Every time I have asked Bitcoin experts about buying a “cloud mining” account, that is, paying fiat money to a company for them to mine Bitcoin for me, I get the response that it’s a scam.
Most of them are scams because it’s almost impossible to verify that your money is used for mining. You need to trust a company that can do anything with the money (trade, lend, run away after few months etc.)
Why would anyone sell such a machine when they can just hook up another one to their massive warehouse of miners and get more Bitcoin for themselves?
Mining is a business which requires:
- People to manage
Manufacturing ASICs is a business in which you create hardware used in mining, ship it and provide support.
A company which creates ASICs can do both (manufacturing and mining) or just manufacturing. This is similar to lot of other hardware companies that could use the product themselves for business but it has different risk/reward compared to just manufacturing.
I just don’t see any way for me to mine Bitcoin which would actually be profitable or make sense.
Mining profitability calculator: https://insights.braiins.com/profitability-calculator