Bitcoin Pool Mining and Cloudmining Analysis and Thoughts

When I saw Bitcoin.com promoting their cloud mining for 110% rewards, I was attracted to it. Then I followed Boxmining and he seems to be upgrading all the time on Genesis Mining.

Yesterday I went into a few sites such as ViaBTC, Pool.Bitcoin.com and register as a user (not paying any contract yet).

Everything looked slick. Fast, well laid out.

Went further to do some calculations on the earnings and initial outlay. For example, you may need to wait a month to get the "stock". Then each pool that you joined or the default pool, may have many users. So even if it win some blocks, you're splitting with a plethora of other users.

In general, you can pay a contract a thousand dollars, and need about 5 to 6 months to gain the initial cost.

It is quite uncertain since the contract can be closed when it is "not profitable".

Those Youtubers that are very popular with many followers, Boxmining for example and Crytosomniac, they can hand out a referral code and get commission from that instead of purely mining. So it thus become a semi-MLM system if you want to make profit. Getting others to sign up is the strategy.

Therefore, the risk and effort is not for me. The best way forward is just buy Bitcoins. That is all. Then keep it for 5-6 months. And see if that value can exceed buying a cloud mining contract that cost $1000 dollars!