Genesis Mining Affiliate Code for 3% Discount: fyVqo2
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Cloud mining is the easiest way to contribute towards mining cryptocurrencies that still technically qualifies to be called mining.
Anyone can do it, there is no requirement for technical knowledge other than knowing how to make an online purchase and using a wallet for cryptocurrencies.
This is a double edged sword, and one that reminds us of the challenges the cryptocurrency space is facing as it strives for mass adoption.
It’s great that there is an easy way for people to participate and potentially see good returns on their investments. The problem is that the easier the process is, the less knowledge the user base needs to participate. This means the user base most likely won’t recognise when a service is a scam. This means most new users will lose money and probably deem the entire space as fraudulent.
That being said, I’m glad you’re watching this video and I hope that you explore this channel further to deepen your understanding and equip yourself with the kind of knowledge that will help keep your investments safe.

Ok so let’s get into cloud mining, how it works and how to identify your best options for service providers.

Cloud mining allows individuals to purchase contracts that ultimately contribute towards the cost of running a computer that mines the cryptocurrency. That’s a pretty generalized summary but I’ll hit you with some details in a bit.
The amount that you pay is often labeled as hash power, and your payouts will reflect how much hash power you’ve purchased.
In case you missed my past video that covers proof of work mining, hash power refers to the amount of computing power used to solve the complex algorithms required in order to unlock a new block of the blockchain.
Essentially when you purchase a cloud mining contract, you are helping to fund a mining farm. A mining farm is the name for a large facility that is comprised of many computers which do nothing but mine cryptocurrencies.
Basically, you’re sponsoring a fraction of their computing power, helping them to handle the costs of running their facility and in exchange, you get a portion of the coins that they mine according to the contract that you’ve purchased. Typically you can choose to remotely mine Bitcoin, Ethereum, Dash, Monero and other coins as well, it’s not just limited to Bitcoin.

It sounds super simple and at it’s core it is, but there are some things that are important for you to realise before you decide to purchase any kind of cloud mining contract.
You need to be aware of:
The time frame of your contract
The hash difficulty of the coin to which you want to contribute hash power
The company that you purchase the contract from

All of these aspects will determine your return on investment, or if you receive any at all.
The time frame of your contract is important to consider because you can easily purchase a short term contract which can expire before you start seeing any returns.
The hash difficulty is equally important to be aware of because this determines how effective your hash power will be against it. An increase in hash difficulty requires an increase in hash power. Price fluctuations can also affect the hash difficulty as more or less miners shift to follow the price. As the price spikes, more miners shift to that coin, this increases the difficulty level. As the price slumps, miners disperse, which decreases the difficulty level.
Lastly and most importantly, it’s vital that you do your own research on the company from which you wish to purchase a contract. There aren’t very many that have stood the test of time. In fact, many have abruptly stopped payments without any warning or explanation to their investors.
Now that you know this, it’s your responsibility to keep this in mind when choosing to invest in any cloud mining service.

The only services that I feel comfortable even mentioning their names are Genesis mining and Hashflare mining. I have personally used Genisis mining and it has proved beneficial for me. I’ve also heard positive things about Hashflare, but have not used their services myself.
If you’ve done your own due diligence and you still are interested in participating in cloud mining, you can help support this channel and also get a discount yourself by using my referral code for Genesis mining. I’ll also include a link for this down below.

In my next video, I’ll be going over how to use your awesome new ledger hardware wallets with decentralised exchanges, so if that’s something you’ve been wanting to learn how to do, be sure to hit subscribe and also click on that bell icon to be notified for when that video is posted.

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31 COMMENTS

  1. Hi … Do you have any information about Bitclub ?! Is also web of investment in Bitcoins If you do I hope you let me know … I would like ask you for some advices about hashrate and deposit

  3. Great video. Everyone makes their own choice. Cloud mining is all down to the company you buy your contract from. Electricity cost plays a very big part in what companies can offer. Photovoltaic parks as a source of electricity for mining are a great solution. I’ve bought a contract from solarhashhub.com because they use a reusable energy source for their mining farms and thus offer a good overall price. I am happy with the service and I am patiently waiting for the bitcoin price to go up again 🙂

  4. Tell Tale signs you may be entering into a Ponzi Scheme:

    1. The company is not registered. Fact check them!

    2. Owners are unknown.

    3. Website looks thrown together. Generic info, no specifics.

    4. Office address is questionable. Google is your best friend! Google the street address, call the building. Now, just because a company uses a virtual office doesn't mean it's a fake business. But it shouldn't be a church, or school or someone's home. Get it?

    5. Here's a trick I learned. Any photos on their website, right click and select Search Google for Image. Some sites are using fake images or stock images, and this option will search the entire worldwide web for the images located on the site.

    6. Watch out for Trading, Sports Trading, ICO's, Online "Schools" – these are VERY hard to verify and prove the activity they are marketing is actually taking place.

    7. Very HIGH ROI (return on investment) – consistent, high ROI's are almost always a sure fire sign that there is something going on other than what the scam company is marketing. Even the best traders will tell you it's difficult to produce consistent results. ASK FOR PROOF!

    8. PDF presentations that look eerily like the last few scam companies you were involved with. Like seriously, when have you ever seen two legitimate companies with the same presentation??

    9. Confusing comp plans. AKA – Point systems. Take these two lines, multiply it this amount of points, then divide it by X, Y Z. ???? These are meant to confuse you and make you think you are earning more than you actually are.

    10. Companies that hold investments for a period of time before allowing you to earn from it.

    11. Lengthy periods of time between withdrawals. High minimums to withdraw, low maximums for withdrawal (eg $400 withdrawal min, $1500 withdrawal max) Withdrawals only allowed certains times of the day, or certain days of the week/month.

    12. Gifts! Everyone loves gifts right? But, I've NEVER worked for a legitimate company that gave gifts. Upon reaching a rank, we'd get a pin, a letter in the mail congratulating us, and CASH. A check. Not an Invicta watch. If I see one more Invicta watch!! I think all the scam companies have an ongoing contract with Invicta. Or are passing all the left over watches from the last scam down to the new one. Who knows.

    AWS Mining does NONE of the above.

    1. Company registered (check ASIC Australia)
    2. Everyone knows who the owners are.
    3. Super specific website.
    4. Offices you can verify and visit. FARMS you can verify and visit.
    5. REAL photos.
    6. Actual machinery that is turning energy into money every day!
    7. Competitive but reasonable ROI.
    8. Plain Jane PDF. Nothing flashy or confusing here.
    9. We pay dollar for dollar. Period. No gimmicks or complicated math.
    10. We pay immediately, all day every day.
    11. Low min withdrawal ($30,) no maximum limit!
    12. NO gifts! Just CASH! Paid to your back office, SAME DAY, and available for IMMEDIATE withdrawal.

  7. i calculated profitability few days ago for Genesis and Hashflare and every other Cloud Mining Contracts i could get , none of them profitable anymore , contracts are only profitable when the market is on high trend ,it better to invest the same amount of money on directly purchasing the individual coin . The ROI is extremely high. ASIC mining are most profitable with fastest ROI and GPU current mining gives ROI in one year and 4 months . Low risk and consistent profits is GPU mining provided you are not converting the currency to fiat and holding it for long term ( 4 to 5 months )when market sees high trend.

  10. Hey Heidi. You should mention online mining calculators and have the users compare with what the cloud mining company offers. Also it’s important to ask what’s the withdrawal fee. Often times the fee eats away your mined coins. Remember: not your keys, not your coins.

  13. The problem is, 1-2 year contracts are probably the best option as open ended contracts never seem to pay themselfs off with ROI, even at this stage, the 1-2 year, contracts struggle to break even at times, where you might get lucky and profit mining from the remaining 3-4 months after ROI, as open ended contracts usually (END) because the maintenance fees out weigh the profit, usually happens on these open ended contracts, after people spend so so much money on them and they don't even get a chance to break even, the only way to make could mining profitable is to promote and and get affiliates / commissions to catch up to your ROI which is not genuinely passive income from mining due to the fact of volatility and price drops and difficulty of mining reaching all time high, what I recommend, for everyone's benefit. your all better off buying the Coin of your choice other than mining, unless you manage to get the hardware to mine, in a country that is so extremely cheap on electricity.
    If your not willing to move to another country to mine, just buy the coin at an exchange lol.

  14. Your video got me wondering what it cost to build another GPU miner. I wish that I would have bought tons of GPUs this time last year. The price, for the same GPU, is 75% – 100% more.

  22. if you count the btw you paid for genesis mining and the btc you got out there, i bet its not beneficial^^
    i use genesis mining myself and right now i got ~90% of what i paid for (in btc). but the amounts of btc iam getting right now are just so so low, i bet i wont reach my original investment even in 2more yeaers. the contrect itself is open ended (as long as its profitable) tho

  25. Good video about Cloud mining, looked into it myself a few times when i starting, but hard to find lifetime contracts, so far many are just a year and costs are quite high, but will wait in the future, for any good opportunity that may happen? anyways thanks for the information sincerely JR of Exciting World Cryptos

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