Cloud mining only works in an extreme bull market where you can lock in an early rate and then dump on highs like 2017 when we had so many people coming in and liquidity was scarce!
I personally wouldn’t go for it though, If it was profitable why would they sell you these fixed contracts why wouldn’t they just mine directly?
Most of them are rubbish to be honest, if you can’t mine yourself I’d look at a staking coin instead or several so you spread your risk and gather a variety of interest rates all paid at different times and then use that to play the market maybe buy USDT or BTC whichever asset you believe is the better store of value
That makes total sense 😄. I can't stake because I haven't bought any crypto yet. I guess I'm better off buying than mining, just a bit hesitant on doing lots of ID verifications. Thank you for your advice. :)
You can set up a node on staking coin chains and then earn that way and then use that for other stuff so you avoid KYC or use a P2P network to buy crypto from another person and then do what you want! It’s not easy but their are ways around KYC