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Would you invest your money in cloud mining?

Xymox

Is it a safe strategy for making operations with cryptocurrencies in general?

Reply 1

Reue

Hell no. Investing directly in cryptocoin is risky enough, let alone trusting someone else to mine it for you!

Reply 2

NeonSun

Original post by Xymox

Is it a safe strategy for making operations with cryptocurrencies in general?

Cryptocurrencies are a safe thing for investment, I mean that they're definetely not scam. But you should remember that everything in this case depends on changes of prices for them and this thing is very unpredictable and unstable, you'll get money only if you buy for example bitcoins for lower price and then sell them for higher one but time for such operations vary really greatly. Besides it's better to have a start capital before making serious investments :redface:

Cloud mining is a very popular strategy for making various operations with them, comparing to the usual mining it solves problems with costs for software and hardware equipment, electricity and constant noise from fans. You just sign up a contract with a cloud mining company and pay for its service, that's all, all other money are yours. But in this case you won't have total control for all operations and yeah, scam is a widespread thing in this case, according to well-experienced miners you should always work only with really safe companies like Hashflare http://hashflarecode.com/ , Genesis Mining, Hashnest, Eobot etc. I know guys who earn several thousands of dollars from cryptocurrencies during month but it seems that they're really good only as an additional thing for investments, not the main one and of course they can't replace well-paid full-time job.

Reply 3

Dez

If you mine in a cloud, expect to get rained upon.

Sure you might make some money if you're on the ball with it, but it's a long way away from being a "safe strategy". If you want safety, stick to more conventional investments. Crypto is far too new, too unproven and a lot of it is essentially a giant pyramid scheme right now (money-wise).

(edited 6 years ago)

Reply 4

Ninja Squirrel

Original post by Xymox

Is it a safe strategy for making operations with cryptocurrencies in general?

Cloud mining is very risky because you're entrusting your hash power from someone else and they have access to the wallet which holds the mined crypto. You're better off waiting for staking for ether and join a staking pool which is governed by a smart contract and not a person.

Reply 5

Rakas21

Although the logic is there i don't think the law is anywhere near developed enough nor the firms in question anywhere near as large/accountable enough for me to consider that a prudent course of action.

Reply 6

PanicDisco

I got into cloud mining about 6 months ago and already made some decent money using hashflare codes and my own strategy. I am not sure I can recommend this way to anyone since it requires quite a bit of knowledge to be good at it. First and foremost you will have to decide which currency to invest in and it's quite a hard task.