Quote from: goldkingcoiner on July 07, 2022, 09:27:42 AM

I think you are completely correct when you say there is risk in not actually owning your mining hardware. But I also think that same principle of risk goes for everything else which you do not completely own. Just look at what happens when you leave your Bitcoin on the wrong exchange and they close up shop and never give you your Bitcoin back. Furthermore when it comes to mining, you are depending on the people who sold you the miners not to have included some kind of malware or spyware in the miners. And that the people who built the miners did not use defective chip parts and so on...

There is risk for everything, the thing to be concerned with is how much risk. And the risk of getting screwed by cloud mining is way way way larger than ending up with some flaky gear or getting stuck with hacked firmware.

Also, the risk from your two examples can be nearly eliminated with a few precautions.

If you buy used gear, reflash all of it with the latest firmware on an isolated network before putting it online.

As for defective chips etc., .... just don't buy Bitmain. Problem solved Wink

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