I am sorry to say so, but despite the fact that GM is not a scam..they really put their contracts the way that everybody (not GM, but all the investors) will finally loose. Why? Becasue the instability of the price and mainly due to increasing dificulty. I had a "longlife" contract with GM and invested couple of BTC in that I lost almost all as the contract was terminated after 20 days of non profitable mining. It was very unfair as GM purchased power using my money, terminated my contract shortly ufterwards and start "profitable" mining again shortly after my contract ws terminated. Not a scam, I agree, ut very very unfair company. I was happy when I found them as it looked like a real group of BTC enthusiastic people, same as me, but it turned to be a group of hoarders interested only in their own profit. Very sad!
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I am sorry to hear about your loss, @belhejna.
I agree, their contracts make their profit guaranteed not the investor.
BTW, my contract does not have the profitability condition
Did you find a better option for mining?
One friend suggested GiggaWatt.
Sure, they are selling shovels in the new Gold Rush.
I starts cloud-mining BTC last November. Now, returned more that 200%, but mostly due to price appreciation. If the same amount of money was invested into BTC at the same time being, the current returns is about 41%. Difficulty increase with appreciation for sure, even if you have your own hardware mining.
Forget forever terms, mining hardware obsoletes (return rate < electricity price) for probably less than 1 year if the crypto mined are profitable and appreciated.
I am on the break now with any mining. I started with GR mining which unfortunately was a scam and was happy when found Genesis thinking they are fair. My current strategy is buy and hold (I am really not the only one:-)) ) The only pitty is that I didnt start this strategy 2 years ago with my firts BTC:-))
I get your frustration with mining. Holding BTC is still a great strategy.
Not that frustrated:-) I will chececk this GiggaWatt:-))