WHAT IS CLOUD MINING?

Cloud (or remote) mining – is the process of using hardware power to mine cryptocurrencies (such as Bitcoin or Litecoin) remotely.
This mining model came into existence due to the fact that the increasing difficulty of mining has made it unprofitable for mining enthusiasts to mine Bitcoins at home.

Cloud mining gives people a unique opportunity to begin mining cryptocurrencies without the need for a large initial investment in hardware or technical knowledge.
Despite the simplicity of the cloud mining model, it is worth elaborating on a few details, specifically it’s important to highlight that remote mining comes in two forms:
hosted or cloud based mining.

REMOTE HOSTED MINING

The first form of remote mining is remote hosting. This model suits users with a high level mining experience and know-how and who require a high degree of control
over their mining hardware. Under this model, the mining hardware is hosted in a remote datacentre and the user assumes full control over the setup and configuration.
Under this model, the miner pays a fee to the hosting company that would cover maintenance and electricity costs.
This helps the miner handle the risks associated with maintenance of the kit as well as any risks with the shipment of the hardware.
On the other hand, it presents the miner with risk on the initial hardware investment and requires much more time and technical knowledge to implement successfully.

It can therefore be summarized that the benefits of remote hosted mining are tight control over the mining process, maintenance support and subsequent ownership of the hardware.
The big drawbacks are risks associated with the procurement of expensive hardware and the very high cost of entry, both in terms of investment and technical expertise.

CLOUD MINING

The second, and more accessible model of remote mining is Cloud Mining, whereby a miner purchases a part of the mining power of hardware hosted and owned by a
Cloud Mining services provider.
The service provider takes on configuring the hardware, maintaining uptime and selecting the most efficient and reliable pools.

This option provides a range of benefits: instant connection (meaning no hardware shipment wait times and delivery risks), fixed maintenance and electricity fees and
no nuisances associated with mining at home such as noise, heat or space.
Another key point is that this model of cloud mining requires no technical experience. Obviously, it’s very important that miners understand the mining process.
However, this model doesn’t require hardware expertise or significant configuration / implementation cost.
Since customers can purchase any amount of mining power (hashrate) they wish, this means that the level of investment will depend only on the miners’ ambition.
This means that the cost of entry and subsequent risk is far lower than in comparison with the remotely hosted model.

Cloud mining is greatly suited for novice miners who would like to try out mining and earning cryptocurrencies as well as seasoned miners who don’t want the hassle or risks
of hosted or home-based mining.

WHAT ARE THE ADVANTAGES OF CLOUD MINING?

1. Mining commences immediately after purchasing a mining contract with the cloud mining service provider.

2. 24/7 round-the-clock mining operation. You don't miss out even one second of mining.

3. Daily payouts of cryptocurrencies.

4. Ability to re-invest accumulated payouts to purchase more mining power (hashrate).

5. A user account with 2FA authentication is provided to graphically monitor your daily payouts.

6. The mining dashboard can be used to change your wallet address, make withdrawals, make re-investments, change the allocated mining pools.

7. Can purchase new contracts anytime to supplement existing ones according to your affordability.

WHO ARE THE TOP-RANKED, REPUTABLE CLOUD MINING SERVICE PROVIDERS THAT WE CAN TRUST WITH OUR MONEY?

1. HashNest ----------- https://www.hashnest.com

2. Genesis Mining ----- https://www.genesis-mining.com

3. Bitcoin.com Pool --- https://pool.bitcoin.com

4. Hashing24 --------- https://hashing24.com


Obviously there are many more, but these are the top two I did my research on, and are highly recommended.

Here is my mining dashboard with HashNest




Here is a brief write-up on cloud mining from the famous cryptocurrency website CrytoCompare.






WARNING!!!

Like any other lucrative business venture, cloud mining can be very profitable, or it may not be,
depending on your mining contract terms, the coins you are mining, and the size and duration of the contract.,

Always invest with money you can afford to lose.

You do not have to monitor the mining output everyday. You should sit back and relax.

Your return on investment (ROI) can be longer than expected, or as fast as a few months to breakeven, if conditions are right.

Do not expect a STEADY income stream from your mining contracts. It is very irregular, with ups and downs on a daily basis.

You should be OK if your expectations are realistic.

--------------------------------------------------------------------------------------------------------------------------------------------------------------
PLEASE DO NOT POST REFERRAL AND DISCOUNT CODES OR EMBED REFERRAL LINKS.

IT IS AGAINST FORUM RULES AND REGULATIONS.

VIOLATION OF THESE RULES WILL RESULT IN THE SUSPENSION OF THE INDIVIDUAL.

THANK YOU.
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WARNING --- HASHFLARE

Please avoid buying cloud mining contracts from Hashflare.

They have unscrupulously changed their existing Lifetime SHA-256 and Scrypt contracts to a limited 1-year.

All existing Lifetime contracts now expire on 31st August 2018!

This is a SCAM!

Go for Genesis Mining, HashNest, Bitcoin.com Pool, or even Hashing24.






CLOUD MINING INVESTORS

1. raynman --- Genesis, Hashflare, HashNest, GigaWatt, Bitcoin.com Pool
2. jack2 --- Genesis, GigaWatt, HashNest
3. denimblue --- Genesis, Hashflare, HashNest, Bitcoin.com Pool
4. alchmiya --- Genesis
5. strife_leo --- Genesis
6. HHCC --- Genesis, Hashflare, HashNest
7. overeact --- Genesis
8. cofin --- Genesis
9. blueblueoutofblue --- Genesis
10. mostwanted82 --- Genesis
11. gigroup --- Hashflare
12. firecrac --- Hashflare
13. Chelsea-Fan --- Genesis, GigaWatt
14. natamhanjing --- Genesis
15. mosfet83 --- Hashflare
16. kievlueen --- Genesis
17. DEz012 --- Genesis
18. tcw90 --- Genesis
19. Nidz --- Genesis
20. tyssxp --- Genesis, Hashflare
21. dragon528 --- Hashflare
22. tskhor --- Genesis
23. blue16 --- Hashflare
24. Ch3n_low --- HashNest
25. yupio --- Genesis, Hashflare, HashNest
26. Ruzumaki --- HashNest
27. Flame Haze --- HashNest
28. V-Zero --- Genesis, Hashflare, HashNest
29. dwRK --- HashNest
30. lastring --- Genesis, Hashflare, HashNest
31. Dividend Magic --- Genesis
32. kwong02 --- Genesia, HashNest
33. swift2 --- Genesis
34. johnnyzai89 --- Genesis, Hashflare, Bitcoin.com Pool
35. Wysiwygman --- Hashflare
36. KK7916 --- Hashflare
37. CoffeeDude --- HashNest
38. Someonesim --- Hashflare, HashNest
39. Blank86 --- Genesis, Hashflare
40. jep --- Hashflare
41. wildan03 --- Hashflare
42. Spectreoutreach --- Genesis, Hashflare, HashNest
43. ru5hd4n --- Hashflare
44. vampirex --- Hashflare
45. edthrax --- Hashflare
46. YO_OY --- Hashflare
47. melz84 --- Hashflare
48. Sigmax --- Genesis
49. alpha33 --- Genesis




GIGAWATT --- Remote Hosting of Mining Equipment

1. raynman --- 3 x Antminer L3+ 2,640 WTT tokens and 1 x Antminer D3 1,320 WTT tokens
2. dc_talkz --- 2 x Antminer L3+ 1,760 WTT tokens
3. jack2 --- 1 x Antminer L3+ 880 WTT tokens
4. Chelsea-Fan --- 3 x Antminer L3+ 2,640 WTT tokens
5. Ruzumaki --- 2 x Antminer L3+ 1,766 WTT tokens
6. jjsia --- 1 x Antminer L3+ 882 WTT tokens









Happy cloud mining, folks!

This post has been edited by raynman: Sep 7 2017, 01:56 PM

Why the old one being deleted ?

This one i see not bad also https://micro-btc.com

after 6 months you can sell back what you buy

There is also another one.

Not so profitable, but legitimate.

It is one of China's biggest mining pool.

https://www.viabtc.com/

I heard that we have someway to check the source of cloud mining earning is from real mining or not through the coins pool website.

Is it true we can check?

i trace back my eth paid by genesis ....they mine it from nanopool

I have no idea how to check.

If someone has found a way, please share it here.

How do you check it?

Please share.

just click on the paid by in your wallet then until the root would be the pool and block

i guess so ...because until the root is nanopool then click 1 more time is the block already

There is one more legitimate cloud mining site.

It is Hashnest, which is operated by Bitmain. The largest ASIC miner manufacturer in the world.

On Hashnest, you can buy and sell mining contracts to increase your hashrate.

https://www.hashnest.com/

Sounds interesting.

I trust Bitmain.

I will check it out later.

Thanks.

Genesis Mining has re-introduced DASH (X11) 2-year mining contracts after running out of stock for about 3 months.

I just bought the 500 MH/s plan.

hi all, i also purchased genesis cloud mining few days ago, so happy to see this thread up again.

Welcome to the Cloud Mining Club.

May I know which plan did you buy?

I will add you as a member in the first post.

Please share your experience as we go along.

Can't compare with u all, i just small investor i bought ETH mining 5Mh/s 2 years contract.

That is a great start!
Sikit sikit lama lama jadi bukit.
I also started small like you more than a year ago.

How much is the ROI per day? Can beat ETH or Hashflare?


Found this

https://www.cryptocompare.com/mining/genesi...n-2-year-large/

It seems ETH one is more worth.

This post has been edited by jack2: Jul 1 2017, 07:51 PM

Not bad. Almost comparable to ETH returns at a much cheaper price.

I intend to hodl DASH for future appreciation.

Ya, because no confidence invest high value in the cloud mining, i will wait for few months see how is the return first then may invest more.
I also planning to buy new GPU to do mining.

But mining GPUs everywhere is out of stock.

Ops, I forgot about the investment capital which is much lower than the ETH.

Thus, the ROI per day is about 0.55%...

So when are you going for it?

My Genesis dashboard now got DASH, effective from today.

How come you guys are so rich one?

No money as I diversified to ANS...

so many investor in lowyat ........

we should all pool in then we do our own cloud mining lol ....

meter tempering then we can mining with free electricity lol .....

ya... Who wanna pool in first?

How about launch our own exchange? haha

Do ICO better.

Need to build our own farm .....then back with our own mining

then pool in people coins create super big ICO and exchange in MYR

but need government lubang to back up if not kena disturb by bank negara lol

ask najis or his wife to chip in 1b MYR ....

fuuuuuu...sound like Jho Low in the making ....

Ok, you go talk to Ros

Should cloud miners be worried about the upcoming bitcoin event on 1st August?

which pool to choose on hashflare for scrypt mining ?

There are 3 pools allocated to Scrypt mining.

They are Litecoinpool, F2Pool and LiteGuardian.

I leave it at the default setting of equal share among all 3 pools.

I seem to get the best mining output from this default setting.

No worries.

Just ensure that you have your private keys in your wallet backed up just in case.

Look good bro

We should create a whatapps group and initiate something.
XD

FOr those who are curious about Hashflare,

here is an in-depth Q&A session with Vitaly Pavlov, manager of Hashflare.

http://hashflare.press/hashflare-sell-mini...ments-revealed/

The guy second from left got his 'A' inverted.

So is the rightmost guy with the 'E'.

Are you a cloud miner?

If you are, I shall put you as a member in my first posting of this thread.

This is something I don't understand.

Yesterday the Dash mining calculator showed that mining output is lower than today.

See today's output.



Yesterday's output was 0.07431 based on a hashrate of 500 MH/s.

Today it shows 0.08776.

This means that the Dash mining difficulty has decreased today?

This Dash difficulty chart may explain why you are seeing variations in mining difficulty from day to day.

Heck, it even varies from minute to minute.

I have never seen a cryptocurrency behaving like this.



Compare it with Bitcoin;s difficulty chart.

The Bitcoin chart shows no variations from day to day and minute to minute, unlike Dash.

Yippee...Genesis just reintroduced Dash...I'll go for it too as I'm very bullish about Dash for the long term.

Welcome to the Dash club.

I just checked the pricing for the Dash (X11) mining contract with Genesis and Hashflare.
Your 2-year Genesis 500 MH/s costs USD2,250.
Hashflare only has 1-year contract. USD2,900 for 500 MH/s.
Genesis is very much cheaper.
Good choice, raynman.

I am entitled to a 3% discount on the Dash mining contract, so I only pay USD2,182.50.

Cool....

Just received my first Dash daily payout.



0.07724257 Dash, around USD15.

Not bad at all.

But you need to wait for another 30 days.. LOL

True.

This is a new contract, so will have to wait out the 30 days.

My Exodus wallet is ready to receive the Dashes when they come in.

So they pay in Dash ka?

Exodus is desktop wallet? Good and safe?

Yes, Genesis pays out in Dash.

My Exodus wallet can store Bitcoin, Ethereum, Litecoin, Dash, Decred, Augur, Dogecoin and Golem.

They will add more coins as we go along.

You need to do a backup of your private keys first, then it is safe to use.

It is very easy and has a very nice user interface.

Try it out.

http://exodus.io

USD 15 daily payout from USD 2182 investment is about 6% ROI. Very good, better than ETH.

Raynman,

Can MEW store Dash, if not need to create Exodus. Another wallet and private key to protect. LOL.

This is because the ETH mining difficulty has increased tremendously recently, due to many people mining it.

Profitability has dropped almost 40% since the beginning of June.

You can't use MEW to store Dash.

Better get a multi-coin wallet like Exodus and manage your coin portfolio there.

I love the Exodus user interface and it is so easy to use.

Hi all, I'm new to cloud mining. But got question before I venture further on payout. Basically how does payout works? Ultimately how do you withdraw those earnings into cash? Thanks.

Depend on which coin contract you are buying and you need to convert it into BTC and sell BTC in any exchanges like Luno and get MYR.

Let's say I purchased Dash contract from Genesis. The payout will be in Dash coins paid to my wallet, right? So, how do I convert it to BTC and sell it in an exchange?

Is there any other costs involved in maintaining the wallet, conversion to BTC and selling the BTC?

Thanks and sorry for the noob questions.

P/S: Ok, just watched the Exodus videos. Apparently, the software has a built in exchange and you can convert coin in it without hassle. Surely, there are % spread involved.

This post has been edited by Nidz: Jul 3 2017, 10:51 AM

The built-in exchange called Shapeshift within Exodus is really very convenient.

No need to send your coins to a separate exchange to buy another coin and send it back to your wallet.

But what about cashing out?

You need to create a Luno wallet, which stores bitcoins and Malaysian Ringgit.

Sign up with them to maintain an account.

They will ask for documents to verify your Malaysian identity and let you bank in and withdraw Malaysian Ringgit.

Then you can use your Malaysian Ringgit to buy and sell Bitcoins at their Luno exchange.

http://www.luno.com

Lets assume I want to purchase 200MH/s Dash at Hashflare, cost about USD1,160. So based on cryptocompare, that will give about USD126.03 on monthly basis. So meaning I can withdraw ~MYR541 on monthly basis? Because I'm thinking to swap by credit card and convert to 0% installment plan, that will be around MYR415 monthly for 12months. What do you think? Any hidden fees that I'm not aware of from cloud mining perspective?

Thank you.

Ya. You are correct.


Bear in mind that the payout is daily term and you will receive your Dash to the wallet you specified and then you can convert it to BTC and sell to Luno and receive MYR.

The only concern you need to consider are

1. Mining difficulty
2. Prices of Dash and BTC which will affect your MYR either you receive lesser or higher.

Note:
Purchase via credit card - The first 30 days of the payouts will be withheld for security purpose and you can withdraw thereafter.

This post has been edited by jack2: Jul 3 2017, 11:21 AM

Free money! if one can get a few credit cards, needs not work anymore.

Based on 0.6% ROI, you will get back your investment by Day 167 but lets take 8 months on the conservative side due to the increase in mining difficulty. So from Month 9 to Month 24, the daily payout is your profit. But please do your own due diligence and research and stick to the golden rule in investing - only put in money you can afford to lose so it will not affect your current lifestyle. Happy cloud mining and good luck.

Thank you for your kind advice. I've few other investment in property and unit trust, now looking into this which I have to say very exciting. Since everything is digital, its literally just sit down and relax while money come in. So far I'm still assessing whether to go with cloud mining or purchase my own mining rig.

wow ... so your total daily payout from all the cloud mining you invested should be more than 100usd per day already ?

Then can save for a month then reinvest .....like some dude i saw in other forum he invested genesis mining for more than 500kusd

his daily payout insane 2-3btc .... thats 4k-6kusd per day, 250usd per hour, 4.17usd per minute, 0.07usd every second

This post has been edited by cofin: Jul 3 2017, 12:00 PM

I am a plankton compared to this whale.

Congratulation!

Thanks.

I have added you as a member of the Cloud Mining Club.

Add me also, on hash flare.. any WhatsApp group?

OK, you are added.

Sorry, there is no Whatsapp group for this yet.

Would you like to start one and be the admin of the group?

I'm new to here. heard about the Bitcoin mining but I'm feeling confused now...

buy a plan from the genesis-mining which means we do not need to own hardware to do mining ? "genesis-mining" do for us?

Yes.
You don't have to mess around to buy, assemble, configure, operate and maintain the mining hardware yourself.
If something goes wrong with any of the hardware components, it means downtime for you and will not be getting your payouts.
Cloud mining mines the coins 24/7 without downtime. You just sit back and collect money daily.
No need to worry about electricity costs, where to put the noisy and hot mining rig in your house.

I'm google-ing about this. It is cool... hope get more info from here..
a few weeks ago, I still discussed with friends about host own cloud CPU/server to do mining.

for min plan, 30/usd per month, do you guys able recover the expenses? I mean average

A USD30 cloud mining plan is very basic, but still OK for those who do not have a lot of funds to invest.
For small plans like this, don't ever go for bitcoin mining because the daily electricity/maintenace cost
they deduct from your daily will leave you with almost nothing.
And if the mining difficulty rises with time, the small payout cannot cover the MEF (Maintenance/Electricity Fees).

For small plans, better get those which do not charge MEF, like ethereum or dash mining.
No risk of terminating your contract because cannot pay MEF. Give it a try.

Did you guys received your ETH payout from Genesis ? Mine for 01.07.2017 missing

Nope. I got my daily ETH payout for 1/7 and 2/7 as usual.
Did you get your 2/7?



This post has been edited by denimblue: Jul 3 2017, 05:31 PM

Cloud mining is one of the many ways to invest in CC. The other being long term holdling for value appreciation, trading at exchanges, home mining with your own hardware and loaning out your coins at exchanges for daily interest.

The Genesis FAQ page has plenty of info. If you need any further info, the group here can help too.

https://www.genesis-mining.com/customer-service

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All payout updated as of 2 July

how much mh/s you subscribe for DASH?
I am thinking to start cloud mining.... not sure how much to start...

200

Wow, that's USD1K to start. Dun have such $$$

You can buy any hashpower as you want.

damn my 2/7 LTC and ETH also missing

I think Genesis Dash sold out already ... if you wanna buy then it pop this message

"Not eligible for checkout process. Requested amount (USD 4500.44829) for x11 mining exceeds maximum daily amount (USD 100). Spent today already: USD"

Wow! Litecoin is on steroids.
Very good for Hashflare Lifetime Bitcoin (Scrypt) mining contract.

This post has been edited by denimblue: Jul 3 2017, 06:20 PM

Ok. So, Luno is another kind of wallet plus an exchange, more or less the same with Exodus? But Luno only supports Bitcoin, thus I still need Exodus for Dash, ETH etc.

Once I have Dash/ETH/BTC in Exodus, I can send it to Luno and withdraw from there. Right?

Yes, but you need to exchange your Dash and ETH to BTC first before sending it to Luno to cash out.

Exodus has a built-in exchange called Shapeshift which can do the coin exchange for you.

I subscribed 500 MH/s on 1st July.
Got my first payout this morning.