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RE: What's the deal with cloud mining? Is it profitable or not?
I am. I followed you back as well. I am especially curious what the increasing Bitcoin mining difficulty will do to your ROI. I'm afraid it will increase the days drastically and therefore not give you much profit. In hat case it would have been more profitable to have bought the Bitcoin and just hold it.
Perhaps it would be a better choice to mine another crypto? Perhaps Monero? I know Genesis can mine Monero. Perhaps another Steemian knows more about this.
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.