Will my cloud mining be profitable?

Carrie Jacobs asked a question: Will my cloud mining be profitable?
Asked By: Carrie Jacobs
Date created: Tue, Jul 13, 2021 5:15 PM

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Those who are looking for an answer to the question «Will my cloud mining be profitable?» often ask the following questions:

❔ Will my cloud mining be profitable now?

But here’s my thought. The mining competition is getting higher day by day. Besides, the bitcoin halving event ahead. And that will cut off 50% of miners reward. According to the above fact. I also could say cloud mining is not profitable anymore. I will link these kinds of threads at the bottom of this article.

❔ Will my cloud mining be profitable today?

With cloud mining you can rent mining equipment from a company that will give you back the profits from your rented mining rigs. You do not need to deal with the electricity costs, cooling down the miners or storing them, all you need to do is send out a periodical payment and you are all set.

❔ Will my cloud mining be profitable in 2018?

Should you Mine Bitcoins in 2018? Bitcoin mining is still a big business in 2018. Highly powerful mining rigs are expected to be launched this year. More cloud mining companies are expected to launch.

9 other answers

Besides, It is a passive income. Just set up your rig and that’s it. But cloud mining makes different. A company builds up a mining farm and they renting out their hardware for people online. But, Is cloud mining profitable? If you read my previous articles, you know I don’t recommend cryptocurrency cloud mining. Want to find out why?

With cloud mining you can rent mining equipment from a company that will give you back the profits from your rented mining rigs. You do not need to deal with the electricity costs, cooling down the miners or storing them, all you need to do is send out a periodical payment and you are all set.

That said, cloud mining is not profitable, considering how it currently works. Contributing factors include a mix of increasing network complexity amplified by the drop in cryptocurrency value – it’s essentially a bear market today. Cloud mining was more viable when Bitcoin was sold at much higher prices.

In theory, cloud mining should be much more profitable than mining with your own hardware. However, it’s easy to be caught out. At best some schemes are useless – at worst, they could be seen as a bit of a pyramid scheme. For this reason, it’s essential you do your homework.

Let us say that Company A charges $1 per month for 10 GH/s of computational power. Let’s say you get one coin of a cryptocurrency after working for one month on this power. If the price of this coin is $2, mining it on the cloud is currently profitable. You gain $1 at the end of this process.

By 2021, the market situation has developed so that it is difficult for an ordinary person like me or you to get income by mining bitcoins at home. Large associations of miners and corporations take all profits. Therefore, I consider cloud mining to be the best option in the current situation (that’s why cryptouniverse.io was created).

Usually, it grows, thereby reducing the mining profit from 1 TH/s. How much it changes every 13.56 days will affect your contract profitability. Bitcoin Network Difficulty Analysis When buying contracts for cloud mining, you need to understand that the level of profitability that is at the moment will not last long and will change.

Unless you were one of the very first people to mine Bitcoin, CPU mining has never been profitable. There was a time where one could profitably mine Bitcoin with GPUs, but again…today, you really must have an ASIC and a deal with a power company to make any money mining Bitcoin in 2020.

Start mining in less than 60 seconds and earn money with your PC now! We have prepared a simple tryout tool called NiceHash QuickMiner for you to try mining for the first time! No registration needed! Try mining now.

Your Answer

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