Quote from: Vampobit on Today at 02:45:59 PM

Quote from: mocacinno on Today at 02:21:51 PM

Well... Here's the thing: why do you think people would set up ASIC miners in the cloud so you could make a profit? Why would they share their money with you if they had to do all the purchasing, maintaining,...

The answer to that question is: >99% of all cloudmining companys are scams, the <1% that's legit sells you 100% of their risk for a very small part of their profit... It's not a good deal either way IMHO. They (the <1% legit ones) just make you pay for everything and if they turn a profit you get a small share, but if the BTC price floors, the diff jumps up, their hardware breaks, their electricity rates jump up, you still pay for all those factors and get nothing in return.

In reality: if your electricity rate is to high to mine yourself, or if you don't have a suitable mining room or if you don't know how to setup an ASIC, i'd just recommend you not to mine. But that's just my personal opinion.

I thought that they could charge for the electricity + the storage of the ASIC miners, in exchange for sending you the mined BTC.

They could charge whatever they liked.

But I get your point and I realise that probably there are no such services...

there are honest companies ,but all of them have the "we can fuck you anytime we want clause"

pretend you sign for a year with a bitmain cloud mine and you spent 10,000 as it was a big contract.

If coins tank and the gear starts to lose money they pull out the "fuck you" clause and cancel.

But if coins whale and shoot up 3 fold or 4 fold. They pull out the "fuck you" clause and cancel the contract.

I had a 1 btc contract with bitmain in 2017. I got in at 1200 a btc. BTC whaled and whaled and whaled and when we were in October they cancelled me at about 4000 a coin maybe 4500. We all know by December it got to 19k. May contract should have ran until dec 3 when we were about 11.5k

So if you go with a bitmain cloud company and

BTC shifts way up "fuck you"
or
BTC shifts way down "fuck you"

the only way it is a decent deal is if BTC goes sideways for months and months and months.

All of the above assumes you find a legit company.

80% are not legit

and the legit ones do what I described above.