Cloud Mining for New to Cryptocurrency

Actually, this is more like a question that needs to be answered rather than a topic. Around 4 years ago, I stumbled upon an article that gave me an idea on how to earn money by just switching your computer 24/7. For me, that sounds a little bit of a bad idea. Considering the fact that electricity here in the Philippines is not cheap and a one-time investment of a system that can do just that (mining Cryptocurrency). This really lessens the chance of us living that dream of earning while not doing anything. Fast forward to 2020, again I stumble upon an article about “Cloud Mining” that promises an income without a need to invest in hardware. to make a long story short, I want to invest in a “Cloud Mining” service.

So the MILLION DOLLAR question or rather questions,

  1. Can cloud mining services live up to there promise?
  2. If Yes, which company offers the best?

P.S. sorry for this post, I don’t know how to start since this is my first time doing this. Out of desperation to get the answer that I need. It seems that the internet has a lot of conflicting answers and this is the only channel that I can trust. Thanks again, guys! Hope I can get an answer soon.
Marc

I had invested some money to cloud mine with bitdeer who seem a genuine company, but unfortunately with happening with Bitmain they have cancelled the Z15 plans and are refunding people

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Honestly cloud mining is awful. Most of all those companies are making alot of money because when you pay for the rig that is mining your section, you are paying it off for them as well as paying electric bill. Atleast if you mine it yourself once the gpu,cpu,asic, or a combination thereof decreases the amount it can mine. You can sell off those parts and make some of the money back that you spent on it as well as you have the profit from the coins you mined.

If that does not convince you the next option would be to just to do a little research into the company/companies you want to get the contract with and see which one offers a better deal. I have never cloud mined, but make sure to check for fees, both obvious and hidden, and see the predicted amount mined. Also make sure to take into account the fluctuation of the coin you are mining. Is it going to go up or is it going to crash?

I hope this helps some of your questions. I am in no way an expert in mining, economics, or anything like that so take or leave my advice based on that. There are many very intelligent people in this community who know alot more than me.

2 Likes

Am I reading your post correctly? Bitmain is cancelling the production of the Z15? :open_mouth:

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Guys! Thank you so much! I really appreciate the answers.

@Derek_Thomas_Garnett- thanks for sharing your experience with cloud mining. I would really want to know more about it

@R3B3L- thank you for the advice as well I will consider this to finalize my desition.

Based on your overall experience, can you actually earn?

Hashrange.com offer a free trial to try out
http://hashrange.com/ref/Ht007VVy5b

Also oxbtc.com
https://www.oxbtc.com/m/mine/register?code=OXNHZ

I have really tried these as I am waiting for my refund from bitdeer

No

/thread