Quote from: Ojima-ojo on January 25, 2023, 03:46:51 PM

Quote from: Z390 on January 25, 2023, 12:22:51 PM

Are people still renting cloud computing Power to mine Bitcoin? A brother from another mother told me this and I said its impossible because I knew they are not profitable anymore, I might be wrong, who knows? That's why I need to ask fellow bitcoiners on this forum.. Is this still possible today? Where not even 20TH is no more profitable, or people are doing it illegally? Because of the way he hyped this I am having a second thoughts maybe it's illegal.

Bitcoin cloud mining is a known scam since that mechanism doesn't work with Bitcoin and any form of the cloud mining site is illegal as others have rightly said.

In my early days in Bitcoin I was scammed by this so-called cloud mining site that kicked me out a few weeks after registration, I fall victim to their scam due to my novice state at that time.

I lost all my investment, but that incident lead me to search for more information about bitcoin and with that quest for knowledge I located this really helpful forum.

It doesn't "have to be" a scam, but so far it has always been. Normally if the idea is to make sure that you have a collective cash, then you could sell something that could make 1.2 million dollars in a year, but sell it for 1 million dollar collective today, thanks to that 1 million you get today, you could buy a lot more machinery right away, and build that next to one you already have, when the year is over, you will have 2 systems worth 1.2 million so you would make 2.4 million next year.

Plus, you would take the costs out of the earnings from the customers as well, meaning cloud system could technically work. It's just that nobody has done it in a legit way, and that's the issue.