Hello everyone, first i would like to apologize for my bad English. Its not my native language so you will find a lot of mistakes, again sorry about that.
Few days back i was really interested in this thing called cloud mining, at first i was amazed and i thought this is great i can rent mining gear for low price and earn some bitcoins. It would be great if that was true, but its not.
After registering on hashflare and buying 50 GH/s mining power i made some calculations, the result was shocking.
Here is what i came up with, i paid 0.01384 BTC for 50 GH/s mining power by this calculator i should make 0.02111136 BTC annually
Looks good rite? In one year i would make up what i invested in the next years i would be making only profit, they claim its a lifetime contract. But i noticed a maintenance fees, those fees are 0.0045 $ / 10 GH/s / 24h
Fees are bigger then what i earn, with this mining power i make about 0.00005918 BTC daily but fees are
0.00003958 BTC daily, so my real earnings are 0.0000196 daily. By my calculations 0.0000196BTC * 365days = 0.007154 BTC its almost half what i invested, so i would need 2 years to get my investment back with the current Bitcoin price. Do you think this website will still be alive after those 2 years? I don't think so.
So after checking there contracts i see Ethereum 1 year contract for $3.50 per 100 KH/s and no maintenance fees, well this one sounds good. No maintenance fees so i will be earning 100% but then i check mining calculations and here is what i see
If i buy only 100 KH/s in one year i will only make $2.55 but for contract i paid $3.50 i lose almost 1$ if price stays the same, its good if its go up but what if it goes down? I would lose even more.
So from what i see, those cloud mining sites are pure scam sites. Most likely they will shut down after some time and will run of with all your money. Don't trust them, i already lost $8 it might be not much for you but for me its good money.
Thank you for reading and again sorry for my bad English.
