Topic: Bitcoin mining without the hassles of mining (Read 213 times)
This is certainly not the best option for the buyer. Provided that the cloud mining service is legit, the only thing I can think of that benefits the person buying it is not having to deal with exchanges (KYC, privacy issues, etc.). In all the other cases, it is much cheaper to purchase the coins directly.
Nothing actually reverts back to the miner.
It was an ELI5 for Joel, I'm of the same opinion about cloudmining as you.
Once the cloudmining contract expires (or the miner decides to expire it because he says his costs aren't being covered) then the hash power reverts to the miner. And then there's the scams....
Nothing actually reverts back to the miner. Whether people buy these contracts or not, the miner (if they are actually mining) has its gear running anyway, where in case someone buys a contract, the service in question just pays out dust till they find it enough and terminate the contract. It's not that when you buy their entire stock of contracts that they fire up their gear entirely for you. Even if they state to do so, it's very likely not the case because it's too much hassle for something that the contract buyer can't verify anyway. It's a game that the buyer of contracts can't win, especially if the buyer is dumb enough to reinvest earnings -- the only winner is the house.
Not that I'm the smartest person when it comes bitcoin related stuff but can someone please explain how can cloud mining be very profitable to anyone when normal mining isn't profitable either ? Like does this virtualisation decrease the mining difficult or they actually have mining farms spread over 100 acres of area which needs to be rented so they can make profits ?
"Normal" mining is profitable, Joel.
It's also capital intensive.
Getting cloud mining customers to pay upfront for future unspecified repayments (the size of which are controlled by the miner) by selling them hashrate is an attractive way to finance a farm. They deduct for 'maintenance' and/or electricity and, last time I looked, these charges can swallow about half of the gross amount of BTC that the purchased hash power should have mined.
Once the cloudmining contract expires (or the miner decides to expire it because he says his costs aren't being covered) then the hash power reverts to the miner. And then there's the scams....
Not that I'm the smartest person when it comes bitcoin related stuff but can someone please explain how can cloud mining be very profitable to anyone when normal mining isn't profitable either ? Like does this virtualisation decrease the mining difficult or they actually have mining farms spread over 100 acres of area which needs to be rented so they can make profits ?
BTCC now offers bitcoin mining without the hassles that come with mining: https://bt.cc/hashcloudminingannouncement
I have not went through the cloud mining investment always and warned the newbies many times to avoid investing on it. I found Genesis, Hashnet and Hashflare are seems good at this cloud mining platform.
Still we cannot consider all the new come clouders are legit person. I have not checked your website name or anything on badbitcoin.org
If you find this website listed with poor rating, it would not be worthy cloud option for forum members.
All of these are good, and have proved to actually have their mining equipment -- This is correct, tried, and true.
Though because they are legitimate, they aren't profitable for people. They're going to stop mining for you when it's not profitable for them anymore and then you'll be shit out of luck. Cloud mining is a waste of money, do it yourselves.
BTCC now offers bitcoin mining without the hassles that come with mining: https://bt.cc/hashcloudminingannouncement
I have not went through the cloud mining investment always and warned the newbies many times to avoid investing on it. I found Genesis, Hashnet and Hashflare are seems good at this cloud mining platform.
Still we cannot consider all the new come clouders are legit person. I have not checked your website name or anything on badbitcoin.org
If you find this website listed with poor rating, it would not be worthy cloud option for forum members.
Current deal:
235 USD / 1,875 HKD
Price Per Contract / T
1 year contract = NON profitable.
BTCC now offers bitcoin mining without the hassles that come with mining: https://bt.cc/hashcloudminingannouncement
I have not went through the cloud mining investment always and warned the newbies many times to avoid investing on it. I found Genesis, Hashnet and Hashflare are seems good at this cloud mining platform.
Still we cannot consider all the new come clouders are legit person. I have not checked your website name or anything on badbitcoin.org
If you find this website listed with poor rating, it would not be worthy cloud option for forum members.
BTCC now offers bitcoin mining without the hassles that come with mining: https://bt.cc/hashcloudminingannouncement
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