Cloud mining has been the next best alternative to actually purchasing or building a mining rig of your own. Despite growing difficulty and Genesis Mining running out of contracts/room for mining rigs, it still provides a moderate profit over the space of a year and despite lower BTC values. There to my knowledge only two legitimate cloud mining sites out there. Genesis and Hashflare. I don't trust anything else honestly.
Before when contracts were lifetime contracts the thing to do was to put a little money in and reinvest all proceeds into more hashing power.
Contracts SHA-256 on Hashflare used to be lifetime contracts, but recently they switched to 1 year contracts making the that reinvest feature seem useless. They also increased the price from $1.60 per 10GH to $2.20 per 10GH.
I ran across this video the other day showing what the author calls his 60/60 strategy. And thoughthe numbers are way off form today, as long as cloud mining remains profitable and Bitcoin remains at a reasonable price somewhere above $6000 this strategy will work.
Enough ramble, the strategy is called the 60/60 strategy, named by the author of this video, Where the author shows that if you reinvest for 60 days then cash out for 60 days then reinvest for 60 again, you continue to grow your hashrate as well as receive a much bigger payout throughout the year than you would have initially.
Below is the link to the video:
Link: 60/60 Cloud Mining Strategy and free spreadsheet.
If you like this article and plan to invest in Hashflare you can help me out by using my referral link: https://hashflare.io/r/FC800FC
Thanks
Cyrus