Bitcoin Cloud Mining : Legit or Scam?

BTC Mining with ASIC Challenges

  1. Quite expensive!
  2. High temperature (60–80 in degree celsius)
  3. Noisy (70–90 decibels)
  4. High power consumption (The electricity cost is expensive in many countries)
  5. Difficult for maintenance and repair by ourselves
ASIC Miner : Specific BTC Mining machine : Powerful + many challenges

ETH Mining with GPU Challenges

  1. Still expensive!
  2. Once ETH2.0 Proof-of-Stake is fully launched. Its algorithm will not work with GPU cards (Proof-of-work) anymore
  3. GPU cards is not effective for mining BTC anymore. So, if ETH2.0 comes, you will need to switch to mine other low-demand coins and it may not take enough profits to break even in 2–3 years (Don’t forget that BTC/ETH ranked as the 1st and the 2nd in term of crypto market capitals while the 3rd now is BNB which is a non-mineable coin)
GPU Card : Able to mine ETH/RVN/CFX/ERG/FIRO/etc. (Statistics as-of May 5th, 2021 from whattomine.com)

Cloud Mining

So many people always warn that the cloud mining is totally a scam or Ponzi Scheme. Is that right?

I’m gonna tell you the truth. Yes, almost of them. Even some of those top-ten cloud mining websites guaranteed by so many articles.

However, before surrendering on BTC mining, let me share my thought about the Pros/Cons of the cloud mining and my check lists that may help you easily filter out the scammer from your list.

A Cloud Mining Provider

Cloud Mining — Pros:

  1. You can buy partial of the mining machine or buy the hash rate which each unit is not that expensive
  2. No need to care about the temperature and noise
  3. Low electricity cost if you select the cloud mining farm located in Russia, China, Iceland, and more
  4. No need to care about the maintenance by ourselves

Cloud Mining — Cons:

1. The well known cloud mining providers always offer too expensive hash rates

Scammer Detection Check-List:

  1. Check their trustworthiness in trustpilot.com / etc.
  2. Test their support efforts by asking questions in their website support on-call or their telegram
  3. Try little investment amounts to prove that you can withdraw the BTC mined from their website

My Lessons Learned:

To emphasize how importance of above check-list. I decide to share my long stories about the mining experiences and lessons learned since Jan 2021 until now:

  • Start mining Bitcoin (BTC) by renting the Linux cloud server with GPU cards embedded from Cherry server services and installed the “nuxhash” software to mine BTC on Linux server
  • Switch to mine Ethereum on Linux server using cudominer. Quite easy to mine but trade-off with quite high performance fee on cudominer itself
  • Change to use free mining software and mine ETH on Spark pool (Got higher profits)
  • Getting to know Scammer CCG Mining (Poland Mining Company) and already bought their hashrate but got nothing back for 5 months -> This is 100% Scammer! See evidence below.
Scam Alert : CCG Mining : Paid 410USD but got only this invoice
Scam Alert : Doge.live : When I tried to withdraw my deposited DOGE, this website sent my DOGE to their own address (A5EA2B58FE15369XXX) instead of mine
  • Getting to know cloud.bemine (Russian mining company) which is still legit for me since Jan 2021 until now. I’ve bought partial of 3 ASIC machines (43% of T17+, 6% of S17+ and 5% of A10 PRO) as you can see in below screenshot and keep trying to prove this provider by withdrawing the BTC mined (around 0.005 BTC) from this farm every month and will continue proving it until getting all my investment back
My mining machines on cloud.bemine : 0.43 T17+ & 0.06 S17+ & 0.05 ASIC A10 PRO
My latest 3 months withdrawal histories from cloud.bemine

Lastly, if you are interested in any cloud mining provider. Always assume that it is a “scammer” then try to eliminate all your concerns before investment.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store