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Cloud Mining 101 Lots of people ask me if cloud mining through services like Hasflare and Nicehash are a scam. The short answer is no, most cloud mining providers have an excellent business model and they don't need to scam you. You are providing these companies with the capital they need to purchase cloud mining hardware and in return you get to enjoy some of the benefits.
Yes it is possible to make money on some of the best cloud mining contracts out there but I challenge people to look at where their real profits come from. If you purchase a 1 year mining contract for bitcoin and pay in advance you are taking a long position on bitcoin that you cannot easily exit.
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@davidhay thanks for your awesome videos! They really helped me to gain some ground in the vast cryptospace :) I pretty much agree with your point of view regarding Cloud Mining. From the perspective of having a free market and decentralized mining, I also consider nicehash to be an awesome idea. Unfortunately, I came to the conclusion, that due to the free nature of this market, people tend to pay way too much for hashrate. 1 MH/Day of CryptoNight for example is currently ordered for up to 0.3560 BTC, but would most probably only yield 6XMR (optimistic estimate). What is the idea behind mining 6XMR for 0.3560 BTC, when I could buy it for less than half the price (0.16677 BTC for 6 XMR) on binance? Or is there a mistake in my thought process? Have a nice day! Cheers
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