It's been said over and over again, but I think that it's worth too keep pointing it out. Cloud mining is not an investment by any means. The provider could by all means be directly lying to the user, selling a service that is entirely virtual. Recycling some money under the premise that users will never turn out profit. This is what happens all the time, it's 100% safe for the provider while the users takes on a huge risk. Just look into buying mining equipment. It will give you a lesser risk and a greater potential return on your money.
You are right. I really can't understand why they are still buying contracts when it has proven to be unprofitable time and time again.
Please guys stop making threads like: tell me about cloud mining, or what is cloud mining. I've read so many threads with people asking for help because their cloud mining tickets are being unanswered or they got scammed. You have at least one on the same page where you've posted your thread. Are you blind or just ignorant? https://bitcointalk.org/index.php?topic=2259139.0
But, Genesis Mining and Hashing24 cloud mining is legit...
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Re: Minergate cloud contracts have raised my suspicion
by
ahmaddanyal06
on 03/12/2017, 20:34:20 UTC
Might as well just buy hardware and do yourself, right?
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Re: Minergate cloud contracts have raised my suspicion
by
ahmaddanyal06
on 03/12/2017, 19:28:51 UTC
Yes, please do update me when you get a response. For now, I think I will either build a cyptonight mining rig or invest in hashflare.
Thanks for your data, it really helped me.
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Re: Minergate cloud contracts have raised my suspicion
by
ahmaddanyal06
on 03/12/2017, 19:05:52 UTC
This means that the Minergate profit calculator is complete BS?
According to the calculator, if I purchase 24 Terahashes of mining power, I should make approximately $400 per week or $1600 per month.
24 Terahashes cost about $3500 right now.
This means that the ROI should be 2.2 months, however according to your data it is 1 year.
I personally would not invest in a company that lies to their customers.