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How to select a cloud mining?

Discussion in 'CryptoCurrency' started by sameergupta87, Apr 3, 2017.

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  1. sameergupta87

    sameergupta87 Newbie

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    Hi guys, while searching for cloud mining option on the internet named as Gainbitcoin. Any one here tried it?
    As per the blogpost they are giving arround 180% of you investment. If any one have used it or using, please have a look at this post. It is safe and reliable?
     
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  2. tb303

    tb303 Power Member

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    Cloud mining for BTC doesnt pay in the long run. You'd be better off just using the money to buy BTC and holding.
     
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  3. Entriquit

    Entriquit Registered Member

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    This is true if you are only looking at the current value of BTC, but if it continues to rise at even close to the same rate that it has been in the past then yes, it is profitable.

    For example. I had a cloud mining contract on Genesis-Mining for LTC, at the value of Litecoin when I purchased the contract, it would have taken about 2 years to earn back my initial investment. The price of Litecoin has since over doubled, so expected returns are now within ~8 months. And thats if the price doesnt continue to rise even more... Which it will ;)
     
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  4. tb303

    tb303 Power Member

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    But what about the mining difficulty increasing during your contract?
    http://www.coindesk.com/data/bitcoin-mining-difficulty-time/
     
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    Last edited: Apr 4, 2017
  5. thetechnofreak

    thetechnofreak Registered Member

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    Most cloud mining schemes are unprofitable and based on ponzi/pyramid structure.
    do not get into them.
     
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  6. mj10pop

    mj10pop Registered Member

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    My advice would be not to get in the best thing is to buy and hold it now we don't know what will happen in future but you have the coin which you can use anytime.
     
  7. JPRock

    JPRock Newbie

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    in agreement with above. Gone are the days of home mining, these days business have come on board and are the miners and they like to keep it that way. Sure some websites offer you some return, if lucky you might get a return but sooner or later said website will disappear along with your money. Buy and hold is what I do..