Is Bitcoin cloud mining profitable Cloud Mining Actually Profitable? Bitcoins pretty easily at home and make a very nice profit on the exchange rate. Many people wished they had not missed the Bitcoin mining bus before the great Bitcoin boom started back in 2013. Back then you could mine Bitcoins pretty easily at home and make a very nice profit on the exchange rate.
Become the best Bitcoin miner and learn how to mine Bitcoins with the best Bitcoin mining hardware, software, pools and cloud mining. The only exception is if you have very low electricity costs and manage to mine efficiently for at least 6 months without any major changes in this competitive landscape. A seemingly sophisticated way to allow people to jump on the Bitcoin mining bus without the need of costly expenses. 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.
Of course this cloud mining idea quickly took off as people are always looking for new ways to make money online, however how legit and profitable are these cloud mining contracts? That’s exactly what I’m about to unveil in the following post. How do I know this? Well, I run a website dedicated to helping people get started with Bitcoin and every day I get another complaint about another cloud mining company that does not pay and the website seems to have gone away. I suspect many of them will turn out to be Ponzi schemes. When consider a cloud mining company make sure to due your due diligence on every company you think of investing in. If it does not pass the test – do not invest.
But even if you do find a legit cloud mining company is it really worth your money? 1,200 or the equivalent in Bitcoins around October 17, 2016. So after one month I make around 0. 1 year I will make around 4. Seems pretty profitable, this means that I’ll break even after about six months and from there on it’s pure profit.
But here’s the kicker, something called MEF – Maintenance and Electricity Fees. The MEF is linear and equals 0. Ethereum contracts are not subject to any fees. So let’s go back to our investment and calculate in the fees. If everything stayed constant in the Bitcoin universe I’d only get my money back after a year and 3 months. Exchange rates will fluctuate and mining difficulty will probably increase.