Topic: Viabtc Cloud Mining, read before you buy. - page 2. (Read 397 times)

Just like how things go with every bull-run, Viabtc started to advertise their cloud mining plans that most newbies will think of as free easy money, while Viabtc isn't exactly scammers the way they "and most other cloud mining providers" present their mining plans are misleading.


Here is an example of one of the contracts


At first look, you might think it's a great deal but let's run the numbers:

You pay $45.99+$2.76 for fees +  0.05184$ daily for power, since the contract is 1125 days (Maybe off by a day or two) you will pay $58.32 for power, so the total will be 58.32+45.99+2.76= $107.07

The above calculation assumes that the 6% fees are paid on the contract price and not the total amount, so you could end up paying more.

Right now 1TH makes $0.1364 so that will be $153.45 in 1125 days, but this is the "all sunshine and rainbows" scenario which assumes the difficulty and price will stay flat, this might work for someone who can't buy bitcoin directly for whatever reason, but other than that and while knowing that the difficulty will go up without a doubt then this is a terrible deal IMO, you might think that price is subject to go up to as well, well then just buy BTC instead of getting stuck in a mining contract for 3 years.

Another interesting point is that it doesn't seem like Viabtc actually own any mining gears

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You will also be forced to mine to their pool with only PPS+ method, which proves that they don't actually own the mining gears they selling the contract for, what they doing is collecting your BTC in a lump sum only to give it back to you in pieces.