Bitcoin Cloud Mining is a topic that´s discussed quite a lot and you might get many different and diverse opinions on the topic as well as on the companies offering those services. I´m one of those who are invested in Cloud Mining but nonetheless I urge everyone to be careful while getting involved as there exist many scams within this field.
So far I´ve came across two companies I trusted with my money, which were Genesis-Mining and Hashflare. I haven´t experienced any issues with their services yet, Payouts got processed smoothly and the profitability is sweet so far 😊
Why I´m Invested In Cloud Mining
So what´s the reason why I´ve put some money into cloud mining? Well that´s actually explained quite quickly and easily. In my opinion it´s already profitable these days but the BTC you get from it will be worth even more in future due to rising prices.
That being said a profitability of just a few percent today due to e.g. an increased difficulty or any other reasons could be outrun by those mentioned price increases. Let´s make it simple and say you invest 100$ and get about 0.01 BTC in the end. That´d be a profit of about 50$ at todays prices but eventually 0.01 BTC will be worth 1000$ in future, who knows 😉
I admit there´s a certain risk behind an investment into a cloud mining service but the profit potential is huge as well if you ask me!
A Glimpse On Potential Profitability
Let´s take a look at the currently offered Bitcoin mining contracts from Hashflare.io, which are running for a full year and are definitely still profitable at the time being. (I like Genesis-Mining as well but they are unfortunately out of stock right now.)
Initial Investment: $220 USD
Purchased Hashpower: 1 TH/s or 1000 GH/s
Contract Duration: 1 Year
Time to break even: 120 Days
So leaving facts like difficulty adjustments out of the equation you should break even on your investment after about 4 months and end up with 200% in Profits after all. Now one could argue that this is just the case whenever the Difficulty doesn´t get adjusted and no other bad things happen and I tend to agree on this perspective. Anyways I believe in significant rise in the price of BTC as well, so that any small fraction of it might end up being worth a small fortune one day!
There´s never a guarantee in life but I´m willing to take those risks to eventually get rewarded with some high profits in the end 😉 Nonetheless this is no investment advise and I urge you to do your own research before investing into anything within the cryptosphere!
In case you´re interested to start your own small mining project now, check out Hashflare.io! (Affiliate Link) 💰
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thanks much for sharing your cloud mining experience with us, i have been using hashflare since 2016 and its been cool so for, thanks for the share
Ah I wish I'd be using it for as long as you're already but I just got into crypto this year.
I've had a play with eobot, just transferring small Dogecoin faucet gains into it and seeing how it all works. While doing this at this scale is obviously not too profitable, it has taught me a ton about how transfers work, as well as the jargon related to the mining process.
Cloud mining is something I need to diversify into properly. I'm with you that it's worth the risk and the upside for price gains offset the higher costs at the moment.
2018 mate!
Dogecoin, maybe I should get some once again :) But yes, investments in cryptos are risky regardless of what kind. Doing your owm research before you invest is definitely necessary! Anyways I like cloud mining and take the risks :)
I can't wait for 2018 to come :D
In my opinion, the best way to make money from Hashflare is by reinvesting the balance for an amount of time (1month) in order to compound the gains. I just wrote an article about cloudmining with Hashflare and how much money I make using it. You can find it in here: https://steemit.com/bitcoin/@mouatreda/investing-in-cloud-mining-is-it-still-profitable
It's definitely not the worst idea to reinvest some of your gains as you are able to outrun the difficulty adjustments that way :)
I have some cloudmining contract at Hashing24 since some months, but if I had invested my money just in Bitcoin and done nothing, I´d have much more by now. I guess these cloud mining contracts can only be profitable, when the BTC price is weak - at least many people say, that it is always better to directly invest in BTC - on the other hand, I´ve never been a Bitcoin guy and the only reason for me to buy BTC is to be able to invest in other coins/projects I believe in....
So far I've got lucky on the cloud mining as my investments turned into profit and I haven't had any issues with it. Of course it depends on many factors but so far I can't complain about it at all :)
Exactly! It is always better to invest in BTC directly. The difficulty will always increase and your btc return will start diminish exponentially.
The time to break even will be much longer. Beware that cloud mining is a poor investment. You will be lucky if you get break even.
Been trying to get my tax clients and crypto friends to start mining operations, and they have all said NO. Now going to run this cloud mining by them. Thanks.
I wish you a lot of success with your mining operations then ;)
is it much better using cloud mining than buy btc?
It depends on many factors whether it is or not. I'm happy with it so far but others will tell you the opposite. I guess you'll have to do your own research before investing into it.
What's your opinion on when hashtag will become the mainstream standard?
What do you mean with hashtag becoming the mainstream standard? Did you mean hashflare?
Ah sorry, I mean hashgraph
To be honest I haven´t heard of hashgraph yet but will head over to their website to get more information right away :)
Awesome work! keep it up. I love such post U share
Folow me and vote me thamks
& I love such awesome comments. thank you!
Interested...
Individuals frequently mistake Bitcoin for cryptographic forms of money. Bitcoin could it could be said be in an air pocket, however not the slightest bit are cryptographic forms of money in an air pocket. As I would see it If you get into crypto a half year from now you will be an "early adopter". The general population I know who are in Bitcoin are either individuals who have heard me discuss it or individuals who were given little sums years prior when it was extremely modest. Likewise while there might be whales their truly is almost no institutional cash in Bitcoin. Hold up till one year from now when we have EFT's!
When purchasing crypto and holding it is as simple as purchasing stock in Microsoft this will experience the rooftop. For some individuals it is simply to entangled and confounding.
The main motivation behind why Bitcoin could be "in an air pocket" is there are better crypto' s out there and later on being first may not be sufficient to secure it's long haul future. Be that as it may, regardless of whether that happens, it won't be an air pocket, it will essentially be over estimated contrasted with the opposition.
I surmise that the tech "bubble" is a decent correlation. A significant number of those website stocks went to zero yet take a gander at the share trading system today. Facebook, Amazon, Microsoft. Tech is best thus will crypto. The mystery will be to pick the champs from the failures. Those that pick astutely will be compensated incredibly. In any case, purchase and hold will no doubt be a misstep by and large.
As I would like to think blockchain will be as large as the web. Innovation is the eventual fate of our economy and blockchain is the fate of innovation.
How exactly is that connected with my post about cloud mining now?
With high prices, it's glory
Great post there, keep up good work !
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Why is it worth it to lend mining power for these companies if they can make more money with mining itself?