The halving is over, demand is rising, supply grows slower and slower and miners are trying to find a way to make the mining process as efficient as possible.
In fact, some of those not being lucky to have a cheap electricity source are forced to quit, upgrade or move the rigs. Considering all of these downsides
that the after-halving miner's world has, one has to ask a question: Is there a way around all of this ?
The scammy maze
Of course, many content creators asked themselves the same questions as you did. Some of them don't even have to own a single piece of mining hardware.
There is a plenty of projects promising you huge profit shortly after you deposit, some of them only showing you EV percentage instead of hashpower,
some of them showing the miner model but simultaneously using strange calculations when it comes to converting Th/s to hourly income. Here's the list of what to look for if you were not sure if the site is a scam.
- obviously, read some reviews first
- Look for hashrate, not a percentage
- Compare the hashrate/payout rate - for example, there's no way you can make 1000 satoshi per hour with 1 Th/s on Bitcoin mainnet
- Look if the stats are changing according to the actual network difficulty ( any status bars throwing made up numbers are generally not a good sign)
- See what the site tells about halving - if they're really mining something, they should be updating their rates now
It is a paying site. Does it mean it's profitable ?
It all depends on the network difficulty. No legit site will promise you all-time profit. You have to calculate your ROI carefully and be ready for
the volatility of the market. In conclusion, at this point we would not recommend using cloud mining services since even the "normal" mining doesn't generate much profit lately. The best way for now is to simply buy some Bitcoin and wait. Let's see if the price will rise enough to make it more interesting again.
Get tips on how to get some Bitcoin: https://bitcointip.me/
