Protip for newcomers: Stay away from cloud mining. Worst case you're getting scammed, best case you're getting hashing power for a price that will never turn a profit. Don't underestimate difficulty increases, my friends.
It's incredibly difficult to make people actually listen to what we are saying here. In most cases they jump into cloud mining after having watched paid shills on YouTube praise generating passive income through cloud mining.
Oh definitely. I still think it's worth repeating though, in case someone starts doing research of their own beyond YouTube and happens to stumble upon a thread like this.
Maybe it's time to start reporting these YouTubers on a large scale, because these YouTubers are one of the main reasons newbies still think cloud mining is profitable enough to invest in.
Most people search for cloud mining reviews and demonstrations on Google and then mostly end up on YouTube. YouTube was also a major factor with how paid shills there made BitConnect look like a solid investment.
I doubt it would amount to anything unfortunately. It's a slippery slope for one (a couple years back you could have argued the same about Bitcoin -- in crypto the borders between speculative and scammy are very blurred for an outsider), secondly even the advertisements being run on YouTube have sank to a level where I've seen straight up HYIPs being promoted.
Why would people believe your nonsense?
Cloud mining is as real as ever![...]
Because people have mined with both physical hardware and mining contracts before, know some basic math and are not as inexperienced as some of the newcomers cloud mining companies try to sell their contracts to.
Even assuming the hashrate actually exists, offering cloud mining services is merely a way to pass on the majority of the risk of the initial investment on to an unsuspecting customer. Why wait for your mining infrastructure to reach ROI some time in the unpredictable future when you, as a mining company, can get your money
right now by selling your hashrate to some easy victim? All that for the added bonus that your targetted userbase is willing to pay more for the hashrate than one may ever expect to make from merely mining in the first place.
It's basic economics, really. Everything else is just a fairly tale.
