Hello. I really like your articles especially regarding monero. I started trying it out since bitcoin would probably requires me to buy new hardware. But I was wondering, what are your thoughts on web miner? I recently found HashFlare and I would really like to know more about it. Maybe you can provide us an in-depth review on it? Is it something, for someone like me who doesn’t have the hardware, should consider? There’s also the pricing, for eg. Scrypt algorithm miner for $9.90 per 1 MH/s. Am I going to pay $9.90 for every 1 M/Hs it mined?
I would appreciate it if you can clear it out.
Hey Eddie, as a general rule of thumb I advise everyone to stay away from cloud mining for two reasons:
- In most cases it’s just a scam and the company doesn’t even mine the coins. They just execute an elaborate Ponzi scheme to make it look as if they are mining.
- If they are actually mining the coins then it’s usually a poor investment for the user.
I’ve elaborated about it a lot in this article and also in this one.
Having said that I usually evaluate Bitcoin cloud mining. I never dug into Scrypt mining before, so perhaps you can use the same methods I’ve used in these posts and check out the Scrypt mining profitability. I would love to hear what you’ve found.
Hope this helped.