Yeah Cloud Mining was the worst.
Yep! 90.12345% SCAM....LMAO
...... Bitcoin is $60k now so mining profits hash rate should easily cover cloud mining costs nowadays correct?
Not that simple, as I mentioned above:
...... Let's say you got the coin to mine at low mining cost, has a pretty good price, but tons of miners mine the same coin as you.
Check this graph!
Bitcoin Network Hashrate VS. Price:
Source: https://stats.buybitcoinworldwide.com/hashrate-vs-price/
Network Difficulty:
Source: https://www.blockchain.com/charts/difficulty
Let's make some simple illustrations! (Actual calculations aren't like this) - To make it easy, let's use simple numbers, ignore diff!
Yesterday Bitcoin price: $10
Yesterday Bitcoin Network Hashrate: 10 Th/s
There're 10 miners, you have 1 Th/s, and the rest also have the same as yours.
Today Bitcoin price: $50
(With Bitcoin's price increasing to $50, more miners join)
Today Bitcoin Network Hashrate: 50 Th/s
There're 50 miners, you have 1 Th/s, and the rest also have the same as yours.
Let's calculate your chance!
Yesterday: 1/10 * $10: $1
Today: 1/50 * $50: $1
See?
Unless this "cloud mining" has tons of hash power and does solo mining. They "might have" a better chance!