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?
The same reason ASIC manufacturers selling ASIC rather than mining for themselve. This is called risk mitigation.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.
The same trick that Cex.IO, AM hash played on us. The only difference is Cex.IO closed down legitimately as the people behind them are known, while AM hash vanished in the thin air.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.
I did make profit on www.CloudMining.website. Ref: https://bitcointalk.org/index.php?topic=852857.0. Also a third party mining monitor CMmonitor.com reported ROI with www.CloudMining.website within ~114 days. For me, it took ~125 days.
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).
That is true. Everyone can not take the risk of a big investment. Plus everyone do not have the opportunity of free/dirt cheap electricity.