There are still Bitcoin cloud mining services popping up everywhere, despite the fact that mining difficulty and competition have skyrocketed over the years. Do you think there's any legit cloud mining out there for Bitcoin these days, or is it all just marketing hype and scams? I'm not looking for specific project names or advice, just curious about what you all think about how this whole scene is holding up.
It is really hard to make money.
At least half are bad fake thieves.
the few good ones have a rule that reads "we can cancel for any reason we want"
So you buy a 1 year contract for 2400 bucks. and in month four a crazy bull run happens you are whaling. looks like your 2400 in will get you 8k in btc.
they cancel the contract and mine with the gear to take to next 8 months profit.
Oh they refund you the 8 months at 200 a month and you do make money for the first four months say 2700+1600 =4,300, but 4300 is not the 8k you would have got.
How could such a business be anything other than scam? If you're a miner, and you've already purchased a bunch of ASICs, then you've already put your capital at risk. The whole point of capital raising, which cloud mining supposedly is, is that you're not risking your own capital for all the infrastructure of your business idea. But if you've already risked your capital, then why do you want my capital for? How does it help you? Why don't you just turn the miners on and start mining to get the profit that you initially calculated?
Cloud mining is a scam and has been over all these years.
You can buy ASICs yourself and start mining at your own place if you have cheap electricity and cooling. But you will need a big farm of ASICs to compete. Now here cloud mining seems very lucrative because you just put in money and it comes back double. Unless you know this mining company physically, you will be at great risk putting money in it.
If your known people are building a mining farm a good location and you can physically access it, then you might want to put your money to invest in it, that is a not a bad option.
All large companies mine independently or attract investors. You need to learn how to calculate real profits to understand which services are scams. I'm a miner, for example, and my price is 4 cents per kilowatt. I maintain the equipment myself and don't pay taxes. But a cloud mining service offers me better terms. Why do you think that is?
Same way we still have people still believe that Ponzi scheme can actually make them so good money, we do have people who still fall for cloud mining even when the business model does not make sense at all.
As of today, avoid anything to do with cloud mining. In fact, most scams and Ponzi schemes just decided to hide behind cloud mining as a for of passive income.
Someone who has the equipment, low-cost electricity and the efficiency to mine Bitcoin profitably at the current level of around $90,000, would never rent you that capacity at a discounted rate. They would likely want to maximize a sure thing like Bitcoin mining rather than pass on part of their profits to others.
As far as I know, there were a few legitimate cloud mining platforms in the past, but they all ceased to exist long ago.
The topic Experiment: Cloud Mining - the Loser's Path is pinned in the Russian board.
https://bitcointalk.org/index.php?board=21.0
I think the moderators need to do the same on this board So that invaluable experience is not lost throughout the forum
Are you referring to Bitcoin mining by renting mining hardware? or, cloud mining which is similar to a Ponzi scheme?
Well, if you are referring to Bitcoin mining by renting hardware, I remember there was a discussion on the forums, and maybe it is legitimate (Some of the discussants seemed to have tried it before), but some argued that the hash rate obtained was unstable, which would affect the mining results. They argued that the rental price was very expensive, and some even compared it to other rental sites. However, You also need to re-clarify the truth, it could be that the site mentioned earlier is no longer legit at this time, keep dyor. For more clarity about the discussion before, please see the following discussion : MiningRigRental
If you are referring to cloud mining that requires deposits, or performs unreasonable mining (it has a Ponzi scheme feel, or something like suggest you to find a refferal to speed up your gain), then I suggest you don't try it. I have signed up for several such sites in the past, and you know what? They are all gone now, and I haven't even made a single profit, it is as if they are deliberately making it difficult for the withdrawal target, and as if there is a motive behind it. Luckily, I have never deposited on any of these sites, as I find them extremely risky, and you should be aware of that as well. I think almost all of them are scams, or maybe all of them are scams, idk. If you find something like that, it should better to avoid it, or you can tell us here so we can discuss it together. Cmiiw.
I don't know if it's a good idea, but someone needs to first translate the post. Maybe edit some outdated information and add updated information. After that, convincing mods to have it pinned should not be much of a challenge.
I know that feeling, where you can't buy anything and all you can do is try to find another way around, I have used them all, even rented hashrate through Nicehash, just so that I don't have to spend thousands on Asic miners, but in the end I still have to buy a asic miner because this is the perfect way of mining Bitcoin.
This is not for everyone because some people have higher electricity charges, but another problem is cloud mining don't exists anymore, this is 2026, things are not the same as 2016 anymore,, no cloud mining service will be able to lend out hashrates and makes profits from doing so, it's not worth it anymore.
You won't read anything new there.
Goal number one is to convince investors to invest in cloud mining. Goal number two is to deceive the cloud miner. This requires a lot of detail in the agreement. Modern investors don't read that.
With Bitcoin's price at this level, many companies are mining at a loss, except for oneminers
Seriously speaking, if a company is losing money, who's going to pay for it in cloud mining? I had a similar experience when mining was unprofitable for a month. The company offered to ship an ASIC to my country, but the shipping cost was 150% more than buying it locally.
The company cancelled my contract. Honestly.
That sounds insane. So if you buy it locally and you need $1k for that, the shipping cost for the overseas product alone is $1,5K? I can't imagine shipping cost being that pricy. Most shipping horror stories I've heard are about products like figures, etc., where the shipping cost can be as expensive as the product itself ($100 or so, for example).
Is Bitcoin cloud mining legitimate or worth it today? Legitimate services exist, but they are rarely "worth it" compared to just buying Bitcoin. The network difficulty and professional competition have scaled even faster. Most cloud mining contracts are designed so that the provider takes the guaranteed profit (via your upfront fees), while you take all the market and technical risk.
So is there a real cloud mining the answer is Yes I saw binance and Antpool have their own mining contract but is it profitable you need to do your own calculation. If you want try how mining works you can rent on miningrigrental or nicehash. The price of the hardware itselft is expensive nowadays in my opinion today mining is designed for mining farm
ASICs used to be cheaper because the hashrate wasn't as high. But the cost of dismantling, packaging, and shipping was deliberately listed higher than the price of the ASIC. We didn't read these contracts beforehand and only looked at profit statistics.
But shipping has its paradoxes. Goods from China to Russia can be shipped for $3 per kilogram, but shipping the same product back will cost several times more.
Cloud mining is either a scam or unprofitable, no other option exists. We didn't have legit cloud mining even in 2015-2016 when mining was really profitable for everyone, so how do you expect to have legit cloud mining in 2026 when mining difficulty has significantly increased and it's not as profitable as it was before? Especially when mining became a commercial business and you can't mine at home for profit.
When cloud mining promises you profit, just ask yourself why they don't mine on their own? The answer is that while you expect profit from cloud mining, cloud mining company expects profit from you, not from cloud mining itself, which means that business is designed in a way where the profit machine for the company are you, not mining rigs.
"Cloud mining" is almost always a scam or turns that way sooner or later.
They don't have actual mining speed.
They just show you numbers on a screen to keep you happy while its basically a pyramid scheme.
My tip: If you want to invest into mining coins, look into building your own machine or buy a ASIC if you have big money to invest.
But be warned, you will need to keep buying more equipment upgrades to keep your profit levels steady.
It's not a poor man's game anymore.
You're wrong. If you're interested, I can name some legitimate companies from that era. Ten years ago, it was profitable because mining wasn't yet an industrial enterprise. Times are different now, and even if everything is legal, it can take 12 months or more just to break even on the equipment. Profits will only come with healthy price growth.
I know some legitimate companies from that era, for example, hashnest but people weren't making money with cloud mining there, the money was made by trading hashrates because their price was volatile according to Bitcoin's price and mining difficulty. There were some other legit companies on paper like genesis-mining but everyone was losing money on that website.
Btw my question is, if mining is profitable, then why would you mine for others if you do not earn more that way? I mean, why should I offer cloud mining to someone when I can mine for myself?