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RE: Bitcoin Cloud mining Update!! HashFlare!! Week 1!!
I always wonder, profitable is this cloud mining thing? It bugs me because if someone has the resources why doesn't he mine the currencies himself but choose lend out his server.
UPDATE: I did a research, the Sha 256 is barely profitable when you think about it. The maintenance fee for 4TH/s for a year would be around 510 dollars, and then you take out the unit price, about 450 bucks. Now you calculate the bitcoin mined per year, about 1200 dollars. 1200- 510-450, that would be barely 400 bucks, a bit over 300. But mining ETH on that site though could be profitable since there are no maintenance fees for those.
I believe you are asking about why people would lone out there own mining power. To try and mine bitcoins at home by yourself today is very expensive and not very profitable so people have created compony like hashflare where they lone out the power to people and they will take a small fee plus the price of the power and that is how they make there money. you will also get some money from it in return for your investment.
So how legit is "hashflare.io", I am worried about scams.