd personally stay away from those kinds of sites, especially those ones with a promised amount of income.
Based on their video about their rig, looks like they're legit. But, cloud mining is based on difficulty and bitcoin price and same as another cloud mining like hashflare if they're charge maintenance fee and not offering lifetime contract. Then it wont profitable.
Their video https://www.youtube.com/watch?v=-qRp4wERAoY
Their video https://www.youtube.com/watch?v=-qRp4wERAoY
There is no cloud mining that is legit and you have to join them at a right time in other not to be a victim of scam. Cloud mining is an advanced ponzi scheme and investing in it is very risky but though give good profits. Many investors invest into cloud mining because they what to make good return before everything turns red.
There are actually legit cloud mining services, which in this case means that they for every cloud contract they have sold, and still have in stock, have actual hardware running representing that total network power. That's a legit cloud mining service. Profitability aspect is a different story, which mostly everyone here knows, sucks big time. Other than that, I completely agree with the general context of your post. It's nothing more than a well set up scheme that is far more profitable for the service than for the people buying these contracts. They also have the advantage over people in the way that they can increase their maintenance fees at any time if they feel it's needed. It's a losing game. Even in case contracts turn out to be profitable, the service will make sure you don't get the benefit of that.
That was a question I have asked myself around a month ago and thereby did a research about Ice Rock Mining.
The director of the project has ties other companies besides Ice Rock Mining. I am pretty sure it is three companies linked to him.
Another point is the ICO in general. Currently, they are running the second fundraising for "Mining" in the rock. Most notably, anything considered to the first fundraising, such as proven payments or customers, was not findable neither here or on another site.
Perhaps the customers did not receive any payment because according to their roadmap, it says that their mining farm will be started in the midst of the year.
In my conclusion, I would decline the project because they are not transparent and their returns are unsustainable.
The director of the project has ties other companies besides Ice Rock Mining. I am pretty sure it is three companies linked to him.
Another point is the ICO in general. Currently, they are running the second fundraising for "Mining" in the rock. Most notably, anything considered to the first fundraising, such as proven payments or customers, was not findable neither here or on another site.
Perhaps the customers did not receive any payment because according to their roadmap, it says that their mining farm will be started in the midst of the year.
In my conclusion, I would decline the project because they are not transparent and their returns are unsustainable.
What do you guys think of ice rock mining, they promise an amazing roi, do you belive its legit
There is no cloud mining that is legit and you have to join them at a right time in other not to be a victim of scam. Cloud mining is an advanced ponzi scheme and investing in it is very risky but though give good profits. Many investors invest into cloud mining because they what to make good return before everything turns red. They are using the many promotion channel such as Google and Youtube bro. I have seen their promo video on Youtube bro.
I've seen a video while watching some replays of my favorite show on youtube. It popped out on my screen so I noticed it. I don't know if that is a legit or not, they have showed their "Ice Rock" place where their mining rigs are put on that cave. Whatever they are offering if it's a cloud mining I will just stay away from any of them.they promise an amazing roi, do you belive its legit
It's too good to be true, just as others said. ICO + cloud mining.
They are using the many promotion channel such as Google and Youtube bro. I have seen their promo video on Youtube bro.
I've seen a video while watching some replays of my favorite show on youtube. It popped out on my screen so I noticed it. I don't know if that is a legit or not, they have showed their "Ice Rock" place where their mining rigs are put on that cave. Whatever they are offering if it's a cloud mining I will just stay away from any of them.they promise an amazing roi, do you belive its legit
It's too good to be true, just as others said. ICO + cloud mining. What do you guys think of ice rock mining, they promise an amazing roi, do you belive its legit
They promise 367% ROI per year which pretty much speaks for itself.
They are just promising way too much, and the background story seems to be way too weak to support the promises that they make. One of their team members, Mikhail Pluzhnikov, literally only has experience at Ice Rock Mining, and nothing else.
I would also suggest you reading about this article: https://coinanalysis.io/ice-rock-mining/
That's some pretty in depth analysis about the other sites that the same person owns, and they do not look professional nor legit.
IMO it's just a huge scam with the back story of an investment in bitcoin mining. No way anyone is able to generate 300+% ROI for "lifetime". Nobody should invest in this site at all, it's most likely a well thought out con.
What do you guys think of ice rock mining, they promise an amazing roi, do you belive its legit
Anything with an "amazing roi" in this space is basically a big red flag. Good opportunities do exist, but not like anything this website is promising. Also, cloud mining in general lends itself to scamming because you pay a big up front cost to get little returns every day, usually taking several months to even get back what you put in. By then they've already won. 
There rates based on 1000$ looks really to good to be true o0
But the Ice Rock minig Concept is great they have fee buckers with very cold temperature inside and very low electristy costs..
I also maybee put in a samll amount witch i can lose its my gambling amount
regards
But the Ice Rock minig Concept is great they have fee buckers with very cold temperature inside and very low electristy costs..
I also maybee put in a samll amount witch i can lose its my gambling amount
regards
Legit or not, I don't think cloud mining can be profitable. Though looking at ice rock mining's site, it's pretty sketchy in my opinion. Based on their site, for $1000 your monthly income would be:
Sure looks good in paper, but too good to be true in my opinion. I'd personally stay away from those kinds of sites, especially those ones with a promised amount of income.
On just seeing with those numbers then its really too good to be true for a 1k usd investment.This is just the same on those usual cloud mining and theres no way that they can offer such thing in a short period of time considering on the mining difficulty which is growing day by day and mining sooner or later would really decreased down potential profits.Its quiet sketchy that they do guaranty amounts which i would advise to on joining up with your own discretion. Sure looks good in paper, but too good to be true in my opinion. I'd personally stay away from those kinds of sites, especially those ones with a promised amount of income.
What do you guys think of ice rock mining, they promise an amazing roi, do you belive its legit
They are using the many promotion channel such as Google and Youtube bro. I have seen their promo video on Youtube bro. It seems promising one they are maintaining their rig around 10 degree celsius buddy.
Since they are part of cloud mining platform we cannot able to say that they are 100 percent legit or not without any trusted user confirming about the project here in this forum. If there any user of Ice Rock mining write with them to find the information.
They had conducted an ICO this year (and I have seen members here wearing their signature), here https://bitcointalksearch.org/topic/ann-ice-rock-mining-ico2-lifetime-profit-2781356 they offer huge return and lifetime profit, they also said that they are mining inside a mountain with cool weather and cheap electricity but honestly it is hard to trust any kinds of cloud mining company today, because most are just good for one week or month then they will disappear taking all the money. If you really interested in this kind of investment programs, research first about it and find any unbiased review about them. But for me all of them are just the same, and I will avoid anything like this.
Definitely a looming scam. They claim to pay just $0.03 per KWH, where they also don't pay rent, because hey, no one owns mountains so it's free, right? Right? If that isn't enough, they even advertised to offer lifetime profitable contracts, what a circus show.
If people want to have a laugh, just watch their videos on YouTube. I just wonder how much they paid the local authority responsible for maintaining the tunnels in these mountains. Probably paid with shitty ICO tokens.
Scams need to attract people with insane promises and bonuses, where legit operations don't need to offer all this nonsense. I would say it will be going down within 12 months. It's impossible that this lasts longer than that.
What do you guys think of ice rock mining, they promise an amazing roi, do you belive its legit
They had conducted an ICO this year (and I have seen members here wearing their signature), here https://bitcointalksearch.org/topic/ann-ice-rock-mining-ico2-lifetime-profit-2781356 they offer huge return and lifetime profit, they also said that they are mining inside a mountain with cool weather and cheap electricity but honestly it is hard to trust any kinds of cloud mining company today, because most are just good for one week or month then they will disappear taking all the money. If you really interested in this kind of investment programs, research first about it and find any unbiased review about them. But for me all of them are just the same, and I will avoid anything like this.
I would like to add that this 'cloud mining' service, just like the majority of the other shit holes, is using whois privacy to cover itself. http://whois.domaintools.com/icerockmining.io
I seriously can't wait for the moment each of these services is outlawed by default, unless they manage to register themselves within each jurisdiction they plan to operate in. Being 99% certain that the far majority of these empty services will refrain from doing that, we'll hopefully be seeing a massive decrease in the number of available 'coud mining' services. Even those who are actually operating a mining farm are somewhat running an illegal business, because you can't just offer products that more often than not fit in the category of securities, without registrations and licenses. That what Genesis Mining experienced very recently, will be something other services will be facing as well, and it will even be within the current year. Governments are catching up slowly but surely, people should think about that.
I seriously can't wait for the moment each of these services is outlawed by default, unless they manage to register themselves within each jurisdiction they plan to operate in. Being 99% certain that the far majority of these empty services will refrain from doing that, we'll hopefully be seeing a massive decrease in the number of available 'coud mining' services. Even those who are actually operating a mining farm are somewhat running an illegal business, because you can't just offer products that more often than not fit in the category of securities, without registrations and licenses. That what Genesis Mining experienced very recently, will be something other services will be facing as well, and it will even be within the current year. Governments are catching up slowly but surely, people should think about that.
IMHO (based on several years of experience), there are 2 types of cloudmining companies:
For me, neither options sounds appealing... Sure, if a company is a ponzi and you're an early investor, you'll ROI, but you'll be aiding in stealing funds from the late investors.
If you're certain a company is legit, and they're just selling 100% of their risk for a small cut of the profits, it *might* look like a good idear for somebody to invest, especially if they think the market is going to improve. In this case, it's an honest form of gambling... It's not for me, but whatever floats your boat... Just remember that if it was more profitable/stable for a company to mine with their hardware for themselfs, they would do this instead of selling cloudmining shares...
A cloudmining company is a commercial entity... They want to make money, as much as possible. If they're selling cloudmining contracts, this means that selling these contracts will give them better odds at making money than mining themselfs... So they're selling the risk of plummeting prices, failing hardware or rising difficulty to their investors for a small piece of the income... They'll always make sure they get their money, even if it means you lose your investment (that is: if the cloudmining company is withing the 1% honest cloudmining companies)
In this case, i'm not sure if icerockmining is legit to start with... An ICO is a red flag for me, as is the rather unrealistic profit calculation and the affiliate program they seem to run (i found links containing an affiliate code using google). I would dig into their whois information if i had some spare time...
- 1) Outright ponzi's or scams... It looks like about 99% of the cloudmining companies fall into this category
- 2) Companies that sell 100% of their risk for a small cut of the profits
For me, neither options sounds appealing... Sure, if a company is a ponzi and you're an early investor, you'll ROI, but you'll be aiding in stealing funds from the late investors.
If you're certain a company is legit, and they're just selling 100% of their risk for a small cut of the profits, it *might* look like a good idear for somebody to invest, especially if they think the market is going to improve. In this case, it's an honest form of gambling... It's not for me, but whatever floats your boat... Just remember that if it was more profitable/stable for a company to mine with their hardware for themselfs, they would do this instead of selling cloudmining shares...
A cloudmining company is a commercial entity... They want to make money, as much as possible. If they're selling cloudmining contracts, this means that selling these contracts will give them better odds at making money than mining themselfs... So they're selling the risk of plummeting prices, failing hardware or rising difficulty to their investors for a small piece of the income... They'll always make sure they get their money, even if it means you lose your investment (that is: if the cloudmining company is withing the 1% honest cloudmining companies)
In this case, i'm not sure if icerockmining is legit to start with... An ICO is a red flag for me, as is the rather unrealistic profit calculation and the affiliate program they seem to run (i found links containing an affiliate code using google). I would dig into their whois information if i had some spare time...
I don't have a clear information about ice rock mining, but from their project base their focus is upon cheap electricity availability along with good environmental condition that makes mining more efficient than the common way of mining. Along with the project they've started an ico. In my belief what they've initiated is successful than most other cloud based mining.
Legit or not, I don't think cloud mining can be profitable. Though looking at ice rock mining's site, it's pretty sketchy in my opinion. Based on their site, for $1000 your monthly income would be:
Sure looks good in paper, but too good to be true in my opinion. I'd personally stay away from those kinds of sites, especially those ones with a promised amount of income.
Sure looks good in paper, but too good to be true in my opinion. I'd personally stay away from those kinds of sites, especially those ones with a promised amount of income.
What do you guys think of ice rock mining, they promise an amazing roi, do you belive its legit
Jump to: