put an investmet to could mining company?

Bitcoin Questions and AnswersCategory: General questionsput an investmet to could mining company?
Ivanta Taslim asked 4 months 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 Staff answered 4 months 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

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