Cloud mining can be fairly profitable if it’s used for smaller crypto currencies. If you were to use it for BTC or LTC it would struggle to make you any profit and will most likely result in a loss.
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Cloud mining can be fairly profitable if it’s used for smaller crypto currencies. If you were to use it for BTC or LTC it would struggle to make you any profit and will most likely result in a loss.
Interesting you say that. All the current research I am gathering about mining Bitcoin on Hashflare says just the opposite. Have you done this yourself? Where are you getting your information from?
I've tried cloud mining myself and for me I have not made much profit. The ROI for Cloud Mining is not great, but you still get your money back. Ahmed's point although not well researched can be true to some sites, as the most popular coins to cloud mine are BTC, LTC and ETH, which means that prices for mining these are also higher; mining difficulty on the companies side also contributes to this.
I thought the mining difficulty was determined by the blockchain and the number of people mining it, not the "companies side". There is no company determining the mining difficulty.
Sorry I meant to say the mining difficulty for the company.
Nope, I haven’t done any research, just a cryptonoob’s guess based on my extremely limited knowledge about mining. However, I have read an article on Steemit criticising cloud mining, especially Hashflare which I thought had some good points. I’ll try and find the link and reply it here. In the meantime, sorry for wasting your time and presenting any false ideas...
Where I come from we call people talking about things they have never done as if they know what they are talking about talking out of their ass.
And if that wasn't bad enough you actually upvoted yourself twice for sharing information you have no idea is true or not.
Haha.. That was bang on point @luzcypher! Some people have the nerve to give advice with no research.