Do Cloud mining sites really works or just hoax?

[Razor1911]

If you search over the internet, you will find many websites floating around which provides cloud mining. In these sites, You need to buy a plan with specific Hash rate. And once your order is confirmed, you will start accumulating the mined coins. They offer wide range of account options.

But what I feel is that, these are not mining sites. It's like those ponzi investment sites which offers to pay you interest on capital you invest with them. Here the plot is little bit twisted to confuse the customers. You will need to buy their plan, and then you will make some percentage of interest just as what HYIPs provide.

So I think such sites are just hoax as cloud mining is an impractical thing. You need hardware to mine, not a software. What do you guys think about such sites? Kindly share your views.

 

[sincerem]

If you search over the internet, you will find many websites floating around which provides cloud mining. In these sites, You need to buy a plan with soecific Hash rate. And once your order is confirmed, you will start accumulating the mined coins. They offer wide range of account options.

But what I feel is that, these are not mining sites. It's like those ponzi investment sites which offers to pay you interest on capital you invest with them. Here the plot is little bit twisted to confuse the customers. You will need to buy their plan, and then you will make some percentage of interest just as what HYIPs provide.

So I think such sites are just hoax as cloud mining is an impractical thing. You need hardware to mine, not a software. What do you guys think about such sites? Kindly share your views.

I agree with your posts, those cloud mining are just hoax kind of investment, they are sounding too good to be fake in the end. No real mining of crypto works perfectly with software tools, one needs complete mining hardware tools, standby power supply to mine crypto. So those claiming to be mining crypto using just software tools or equipments are hitting around the bush with no real evidence.

 

[Razor1911]

I agree with your posts, those cloud mining are just hoax kind of investment, they are sounding too good to be fake in the end. No real mining of crypto works perfectly with software tools, one needs complete mining hardware tools, standby power supply to mine crypto. So those claiming to be mining crypto using just software tools or equipments are hitting around the bush with no real evidence.

These coloud mining sites are getting popular now a days. People don't try understand the basic concept of mining, and without thinking much, they invest in such sites. I practically think that such types are just HYIPs. Because for mining a bitcoin, we will need huge processing hardwares. And If a company do own such hardwares, then why wouldn't they mine bitcoin themselves. Why they are providing us the mining commission?

 

[sincerem]

These coloud mining sites are getting popular now a days. People don't try understand the basic concept of mining, and without thinking much, they invest in such sites. I practically think that such types are just HYIPs. Because for mining a bitcoin, we will need huge processing hardwares. And If a company do own such hardwares, then why wouldn't they mine bitcoin themselves. Why they are providing us the mining commission?

You're making senses dear. If those cloud mining companies in the Internet fold claims what they think they are. Why would they be asking us for some payment to invest in their cloud mining services, when they can mine real Bitcoin or any other crypto without our dime, cos they got the hardware to mining the coins. Those people don't have anything called mining equipments, they're simply lying.