Bitcoins/Cryptocurrency

JustABit wrote: »

So, being a person that likes to risk a little and also try something new I am looking forward to start my own cloud mining business but not quite sure if it is worth a shot.

The time to become a miner was before everyone else had the idea of renting computer power to become a miner. The gains that everyone has made in the past when they were one of only a few people doing it around the world, are no longer available.

. How do they calculate their predictable profit and is this number guaranteed?

Guesswork, and no. You may lose all the money you put in. It is not a regulated financial product, so they can make up any claims about returns that they like

would gladly accept any advice if someone knows the answer.

Think: if someone has a genuinely reliable and predictable profit making opportunity, why would they offer you a service where their cloud computing power mines bitcoins for you and gives you a good share of the profit? Why not make the predictable profit themselves, and reinvest all the profit into making more predictable profit for themselves?

Answer, because selling you a service where you give them money, is more reliable income for them than the activity of actually doing the cloud mining.

There are enough suckers in the world who have heard of large gains being made by miners, that they can get customers to give them the funding for the service. However, profit margin in mining is small, unpredictable, and there is not a huge amount to be made, which is why they want someone like you to show up and buy the service and give them your money. You may lose all your money without getting any real profits, of they go bust overnight, and they will not be losing sleep over your poor decision, but you will They are not offering the service to you out of love or altruism.

Also:

I've recently made some research on that topic and looked through some cloud mining services here but

Cloud mining pro's site offering "Best Cloud Mining Services Overview" is hardly an unbiased view of the market, even if you've chosen to use it just as a starting point for researching the services. They will earn money for directing people to the services so are incentivised to lead you first to the ones who pay them the most. Actually the most successful and profitable miners that you'd want to team up with to make your fortune will not provide services to the public at all, they will simply get private investment and mine for themselves.

As you can tell from the number of people who pop up here or on "review" sites with their links and ramping, it is incredibly difficult to get an impartial opinion anywhere, because everyone who tells you a service is good is likely to be doing it for their own vested interest. This could take the form of (e.g.) a referral fee, or simply the hope of more customer income driven to a service they use instead of a competitor that they don't use, in the hope that the service they had picked is slightly less likely to go bust; they may feel that if more customers start using that service there may be a little more chance of getting their money out rather than suffering a loss of some sort if/when there is a financial collapse or fraud at the service provider.