You know that the cryptocurrency mining is one of the crypto earning methods. Besides, It is a passive income. Just set up your rig and that’s it. But cloud mining makes different. A company builds up a mining farm and they renting out their hardware for people online. But, Is cloud mining profitable?
If you read my previous articles, you know I don’t recommend cryptocurrency cloud mining.
Want to find out why? Check this article. Or you can keep reading this article anyway.
Here’s the true story. Basically, cloud mining is hardware rent out from the mining setup owner. The owner renting out his mining setup through online. So people can invest in their company and buy hash power to maximize earnings. As I said, this is the basis of cloud mining. all the things are covered in the cloud mining article.
However, according to the major cloud mining platforms, if you go for higher hash power, your earnings will increase. But is it true?
Let’s find out. I assume nobody talking about this topic
These resources from Reddit.com
I also agree with this saying. Because as a newbie, you don’t have much experience in this industry. So you better keep your foot off from cloud mining.
But I’m not going to say the whole cloud mining is a scam or fraud. Let me show.
Look, this person had a profit. But he recommends buy bitcoin instead of investing in cloud mining.
You can find a ton of thread links by a single google search.
There’s something curious about these all threads. Most people don’t recommend cloud mining directly. Even they had profits investing in them.
So we have to figure out why. Check out this thread.
Weird thing is, Most of them saying cloud mining is a scam. After seeing these threads, I’m like I couldn’t even think if “is cloud mining profitable?”
Here’s another one.
But here’s my thought. The mining competition is getting higher day by day. Besides, the bitcoin halving event ahead. And that will cut off 50% of miners reward.
According to the above fact. I also could say cloud mining is not profitable anymore.
I will link these kinds of threads at the bottom of this article. What I wanted to say is, We have to consider these user reviews. We can’t just ignore them all.
So if you’re interested in cloud mining, Please don’t invest your money without doing research.
The choice is yours. Is this whole cloud mining is a scam?
Or is it legit?
Do you have experience in cloud mining?
Is it profitable?
Your ideas might valuable for the readers as well. So don’t forget to leave a comment.