Hey,

I've been looking at cloud mining for awhile. But i'm not convinced.

I googled the miner used in their $7.50 contract "HashCoins SCRYPT".
It seems that it uses 800W and you get a hash power of 1 Mh/s.

If you completely ignore electricity costs and assume they are zero then you make a profit of $0.00003232 per month...so to break even on your $7.50 you need a very very very very long time...

You can check the details here for yourself ; https://www.cryptocompare.com/mining/calculator/btc?HashingPower=1&HashingUnit=MH%2Fs&PowerConsumption=800&CostPerkWh=0&MiningPoolFee=1

Can you explain the logic as to how you would make a profit? Because right now it just seems like the only way for this to work is for BTC to skyrocket in price and your already mined coins then gain value...but then why don't you just put your initial investment into BTC and wait for it to skyrocket?

Also you only get payouts net of maintenance fees...so what happens if in the year your maintanence fees are greater then the BTC you produce? Your contract would logically terminate? This can easily happen as the difficulty to mine BTC gets harder...i believe in 2016/7 it tripled so if 2018 repeats itself your 1 MH/s would then atleast be 3x less powerful and mine 3x less BTC...

I'm interested to hear your thoughts and see if maybe i've missed something? But i just dont see how this is profitable!