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57 sats \ 2 replies \ @SimpleStacker 22 Mar
I'd want to understand what's in it for the people renting out their miners? Why wouldn't they just mine themselves? Are they charging higher prices to rent the miners than they'd expect to make in Bitcoin? If so then why would anyone pay to rent their services?
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30 sats \ 1 reply \ @Cje95 22 Mar
That’s my understanding… they rent their miners at a rate they will make money but not deal with risk/reward of block finding. Even in a pool you could go bare for a while
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0 sats \ 0 replies \ @siggy47 OP 23 Mar
I know steady cash flow is attractive, but you will pay for it. The big question is how much, and whether the pricing method is transparent or opaque.
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36 sats \ 0 replies \ @StillStackinAfterAllTheseYears 22 Mar
This is one of those things that always struck me as at least scam-adjacent. Even if there are legit cloud miners (and I'm sure there are), it's so easy for scammers to move in the space, and the privacy-focused nature of btc folks makes establishing trust super hard.
Also, it occurs to me that the "bitcoin is a ponzi scheme" folks might be accurate about these folks. Cloud mining seems custom-built for that kind of thing.
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36 sats \ 0 replies \ @kurszusz 23 Mar
Honestly...IDK :)
I use a cloud miner (the "blue app"), and I "invested" around $5 to buy 200+200 Gh/s power (it was a promotion for new members to get double for the same price). This purchase don't need maintenance and renewal, it is for lifetime.
I earn 38 sats with that daily, so I have a ROI of 154-155 days (with a $85k BTC price).
I cash out every week (with zero fees).
We will see :)
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