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RE: What's the deal with cloud mining? Is it profitable or not?
I'm trying to evaluate the cloudmining ROI of three suppliers.
It is an old post.
https://steemit.com/bitcoin/@toofasteddie/mining-in-the-cloud-update-and-roi-comparison
Cheers
Ok interesting. Thanks for sharing. I wonder if you took the increasing difficulty into account?
I'm just monitoring them by investing a very small quantity (around hundred euros as maximum)...
I'm checking what they produce more or less every day... they are quite consistent and the ROI posted is maintained or sometimes improved (depending how is the market)... I will do an update soon if you are interested.
I am. I followed you back as well. I am especially curious what the increasing Bitcoin mining difficulty will do to your ROI. I'm afraid it will increase the days drastically and therefore not give you much profit. In hat case it would have been more profitable to have bought the Bitcoin and just hold it.
Perhaps it would be a better choice to mine another crypto? Perhaps Monero? I know Genesis can mine Monero. Perhaps another Steemian knows more about this.
FYI. What I'm mining at Genesis is ETH, and in Hashflare is script (Litecoin).
Nowadays I'm studying the Monero contracts of Genesis.
Mining Bitcoin as you said is costing so much and is risky because the Mining suppliers can close the contract earlier depending on the difficulty.
I would suggest you to invest in Genesis-mining better than hashflare and, in particular in both, ether and monero 2 years contracts.