Is cloud mining a good Idea?
Day 118
Made back 11% of investment.
Hashflare Account #1
Last month Hashflare asked its customers for feedback. They asked if we would recommend hashflare to a friend. My answer to that is still no. The price of bitcoin is too low to make any real headway to becoming profitable on the contracts. Hashflare has lowered their prices on the the contracts to .80 per 10ghz. This is a nice gesture, but the people who bought 3 months ago at $2.20 per 10 ghz this is of little help.
Btc price at the moment $8681
I have withdrawn 0.1 btc from this account so far $868
Total investment = $7725.86
Roughly $200 of the total investment was auto reinvest from daily payout.
When bitcoin was $12,000 I was making over $30 a day and as you can see with
bitcoin is at 8,681 and I'm making $19.19 a day.
My exact payout today was $19.19. I get to keep half of that roughly $9.00 a day after the maintenance fee.
I currently have 39 thz mining power
I'm still confident bitcoin will go up. But im not as confident that I will make back my $7725 that I invested. Im taking most of my returns and reinvesting that back into altcoins and proof of stake. We need a sustained 4-5 month period where bitcoin is over 15,000.
One third of the year (4 months) have gone by. We have 8 months to go and there is still hope that bitcoin will rise to the high levels we expect it to but im not holding my breath. I would not advise anyone to go into cloid mining under the current market conditions.
This is not financial advice this is just information from a fellow crypto enthusiast.
If your still interested in signing up for hashflare please use my referral code
below:
https://hashflare.io/r/9FAAB996
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clearbluecrypto (56)
Now I've changed my mind from using cloud mining . Do you think that asic mining is more profitable than cloud mining?
Hi, thank you for reading. Im not sure about gpu mining. I thought about purchasing a rig and running it but decided against it as cloud mining had a much easier learning curb.
I do have a friend who bought a rig and he says that the profit is very slow because of the higher level of difficulty.
I would run some number and estimate how much you can realisticly make and then determine if you want to spend the money.
Determine how long it would take you to get a return on your investment.
Wow! Great work clearbluecrypto! Your post has appeared on the hot page after 111min with 192 votes.
I just talked with a friend of mine who is invested in hashflare and he would not recommend investing in cloud mining either.