How I have wasted money purchasing cloud mining contracts

Whatever amount of money I invested in cloud mining contracts was a waste. And I highly recommend that if you cannot market the crap out of your referral link ( and get thousands of referral incomes) then do not waste your money.

How did I get in to cloud mining Contracts –

I started looking into Bitcoin last May ( in 2016) when Bitcoin was about around $600. I was kind of sad that I did not pay attention to this digital money before 2016, although I actually heard of Bitcoin way before, may be in 2011 or 2012.

What did I do to own Bitcoin

When I googled “how to earn bitcoin” , I came to know about mining bitcoin. With my i3 CPU and no GPU laptop it was not possible to earn much from bitcoin mining and I did not have time for Bitcoin faucets. These are 2 easy ways of making some Bitcoin.

Then what did I do next?

I was trying to understand more about mining, not in terms of why mining is required and what exactly mining is, I was searching for “how to make money by mining bitcoin”. So I eventually stumbled upon cloud mining sites those offer these cloud mining contracts.

From my basic knowledge about investing, I did not buy cloud mining contracts from same site. I spread my money among 4 different sites, just to reduce the risk.

I purchased cloud mining contracts from genesis mining, hashflare, hasheer and eobot. Hasheer is already gone, they are not coming back. I already told you why.

And here is what EOBOT is doing, there is no return on my investment, because the return is essentially covering their fees and now they want to ship an asic mining device to me. So basically 2 of my initial investments have turned into non performing assets / investments already, and rest 2 are not giving me any great return, but I will make another post for those 2.

Now, you might ask since cloud contracts sites are bad investments, then what should you do?

Well, these sites might not be that for for people who have long list of referrals. They get bonus hashing power that they did not buy. It is like a ponzi scheme to me. As long as you can get early and get lot more people to join under you, you might get some profit.

Otherwise, buy Bitcoin directly, and save it. Read my previous article, why you should not invest in cloud mining here.

 

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