Binance launches new cloud mining for Bitcoin

[buwaytress]

Didn't see this topic earlier, also saw an email when cleaning up my inbox. Didn't think anyone would want to try yet another cloud mining project, particularly when even legitimate ones have closed down (to my knowledge anyway).

For me, anything that feeds a regular and predictable income at scheduled periods has to be anything but cloud mining. Mining is anything but predictable.

That said, they have "sold out" all their options now, so maybe they have a limited pool of subscribers.

[coin-investor]

Didn't see this topic earlier, also saw an email when cleaning up my inbox. Didn't think anyone would want to try yet another cloud mining project, particularly when even legitimate ones have closed down (to my knowledge anyway).

For me, anything that feeds a regular and predictable income at scheduled periods has to be anything but cloud mining. Mining is anything but predictable.

I have been marking and supporting cloud mining that is reported in the scam section as a Ponzi scheme and now here we have Binance one of the top exchanges in the industry re-introducing cloud mining to the community that will make the community change their perception of cloud mining.
If Binance cloud mining becomes successful and in demand, we'll see more cloud mining sites and could be using Binance as their model, but I still won't change my perception that cloud mining is a Ponzi scheme, there are a lot of scripts for cloud mining that scammers are using.

[yahoo62278]

That's not new it was launched last year I don't know how profitable their cloud mining but why not calculate them using this tool below?

You can find some details here https://pool.binance.com/en/cloud The last time I visited the site, the service was not available, but now it seems that it is available, with prices starting from Start from $ 5.8590

Est. Start time
2023-05-17
Hashrate Fee
0.0120 USD/T/Days
Electricity Fee
0.0531 USD/T/Days
Historical Output
0.0809 USD/T/Days
Static Revenue Rate
131.66%

Freezing about $6,000 for about 90 days is reason enough to stay away from them, because you will first trust them and then think that they will give you enough profit, which is something that can be obtained from trading.

It's not $6,000, but $5.85 per TH. You can choose your desired hashrate from as little as 1 TH to even 1000 TH or more. Binance's platform provides a mere estimate of your earnings depending on the hashrate you choose. For instance, 100 TH costs approximately $600 and is expected to yield 0.005317 BTC, currently worth approximately $150, after the 90-day lock-in period. To be honest, it's not too bad, but I don't like the whole idea of cloud mining, even when it's coming from Binance. We were always advised against using something that sounds too good to be true and prompts a Ponzi scheme.

Losing $450 isn't too bad? I think i'd rather just get out a lighter and burn money vs waiting 90 days to lose 75%, wouldn't you? Being binance I am pretty sure you'll have to pass KYC as well while you are losing money.