Hey guys,
I am newbie here, wanted to get something cleared. I dont want to mine btc but i want to invest in big companies mining btc and earn profit on my investment.
Recently I came across a site "
www.bitfarms.online" , there they have plans ranging from 7% to 12% daily with lock in period of 9 days. Please I need advice from those with XP on the credibility of this website.
Thank you
This site advertises itself as cloud mining.
First thing to know is that most "cloud mining" sites are scams: they don't own hardware, they don't mine anything and either run like a
Ponzi scheme and pay the first few users, either don't pay at all.
Second thing to know is that "if it looks to be too good to be true, it's a scam" and their returns look kinda too good.
Third: when you do cloud mining yo buy hash rate, you earn based on that hash rate and you pay for electricity. You don't "deposit" since it's not a bank. The site you said used the term "deposit".
Fourth: there used to be more known bitfarms.ca. Using name similar to others' usually rises a "scam warning" flag.
All in all, while there's no review on that site and I cannot tell for sure about it, for me it looks very suspicious. I would clearly not put my money there.
Edit: if you really want to try out cloud mining,
you better look for the few established businesses (or at least others' opinions too).
