Is cloud mining really a horrible investment?

[glitch]

From my understanding of cloud mining, it seems like it is a bit sketchy.

I have never participated in it myself but I was reading other people's experiences and from the sound of things, it is a rather bad investment platform.

A lot of people can't seem to make sense of why a successful mining company would lease out their rigs to make less money.

It all seems a bit up in the air and risky.

 

[Robust]

Well this is the first time I am hearing about this cloud mining, so I do not know wether it is legit way or package for investment purposes. So trying to make move by trying the site is better and will be cool.

 

[glitch]

Well this is the first time I am hearing about this cloud mining, so I do not know wether it is legit way or package for investment purposes. So trying to make move by trying the site is better and will be cool.

I don't know anyone who is familiar enough with it. Most people who invest that I know only focus on the big 5 cryptos and general stocks.

I don't really know what to think about cloud mining. I would love to hear from someone on here who does though!

 

[eenya00]

what i do believe is that in this current time, any form of mining is a waste of time. from bitcoin mining to mining pie etc. they actually cost a lot of resources, be it money, time etc. for it to actually work and the result are not worth it.

 

[Honny143]

Present mine a well know coin so much expensive, so some legit websites gives a opportunity to mine a coin in groups, if we contribute some percent of amount in this groups,the website owner creates a plan regarding of our total amount and they mines the coin behalf us, if they earns profit they pay us some share of the profit, few years back cloud mining sites paid very well, but present most of could mining sites are fake and doing scam.

 

[Planbizzle]

From my understanding of cloud mining, it seems like it is a bit sketchy.

I have never participated in it myself but I was reading other people's experiences and from the sound of things, it is a rather bad investment platform.

A lot of people can't seem to make sense of why a successful mining company would lease out their rigs to make less money.

It all seems a bit up in the air and risky.

As it entails transferring money to a third-party business that might not be dependable or reputable, cloud mining might be a dangerous investment. A slowdown in the mining industry might also happen, which would prevent you from seeing a positive cash flow.

 

[Nomad]

Well, there are multiple legit cloud mining programs where you can invest and make money from your investment. However, there are also scam mining projects that are trying to scam, people. A lot of research should be done before investing.

 

[Riberet19]

Honestly, to me cloud mining sites were scams, I invested in 2 cloud mining companies when I started to get interested in cryptocurrencies, and I ended up scammed, I'm not saying that all cloud mining websites are scams, but I really believe that the vast majority they are, it is better to invest directly in the cryptocurrencies in question or invest more money in specific hardware to mine cryptocurrencies than to put your money on these sites.

 

[Grant]

The only cloud mining I do, is through the Pi Chain thing I've been a part of for a while. I don't know how it works, just that It doesn't use any of my phones power to mine their currency. It does it automatically when you click mine every day.

But I don't know much else about cloud mining. If it requires the use of a lot of computers or servers or whatever, than it's going to be a huge energy hog as usual.