Money Talk

How to get into cloud mining

Submitted by gorgeta1985, , Thread ID: 117369

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RE: How to get into cloud mining

#3
Cloudmining is an incredibly risky business to get into as you need to be incredibly wary of the websites you utilize. There are sites that allow you to rent out hardware for a set amount of time and mine whatever you desire which I have used in the past, but it's not a great way to make money.

The companies that offer cloud mining and the services that offer the ability to rent machines would not exist unless they were making money - which they are. They keep a very watchful eye on the market, and make it so it is incredibly difficult to earn more than you pay for with the miner (i.e. you pay $50 for a day of hashing power to make some BTC but will only successfully 'mine' less than or equal to that $50.)

You can get around this by mining coins that are increasing and value and holding them, that way once the value has surpassed what it was when you paid for the mining contract you can sell for a higher rate and make some profit.

If you decide to mine at all, I'd stick to alternate coins.

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