cloud mining is legit?
- Thread starter pocketttt
- Start date
German Rodriguez
Elite Member
- Jun 20, 2016
- 2,391
- 1,027
its legal
- Apr 29, 2015
- 5,185
- 2,716
this is a good answer
- Oct 24, 2011
- 3,225
- 3,630
Is it legit?
Some are.
Is it profitable?
Technically, it can be.
Is it worth it?
Probably not.
Sure, if you buy into a cloud mining service that happens to not be a scam, then congratulations!
You've already succeeded in evading the biggest challenge in the entire cloud mining arena!
Chances are that you probably will be scammed, while in pursuit of finding a legitimate service.
With that being said, let's assume you didn't get scammed.
Now what?
Now, you're going to need to be okay with earning only a small fraction of what you could be earning if you decided to have your own equipment. Hell, mining with a Raspberry Pi may prove more profitable than the best of the cloud mining services available, unless you're willing to put up some major cash for these services, but again, if you have the cash to spend, you'd be far better off with simply investing in the hardware to do it yourself, or hire someone to set it up for you if you're too much of a pu*** to get your hands dirty.
If you want to get into cloud mining, the best way to do it is to buy the hardware and then sell the service, yourself. Anything short of that, and you'd be much better off just mining your own coin.
Some are.
Is it profitable?
Technically, it can be.
Is it worth it?
Probably not.
Sure, if you buy into a cloud mining service that happens to not be a scam, then congratulations!
You've already succeeded in evading the biggest challenge in the entire cloud mining arena!
Chances are that you probably will be scammed, while in pursuit of finding a legitimate service.
With that being said, let's assume you didn't get scammed.
Now what?
Now, you're going to need to be okay with earning only a small fraction of what you could be earning if you decided to have your own equipment. Hell, mining with a Raspberry Pi may prove more profitable than the best of the cloud mining services available, unless you're willing to put up some major cash for these services, but again, if you have the cash to spend, you'd be far better off with simply investing in the hardware to do it yourself, or hire someone to set it up for you if you're too much of a pu*** to get your hands dirty.
If you want to get into cloud mining, the best way to do it is to buy the hardware and then sell the service, yourself. Anything short of that, and you'd be much better off just mining your own coin.
- Apr 25, 2011
- 19,848
- 28,308
So you buy a mining kit. It cost 100k. Let’s say you can make 1k per month from mining. So it takes 100 months to get your investment back. But by that time difficulty has doubled and you can’t make money any more with that kit.
How do you make it a better ROI? Simple; rent out the rig for 2k per month. Everyone signs up because they’re desperate to get involved in crypto mining but don’t have the funds to buy their own kit. You make money without any risk and you halve the time it takes to get your ROI.
So I don’t think you can make money from cloud mining. Like others have said, if it was a good idea the people renting the mining power would just use it to mine their own coins.
How do you make it a better ROI? Simple; rent out the rig for 2k per month. Everyone signs up because they’re desperate to get involved in crypto mining but don’t have the funds to buy their own kit. You make money without any risk and you halve the time it takes to get your ROI.
So I don’t think you can make money from cloud mining. Like others have said, if it was a good idea the people renting the mining power would just use it to mine their own coins.
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I do some of mining its not any crazy money but it makes me around 80-150$ a day. Also my rigs are stationed at local farm because i was to lazy to run them so i give the guy 10% of the earnings. But this is not cloud mining so not sure if its the same.
- Oct 24, 2011
- 3,225
- 3,630
It's not.
MrxCyberNet
Power Member
- Jan 28, 2020
- 788
- 159
Gooo ... go to sites like that ... it will waste your time ... it's better to open a service on this forum, because it will make you better ..
- Jan 6, 2015
- 1,310
- 666
I had seen a post from Medium, where he had used AWS for mining. You can check it out here - https://codeamt.medium.com/how-to-mine-bitcoins-using-an-aws-ec2-instance-7604128c2c8f
Cloud mining is not profitable for coins like BTC/ ETH. May be you can give it a shot for less popular ones, which might be profitable
Cloud mining is not profitable for coins like BTC/ ETH. May be you can give it a shot for less popular ones, which might be profitable
- Nov 25, 2020
- 162
- 46
Can you give some ideas and other ways to make it profitable?
- Nov 6, 2016
- 656
- 647
Actually many people think like this but this is wrong theory, first you need to know what is cloud mining before you get wrong conclusion.
I will give you simple example how cloud mining works for trusted services.
First you need to know what are you renting, Mega hashes or Machine, by my opinion is better to rent hashes because you will have stable mining.
If you rent machine you will get cheaper price, but if you mine ETH you should know that many offers are because that machines will reach the dag file size limit soon. Today's dag file size is 4.125 so people will rent 5gb machines because soon, dag file size is increasing around 0.72x per year but if more miners are in the game this number can increase much faster, so if you make a deal in 1-2-3 years it can be risky.
So let's say we rent Mega Hashes instead of a machine, with 1000 Mhs on this price today you can make 109$ for 24h, company that offers cloud mining include electricity price + machine renting in this price so let's say you will get something like 120-130$ per day, if you make 1 year contract it will cost you something around 45k and you will make 40k so you are losing money right?
If you rent the same hash power before 6 months, the price for 1000mhs in that time was 35-40$ or around 13k per year, first 60 days of the contract you will make 1500$ + 60 days 3000$ and last 60 days 5500$ and if the price keeps going like this in next 6 months of the contract you can make 19.620$ and if we collect the number we have 29.620 - 13.000 = 16.620$ PROFIT, of course, all this is just assumption I just want to explain the bigger picture in a simple way.
chongjasmine
Registered Member
- Jun 3, 2016
- 59
- 4
I don't think it is profitable.