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Bitcoin Forum > Bitcoin > Mining (Moderators: gmaxwell, -ck, frodocooper) > Cloud mining questions

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Author Topic: Cloud mining questions (Read 305 times)

Lucius Re: Cloud mining questions

+Merit #21
Legendary June 19, 2019, 09:10:42 AM

Quote from: Zoltan Almighty on June 18, 2019, 02:31:24 PM

Online
Let me specify a bit more of my original post as it seems Lucius might misunderstood it.
Activity: 1456
Merit: 1219
I have not misunderstood what you say, my reply was directed towards the member of the forum who advises
you to withdraw you money if you get your ROI, but you made it quite clear that you buy contract with some
cloud mining company just a few days ago. It is quite obvious that no ROI could have been accomplished in such
a short period of time.

Quote from: Zoltan Almighty on June 18, 2019, 02:31:24 PM

So if all of you guys think that cloud mining at the recent state is 90% a scam,don't you think that a sticky or a major post might
Fortis Fortuna Adiuvat
be useful at the top of the Forum?
I mean I see most of you are super experienced in this area based on your ranks

Trust: +0 / =0 / -0
Ignore There is something like this, and it is sticky thread you should read before investing in cloud mining. This is sticky
thread in this board : How to earn Bitcoins - Part 1 and from there you can get this link Cloudmining 101 (ponzi
risk assessment) which is dated to November 30, 2014.

All the necessary information and warnings are on the forum, it is up to new members to read them.
Report to moderator

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Zoltan Almighty Re: Cloud mining questions

+Merit #22
Newbie June 19, 2019, 12:01:34 PM

Online @primenumber7

Activity: 16
I was aware nothing stops them to not paying of course.This is a calculated risk from my side.
Merit: 2 So you saying there is no way to be sure where the bitcoin coming if I understand it correctly?
Posts: 17
@Lucius

Trust: +0 / =0 / -0
Thanks for pointing me to the right direction:)

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Zoltan Almighty Re: Cloud mining questions

+Merit #23
Newbie June 19, 2019, 03:39:16 PM

Online @Lucius

Activity: 16 I was reading around 10 or more pages at least on Cloud mining 101,quite informative.I see in the meantime that
Merit: 2 huge red banner on the top of that discussion.
Posts: 17 Still the info generally is trustable there in your opinion?
I don't see my company there but based on what I read,chances are good.
I had a few hit on the Ponzi assessment scheme:)
Trust: +0 / =0 / -0
Report to moderator

Zoltan Almighty Re: Cloud mining questions

Newbie June 19, 2019, 06:17:12 PM +Merit #24

Online Some update in the meantime.

I got this answer for my question where I’m asking for information about
Activity: 16 their mining pools and which blocks they mining.
Merit: 2
Posts: 17
“Our company continuously maintains mining of several most profitable cryptocurrencies in the field using
hardware
and the power from several large data centers around the world to minimize costs of electric power.
Trust: +0 / =0 / -0
On daily basis our professional analysts manage our assets to convert in into bitcoin on the most profitable
price as of Bitcoin is most liquid cryptocurrency at the moment.

You will be receiving Bitcoin payouts on daily basis depending on amount of MH/s you purchased.”

Opinions guys?

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bones261 Re: Cloud mining questions

+Merit #25
Legendary June 19, 2019, 06:22:08 PM

@Zoltan Almighty This seems rather vague. They don't tell you exactly which coins they are mining. Then they
Activity: 1596
supposedly turn around and covert to bitcoin. I'm extremely suspicious that your are involved in a Ponzi. If I were
Merit: 1616 you, I wouldn't invest even 1 additional satoshi in it.

My hat is in storage.
https://ibb.co/YLkPgXb
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+Merit #26
Newbie June 19, 2019, 07:02:54 PM

Online I agree Bones with both of your statement.

It seems it is a Ponzi,and the answer is extremely vague.
Activity: 16 It is paying tough,I just pulled out the settlements from yesterday.
Merit: 2 I won't invest more for sure.
Posts: 17 As for now even if I know they are a Ponzi,I can't really do anything else than pulling out as much as I can.
Till they stop paying.

Trust: +0 / =0 / -0 Report to moderator

adzino Re: Cloud mining questions

+Merit #27
Copper Member June 19, 2019, 07:12:08 PM
Hero Member
Quote from: Zoltan Almighty on June 17, 2019, 06:45:57 PM

Dear Guys!
Activity: 1246 I was purchasing a bitcoin cloud mining contract a few days ago from a company
Merit: 514 I noticed that the daily payouts were decreasing.With around 10% in 3 days.In comparison of the forecasted amount at the
purchase
Now I'm aware that with mining the mined amount are changed by the hash rate and the mining difficulty too.But I checked and I
believe there was not any increase in three days like 10%.
I was asking the support of the company about how can I make a calculation myself about the daily payouts.
However they are strictly avoiding to answer me more precisely than this:
You should familiarise yourself with the mining process or a few similar answer.
My question is for you:
Crypto-Games.net: How I can calculate the payout by myself,is there a formula or a website for it?
Multiple coins, multiple Thanks for all of your suggestions:)
games
Lol, most of the cloud mining sites are pure scam. They are more like a ponzie scheme. They do not actually own
any mining farm. If they provide you with a photo of their farm, high chance thats just a fake photo. Try to back
Trust: +5 / =0 / -0
out as soon as possible before they do the "exit scam". Just invest your coins on different crypto currencies and
Ignore hold them for profit. Don't fall for these cloud mining scams.
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Zoltan Almighty Re: Cloud mining questions

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Newbie June 19, 2019, 07:25:33 PM

 Online @adzino

Activity: 16 Well,I pull out the bitcoin like asap for sure.
Merit: 2 I always play on the alt coins,I just thought recently I try other things too.
Posts: 17 I guess I just stay with the trading.
As for the decreasing payouts,yesterday I was quite surprised as I got more btc than the day before.

Trust: +0 / =0 / -0 Report to moderator

PrimeNumber7 Re: Cloud mining questions

Full Member June 19, 2019, 08:19:54 PM +Merit #29
Merited by bones261 (2)

Quote from: Zoltan Almighty on June 19, 2019, 12:01:34 PM

Activity: 126
Merit: 114 @primenumber7

Please no unsolicited I was aware nothing stops them to not paying of course.This is a calculated risk from my side.
“business” So you saying there is no way to be sure where the bitcoin coming if I understand it correctly?
opportunities
It is very difficult to tell for sure that your coins are actually reasonably from mining rewards. A fraudulent cloud
mining operator might rent some miners to show actual mining rewards and combine those inputs with other
Trust: +0 / =1 / -0
coins. I also understand in the past, some fraudulent cloud mining operators have sent coins to antpool accounts
Ignore and requested withdrawals so it would appear payouts were coming from antpool, when in reality they were
actually most likely the proceeds of sales of cloud mining contracts that were used to build up confidence.

You indicated in a post above the company you bought some cloud mining contracts from told you they mine
altcoin and convert the mining rewards into bitcoin. This may be true, but is very difficult to verify.
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Zoltan Almighty Re: Cloud mining questions

+Merit #30
Newbie June 19, 2019, 09:39:29 PM

Online @primenumber7

Activity: 16
Yes I’m aware of their altcoin mining strategy of course.
Merit: 2 What got me thinking,when I was asking about the reason why my payouts were decreasing.
Posts: 17 And I been told I receive less daily payouts because the mining difficulty and the hashrate increased on BTC.
Now this was true somewhat when I was checked.Indeed the difficulty was raised after May 30.
Then I was just,like wait a minute,fuck.This guys they told me earlier that they are mining altcoins.
As far as I know there is no relation between how profitable is the altcoin mining and the btc hashrate amd
Trust: +0 / =0 / -0
mining difficulty.
Or am I missing something here?

From the other hand what I realized just out of how the daily payouts were decreasing,then yesterday it was a
little increase.
That the price of btc of course it is involving my payouts.
For example if somebody mining any altcoin and it’s converting them into btc.Then they obviously
get different results from day to day.Depending that alt/btc pair which they are mining and exchanging and also
from the btc/usd pair too.

All in all meanwhile everything points to the direction of Ponzi.

There are small details which might telling a different picture.

I guess the only true answer we get if I wait and see what’s going on?

Of course any further advice extremely appreciated,or in case my logic is not right please point to my mistakes.

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Zoltan Almighty Re: Cloud mining questions

+Merit #31
Newbie June 19, 2019, 09:54:53 PM

Online One more thing,yesterday when I was checked the address in a block explorer.
Where the bitcoin is coming from.
Activity: 16 The relayer was antpool.But I don’t know what is the meaning of it:(
Merit: 2
Posts: 17

Trust: +0 / =0 / -0 Report to moderator

TimeTeller Re: Cloud mining questions

+Merit #32
Hero Member June 19, 2019, 09:58:19 PM

Quote from: BitMaxz on June 17, 2019, 07:01:53 PM

Activity: 1008 This is the reason why I don't trust any cloud mining site because all of them are frauds and most of them are scam.
Merit: 516
If you already get your ROI from the company better to withdraw and never invest again in any cloud mining business.
 The best choice you can do now with your money is to build your own mining rigs or buy your own ASIC to mine bitcoin.

This is a smart decision though. I had invested in cloud mining services before but learned my lesson as well.
Better invest your own hardware and build your own mining rig. The initial investment is high but you can always
have your hardware.
I don't think investing in cloud mining contracts is still profitable nowadays.
Trust: +0 / =0 / -0 If the OP is really serious about investing in cloud mining, better read all the threads related to cloud mining and
Ignore see for yourself.
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PrimeNumber7 Re: Cloud mining questions

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+Merit #33
Full Member Today at 05:59:20 AM

Quote from: Zoltan Almighty on June 19, 2019, 09:39:29 PM

Activity: 126 @primenumber7

Merit: 114
Yes I’m aware of their altcoin mining strategy of course.
Please no unsolicited What got me thinking,when I was asking about the reason why my payouts were decreasing.
“business” And I been told I receive less daily payouts because the mining difficulty and the hashrate increased on BTC.
opportunities Now this was true somewhat when I was checked.Indeed the difficulty was raised after May 30.
Then I was just,like wait a minute,fuck.This guys they told me earlier that they are mining altcoins.
As far as I know there is no relation between how profitable is the altcoin mining and the btc hashrate amd mining difficulty.
Trust: +0 / =1 / -0 Or am I missing something here?
Ignore
The difficultly of altcoins that use the same mining algorithm as bitcoin, SHA-256 should follow the difficulty of
bitcoin, the reason being if bitcoin's difficulty goes up a lot, some miners might start mining an altcoin whose
difficulty and price will generate more mining revenue, causing the difficulty of that altcoin to go up. When bitcoin
cash first forked from bitcoin, many miners flocked to mine it when its difficulty allowed miners to mine bitcoin
cash more profitably than bitcoin, and almost abandoned mining bitcoin cash when mining bitcoin was more
profitable; this caused havoc on both chains.

When you buy an ASIC, it can only mine on a specific algorithm, and when you buy a cloud mining contract, it
would not make any sense for the operator to allow you to change the algorithm your share of equipment is using
based on profitability. The operator may sell contracts for multiple algorithms, and customers may be able to
trade between contracts for different algorithms, however it would be illogical for all customers to be only using a
single algorithm.

What you describe is in fact a discrepancy, and should be a red flag.

Quote

From the other hand what I realized just out of how the daily payouts were decreasing,then yesterday it was a little increase.
That the price of btc of course it is involving my payouts.
For example if somebody mining any altcoin and it’s converting them into btc.Then they obviously
get different results from day to day.Depending that alt/btc pair which they are mining and exchanging and also from the btc/usd
pair too.

If the operator is mining various altcoins that all mine using SHA-256, the coin they mine on may change from
day to day, and even from hour to hour. If prices of altcoins generally riise in relation to that of bitcoin, if difficulty
remains consistent for the altcoin, your revenue should increase.

The operator probably charges a fee in USD for electricity, so if prices go up, your earnings should also go up, if
difficulty stays consistent because less is going to pay for electricity.
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The forum strives to allow free discussion of any ideas. All policies are built around this principle. This doesn't mean you can post
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Zoltan Almighty Re: Cloud mining questions

+Merit #34
Newbie Today at 08:42:57 AM

Online @Primenumber7

Activity: 16 Wow!This is a very detailed answer:)I got it now!

Merit: 2 So everything is intertwined.
Posts: 17 I guess if I looking at the general alt coin market cap if it's growing or decreasing.
That should be a good indicator of how the daily payouts are?

Trust: +0 / =0 / -0 Report to moderator

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