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Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Wed Jun 28, 2017 5:50 pm

Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Bitcoin cloud mining can be a tricky thing to determine if it’s completely safe in the Bitcoin world, and if it is, will it be cost effective? The return on your investment can be longer than other alternatives such as buying and selling Bitcoin. This can be due to the fees involved, the time it takes to mine, the upfront costs and the value of Bitcoin during that time. The upside is that if the costs are reasonable, the cloud mining operation has good rewards and the price of Bitcoin rises, you will more than likely end up making a healthy return on your investment.

Pros
  • * No installation or setup costs (hosting centers will host Bitcoin mining gear you buy and run it at their location. Many will charge a one time setup fee)
    * No noisy, heat generating gear in your home.
    * Maintenance is taken care of.
    * No extra equipment to buy to have your mining gear running.
    * No risks of fire and other issues that can arise from running it yourself.
Cons
  • * You do not own the equipment which means you cannot sell it.
    * Some you cannot point your hashrate at the mining pool of your choice.
    * Some providers will cease operations of your chosen cloud miners if a profitability threshold is too low as difficulty goes up and new equipment comes out.
    * Company can go out of business or just run away with the funds if they want.
    * Could end up a scam as promised payouts are unable to be met as hashrate was oversold (selling more hashrate that they have) and owners decide to cut and run as they did not put some of their profits into upgrading to new gear as it comes out.
You can read the full cloud mining guide here -->

Check it out the Bitcoin.com Guides section for more essential guides and helpful information -->

saskia
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Bitcoin Cloud Mining and Hard Forks

Wed Jun 28, 2017 7:13 pm

What happens to a Bitcoin.com cloud mining contract if there is a hard fork in bitcoin? Will the contract be voided? If not, what will be mined from the date of the hard fork onwards?

Thanks

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Re: Bitcoin Cloud Mining and Hard Forks

Wed Jun 28, 2017 7:43 pm

What happens to a Bitcoin.com cloud mining contract if there is a hard fork in bitcoin? Will the contract be voided? If not, what will be mined from the date of the hard fork onwards?

Thanks
See this response for your answer:
In the case of a fork we plan to mine on the chain with the most hashrate (economic majority).

Source: pools/bitcoin-com-mining-pool-official- ... tml#p65963

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Fri Jul 07, 2017 10:31 pm

The demand for specialists in the blockchain is growing! According to the social network to find and establish business contacts LinkedIn, the number of vacancies for the position of a specialist in the field of blockchain increased by three times compared to 2016.

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Fri Jul 21, 2017 8:22 am

Thanks for the information, I'm looking into getting my own mining rig setup but it's been a real pain trying to find the hardware in stock.

Thinking of trying some cloud mining in the meantime...

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Tue Aug 08, 2017 3:03 am

I also looked into mining, both using CLOUD companies, after doing research on various forums, and also looked into miners and mining pools and also a relatively new site, that not only lets you mine in a pool using your own equipment ( often hard to source, pricey to buy, difficult to setup or get scripts right, or even profitable after costs of purchase/electricity/risk of bad equipment, none in stock, scams, etc) , but also allows you to invest in bitcoin price changes somehow.

My results were as follows :-

1. HASHFLARE was the clear winner - (Please Use My Link - https://hashflare.io/r/5E7BD770 )

https://hashflare.io/r/5E7BD770 -
PROS :
- Good site, easy to navigate, with nice and easy to understand "Revenue forecast" and Graphs
- internal re-investment ( auto or you can do yourself when you like)
- PAYS
- Cheaper than the other 2 reliable cloud miners
- Can vary the percentages of pool mining, choosing whatever percent you want from three top mining pools, up to 100% in total.
(Best left as it is, they work just fine and dandy that way)

CONS :
- Locks in funds for 14 days if you invest using money
- Changing your wallet address willALSO temporarily block withdrawals for 14 days (due to security precautions)
- They changed their system recently - so NO discounts available. ( or needed)

STATS:
1TH COST net rewards per TH 50TH NET/DAY REWARDS Cost-reward ratio monthly BTC return BREAKEVEN days 5TH COST monthly return
$120 0.0001516452 0.00758226 0.3352458315 0.22746780000 298 $600.00 $56.86

OVERALL
BEST value for money, due to low costs and mining pool returns, auto-payouts after 14 days (make sure you add your preferred wallet when you join and do not change, or returns are locked in).

Also easy to re-invest, remembering that every 2 weeks you need to increase your mining by 5% to mine approx the same amount of coins (not value, which will probably remain the same with less bitcoins, so you need not worry overmuch if you do not increase mining - you will break even in time).

................................

2. HASHING24 - (Link https://hashing24.com/?rid=53616c746564 ... c76c35e3e8
This is a great little site, simple to use, to invest/re-invest and withdraw from. Even with a discount code (4% discount coupon - RH9WSG2V) and $0.33 cost per day per GH, it is more pricey than Hashflare, but it maintains each contract separately, has easy to understand stats, easy to use re-investment and a nice withdrawal system, that enables you to LABEL your bitcoin codes, so you can simply add a name such as MY WALLET or even have a label to send funds to HASHFLARE ( for example).

Using my own mining daily average stats, without going into all the details again, my own results for mining were as follows :-

COST = $203.2247 BREAKEVEN = 375 DAYS

CAN WITHDRAW DAILY - EVERY DAY - NEVER FAILS TO PAY !
(They manually send payments once a day, but are 100% consistent to date).

Apart from slightly lower ROI, I found this cloud miner VERY trustworthy and felt in control and will add more mining as time goes on, due to simply being able to withdraw daily - it makes a big difference to satisfaction value ( for me at least ) and I would fully recommend adding some mining to this one - even if you own miners yourself !

..............................
3. Genesis https://www.genesis-mining.com/a/1114296
This was the first site I joined, as reading in the forums that it pays, but I found the process of making an actual purchase VERY frustrating, due to the unusual way their preferred payment processor for cards worked, sending confirmation requests on the fly to BOTH your mobile phone and email at the same time, with only 10 minutes to confirm. if you failed the first time the confirmation page them decided that the code had already been used.

I would say make sure you have a good mobile connection and email open, or purchase using BITCOINS.

Another downside was that if you DO use ( successfully ) a debit card, it locks your mining rewards in for 30 days - with no way to internally re-invest, it becomes a little frustrating to wait, even if you make further purchases, if still keeps ALL your mining locked.

They do pay out after this time, and they use an AUTOMATED system that pays to your wallet daily - if you have mined sufficient minimums, otherwise it is stored until the minimum is reached.

As for what you mine- they have a LOT more choices, Monero, DASH, VXR, Ethereum, Ethereum Classic, its a large list and you can assign different percentages using a great graphical interface, with different mining purchases offering different choices again. However, I find its best to stick to the main ones, or you can end up with 30+ amounts in different coins !

I trust them - as their so hopeless at certain things, but great at others, they are not web designers or payment processors, but they are a real company, with real people ok, and their customer service is 2nd to none, they really LOVE what their doing - these are motivated people, who love their jobs and this will be around as long as their IS mining to be done.

COST $135 ( with discount )
BREAK EVEN - 435 DAYS

.....................................
These are MY results, based on my returns, over 1 month, but they will not be yours, due to lots of different options, I hope they give you a good insight of what you can expect.

There is one more thing that may be worth trying - especially with some of those mined coins - investing for interest with the 4th website I wanted to look at.

......................................

4. BITCONNECT Link - https://bitconnect.co/?ref=rundoner5

So, this one is SO powerful that it has its OWN mining pool, as well as its own COIN !!!

I have never seen anything like it in my life - it may well be the most amazing coin/miner/opportunity to EVER be invented ( or not ).

I added $160 to the LEND facility ( no reason for this amount ) and over the next days earned the following :-
DAY 1 - $2.08
DAY 2 - $1.78
DAY 3 - $1.02
DAY 4 - $2.26
DAY 5 - $2.01
DAY 6 - $0.51
DAY 7 - $1.82
DAY 8 - $1.44
DAY 9 - $2.98 (WOW !!!)

Today I added $10 back into it using the REINVEST button, from the LENDING WALLET.

What you must NOT do is withdraw from the LENDING WALLET, as you can only invest $10 minimum from that.

Any NEW funds added using BTC ( bitcoin) or funds moved over to the BCC ( BitConnect Coin) wallet from the lending wallet will have to be invested with a minimum value of $100.

So if you want to grow your overall LENT funds by $10 each time your LENDING WALLET gets to $10, you need to leave that alone.

I did not and clicked withdraw after day 2 and took my money OUT - and they PAID me :)

Always pays to check that they DO pay :)))

...............................

5. MACHINE MINING.
I have 10 MEGA HASH of LITECOIN SCRIPT mining using 2 script miners each holding 2 2.6M/H blades, running on a cgminer.exe script, using a batch file, to a mining pool at cryptopia, when I can changed what I mine by simply changing my options on the site.

I will not make my money back on the 2 miners I bought for that for a looong loooong time, unless Litecoin goes up in value dramatically.

I would say add $100 to one of the 4 above ( tip - get a bitcoin wallet and fund it first) and see how you feel about that, before looking into doing what major mining companies are doing 1 BILLION TIMES larger than you will get to without massive investments.
Last edited by brundon on Tue Aug 08, 2017 3:37 am, edited 1 time in total.

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Fri Aug 25, 2017 3:13 pm

Well explained and thanks for the info, it's deffinitely an interesting subject

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Fri Aug 25, 2017 5:04 pm

great information, i was looking for the same

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Fri Aug 25, 2017 5:36 pm

Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Bitcoin cloud mining can be a tricky thing to determine if it’s completely safe in the Bitcoin world, and if it is, will it be cost effective? The return on your investment can be longer than other alternatives such as buying and selling Bitcoin. This can be due to the fees involved, the time it takes to mine, the upfront costs and the value of Bitcoin during that time. The upside is that if the costs are reasonable, the cloud mining operation has good rewards and the price of Bitcoin rises, you will more than likely end up making a healthy return on your investment.

Pros
  • * No installation or setup costs (hosting centers will host Bitcoin mining gear you buy and run it at their location. Many will charge a one time setup fee)
    * No noisy, heat generating gear in your home.
    * Maintenance is taken care of.
    * No extra equipment to buy to have your mining gear running.
    * No risks of fire and other issues that can arise from running it yourself.
Cons
  • * You do not own the equipment which means you cannot sell it.
    * Some you cannot point your hashrate at the mining pool of your choice.
    * Some providers will cease operations of your chosen cloud miners if a profitability threshold is too low as difficulty goes up and new equipment comes out.
    * Company can go out of business or just run away with the funds if they want.
    * Could end up a scam as promised payouts are unable to be met as hashrate was oversold (selling more hashrate that they have) and owners decide to cut and run as they did not put some of their profits into upgrading to new gear as it comes out.
You can read the full cloud mining guide here -->

Check it out the Bitcoin.com Guides section for more essential guides and helpful information -->
Thanks for sharing your knowledge to this. was of great help to me.

originAL
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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Thu Sep 07, 2017 6:17 pm

DO NOT USE HASHFLARE!

They screw over customers. I bought an unlimited lite coin contract and 2 months later they just changed it to a 1 year contract!

Said they can change their terms any time and it's my responsibility to check if they changed, the balls on them.

Also a good alternative to cloud mining is the lending platform for Bitconnect coin. They have a trading bot, you lend it money for 300 days and it pays you 1-2% per day. You get the daily return better than cloud mining and the original money you put in gets RETURNED to you after 300 days so it's ALL PROFIT!


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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Thu Nov 09, 2017 6:57 am

Thank you for information.

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Wed Nov 29, 2017 4:08 am

That's not strictly true about Bitconnect although I AM a member and have grown my funds to $550 now and had my original $160 back. Whilst I don''t want to be a kill joy or cause an argument, you will find that Bitconnect TAKE your bitcoin, then Bitconnect give you INTEREST in the form of DOLLARS, not bitcoin.

So, if you invest $1000 (about 0.1 Btc at the present time) in Bitconnect, you may well receive up to 1% per day, but if (and when) the Bitcoin price goes up over the next year you will lose out and maybe never even get your original bitcoin back. The reason is that you will simply not be able to buy it back your DOLLARS will not purchase 0.1 Bitcoin by the time you receive all your interest over the year and get your $1000 back. So Bitconnect return your $1000 of BITCOIN after 295 days -as DOLLARS and not bitcoin and this makes all the difference.

So, its a little simplistic to say that Bitconnect offers better value - they do NOT, they only need to return about 40% of your coin to you in fact to make you happy..

Now I am not saying that Hashflare did not upset a lot of people, they did ( ME INCLUDED OK), but they are not the only ones using 1 year contracts, here Bitcoin.com does give you that option,, and even though you can get a so called "LIFETIME" contract, 1) they are not available very often ( or at all) and 2) once all the bitcoin have been mined in about 3 years time - there is NO MORE TO MINE and 3) if the hash rate and difficulty continues to rise how much Btc would you earn in 2 years or 3 years anyway?

a 50% discount by Hashflare at this time effectively gives you 2 years mining worth of hashing - but in ONE year !

It IS good value and better than any other out there - I think Hashflare are saying SORRY ( just a little bit) and regretting PANICING ( don't we all) due to their pricing structure almost bankrupting them previously.

SO my advice is GRAB it now from Hashflare

I would rather pay $14 per 100 GH than $29.95 ( offered here ) or $36 offered by others.

For 10 TH you receive $20 per day income, for $1400 that gives you a return on investment in only 70 days.

And yes I did buy 10TH for the lifetime contract from Hashflare 8 months ago and this will now end after 1 MORE year from the date of Hashflares announcement.

But I would still buy hashing from Hashflare for this price

Sigmanx
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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Tue Dec 12, 2017 5:10 pm

Hey guys, I'm new here and new to a lot of this stuff. I unfortunately didn't know anything about Cryptocurrency back when it came out and had only barely heard the name Bitcoin. I'm now learning as much as I can as fast as I can trying to play catch up. So one of the sites I have heard of is Sun-mining, I have heard a few things about it. Some say its G2G others say stay away from it because its a scam. I don't have any experience with it, so I'm trying to find out as much info with the cloud mining as I can.

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Tue Dec 12, 2017 5:54 pm

if you're new to crypto it might be worth checking out this FREE Cryptocurrency certification course. you can discover how to master the fundamentals of cryptocurrency quickly and easily. You can also share with friends and family who might be new to crypto. check it out here: http://smarturl.it/crypto-certification
Thanks bud, I'll definitely check it out.

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Wed Dec 13, 2017 9:08 am

Thank you very much for this guide! I'd want to mining Bitcoin with my PC and I need some information about that!!

Regards!!

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Wed Dec 13, 2017 12:41 pm

Image
Hi guys,

Me and my friends were searching the web for a trustfull cloud miner, who offers good conditions and provides the power immediatelly.
Months ago, we registered at Telcominer.
Those guys started mining in 2013 with a little farm for their friends and grow up since then.
Since 2017 they are offering their service on their website for everybody.

They offer life-time contracts and they always paid since their beginning.
There are no further costs or complicated calculations on maintenance fees - everything is calculated at the beginning and you can start to get your mining power right away! (not like eg. genesis, where you have to wait months, before you get your mining power).

I've invested ~500€ and get 0.005 BTC per week (~83$ at the moment), which is very good, in my opinion!
At the moment with the actual BTC price, I'll get my investment back in 1,5 months.

Before I did my investment, I wrote to the support several times and they always answere within hours
(eg I asked them, why they write on their site, that they are active since 2013 but the website is registered in 2017. They answered me (as described above), that they have their knowledge since 2013 and started with their public mining in 2017.
Also I asked them, why they don't tell me, where their mining hardware is located exactly and they said, that they would have to spend thousands of dollars for security, if everybody would know were to find mining hardware to steal. Seems understandable to mee :-) )

If you liked my review, I'd appreciate if you join my team on telcominer,using the following reg-link and get 15 KHS for free:
Telcominer

Best regards, Thomas

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Tue Dec 19, 2017 10:24 pm

Interesting. I've been looking into this and been a little apprehensive because of all the scams. It seems like Hashflare is a good option, as well as bitcoin.com. But I will likely wait to see how these play out. I think with the volatility and increasing hash rate requirements, it may be hard to deliver the promised payouts.

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Re: UPDATE on Cloud Mining & The New Bitconnect

Fri Jan 05, 2018 6:03 pm

So, I wanted to give you an update of the mining clouds I use.

HASHING24 - still works perfectly. New item -Members can now sell their hashing at Auction, but they have no new hash to sell themselves at this time, although you may be able to buy from members, not sure if they allow deposits of bitcoins to enable that, but may be worth asking them.

GENESIS - continues to pay out on time every time, but no new hashing to buy at this time.

HASHFLARE - also paying, prices increased to $22 per 100GH after the December half price promotion - previous price was higher than this, so they obviously realised that they had set their new price to high for folks to stomach, in addition to restricting contract to one year - but by the end of one year I will have doubled my mining capacity by part re-investing every once a month ( ie, after big btc increase is good).

Bitconnect - it has lived up to it's promises and continues to pay, today was 1.55%, tomorrow 0.1%, so no guarantees of a daily return is working fine.

NEW SYSTEM WORTH LOOKING AT FOR PROFITS :-
DAVOR - they say its better than bitconnect


This company has its own coin, but it is only available on one exchange, which I would not recommend at this time, due to members having issues with it constantly, ie, locking coins for weeks at a time, deleting support tickets, etc.

That said, I like the davor site and its coins is up from $20 to $100 in its first monthand most importantly, they are offering 10% STAKING interest PER MONTH when you simply hold their coins in your own wallet. If the price continues to increase ( due to folks jumping in and adding a little of their mining profits) I can see the coins going through the roof and with gaining more coins each month ( ie, 10 coins for every one you hold) you can make a lot of money with this one;

I hope this helps, I don't come here often, but when I do I hope I add to the community here,thanks all.

cooleo_71
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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Fri Jan 19, 2018 8:07 am

This one is new. But seems to be working well Get 100GHs free to start:
Image


This site has been around for a long time and doing well. Get 100GHs free to start here as well : http://www.minerfarm.com/login?r=14338#toregister


Another legal and legit site I came across is : https://profitablemorrows.com/?ref=cooleo71 They have some great investment plans starting from $25.

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Sat Jan 27, 2018 1:57 am

We are a bunch of private investors, who have invested in 750 antminers.
You can see the result here:

www.antminecloud.com

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Wed Feb 07, 2018 12:53 am

Eobot, operational since 2013 and located in the United States, is a real-time exchange allowing trading/Cloud mining between Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Ripple, Dash, Golem, BitShares, CureCoin, NEM, Monero, Zcash, Factom, Bytecoin, STEEM, Lisk, MaidSafeCoin, USD, Gridcoin, and Ethereum Classic.

EOBOT----- https://www.eobot.com/new.aspx?referid=1541285 -----

Now Begin Mining
After creating an Account go to the main page you will find a box in left down corner this allows you to pick what you want to start mining. pick GHS 4.0.
Then go to product faucet and finish that it will then give you some free coins in what ever coin you have chosen in the top left. but as you picked GHS 4.0 you will be given some free 5 year mining. you can do this every day

Now you are on your way. began mining! you can now choose to mining more Hashrate or go to mining other crypto currency like BTC. This site should be Treated as a training in to site for cloud mining but works well when you mining when price is low and payout when price is high

Increase more speed to mining
We can use those Faucet site deposit to EOBOT. and exchange those crypto currency you claim became GHS 3.0 or GHS 4.0 to increase our mining speed. my suggestion is MoonBit, ChronoX Coin, SunBit, MoonDoge, Moon Litecoin. because they all the same that is you don't need spend too many time to claim them. they will keep increase untail you have time to claim.

Same reason as i like EOBOT. you don't need spend too many times. and don't need open your computer. EOBOT still mining and increased your BTC. or you can choose some others form the WatchList.

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Thu Mar 01, 2018 3:05 am

Thanks for sharing your knowledge to this. was of great help to me.

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Mon Mar 12, 2018 2:13 pm

i like the whole ideia about mining but honestly i think it takes to much time/effort to have some ROI and not loose all of your investment. Altough we all know the sucess tales, the one that failed at this incluind big names already is an alert for new comers i guess.

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Mon Apr 23, 2018 8:59 pm

HashFlare is doing well offering their clients a good hashflare cashback , they motivate you to have business with them, isn't it pleasant when your business partner are ready to make compromises for you and you don't have to ask them to do that? Really cool!

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Fri Apr 27, 2018 6:53 pm

Thanks for the info. I do know how to deal with exchanges, but nothing more yet. I’ve been trying to decide whether to try cloud mining or not for a while now and heard numerous different opinions by now. There is one thing about which I’m not sure. Recently I found info about IQ promo codes -here. And I’d really like to hear your opinion about it. Is it worth trying?

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Mon May 07, 2018 10:23 am

i agree with you

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Thu May 24, 2018 11:06 am

It completely depends on the particular miner's choice. If the miner or his/her team is confident enough to do long-term mining, has the investment funds and has done complete research, then hardware mining is good to go.

If the miner is less experienced, does not have required funds, they can opt for cloud mining.

Cloud mining contracts are generally for one or two years, so if the miner has long-term planning, can move to hardware mining.
Cryptography & Bitcoin Consultant @ encrybit.io
Encrybit║Upcoming ICO║ ▰ ▰http://encrybit.io/ ▰ ▰

BestW1shes
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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Fri Jun 01, 2018 9:27 pm

It completely depends on the particular miner's choice. If the miner or his/her team is confident enough to do long-term mining, has the investment funds and has done complete research, then hardware mining is good to go.

If the miner is less experienced, does not have required funds, they can opt for cloud mining.

Cloud mining contracts are generally for one or two years, so if the miner has long-term planning, can move to hardware mining.
And there is. All individually and depends on the miner

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Re: Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?

Tue Jun 05, 2018 7:11 am

Cryptocurrency is risky, it’s volatile and right now, no one knows what the next week, month or quarter looks like. If you are looking to advertise your business on a crypto-based advertising platform then Adconity may best suit your needs. Visit the website for more info: https://adconity.com/
[http://adconity.com/]ADconity[/http://adconity.com/] is a user friendly cryptocurrency, ICO and blockchain rich media advertising platform for advertisers and publishers with competitive pricing.

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