Cloud mining is NOT profitable
Dear Steamers!
While reading articles or watching youtube videos you can often see affiliate link for all kinds of cloud mining services. We hear it so many times that it gets build in our subconscious and we actually think that this might be good idea. It almost happened to me as well. Luckily i read some articles warning about this and changed my mind.
To keep it short without going into technical details wich (you can find all over the internet).
Just think about it. If you are to earn more than you pay for contract why would they want to sell this kind of service? Why not just mine for themselves and sell the coins? You could say that they want to take less risk and keep smaller but guarantied profit, but to me this just says they don't believe in crypto strong enough. In ether case we are the suckers.
My advice is to rather buy the coins, but if you really want to mine buy your own equipment and start small.
Good luck to you all.
I'm new to this whole thing. This sounds similar to kids who would play World of Warcraft and sell their 'game' money to other people on Ebay for cash. Am I way off in making this connection?
I think these situations are a bit different. When buying WOW on ebay you know what you get, if off corse transaction goes according to plan and you are not scammed (your money is taken without receiving anything). In case of cloud mining you buy the service thinking you will make profit when in reality you will probably get some coins that are worth less than initial investments. The reason there are so many referral links out there is because they get percentages when you register. So I guess its profitable if you bring several several people with you and get percentages.
Oh ok. I understand. Thanks for the clarification.