Cryptocurreny Cloud Mining – Opportunity or Scam?
Been investigating the potential of cloud mining cryptocoins as a novice and seeking good info.
So much to read, so many conflicting stories. Without any direct experience one is simply left wondering about it all.
After a few days and dozens of open tabs my brain is totallyl frazzled!
So I'm reaching out to the Steemit crypto community to kindly ask if anyone can please offer some useful insights.
On the reddit cloud mining threads there’s mostly warnings against even trying it, with various comments like:
“The small package on cloud hashing is $999 for 85Gh/s for a year. With 11% estimated difficulty increases, I would be lucky to make 0.85 BTC in a year, yet I could buy, what, ~1.4 BTC right now with my $999? I'm still not seeing how it makes sense mathematically.”
And I found this assessment pictured, which doesn’t make it look very good, from,
http://www.mytechnotes.biz/2017/04/cloud-mining-how-much-can-you-make.html
Then I saw a comment just last week that said:
“Put $12,000 into hashflare.io to buy 100TH/s of btc mining power and earn about $800 a week of BTC from the point you pay the 12,000”
Which is in direct conflict to the mytechnotes.biz chart (where there is a lot more supporting info), but when I asked for confirmation of those returns was just told to not let fear stop me.
I'm not scared, just very cautious.
So what is it, scam or opportunity?
Can anyone with direct experience please inform this novice if it is worth getting into cloud mining, or would one be better off just buying a spread of cryptos and holding them?
If so which cloud miners have you found profitable?
I've been recommended to Genesis-Mining and Hashflare, from the above chart there seems to be a bit of difference.
Which coins are best to mine right now, BTC, ETC, DASH, etc?
How about mining on a virtual server, anybody here doing that? Since it's either CPU or GPU mining I wonder if such would work.
Does anyone cloud mine STEEM?
Many thanks for any info!!!
Just buy currency. The mining learning curve is steep with home brew rigs and the contracts are all high cost for the value you are getting. Worse yet most forums are providing info that is over a year old so the learning curve is only worse. If you want to real deal info join a few slack channels.
Thanks for your response. Yeah, a lot of old info, a lot of enticing promo. As they say, if it sounds too good to be true it probably is :)
I did a contract with genesis to start. They hold your payouts for a month and the payouts are small. For the cost of the rig is get twice the hashing power the equivalent contract would give me. You are paying for convenience really.
I'm mining Dash on Genesis I have 200MH/s.
Reading your post I realize that I use to earn $5 daily when Dash was $60 now that Dash is over $100 I still earn the same $5 a day.
That mean that the difficulty is also going up.
But to me I still think that is profitable to mine Dash.
I can't say much about BTC I never bought any mining power for that.
Thanks, appreciate your experience.
Hi I just started a public review of HashFlare cloud mining on my Steemit page, check it out there for Day 1 review. Will keep updating every couple days, it depends on if the electricity cost is below the profit for the machine to mine, so if BTC price goes up with difficulty, it should stay profitable for more than a year
Will follow with interest, thank you.
Word of warning: don't put in any money you're not willing to lose.
3 years ago, sent 20 litecoins to a Chinese 'cloud mining' website. It had an exchange which let you buy hashrate for litecoin and bitcoin. If you held 'hashrate' there, it would mine for you. Once you had 3 Mhash, you could 'withdraw' it in the form of them shipping you a scrypt asic miner capable of 3Mhash, on the same page where you would withdraw your BTC or LTC.
A very well designed site, and my LTC balance was increasing as I was holding a few Mhash there.
Well, a few days later, the site was gone! Only the cloudflare proxy at the front remained, and all my LTC were taken :(
Have read a few stories like this, thanks for your feedback & sorry to hear you got scammed. Definitely look at it as high risk, but certainly don't want to loose. That's why I've been looking at the bigger sites, but they provide no indications of potential earnings. Don't really have the headspace to learn trading, have watched a couple vids and can see it takes focused time, which isn't spare at the moment.
Even big sites can be risky. I don't know if you were in the crypto space at the time of Mt Gox.
I recently had a "haircut" from Bitfinex too. They got hacked and I lost just over 1BTC there.
They gave me their own altcoin instead, with the promise that they'd buy it back for the original value when they could afford to. To their credit, they did do this, but by then, I had sold the tokens for about 1/3rd of their value because I didn't believe them.
The lesson is, if you don't have the private key, they're not your coins :)
Thanks, appreciate the feedback. I certainly recall theGox debacle from the news at the time. Speculation I've heard is they were scamming & faked the theft to not get caught out for some reason I can't remember. Been studying the wallets & figuring which ones provide full control.
nice post small coin is upportunity
i get free 500$ bonus not scam
enjoy link :https://steemit.com/upcoin/@miner76/get-your-usd500-register-at-upcoin-com-exchange