Cloud mining opinion

Eddie asked 2 months ago

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.
Thanks.

1 Answers
Ofir Beigel Staff answered 2 months ago

Hey Eddie, as a general rule of thumb I advise everyone to stay away from cloud mining for two reasons:

  1. 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.
  2. 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.

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