Welcome back and congrats on marriage. Personally I think mining contracts for cloud mining don't really make sense. In order to be profitable you would need to get very lucky.
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Welcome back and congrats on marriage. Personally I think mining contracts for cloud mining don't really make sense. In order to be profitable you would need to get very lucky.
Hey :) Well i started my mining contract in December last year and got my ROI in about 5 months on btc ( yes i was very lucky due to the massive boom in the early months ). BUT if you had extra cash it never hurts to put some into mining.
I think it is still better to spend that money on buying the currency rather than mining it though.
This is true in a sense that the coin will go up, but in the long run when you receive more coins than your original investment that's when it pays off. That is why i stay away from 1-2 year contracts and go for life time.
I think that mining contracts may have made sense in 2014 when there were lots of new POW coin launches.
In those cases you could have found something that had been overlooked by others and you could mine a large amount of coins that would be worth a lot more in the future.
That situation doesn't really exist anymore.
I think now you are better off using the money that you would point towards mining in buying actual coins - I can't think of a single case where you would actually get more coins by purchasing mining.
It just doesn't make economic sense any more - particularly not for any major coins like Bitcoin, Ether, Litecoin etc.
If it did the companies offering the mining contracts would be using that hashpower to mine for themselves.
The fact that they can make more money by selling it should tell you something.
I think this is the key line here