Cloud mining worth it?

[skywallkee]

Hi guys, what do you think? Is the cloud mining worth it? If yes, what website do you use? Do you make a profit out of it or at least are you even? If not, why? Have you done it or have you had any experiences with it? I'd want to start cloud mining and I was thinking of minergate, what do you think?

[Kargai]

Cloud mining online is mostly scams or at best you'll be profitable in a year or so.

Mining via software like Minergate can bring some (very) little revenue, few bucks a month ora little more depending on your computer, but if you count the price of the electricity, the wear of your CPU/GPU & co ... it's almost useless. 

[barbaris]

I do not risk investing in cloud mining. 99% SCAM.

[wry]

Cloud mining is best avoided.  There is no way they can demonstrate from afar that they are legitimate.  Therefore, the field is rife with scams.  It is the perfect cover story for a ponzi, so best just to stay away.

[wilbur]

cloud mining is 95% or more scam , one of the oldest (not operating anymore) microhash.net scammed a thousands of people. it's better if you mine it in yourself. invest in buying good gpu pc and stuff  

[wilberthh]

Cloud mining might be worth it at first. The only cloud mining that profited me a lot was auroramine, having more than 30 refs and with more than 5000 gh/s was so awesome.. But well, they ran away after 26 days.

[Kargai]

17 minutes ago, SuddenlyBroke said:

So in the beginning when bitcoin was just released, mining was profitable right? Even on home computers? I think that's right? Maybe someone knows?

So can you not mine new alt-coins in same way these days? That are just coming out? Or it just doesn't work anymore?

Yes exactly. At start you could have made dozen of BTC even with a simple desktop computer. It was already harder in 2012-2013 when I discovered cryptos, I tried to mine some BTC but with my cheap computer and the electricity bill it wasn't interesting.

Actually it's harder even for Altcoins. One of my friend recently decide to mine some ETH since he had a really great computer but even with that and after the electricity bill he make only around 0.2 to 0.4 ETH every month in profit. Ofc it will depend of the price of the energy where you live, etc and it's still better than nothing but for me it's a lot of work for a little reward (including the components of his computer will probably die sooner, etc).

You have the online option like Minergate & Co. But only few alts are available and it will be very slow to win some decent amounts if your computer is not really great.

I like to mine Burstcoin right now because it's not using your CPU or GPU, only free space on your hard-drive. You allocates X Giga or Tera and that's all. Can run in the background without problems. Don't know if Burstcoin will give something in the future but had managed to stake few thousands of them in the past 2-3 months. Electroneum will be a nice one to mine with mobile when they will laucnh their app.

 

 

[wilberthh]

56 minutes ago, SuddenlyBroke said:

Interesting Kargai. This doesn't sound too bad, i just checked, 0.4 ETH = 144.52 USD.

With free vps trial offers that are floating about, if you could just set something up in a couple of hours and leave it running, maybe it'd be worth doing this.

Then again VPS's dont have decent graphics cards. Does this only work if you have a good graphics card?

Nice. How does that work what do they do with your hard drive?

They've got a very clever slogan for a coin that uses your hard drive for mining.

That sure doesn't sound too bad if he don't have to pay for the electricity bills. But well I bet he only make a little profit or no profit at all (who knows?).

Also ever since kargai mentioning burstcoin, It makes me want to mine that coin also lol

well well well

[remember]

before knew to gambling. i did many sites like that. mining but all they were scam. never think ab it 

[Kargai]

10 hours ago, wilberthh said:

That sure doesn't sound too bad if he don't have to pay for the electricity bills. But well I bet he only make a little profit or no profit at all (who knows?).

145$ is what he make in pure profit, after the electricity bill, etc. More now than ETH is rising. Basically he mine +/- 1.2 ETH every month. 

But 145$ benefit is different than 145$ in his pocket. He need to repay all the components of the computer he bought, etc.

[Snike]

The first thing I heard about bitcoin when I got into it is "Cloud mining only is a big scam!" So I guess thats true in some way. I didnt get into it so I cant confirm it but I've heard about a lot of scam sites.

[maverick528]

NOW, for mining most of the cryptocoins like Bitcoin, Litecoin, Dogecoin, NMC, etc. you need special hardware, mining with CPU or video card is just not feasible at all.

And that mining machines are very expensive. You can get older generation mining machines at a cheaper price, but when a miner sells a machine its usually because it can not produce a profit anymore, so the new owner can never reach ROI (return of investment), you mine but never get back fully the money you invested.

95% of cloud mining are scams, they don´t have any mining equipment.

It is very simple to demonstrate you are actually mining because you can show at which pool you are mining and your hashrate, or if you are mining solo you can also provide the number of blocks you found with your crypto address, etc.

If a cloud mining site does not provide this info, then they are not mining at all and its a ponzi....

Another detail to think is: if I have a mining machine that I bought, and its producing (lets suppose) US$1 profit each hour in BTC, if I rent it I have to ask much more for it, because I have to make a website for renting, maybe hire admin personnel, pay fees to credit card companies, etc., so I end up selling you my mining service at US$1.5 each hour.  Get it? you pay US$1.5 hourly renting something that produces US$1 each hour..... This is only worth it if you hold the cryptos that are produced, and you are lucky and in the long run they multiply their price.

Renting mining equipment (true renting, not scams)  ALWAYS means in the end that you are buying coins now at much more than the current price, and you are paying it in advance ahead of having them.

 

 

[David Jones]

Hi Skywallkee, I know a site which may be familiar to all you. But recently they came up with browser mining where you need not invest anything though but helps you passive earnings. Check it if u are having a laptop :

http://faucethub.io/r/3353164 (affiliate link)

Happy earnings