Answer for put an investmet to could mining company?

Bitcoin Questions and AnswersCategory: General questionsput an investmet to could mining company?

Ivanta Taslim asked 2 years ago

Hi There,

I am a beginner on bitcoin or other cryptocurrencies. After looking for information I was interested to start a to play along with bitcoin and other Altcoin, since some of people here in Indonesia have played and succeed with it.

Since you guys are a pro with this for me. i want to ask a few questions here:
1. is it worth to put some of my savings to this cloud mining company after this halving event??
2. i was interested with genesis-mining company, they are offering 3 types of mining pure bitcoin, ether and X11 (that have you guys wrote). for a beginner which plan that suitable for me, since i have also a limited money to invest.
3. is there any calculator to count my profit using this cloud mining?
since i have no idea with all the calculator on the internet that requires me to put the Kw/$ and others.

There’s so much questions that i wanted to ask. hope u guys can help me an other beginners like me. Thank you.

1 Answers
Ofir Beigel answered 2 years ago

Hey Ivanta great to meet you!
I will try to answer your questions to the best of my knowledge:

  1. In my opinion 99% of cloud mining companies are pure scams. I’d avoid them at all costs. The remaining 1% (which is probably only Genesis Mining) won’t give you a good return on investment. Meaning you will pay them more than you will get back. If you want to read some more about this I wrote an article on the subject here.
  2. This is the same answer as the first question – I don’t think it’s a good investment.
  3. You can use a regular Bitcoin mining calculator and just insert the MH/s or GH/s of the plan you’re buying. Also the article I wrote which I’ve linked to before will give you an example of how I calculate profits.

Hope this helped, let me know if you have more issues.
Ofir

Bitcoin Video Crash Course 

Join over 94,000 students and know all you need to know about Bitcoin. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.