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The Truth About Bitcoin Cloud Mining Profitability - Whhy Miners Are Crying In 2018

Discussion in 'Bitcoin Investments | Discussions' started by Prezzy, Aug 11, 2018.

  1. Prezzy

    Prezzy Leader Protector

    Hello miners and Jackobian Community at large. Recently, i haven't heard much time to share some of the important things we need to know about Bitcoin as i normally do pending my fast coming exams and other pressing engagements offline here. But this very one is of utmost importance especially for newbies who are just coming into the cryptocurrency ship.

    upload_2018-8-11_17-6-33.png-The Truth About Bitcoin Cloud Mining Profitability - Whhy Miners Are Crying In 2018
    bitcoin price from coinmarketcap: Bitcoin (BTC) price, charts, market cap, and other metrics | CoinMarketCap

    I want us to talk about Bitcoin mining, the most legit investment in cryptocurrency after buying bitcoin itself!

    yeah. I really think that bitcoin mining is the most legit (note, not profitable) investment one can make in cryptocurrency right now considering Bitcoin is holding 50% dominance in the crypto-space! it's really the king

    But in recent times, there has been a hidden dark side of this investment which surfaced to shock everyone and indeed, it shocked us all.

    What is it? Why are Miners Crying?

    We
    have suddenly discovered how unprofitable bitcoin cloud mining can become following the slump in the price of bitcoin.

    A quick one:

    Bitcoin mining has to do with paying some companies money to buy and run a machine that mines bitcoin for you
    They mine the bitcoins daily and you share the profits with them.
    They also charge you a fee for maintaining your mining machine and this is where we have a problem now.

    These companies charge you a steady fee of about $0.00033 per GH/s per day
    learn more about mining fees and profitability here

    Previously, given the difficulty involved in mining bitcoin and the relatively higher value (in $$$) of mining, this mining process has always been profitable until recently when the price of bitcoin started dropping while the mining difficulty kept rising.

    Sad right?

    yes it is because we have come to a point whereby the value of the bitcoins we mine is no longer enough for us to pay for the maintenance fees talkless of reserving any profits for miners.

    What's the Implication?
    I
    t's simple. We can no longer earn any money from mining instead, we need to pay the companies that mine these bitcoins(as in the case of hashing24) just so they can keep our miners online for us!

    Have a looK:
    upload_2018-8-11_16-55-5.png-The Truth About Bitcoin Cloud Mining Profitability - Whhy Miners Are Crying In 2018
    bitcoin mining image depicting unprofitability of mining at hashing24


    So, what's the message i have for miners today?


    If many of us had known that mining could become unprofitable at some point, am sure they could have desisted.
    Many, like myself, although aware of the charges for mining could not see beyond the profitability results given by some online profitability calculators so we dived in full time WITHOUT KNOWLEDGE OF THE DANGER AHEAD or any sort of readiness at all.

    If we had known?
    I would have still invested in bitcoin mining but with my LifeJacket and a cautious mind.
    Actually, i still have plans to buy more hashrates in this deep considering they are gonna be sold at a giveaway price!
    and yes, i need to be paying extra money to keep the miners running daily but i would still do so.

    What the Mining companies could do to help us get back to profitability?
    Am not sure but reducing the maintenance fees for the mining operations could help.
    Even now, hashing24 is selling hashrates with half the maintenance fees as we bought. It's at the rate of about $0.00017 per GH/s per day.
    That way, we could be able to NOT mine at such as loss as we are doing now.

    Would they do it?
    Am not sure they will and there is no way we could force them to.
    remember we signed a contract with them to give them that specific amount and we are bound by the same contract they are protected with!
    so, unless they decide out of the goodness of their hearts, there's nothing we could do!
     
    Barnabias likes this.
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  3. Barnabias

    Barnabias Leader

    Anyways, i don't regret much because the other off line stuff I would hv invested my BTC has also went down.
    I just pray our contract won't be terminated b4 btc recover
     
    Prezzy likes this.
  4. Prezzy

    Prezzy Leader Protector

  5. Barnabias

    Barnabias Leader