What is the best CLOUDMINING website? | Genesis Mining, Hashflare.io, Hashing24, Bitclub Network

foodnature (57) in bitcoin • 7 years ago

Hey everyone

Regards,
sunnydecree

bitcoin cryptocurrency genesismining bitconnect trevonjb

7 years ago by foodnature (57)

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akilie1029 (57) · 7 years ago

Hi @foodnature! Is cloud mining safe? I'm researching for that as well and it seems like most of them are just scams. I would really think 10 times first before I invest on that kinds of program.

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3 votes

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foodnature (57) · 7 years ago

Just check my videos. Those I invested in should all be safe. Genesis, Bitclub Network, Hashflare.io. All are paying without any bigger issues so far.

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1 vote

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jahthecreator (25) · 7 years ago

looks like the only way anybody makes money with cloudmining is by affiliate marketing for them... kinda like what you're doing... smart though :)

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2 votes

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foodnature (57) · 7 years ago (edited)

It gives extra money of course but it is profitable itself. I was not getting into it to get affiliate money. I was getting into it cause of the mining.

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marcusorlyius (44) · 7 years ago

No it isn't and you know full well that it isn't. That's why you can't address the points made in this article despite you saying you would do so. I'm still waiting.

Cloud mining may seem profitable if you use a profitability calculator that doesn't take difficulty increases into account. It may also seem profitable if you include the increasing price of coins. If you compare the profitability of cloud mining to simply buying and holding coins though, the maths shows that cloud mining is unprofitable.

The above link shows that for 15Th/s and a 5% difficulty increase each round then you would only mine about 45% of what you could have simply bought. How on earth can you call that profitable?

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1 vote

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foodnature (57) · 7 years ago (edited)

I can make it easy. In your post you are not considering game theory. The less profitable it gets to mine the less additional miners will join. So the assumption of a continuously exponential growth of the difficulty is wrong. You are spreading a post which is correct in itself but you are missing important aspects and your assumption about the difficulty rise in the future is wrong.

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1 vote

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marcusorlyius (44) · 7 years ago

I'm actually downplaying the difficulty increase by assuming 5% as you can see quite clearly here. Over the past 3 months, the average difficulty increase has been about 11% per round. Over the past 6 months, the average difficulty increase has been around 8% per round and over the past 12 months it's been about 12% per round.

Does that mean it going to be over 5% on average for the next year? Of course not. But given the history, it's better to assume that it will be rather that assuming it won't based on "gut feelings" and "wishful thinking".

To claim that cloud mining is profitable is nothing but a flat out lie.