Cloud Mining Is A Scam.

Hi, Ive been invested in Cryptocurrency for a couple weeks now. Obviously if you are involved with cryptocurrency you know what cloud mining is. When I heard of cloud mining I though it would be a great opportunity to make money without putting forth hardly any work, but obviously thats not the case. Genesis Mining the leading cloud mining company sells "Lifetime Contracts" but they are not really lifetime. If you purchased 1TH from Genesis it would cost you $150 as a initial investment. You would be able to mine about .01 Bitcoin a month which equals about $26 because of the fees Genesis mining takes. You look at those numbers and it sounds great because you'll be able to cover your initial investment of $150 in roughly 6 months. What a great deal! Well you're wrong. As bitcoin mining becomes more competitive. Which it will theres no question about it. You will need more hash power to be able to make money again meaning your initial investment of $150 will never make the same consistent profit it does now a year from now. Your "Lifetime" contracts will end up being so worthless Genesis will cancel them because your contracts won't be even able to cover power costs. You'll want your money back which is impossible because Genesis is nonrefundable and then boom you're scammed. Genesis mining is selling contracts that they know will never be able to full fill and you're the one taking the lose because you'll never be able to get your money back.

I hope this gives everyone a better idea of cloud mining in general and that in the end your not going to win.

Submitted June 10, 2017 at 05:32AM by hinklee
via reddit