Hello crypto buddies,
Non-Greedy Crypto Investor here with an update on my BTC cloud-mining contract with Hashflare. It has been 84 days and you can see my progress above. I'm actually below my projections due to two things: 1) the low BTC price 2) increase in mining difficulty. At this rate, I will be making less than if I had just purchased BTC straight.
Do I recommend this at the moment? No. When BTC price is low it's better to buy it rather than mine it.
But make sure you calculate the profitability first using a mining calculator (such as coinwarz.com or mycryptobuddy.com). Do NOT jump in without calculating your earnings first! If it's more profitable to get more BTC from buying it then do that instead of cloud mining.
My Hashflare referral link: https://hashflare.io/r/BF739820
Thoughts? Questions? Please leave it in the comments.
The Non-Greedy Crypto Investor (@dandida)
Disclosure: I am not a financial advisor nor am I advising you to do anything. Please do your own research. These activities involve risks, including the loss of all your money. Tread carefully at your own risk.
The topic is very interesting, I am also in this thread! Cryptocurrency is the future! I followed you, I hope you will follow me. Let's twist the power of Steemit together! ;) Always happy to meet new people
cool what crypto and/or ico are you liking at the moment?
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Interesting because I initially really liked Hashflare heard always good things about it but recently a lot of people were calling it a scam. Now it makes sense. BTC downtrend not just crushes the entire crypto market but also the things associated with it.
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You hear good things about it because they give good referral bonus for people who bring in new money. I dont think they are scam but i see every investor in Cloud mining as either a scammer or fool.
Cloud mining is waste of time and less profitable method. People either dont know it or knew it and still luring people in for referral bonus. The only way to earn a lot of money in cloud mining is to bring more people in it and get 10 percent of the new joinee's money as bonus.
I am yet to see a person who earned actual profit in cloud mining. What does that means?
BTC jumped from 1000 to 13.2k by end of 2017.
If you would have bought 1 btc and held it for an year, your end of year profit is $12,200. I am yet to see proof that hashflare during 2017 who got 1220% profit without referral bonus.
If someone made 5x by mining btc using hashflare, they actually didnt made any profit. They lost a potantial profit of 7X. Buying the coin will always give more return than putting money in cloudmining to mine the same coin.
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