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RE: The real truth about cloud mining and the scammers trying to sign you up with their affiliate links.

in #bitcoin7 years ago

Do yourself a favour and look at the link I provided.

https://steemit.com/bitcoin/@marcusorlyius/thinking-about-purchasing-a-cloud-mining-contract-you-ll-change-your-mind-after-reading-this

The table shows that you would have earned about 30% of what you paid for the contract after about 3 months. It also shows that the contract becomes unprofitable after around 300 days and the total amount earned is only 45% of what you paid. That's with a 5% difficulty increase each round. Over the past 3 months, the difficulty has increased by 65% which is an average of about 11% each round.

You are massively - and I do mean massively - underestimating the effect of difficulty increases and you don't stand a chance of mining more than you could have bought. You can choose to believe otherwise if you want but you'll only be fooling yourself - making it more likely you'll buy more hashing power and lose even more money.

If you provided the details I asked for, I could have provided you with projections more specific to your circumstances.

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