Crypto Cloud Mining
Oh, I guess I'm back again.
Not sure if I'm doing the right thing or not, I just feel like I'm not welcome here anymore.
Either way, I'll make this post about cloud mining, and what I think about it.
What is Cloud Mining?
So I bet most people know this by now, at least the ones learning about cryptocurrency. Anyone who doesn't know, cloud mining is a way for anyone to start mining crypto with a small initial investment and no hardware required, with cloud mining you can have the benefits of mining your own Bitcoin or Ethereum or any other available cryptocurrencies without having to purchase mining systems worth thousands.
I myself have been very interested in cloud mining and also been doing it on a site called Hashflare also starting out with a very small investment.
BTW if anyone is interested in Hashflare, feel free to use my referral link, to help me out while you're at it, if you feel like signing up.Link
If not, keep reading.
So that's my favorite cloud mining site at the moment, to be honest, that is because other sites are either out of stock or just not as trusted. You can never be sure, however, about the legitimacy of any crypto sites that promise you returns, if you remember BitConnect.
You may think, well ok, so how does it work. Well... basically you, the investor purchase a mining contract from Hashflare with which you will be able to have access to some of their bandwidth, that they are putting out with their systems. Same goes for every other cloud mining site, hopefully. The next thing that might be on your mind is - is this profitable, honestly, it depends. Since we are dealing with an unstable currency that changes value every few seconds or so, the profitability changes with it, of course normally you would want to factor in the mining pool fees that come with the site and the transaction fees and all the other fees, but from what I have calculated, currently, at least Hashflare seems to be just barely profitable. And that's cool. As with everything else, I'm really hoping that this is no scam or fraud operation they are running. I don't see why that would be necessary because they are obviously making money from their users. Anyway... besides the point.
Cloud mining sounds like a great idea on paper, and probably a great idea overall, I do not know, however, if this is one of those too good to be true ideas or an idea that has not been thought out yet. OR... just a great overall idea. Either way, I obviously don't feel like investing all my money in cloud mining, because I still feel like there are better ways to earn money. That's just me though.
Besides all that nonsense, let me know what you think about cloud mining and maybe leave some suggestions for the next posts, so that I don't run away from Steemit again. Thanks!
@Hisir