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RE: What's the deal with cloud mining? Is it profitable or not?
FYI. What I'm mining at Genesis is ETH, and in Hashflare is script (Litecoin).
Nowadays I'm studying the Monero contracts of Genesis.
Mining Bitcoin as you said is costing so much and is risky because the Mining suppliers can close the contract earlier depending on the difficulty.
I would suggest you to invest in Genesis-mining better than hashflare and, in particular in both, ether and monero 2 years contracts.