Cloudmining Experiment - It's A Scam

I know, the question pops up every now and then, is cloudmining profitable, sustainable, or just a waste of money.

I thought I give it a shot myself on one of the low-to-no cost providers, Eobot.com. Basically you can start there with some bitdust out of their daily faucet, either BTC or LTC, and buy a 24h mining contract, SHA256 or scrypt based. I tried both, they mine BTC or LTC respectively under the hood, although you can use some of their built-in (useless) automatic exchange features to other coins.

To keep it simple, neither of the 2 creates any profit, you will lose money. I've tried for a couple of days and had my old Gridseed box do some additional hashing, both together will make it possible to create a little profit and get a better package, thus higher hashrate after every 24h. But it just means you subsidize the losing cloud with your ASIC. As pointless as it could get.

If you let the cloud mining run alone, you will lose money. Given that I did not put in any real money, only the faucet for experimentation and some electricity for the Gridseed, that was easy and painless to do. But if you are considering to buy such a mining contract, the provider hereby does not really matter, you will lose your money. Don't do it. Simple as that. Cloud mining is basically a scam.

(my x-post from DeepOnion)
(pic:Bitcoinmafia)