Cloud mining vs Buying bitcoin?

Bitcoin Questions and AnswersCategory: General questionsCloud mining vs Buying bitcoin?
Luke asked 1 year ago

I want to start investing in bitcoin, I was going to get a antminer s7 and mine but electricity costs a lot here in Canada so that option is closed. Should I get into cloud mining? Or should I just buy bitcoin and store it?

1 Answers
Ofir Beigel answered 1 year ago

Hey Luke great question!
First of all regarding cloud mining – I would avoid it at any cost. In 99% of the times it will be just a complete scam and in the remaining 1% it just won’t give you any positive ROI. If you want a deeper read about this take a look at this post.
Regarding buying VS mining, I actually wrote about this 2 years ago, and today as mining Bitcoins became even harder this is more relevant than ever. You’d probably get more Bitcoins faster if you just used your money to buy Bitcoins so I’d go with that option.
Hope this helps.

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