Cloud Mining is good but scams gonna kill it.

[koko]

I have been a fan of cloud mining for a long time now but of late its being messed up with many Ponzi sites come out every hour. It is ruining the reputation of the now good crypto-currencies industry. I know it is hard to regulate this industry and curb this menace but something should be done.

[GodLoft]

Cloud Mining always scam, 

[Christover]

I know what you mean, sucks.  What cloud mining site or sites do you use? I'm using hashflare right now.

[barbaris]

I have never invested in cloud mining and will not. Cloud mining is always a scam for me.

[meislucky]

So many opinions on cloud mining, but I have never tried, because of this opinions of scam.

I have recently registered on this site called 5smining.com, haven't invested anything there, wanna see if I can make a withdraw first, and then will invest.

[skywallkee]

Cloud mining won't be killed by scams because it already is dead since the beginning. The only way to make some profit out of cloud mining is to find a new website that does this thing and invest in it in the first 1-2 months and withdraw as soon as you make some profit. After they have made their reputation, for sure they will scam everyone. That's why there aren't many sites that provide a trustful cloud mining service, actually, you can't find more than what you can count on a hand.

[Upsilon]

Simple point being why will cloud mining EVER be profitable for both parties? If it was profitable for you the company would simply not sell the hash power and mine themselves, if it was profitable for them why would you buy hashpower? Give it a thought

[Boringsam]

For real,the presence of scams makes me sad,as cloud minig is a great in general,but i guess you have to spend a quite big amount of time if you really want to find a good service,if the site promises you skyhigh enterest you should be really careful as the more enterest the site gives the higher is the chance that its a scam,actually i prefer playing on casinos,they are mostly not scams and if you know how to play and have money you  can earn quite a bit

[ivanaudris]

I'm so sorry, posted on a wrong topic, please delete this post moderator. Thank you.

[maverick528]

@Upsilon explanation is the best possible one.

If you have a mining farm composed of several mining machines, computers, everything else that is needed (a big investment) plus the costs of keeping it running (electricity, internet, maintenance, etc.), there are two possible scenarios:

1) your business is profitable. Lets suppose you get 1 BTC in profit each month. If you rent your service to outside people (cloud mining) you have some extra costs associated with publicity, a website for selling your services, money collection costs from credit cards, etc,  (and you also need to win more than you were already winning) so you have to charge to the people that rent your services say 1.3 BTC each month. The group of people that rent your services get 1 BTC each month, but pay 1.3BTC each month.....

2) your business is not profitable. You sell all the BTCs you mine each month, but you dont cover all your expenses. So you must sell the BTCs you produce to the people that rent your services at a much higher price, to cover your costs and also make a profit. Again, if you produce 1 BTC each month, you have to charge maybe 1.5BTC monthly.

 

Conclusion= a real cloud mining business can not exist, UNLESS it charges you a LOT more than the current market value of whatever cryptocoin it produces.

 

 

 

[ivanaudris]

Cloud mining is not a good way to make money nowadays especially if they offer you high return like 10% a day, because then 100% it's a scam. The best way to multiply your bitcoin is by learning to trading, or.... gambling. But not cloud ming.

[hamur]

On 18.12.2017 at 5:53 PM, maverick528 said:

@Upsilon explanation is the best possible one.

If you have a mining farm composed of several mining machines, computers, everything else that is needed (a big investment) plus the costs of keeping it running (electricity, internet, maintenance, etc.), there are two possible scenarios:

1) your business is profitable. Lets suppose you get 1 BTC in profit each month. If you rent your service to outside people (cloud mining) you have some extra costs associated with publicity, a website for selling your services, money collection costs from credit cards, etc,  (and you also need to win more than you were already winning) so you have to charge to the people that rent your services say 1.3 BTC each month. The group of people that rent your services get 1 BTC each month, but pay 1.3BTC each month.....

2) your business is not profitable. You sell all the BTCs you mine each month, but you dont cover all your expenses. So you must sell the BTCs you produce to the people that rent your services at a much higher price, to cover your costs and also make a profit. Again, if you produce 1 BTC each month, you have to charge maybe 1.5BTC monthly.

 

Conclusion= a real cloud mining business can not exist, UNLESS it charges you a LOT more than the current market value of whatever cryptocoin it produces.

 

 

 

maverick isnt possible to let ppl invest in your current mining business to grow it ?

for example you are earning monthly 1 btc and your profit half of it but you want to grow your business and letting others to join and buying new equipment with that and sharing profit based on invested amounts?

[cesisman]

On 1/24/2018 at 9:56 AM, Han2x said:

How can you say that it's not a scam? Do you have any proof that it's paying? Post it here to help other users. Thanks in advance. 

I made contract with hashflare and it's paying here is screenshots http://xn--80aabkyebmliebc3kpc.com/skolko-my-zarabatyvaem-na-oblachnom-majninge-rezultaty-eksperimenta/

[babs01]

On 12/17/2017 at 2:08 PM, barbaris said:

I have never invested in cloud mining and will not. Cloud mining is always a scam for me.

I second your opinion