Is cloud mining profitable?
Ok this is a sensitive subject.This thing is kinda new and the opinions are divided.
In my view the mining difficulty has increased immensely and today it is almost impossible to mine Bitcoin profitably at home with your own hardware. The only exception is if you have very low electricity costs and manage to mine efficiently for at least 6 months without any major changes in this competitive landscape.
A seemingly sophisticated way to allow people to jump on the Bitcoin mining bus without the need of costly expenses. With cloud mining you can rent mining equipment from a company that will give you back the profits from your rented mining rigs.
BUUUUT a lot of mining sites are ponzi schemes.You pay for a mining contract which will break even in 6-12 months(those are the rates i have seen).And here is a problem...they have the time at their disposal.They can get a lot of bitcoin from selling miner contracts and then just close the site, leaving you without your money.
Recently i have discovered a website where you can mine for free.It's name is Eobot.
You have a faucet claim everyday in which you get coins.With those coins you buy Cloud Mining SHA.So in theory you don't pay any money and still receive miner contracts.It is true...it will take some time but claiming each day and getting mining contracts will boost your daily income...so try it out.
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Yes definitely profitable. Just depends on what coin you are mining, and keep reinvesting rewards as well. It's all about the long term game. Cloud mining is my favorite.