First thing, what is Cloud Mining?
Cloud mining is a mining technique that involves using a very low amount of energy and data. But does it really work? Theoretically yes, cloud mining can be done with (real) cryptos like Stellar Lumens.
In this way mining can be affordable for everyone and ultra-ecological (since you do not need a very high energy effort) Greener and more sustainable than Proof Of Stake.
Do cloud mining apps work?
In this article we consider Midoin, Pi Network, Bee Network, and many others.
Let's talk about Pi Network first, since it is the best known. Pi Network should be a crypto currency minable only by the app, it to mine must have the command to click a button in the app every 24 hours (to verify that we are human and not bots) To have a "greater" gain you have to invite Pi miners in your circle, and use your invitation code. But there is no perfect crypto (coff coff except cardano coff coff)
To have a "greater" gain you have to invite Pi miners in your circle, and use your invitation code. But there is no perfect crypto (coff coff except cardano coff coff)
Pi Network according to logic and common sense is a "scam" app Before those who spam their invitation code arrive, You can get scammed even with no money. But how do you get scammed by Pi?
Pi Network asks for a lot of installation permissions, has gambling advertisements (like games where you can win google play gift cards, at poll pay for example.) Counting that Pi has 24 million users advertising yields a lot.
Pi Network also has a bland and minimal user interface, so it doesn't seem very reliable.
Let's move on to Midoin, this app is the scrausa version of Pi Network, only here they were faster with the Mainnet, and used their "marketplace" trick
What is the "marketplace" trick I invented this word as an example, but it is based on this: The application creates a marketplace (take for example eBay, Facebook Marketplace and Kijiji) Where the currency is not the dollar, but the token. For example, we have "Super Idol Token" and we use it in the Super idol marketplace. Did we do it technically?
Yes, but who uses an app Marketplace with half-unknown developers? Except for the Pi marketplace many people will prefer to use traditional marketplaces (even using cryptocurrencies) so the base collapses.
For Bee it's the same story, so I won't talk about it.
So, could we sell our tokens? Technically yes, but we earn the equivalent of 1SHIB. I kid you not, a token that is only sold and very few times bought can never grow, but only go down.