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Guide: Bitcoin Cloud Mining, Is It Worth It and Is It Safe?
by BoTox - 03-25-2020 at 11:10 AM
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Posted: 03-25-2020, 11:10 AM
Bitcoin cloud mining can be a tricky thing to determine if it’s completely safe in the Bitcoin world, and if it is, will it be cost effective? The return on your investment can be longer than other alternatives such as buying and selling Bitcoin. This can be due to the fees involved, the time it takes to mine, the upfront costs and the value of Bitcoin during that time. The upside is that if the costs are reasonable, the cloud mining operation has good rewards and the price of Bitcoin rises, you will more than likely end up making a healthy return on your investment.


Pros
  • * No installation or setup costs (hosting centers will host Bitcoin mining gear you buy and run it at their location. Many will charge a one time setup fee)
    * No noisy, heat generating gear in your home.
    * Maintenance is taken care of.
    * No extra equipment to buy to have your mining gear running.
    * No risks of fire and other issues that can arise from running it yourself.
Cons
  • * You do not own the equipment which means you cannot sell it.
    * Some you cannot point your hashrate at the mining pool of your choice.
    * Some providers will cease operations of your chosen cloud miners if a profitability threshold is too low as difficulty goes up and new equipment comes out.
    * Company can go out of business or just run away with the funds if they want.
    * Could end up a scam as promised payouts are unable to be met as hashrate was oversold (selling more hashrate that they have) and owners decide to cut and run as they did not put some of their profits into upgrading to new gear as it comes out.

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