RE: In defense of the cloud mining sites
I've actually mined so I know. I broke even with my machines in 6 months. You constantly have to buy new machines "re-buys" to keep up with the difficulty level. NOT worth it unless you do it yourself where I did my own maintenance, etc... Today you need at least 100k to mine bitcoin; assuming you have found cheap electric and a place to warehouse the machines which need AC. These "cloud mining" places CHARGE YOU for all that! Which means your ROI/ break even point is years away. Just ask them what is my ROI? They refuse to answer giving you excuses "it's a dynamic environment" etc... BULL. I did it myself in 2014 with 10k. It took me 6 months to break even. I GUARANTEE YOU you will not get there in 6 months. ASK FOR ROI! They refuse? You know NOT to get involved.