Cloud mining mind seems like a lucrative and easy way to make money online. Actually it is but today I will be sharing with you four reasons why you should stay away from cloud mining sites.
Most of them are Scams
I can say a lot of cloud mining websites that are out there are basically just scams. They work like how all Ponzi schemes operate. You are lured into with an outstanding offer and pay dearly after. For instance one of these website Miner Server which has been shut down claims to allow you to earn twelve dollars within a month. That was their least plan.
Once you purchase this package your bitcoins will be earned all right. When the month is almost over and you decide to withdraw your profit a ban is placed on your account. For the ban to be removed they claim you have to pay a sum of money again. Trust me you will pay this amount and still won’t be able to withdraw your profits.
Another way they dupe you is put a server maintenance fee on your package. It is no news that bitcoin mining rigs take a lot of processing power and electricity as well. These mining farms must be cooled regularly to make sure they can perform optimally. That is basically why the server maintenance fee is charged. But normally these scam sites have no physical mining rigs or whatsoever.
It takes a lot of time to earn with the legitimate ones
Yes, cloud mining is a real thing which has been there for years now. There are only a few reputable companies that allow you to do this. Some of the popular ones are Genesis Mining, Hasjing24 and Hash Flare. These legitimate websites take months to earn the amount you invested. Normally their packages do not last for long.
For instance, with Genesis mining, you can purchase one of their contracts for only a year. After this period your contract with them expires. Buying a cheap server from these trustworthy companies works really well. The only downside it takes a very long time to earn a decent amount of money from them, an average of six months. This value can differ depending on the cloud mining site you are using.
The unstable Nature of Cryptocurrency
Cryptocurrency is a huge industry and there are new cryptocurrencies flooding the market every day. Even you can sit at the comfort of your own home and invert your own cryptocurrency. Off Couse, it wouldn’t be popular like the well know ones like bitcoin, bitcoin cash, and Litecoin. Buying a cloud mining website contract can be a bad thing when you do not purchase it at a good time. To maximize your profits from your investment you have to wait diligently for the time the value of the cryptocurrency drops significantly to purchase.
It takes away a lot of precious time and money
This might sound strange but it is actually true. I have spent about two years looking for that perfect cloud mining site. Guess what I never found the perfect one. As you begin to enter into the world of cryptocurrency you are going to meet a lot of opportunities. And as a good investor, you are supposed to try each of them out to find that perfect one for your needs. Unfortunately, this takes a lot of money and precious times. You could stick with recommendations from friends and professional (they call themselves crypto trading experts) but sill nothing is going to work out for you.
Cryptocurrency is indeed a great revolution in the tech industry which must be embraced. I have tried out some cloud mining sites and have earned quite a couple of bucks from it. However, I did not write this article to discourage you in any way. I just want you newbies out there to be more careful when getting into the cloud mining industry. Have you already started cloud mining? What do you think of it? Leave a comment below and let us get in touch. Have a nice day friend!