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RE: Is Cloud Mining for BTC profitable?
Some of the strategies I've seen is to reinvest for the first 190 days and after that, you withdraw every other day while reinvesting. I understand that the break even point changes with difficulty but I do believe Bitcoin will be worth 5x as much by the end of the year so it should make up for it at the end.
I'm currently in the AP pool and I've seen spreadsheets that show which mining pool is currently gaining the most. It switches between ap and the f2 for the most gains, but im going to just keep it at AP for now.
Cool, I'm glad you mentioned the spreadsheet comparing the pools. I check it every day, and shift accordingly. As you said, Antpool has been on top for several weeks.
I'm interested in your point of view - maybe I need to look at it differently. It's an interesting conversation to have, anyway. To me, it doesn't look like a good time to buy hashflare contracts (with new money or with mined money), but I said that already.
If your decision depends largely on expectation of big BTC gains this year, why not just buy some bitcoin now while the price is relatively low? What's the advantage to mining it instead?
The advantage of mining it IMO would be that with only a $660 investment, using daily compound interest after a year and a half my return on the $660 should be roughly 2-3k and then depending on the return from Bitcoin the 2-3k would be 5x-10x depending on BTC price. Instead of it only being the ROI on what I originally deposit into bitcoin. It's like my money working twice as hard.
It really just depends on how much money I can turn the $660 into from mining. Hope this made sense.
Understood. Thanks for taking the time to explain. Best of luck to you!