I don’t agree with the statement that cloud mining is still a thing, whether in relation to BTC mining or other proof-of-work algorithm coins. People are not exploring cloud mining as much anymore.

For me, the shift in interest is due to the fact that it now takes much less time for individuals to realize that cloud mining is often a scam. In the past, when cloud mining was more viable, users could receive payments for months before noticing any issues. Nowadays, it can take less than a week for red flags to appear, largely because there is no real equipment available.

Today, cloud mining operations tend to resemble Ponzi schemes. If they still exist, they use funds from early users to pay newcomers, and this cycle continues until they can no longer keep up. Eventually, these operations can disappear without a trace.