Can someone help me understand the point of cloud-mining and why anyone would buy a cloud-mining contract? For every one I've looked at, the cost of the contract far outweighs the amount of bitcoin that would be mined, so why do people buy these contracts?
The only way I can see it 'could' be beneficial is if you purchased a contract some time in the future at a fixed price, and by the time your mining contract begins the value of bitcoin has risen significantly and outweighs the cost of the contract - or is that the point, like some sort of gamble?
There is no real cloud mining out there, even old cloud mining services like eobot that still works 100% till date have no proof to show that they own any mining farm, it's all been Ponzi all along, I don't believe in them and yes I've lost few dollars trying them out until I became wiser
Now it's too late to even start mining because they aren't profitable to run anymore, maybe in future we will see new miners with lower power consumptions because this is the main problem affecting miners, it's always about electricity costs and 90% of your money goes to electricity fee
