Is Bitcoin cloud mining trustworthy?

Is Bitcoin cloud mining trustworthy?

Cloud operating services have recently gained popularity, with more and more users opting for cloud contracts to save time, energy and money. While there are some legitimate cloud mining companies, such as Bitdeer, Genesis Mining and Hashflare, many other cloud mining websites are scams. They will pay you once or twice, then go offline and steal the rest of your money. Always invest wisely and safely with cryptocurrency. If you are considering other options for cloud mining than theses one, do your own research in advance. Check that they actually own mining farms or if it is a publicly traded/active company. Remember, in most cases you’d better save your money and buy Bitcoin directly rather than mine it. You will probably find that some mining services will be profitable for a few months, but as Bitcoin’s level of difficulty increases, you will probably start losing in four to six months or more. As mentioned above, the risk of fraud and mismanagement is very common in the field of cloud mining. Investors should only invest in cloud mining if they are comfortable with these risks – as the saying goes, never invest more than you are willing to lose.

Leave a Reply