Lack of Transparency and Trust might affect your provider if no research was done beforehand.
This is the main reason, they already lost their credibility. That’s why people don’t invest in them anymore. And as we all see, there have been a lot of cloud mining scams out there, so why would we still take the risk?
Of course, cloud miners need to show proof of operations, where real devices of mining are shown, how and where it is set up and similar statistics like from Genesis Mining, a true and trusted cloud miner. If is is still profitable to be cloud mining is a big question because it is currently not profitable to be cloud mining.
So instead of cloud mining, it’s better to keep it simple: just HODL. Or if you want steady earnings, consider lending your Bitcoin instead.
Very true, just HODL is better compared to cloud mining. Our Bitcoins are stored safely in our wallet and it is only about price speculation.