Re: Can somebody (profitably) get into cloud mining for a low cost?
I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?
I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.
Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.
Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).
Any insight would be greatly appreciated.
Thanks!
I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.
Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.
Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).
Any insight would be greatly appreciated.
Thanks!
Genesis mining wont bring you your investment back. I once tested them out, with the smallest of each of their packages, though of course it was no different than any other cloud mining... or should i say any other mining at all?
If you want to understand how mining works and how the difficulty is hurting it, then i can suggest this website: https://tradeblock.com/mining/
It will show you how very uncertain it is to make your investment back with any mining contract or hardware. If a hardware potentially is in profit then this dies because the hardware is delivered too late or not at all.