From the desk of Mervanwe Smith, a disgruntled cloud miner…
You’ve heard the saying that knowledge, well actually applied knowledge is power right?
Well today I want to share some knowledge that really wish I had known before getting into this assumed money printer.
What mining is at a very basic level is running mathematical algorithms in a computer that “unearth” bitcoins. There are legitimate mines that is not what I am talking about here.
Cloud mining is when people buy mining contracts via a company that offer some crazy returns on the value of the hash-power the person has bought. But normally happens is that before the returns reach the value of the contract purchased, these companies fold or just disappear into cyberspace. So this is the first of the madness regarding cloud mining.
But let us just for one moment assume you happen to find a legitimate company. Let me show you in a very practical way why mining contracts are not a good investment.
Assume the purchase was made in November 2015 when the price was around $320 per bitcoin:
You will clearly see that if you were into mining, you would have a loss of $793.32. It would have been better if you had just held onto the coin, you would now have a profit of $348.89.
Well that’s all for today. Thank you for taking the time to read this post and I do trust it has been an eye opener for some of you and perhaps will guard you against making a wrong decision.
I would love to connect with you on Facebook. I have a page called Cashflow Explosion and would love to keep in touch with you. Go ahead and like the page to get updates on present and future projects.
More on this topic from Mervanwe Smith: – https://bit-media.org/bitcoin/cloud-mining-yes-no/
Also here what Uncle Scam has to say: How to start a fake cloud mining business, easy and risk free – Uncle Scam
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