What is wrong with cloud mining? I thought it is better - no need to spend money on equipment, eco friendly, so on...
The problem is that 99,99% of the cloudmining companies are really just ponzi scams disguised as a mining website. The 0.01% "real" cloudmining companies sell you 100% of their risk for a small cut of the profits. Sure, you can make a profit with them, but since you're carrying all the risk anyways, the profits are rather small in comparison.
Also, the eco-friendly aspect does not work... As a matter of fact, it would be more eco-friendly to put an ASIC inside your house at wintertime and mine by yourself (on a pool or solo), so you can recuperate the heat and use less fossil fuels to heat your house. Cloudmining isn't something magical that happens in an utopian dreamworld. The 0.01% real cloudmining companies actually bought real asic's that use real power and caused real pollution when they were produced. The difference is that they usually scaled up, so they have an advantage with the power price, cooling, racks, security,... However, they usually don't recuperate the heat, and they have some overhead that you wouldn't have if you ran 1 ASIC in your living room (very noisy tough), for example: you wouldn't need extra cooling, you wouldn't need special power failover mechanisms, you wouldn't need security guards. So, all these factors would make it more eco friendly to mine by yourself compared to cloud mining.
