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RE: What's the deal with cloud mining? Is it profitable or not?

in #cryptocurrency7 years ago (edited)

I joined a cloud mining service a while ago. I bought a "lifetime plan" (which runs until the service is not profitable anymore) of 1 TH/s for $120 or so. My calculations at the rate at that moment showed that I would earn back my investment in about 150 days. That was at a daily profit of roughly $0.80 I think. Since then the daily profit slowly kept dropping, up until the time Bitcoin began it's huge climb. It went back up to just over $0.80/day after that.

I'd have to check what the exact rates and profit so far have been, but I'm slowly warning back my investment. It's not making me very rich, but I'm certain I'll break even at a certain point and every day after that is a little more profit.

Side note: I list rewards in dollars, but it's actually in BTC. So even if I don't break even now and the service would stop running due to lack of profit, I still hold the BTC that I have been paid so far. As long as BTC keeps rising I could still turn out making profit in the long run.

Will look up the exact numbers later if you're interested.

(Also I purposefully left out info about the exact service for the same reason I never ever give someone my referral link: I hate referral plans with a passion. I did the maths for myself and I urge everyone else to do that too, don't join because a friend said so but do it because you believe it will work out for you)

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Thanks for your reply mate. I am interested in the numbers, hit me up via Discord if you want.