What is Bitcoin?
I remember the first time I researched BTC mining on a PC was a year back and already it was a saturated and competitive market to enter (I missed the mining bus as they call it). One thing for sure, was that I didn't have the tech savvy to build something mining-worthy, and not just an elaborate room heater. Electricity isn't exactly cheap where I live either, due to excessive taxation.
Cloud mining certainly seems to have some perks, you meddle with less hardware, you get less senseless heat from the computer and there's a lower electricity usage.
But it's not all flowers and sunshine, most cryptocurrency mining sites are complete ponzi schemes (they pay the earlier investors with money from the newer ones).
Legit sites also have a thing called maintenance and electricity fees ("MEF"), which adds up as expense on your otherwise flawless plan of gaining profit in the span of 6 months. Another thing is that mining difficulty increases as more cryptocurrency is mined and there's a huge variation in the balance of cryptocurrency making frequent re-calculations of your "plan" necessary to avoid going into negative profit.
Has anyone successfully seen any profit from Cloud mining? Even small sum stories, I'd like to hear the experience.
I remember the first time I researched BTC mining on a PC was a year back and already it was a saturated and competitive market to enter (I missed the mining bus as they call it). One thing for sure, was that I didn't have the tech savvy to build something mining-worthy, and not just an elaborate room heater. Electricity isn't exactly cheap where I live either, due to excessive taxation.
Cloud mining certainly seems to have some perks, you meddle with less hardware, you get less senseless heat from the computer and there's a lower electricity usage.
But it's not all flowers and sunshine, most cryptocurrency mining sites are complete ponzi schemes (they pay the earlier investors with money from the newer ones).
Legit sites also have a thing called maintenance and electricity fees ("MEF"), which adds up as expense on your otherwise flawless plan of gaining profit in the span of 6 months. Another thing is that mining difficulty increases as more cryptocurrency is mined and there's a huge variation in the balance of cryptocurrency making frequent re-calculations of your "plan" necessary to avoid going into negative profit.
Has anyone successfully seen any profit from Cloud mining? Even small sum stories, I'd like to hear the experience.