Cloud mining is all a scam. It rapidly becomes unprofitable as mining difficulty increases. You have to keep pumping more and more money in for lower and lower returns. If it was actually profitably the company would just mine for themselves and keep the bitcoin.
I think of cloudmining as a financial derivate. It's a risky investment, but if you have enough money you can use it to offset risk in cryptocurrencies.
I didnt know there were mining contracts. I thought you needed a rig.
You can basically buy the hardware off companies and they do all the work for you it's awesome!
Cloud mining is all a scam. It rapidly becomes unprofitable as mining difficulty increases. You have to keep pumping more and more money in for lower and lower returns. If it was actually profitably the company would just mine for themselves and keep the bitcoin.
I think of cloudmining as a financial derivate. It's a risky investment, but if you have enough money you can use it to offset risk in cryptocurrencies.
great video, I also enjoy hashflare so far!
Awesome to see you on Steem Ryan i just joined myself!
Do you have to pay to start mining, and can you mine litecoin as well.
yes you have to pay they do have litecoin (scrypt) mining but they only payout in bitcoin.