Cloudmining or hosted mining is often recommended to generate good profits but let’s today check if and why Cloudmining or hosted mining is (not) profitable for interested people to generate a profit. Is it really a good idea to generate profits from Cloudmining or hosted mining?
Without long talks, 99% of cloud mining options you find online are actually scams. Basically what many of them do is steal your funds in the name of buying a so-called mining bundle that expires within a certain period of time after allegedly generating over 5× your payment for the bundle.
Now here's where the real scam comes into play, you won't be able to withdraw those coins until a particular time usually months which ends up being enough time for them to scam enough people, and abandon the site till the domain eventually expires and becomes unreachable.