Is Cloud Mining Profitable?


#42

As you know our main mine is located in China. Unfortunately we can’t share pictures of our miners, they are too young and it would cause an uproar in the western world.


#43

Well the only cloud mining service I have ever been able to make an actual profit with is Hashnest. (I don’t have GHX yet as I missed the batch 2 sale while setting up a colored wallet for the first time).
With Genesis I invested steadily from August through May and if mining continues near the current rate I should reach break even them in about 5.3 years on my 1.5 TH.
Zeus mining I will reach break even in about 11 months.
With Hashnest I got to break even in less than 7 months and now have profits on paper (I would have an actual profit of over 40% if I sold my hashing power at current prices - which is the primary difference between Hashnest and other services, an active maket allowing for the sale of your hash at any time).


#44

You can buy GHX from the GHxchange marketplace. Now is a good time with BTC at $270+


#45

There are a couple of other major differences as well.
With hashnest you are locked into whatever generation of hardware you buy and its fee. With sites like genesis the GHS you buy are not locked to any specific hardware, as they can or need to upgrade you get the benefits from that. The other big difference is that genesis and many others pay directly to the wallet of your choosing, hashnest requires you to request a withdrawal. I personally prefer to set up my investments to payout to several different wallets with different purposes. Currently I have 25% going to an address dedicated to reinvestment with the rest split up among different addresses like shapeshift to autoconvert to a couple of different altcoins.


#46

Thnx. I did not know there was a market for GHX.


#47

Its an exchange for open assets/colored coins. You can buy/sell any asset that is running on the open asset protocol.


#48

Check out GHxchange Manual (v1.1)


#49

I think if the right people are running a cloud mining service yes it can potentially be profitable. GHX seems like a great company who have goals and ambition to be here for the long haul. I think a lot of peoples problem in crypto is understanding the difference between a get rich quick train that has long passed and the definition of a long term investment. If you see fast ROI, huge referral bonuses, guaranteed profit, no kind of proof what so ever about their mining, these are and should be HUGE red flags. Business can not operate very well with continued high payouts, and gargantuan referral bonuses it is just not possible. Nor can you pay 100% interest on a Bitcoin deposit when bitcoin and no other markets are moving 100% up every single day. Use some common sense when getting into these. I can not believe how many people fell for those daily profit sites. I mean seriously did you not ask yourself where they were generating the money? how were they getting it. Did you not look at the markets and clearly see a steady downward trend in BTC, LTC and DOGE I mean that alone should tell you something, then digging even deeper yet you can see no where that a possible 100% to 125% profit can be made even with multiple markets day trading.

Another problem I see is instead of the crypto community really getting angered at these scams they are more so just accepting the problems. I cant even count how many times I see “well i got my ROI so for me this place is good” well guess what, its an investment, hitting your roi does not make it a good investment, getting what you paid for while hitting your ROI makes it a good investment. If you paid for 5 years of a service then you should get 5 years worth of income. settling for anything less is why we see and will continue to see all these scam sites pop up and shut down.

In the real world when you invest in a business you should never expect to see a true ROI in less than 2 years. So, to be honest an 8 month to 12 month ROI is still better than anything the business world outside of crypto can really offer you. If you see a sweet 2 week or 100% daily return on your investment, or a guaranteed this or guaranteed that, FORGET IT, move on, This is crypto, no one can GUARANTEE you anything, and if they say they can they are flat faced lying to you or forking out a massive amount of cash from their pocket just to keep the ponzi going long enough so they can their ROI on the site you just got baited and hooked into.

Just be careful guys, do some research, try your best to talk to the owners of the site, because as business owners they should be well aware that in real world you will not I repeat YOU WILL NOT get one red cent of an investment from anyone, without meeting your investors in some kind of one on one personal meeting of some sort. SO if they are to shy or to busy to even address you , then they are to shy and to busy for your money, because a business like that means you will just be another number in a database, they dont care about you, your investment, or if you will make money or not, all they care about is getting that next database ID with a value in the deposited amount.


#50

I think everyone by now has learned rule no. 1 is never pay for pre-orders, a lot of grief could have been avoided by those who lost money to Fibonacci and KnCMiner.

I would propose rule no. 2 is never buy hosted mining from a provider you cannot turn around and sell the next day.

Yes, Genesis Mining is legitimate but not liquid. And not very profitable either. You can make a hell of a lot more money at Hashnest.


[CLOSE] KriptoMiner
#51

I never understood preordering. Just sounds like a bad idea in general to have something top notch for 2 weeks, then it drops in value 30%, and a month later it is 50% of what it cost before. The price drops are at best parallel to the profits, sometimes not and then you really got screwed. Pretty much every physical miner had followed that pattern until I quit paying attention lol. Physical miners is a rough game, but it seems it has finally tapered off the pattern I described above.


#53

I purchased hash power both at hashflare, genesis and antminecloud.
And genesis have shown to be the worst with no customer support responds and bad reviews. Hash.flare recently raised their TH/s price from 150$ to 220$ while antminecloud sell their TH/s at 190$ and give a 50GH/s sign up bonus.


#54

Antminecloud is almost certainly a ponzi scheme. Don’t waste your time or money:

https://bitcointalk.org/index.php?topic=878387.0