Is Cloud Mining Profitable?
Well is it? You tell me. If anyone reading this post is into mining on the cloud and is seeing positive results, then do share your experience(s). I will tell you 'mine'. (pun intended) If you are unfamiliar with what cloud mining is, it's basically a company that leases you their equipment and pays you dividends for the funding.
I figured out a while back that I wasn't going to be able to afford any massive mining equipment. What, with the price of electricity and raising a family, plus living in the south where it's usually warm...it just didn't seem like a conducive plan. I did however, want to mine coins somehow. So I searched and searched and came across a few faucets that gave me very little, and it wasn't until about 3 years ago, that I stumbled onto a few new mining companies. They were cloud mining companies, which got me excited. Finally, I can harvest some coins without the hassle of setting up rigs.
The first one I discovered is called Genesis Mining. They were probably the first company to establish a foothold in this unique niche of cryptocurrency. I was still real leery, and honestly didn't buy any contracts from any company until the beginning of this year. I was waiting to see if it would stick around. Kind of wish I'd of gotten in earlier, but hey, I'm here now. They offer several different types of contracts, a few lifetime, some without fees, and on multiple algorithms. So, depending on what you want to mine, will dictate what contract(s) you opt for. The only thing you have to wait on is a month hold for initial withdrawals. If you are so inclined, feel free to visit Genesis Mining and get your contracts going. If you use my code -H184xG- you will get a discount. I made my money back around late April and decided to reinvest, have had no problems ever with their automatic withdrawals, and their customer service is always prompt. I was a newbie on their platform so yes, I had tons of questions and they were patient with me. LOL
Though Genesis is a great company, they are not my favorite. That honor goes to HashFlare. There are several reasons these guys are tops on my list. The first is (to me) it seems they are a better deal than their competitors. I feel I average a little more over here on HashFlare. Which brings me to the reason why and my second factor, is you can dictate which pools you mine from. This is the only cloud mining company that allows to do that (to my knowledge). The final reason I really like this particular platform is because on the Bitcoin side, you can set it to reinvest in itself, and since, it's a lifetime contract on that...it just keeps going up if you set it that way. Now, that's not mandatory, you can withdraw your earnings at any time you wish after the initial two week hold. Unless you change your wallet address, then it will reset the wait time back to two weeks again, so be sure your address is set to one you intend to use for a long time. Anyone can buy a contract with HashFlare with a credit card or several different cryptocurrencies. If you use my code, you'll get a shnazzy discount on your purchase ;) -8F08B740-
I have to give an honorable mention to a company I have recently discovered. Eobot. They're not your typical cloud mining platform and I'm pretty sure they trade on the back end. They have more coins mined than any other I've seen, and in all reality, you can get started using this platform for FREE. Yes, free. I will create a video tomorrow that shows exactly how to do it. Now, the reason I believe they trade on the back end is because some of they coins they list are not minable, but they will pay out the currency. I also know this company is legitimate, because I have withdrawn several thousand coins from them already. To see Eobot in action, simply click here and see MY profile.
There are others I have been experimenting with and if they prove virtuous, I will share them with you. Please comment your experiences as I am always searching for more places to gain a few (or a lot) of coins. Steem On!
I believe the real question is "Why do people sign up for cloud mining?" -- there is a good and appropriate answer for this, one that makes strategic sense. There's also an obvious answer :)
Some people can't afford a massive rig. That was my reasoning.
Thanks for sharing as I am learning and learning everyday 😁
Excellent, I hope you keep gaining knowledge and expand your territory :)
great post my brother. i become new your follower
Awesome! Glad to have you as part of my community :)
As a miner myself, I like to have the control over my own rig, this cloud mining thing is all in my opinion a way for the owner of the rigs to guarantee up front profit instead of the usual mine today for the price of the coins tomorrow mentality of regular small miners. The danger with the big companies like genesis mining is that it kinda creates a centralized network if the mhash gets high enough through their facility for any specific coin. Cryptocurrency was meant to be highly decentralized, split between millions of smaller miners but this is doing the opposite.
We'll agree to disagree on some of that. I have to ask you, since you are a miner then, what do you think about PoS coins and the NEO/AntCoins?
I think they are hiding your post because of the affiliate links. Anyway it says hidden due to low ratings.
Ya...I had 4 upvotes before that stupid whale bot decided it didn't like my post. I mean this is a decentralized platform right? Supposed to be uncensored? SMH
yea. I've been curious how they feel about outside links. I have products that I make that I would like to feature here but I'm not sure its the right platform
Odd because they'll let youtube links and various others fly quite often. I think it was because of the links I used, not really just the fact that they were links themselves. Some people feel the companies I listed here are bogus and an insult to traditional crypto mining and I felt that way for a few years too. Then this year I decided to try it and haven't looked back. Same thing I am doing with Steemit. Really don't know until you try...which is my advice for your products btw :)
You could be right. I've looked into cloud mining and its just to long for ROI for me. 10-12 months with the state of crypto is to much of a gamble for me. I will however be building a rig soon. Possibly getting an ASIC as well.
When I started , the beginning of the year, prices were all starting to go up so my roi was right at 4 mos. Only one of the 15 contracts I bought isn't in profit. Thing with most of those multiple currency outfits is you can dictate what coins to mine with your hashing power. Litecoin and eth exploded so I got my money back in no time.
Yea, when I first looked at genesis the ROI was around 5 months. That change only happened the past month or so.
Just to be safe, you may want to wait until your personal vote carries more weight.
good idea