Ok this might be a little contresvisals but I dislike and like cloud mining at the same time.
The concept of cloud mining is great. The buyer of cloud mining smart contract gets to be a miner without actually having to run a machine. This also could be a PR stunt by mining pools as a way to say mining is not only controlled by them. Mining companies can have funds from the selling of the machines to buy more/better rigs.
The con is you can't know if the contract that you sold are real mining companies. They can cheat you out of your money. Just search up Cloud Mining scams.
Yeah ouch.
Even the more genuine ones are probably running on a reserve cloud mining operation. They can be selling more hashpower then they actually earn. Genesis and Hashflare are the common suspects.
They can get away with it by charging high maintenance and/or withdrawal fees.
As such cloud mining has really got a bad rap.
But the idea of cloud mining is so cool.
With the introduction of smart contract many passive income coins have devoted.
Coss and Flypme have a system where they share eth when you hold their token in a ether wallet.
This got me thinking of mixing this with cloud mining.
So first is a open audit on hashpower. Many pools show a live view on the hashpower of the rig.
Now say the number is 9.065 Petahashes
-1000 MH/s of hashpower to show more accurate mining power.
With this new mining power number create a token that is pegged to 1 MH/s of hashpower.
Then payment are made to holder of the token every week/month.
The amount of money earned and hashpower can be viewed live time if the right pool is made,hell there are decentralized pool that could also work.
While not the best aka the mining rigs owner can shut down the miner and then switch the rigs by masking their ip to another pool. However a pool will notice this sudden rush of power to their pool and can interfere with it.
Many other loopholes to that as well. However this is a much better system than ordinary cloud mining systems. May they'll use RSk since it is a bitcoin smart contract platform? https://steemit.com/bitcoin/@sames/how-rsk-is-going-to-use-sharding
Just food for thought!
If any investors likes this idea and wants to invest in this be by guest. Just mention be ok :)
FYI: Many times you might just invest in bitcoin and you will make better ROI. However the idea of cloud mining is appealing bc you get a constante backup passive income source.
I have invested in Genesis Mining more than year ago and I don't regret. Maybe I would have more BTC now if I have bought coins but when you are receiving small drops of BTC everyday, it is easier to go through market Ups and Downs...
Cloud Mining isn't that bad but it need to be way more transparent. I agree at times you make a lot more money than just buying it but it depends on our time,deal of the contract, and how much people mined. I made over $200 in my $100 contract but that bc of i did the right time. But still felt insecure bc while they are trustworthy they need a more transparent system.
Upvoted ($0.22) and resteemed by @investorsclub
Join the Investors Club if you are interested in investing.
Muy buena publicacion.. Interesante..
It has changed over the years. They use to be lifetime contracts but now most places will give you a yearly which looks good till you see how fast mining is going and you might barely break even by years end!
There are a ton of scams though which say they are mining platforms but instead are just trash sites which have no hardware behind them to support the mining you just bought.
I just started heavy in staking though and about to boot up my first ever masternode! I feel like if the UIs get easier and more people can do it that it will catch on and more people will start staking.
Im very curious about staking with ETH or maybe doing so!
I agree I like the concept of it but it been implemented wrong. Cool news about the masternode! What coins are you running?
STOPYou just planted 0.09 tree(s)!
Thanks to @sames
We have planted already 4488.14 trees
out of 1,000,000
Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 24921.59
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku
This post received a $0.420 (75.96%) upvote from @upvotewhale thanks to @sames! For more information, check out my profile!
!