Quote from: DoNotDoNut on December 11, 2016, 05:04:55 PM

Hello, is there anyone who can say if Bitcoin mining is still profitable. I just invested 100 to cloud mining.

If you invested in a cloud mining company, you more than likely went for a ponzi scheme or scam site, since there are so many of them around. If you did a lot of research, its possible you found a legit cloud mining company, the problem with those though, is they are not as profitable as you want them to be. Bitcoin mining profit margins are normally pretty slim, and if a cloud mining company is promising great returns, its an even bigger red flag.
Try to see if you can withdraw your profit each day...scam sites normally dont allow this, or want you to re-invest your profit for more hashing power. This is where they catch you....you see great profits (on the screen) but keep re-investing and dont withdraw. What is really happening is they keep getting users to put more money in, and never withdraw anything because the numbers look too good. Eventually if its a scam or ponzi, they will vanish with all the bitcoin, and you will be left with nothing.

The best way around this is to make sure you can withdraw daily, and do that immediately from the beginning. Never ever re-invest profit, until you have withdrawn more than you put into the site. Only then have you really made any profit at all. After that time, you can try alternating with one day withdraw, one day re-invest, so that you get some money out as well as push up your hashing power.

btczar

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