The harsh realities of Cloud Mining Services
There are a couple cloud mining services that people do report making a profit with, I am not going to go into those sites in this article as I am not trying to sell you or not on the idea of cloud-mining. But there are some VERY important things you need to remember when purchasing hashrate online.
- does the company offer yearly multi year or lifetime contracts.
2.How long has the company been around and what it their track record. complaints vs compliments. - what are the fee's per g/h, t/h per day for power.
- do they allow you to choose your pools.
- what are the withdrawal fee's when you cash out your balance.
If you take everything into consideration including increasing difficulty on the blockchain and reducing yields per Th over time then you can come out ok. I personally am set to make a profit on my bitcoin contract but not as much as I was quoted at the start, because increased difficulty ( this isnt discussed in any contracts ive seen but is listed on some sites by your estimate)lets say you had about 20 gh thats used to yield about 208 satoshi the other day but with difficulty up it now yields 173-178 satoshi about every 24 hours, that drop was a lot more significant at the th level but keep this in mind when investing in cloud mining. the bitcoin price is volatile and mining has a lot of considerations.
I hope this article is helpful to anyone considering bitcoin mining on the cloud. Take care always approach every site with a grain of salt even the older names as you may end up spending more in fee's that you though and be unhappy as you wont make as much as you thought and feel ripped off. If it sounds to good to be true it probably is also, no one just gives stuff away usually. Good luck if you decide to risk this gambit, be prepared to lose but hope to win.