Wikicoin Vera Thornpike

Bitcoin Cloud Mining Profitability- Is It Worth It?

📚 Wikicoin
Does cloud BTC mining make any sense today?
Bitcoin Cloud Mining Profitability- Is It Worth It?

The times when Bitcoin could be mined with a smartphone or a simple Windows 7 PC are long gone: today, the computations are so complicated you need a juggernaut machine to earn the coins. Even if you join mining pools, obtaining Bitcoins will still be challenging. In most cases, miners have to deal with heat, incredibly high electricity bills, maintenance problems, and lack of space. The sad truth is that they can hardly earn a Satoshi, and all investments go in vain. What to do? That’s where cloud mining rolls in. This is a great alternative to the mining elbow grease that can still be profitable. Let’s find out whether cloud mining worth it.

What is cloud mining?

If you already know what mining is, cloud mining is not rocket science. The only difference between traditional and cloud mining is the fact that in the second case you lease mining facilities from providers. Instead of buying and installing mining rigs, paying for tremendous electricity bills and trying to find ways to cool your room down, you just trust it all to the service provider. Rent a server, and the rest will be done for you.

What is cloud mining?

Should I try cloud mining?

Cloud mining would be suitable for:

  • Beginners who don’t know how to build and maintain a mining rig.

  • Those with energy a bit on the tight side (when it’s not supplied 24/7 or is too expensive).

  • A user who doesn’t want to deal with mining rigs or mining solo.

  • Miners who want to make the minimal investment and are ready to wait 6-24 months to get a normal reward.

How does it work?

Let’s put it simply. First, you order a mining package that suits your needs and budget best. The offers differ by:

  1. Price.

  2. Duration of contract.

  3. Hashrate (that’s the most critical points).

  4. Fee percent.

As soon as you pay for the service, you get access to the server and may check how it mines Bitcoin. Aside from the package cost, you also have to pay a certain fee of what you’ve earned. The Bitcoins you get will be sent to your wallet.

How cloud mining works

Is it worth it to mine Bitcoin?

The task seems to be simple, but is cloud mining profitable? Not always. Some people manage to get moderate earnings, while others spend money in vain. It depends on the funds you invest and the money you earn in the final result.

How to calculate the profit you may get?

First, look at the Maintenance and Electricity Fees (MEF) for every GH/s.

Secondly, check the hashrate. In order to earn Bitcoins, you need a hashrate of at least 50 GH/s.

Say, you pay $0.0045 per GH/s and mine at 10GH/s rate.

$0.0045 x 10 GH/s = $4.5 per day

The higher hashrate you use, the higher your chance to make Bitcoin cloud mining profitable. If you order the cheapest plan ($22 and 20 GH/s), most likely, you’ll stay with nothing after paying all the fees.  Considering the fact that your maintenance fees are counted in $, and BTC price is getting higher, we can say that Bitcoin cloud mining worth it when you invest at least $1,000-$1,500.

Here are the examples of average plans and prices:

BTC cloud mining tariffs

Beware of cheats

Unfortunately, not all cloud mining providers are equally fair. Here and there, you can see the reports of users who claim some websites don’t pay them rewards, while other websites simply disappear after taking users’ money. Decent websites usually cancel the service as soon as mining ceases being profitable– cheaters will continue pumping out clients’ money.

Therefore, you should work with well-established and reliable websites only. Read real user feedbacks, talk to the folks in mining forums and thematic conversations.

This video will help you to select a reliable cloud mining provider:

Pro tips for starters

Here are a few things you should take into consideration when choosing a cloud mining provider:

  1. When websites display income statistics, they show reward for $1,000 investment.

  2. The final income will be visible after the maintenance fee, so it won’t be shown on the website.

  3. As a rule, all contracts last for one year.

  4. Check out what is the uptime guarantee: there may always be server crashes, network disconnections, etc. But some providers deal with it quickly so that customers don’t even notice downtime.

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If you want to learn the forecasts about cloud mining BTC profitability and find out what your revenue may be, please, note that forecasts don’t consider raising mining difficult. Therefore, be prepared to earn less in long-term than you’ve planned.

The cost of coins is volatile: you never know how much they will cost tomorrow, in a month or in a year. Therefore, you should invest only the money you can afford to lose.

Comparison of cloud mining providers

Let’s review a few popular cloud mining websites:




Genesis Mining

Custom mining tariffs are available;

Multiple mining farm locations

SHA256 contracts only

Slow and useless customer support

You can rent P2P rigs from users;

Free pool selection

High fees

Great side projects;

Instant payouts

High maintenance cost;

Lack of useful features

Profitable referral program;

Low Fees

Lack of info about the company;

You cannot select mining pools

Great coin selection;

Transparent pricing

Withdrawal from 0.01 coins is available

Bottom line

So, is cloud mining worth it? When it comes to Bitcoin, some evidence conflicts with the assumption that it is. Minor investments like $20-$50 a year will hardly bring you any profit. However, if you order a $1,000-$1,500 plan, your chances to earn will be way higher.

Except for the case when you have bags of cash to spare on energy bills, Bitcoin cloud mining is a sensible solution. It gives you the opportunity to double or triple your investments in a year or two. Therefore, such investment is justified. Although we don’t know what will happen next, Bitcoin is promised to raise in price by 100-200 percent in the nearest future, so your cloud mining investments can be easily multiplied.

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Crypto Bulls Launch Counterattack, BTC, LTC, XMR, NEO Change Tendency

Cryptocurrencies finally seem to change their mood, offering buyers the opportunity to take initiative
Crypto Bulls Launch Counterattack, BTC, LTC, XMR, NEO Change Tendency

BTC/USD, LTC/USD, XMR/USD, NEO/USD have managed to make significant upside movements during the American and Asian trading sessions. Bulls seem to take control over the market. Midterm downside tendencies were broken as Bitcoin, Litecoin, Monero and NEO prices are rising above the descending trend lines. The situation looks promising for the buyers and they can develop their success in the next several hours.


D:\Пробы пера\sergeytn\10.05\btc hourly.jpg

Bitcoin has started a correction yesterday, which is looking like a complete reversal. BTC price is now above the descending trend line, alerting traders to the possibility of significant short and midterm changes. BTC/USD has entered the Ichimoku cloud during the American and Asian sessions. It is still there and is testing the upper boundary of the formation.

As we can see, there was one Shooting Star during the Asian session, which led the currency pair to a brief decline towards the lower boundary of the Ichimoku cloud. We now have two more Shooting Stars which are able to drive BTC price to the lower side of the formation, as there is a sort of channel trading now, which is natural for such situations when the price is within the Ichimoku cloud.

The lower boundary of the Ichimoku cloud coincides with the $9,200 support line. If  Bitcoin price goes there, BTC/USD will test this line and we advise readers to look for candlestick signals close to the support area. If the candles indicate reversal, the price will probably rebound from the support and go upwards. If there are no signals and BTC price falls below the support, BTC/USD will probably move to meet the descending trend line.

There is another scenario, where Bitcoin fails to fall towards the support area and breaks through the upper boundary of the Ichimoku cloud without any further correction. Then, it is going to test the $9,440 area.

D:\Пробы пера\sergeytn\10.05\btc daily.jpg

As for the daily chart, the midterm picture had no significant changes. However, we can see that the upper boundary of the Ichimoku cloud held BTC price above the formation and there is probability for the development of an upside tendency.

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D:\Пробы пера\sergeytn\10.05\ltc hourly.jpg

Litecoin followed Bitcoin in its upside tendency as LTC/USD jumped over the descending trend line during the Asian session. LTC price is now close to the lower side of the Ichimoku cloud. If Litecoin tests it successfully, there are more chances for the cryptocurrency to develop its upside tendency. The Ichimoku cloud is rather thin there and Litecoin price will probably meet no significant resistance. The next level to pay attention to in this case is the $165 resistance line.

Another possible scenario is where the bears try to take the initiative. They will attempt to drive LTC/USD lower until the descending trend line, at least. However, this scenario is not the primary one, as bulls are getting stronger and the situation looks promising for them.

D:\Пробы пера\sergeytn\10.05\ltc daily.jpg

LTC price is still below the ascending trend line on the daily chart, but it fails to reach the lower boundary of the Ichimoku cloud. There are some signs that LTC/USD will be able to return above the ascending trend line. If this happens, Litecoin will test the upper boundary of the Ichimoku cloud at midterm.


D:\Пробы пера\sergeytn\10.05\xmr hourly.jpg

Monero is still in limbo as bulls and bears are fighting for the descending trend line. XMR/USD went above the trend line during the American session and we have noted this in our latest brief review. However, bulls were unable to hold their positions as bears pushed the currency pair lower.

Monero price has recently tested the lower boundary of the Ichimoku cloud and formed a pin bar. The next candlestick crossed the descending trend line. Now, we are above this line and the Ichimoku cloud. Bulls have regained the initiative and are likely to develop their success in the nearest future.

Monero price is above the $229 resistance line area. The next resistance area is at $235. There is a secondary scenario here. Another possibility is for bears to take the initiative and drive XMR/USD lower. In this case, they have to cross the support line area at $229 and then to successfully test the descending trend line in order to push the price lower.

D:\Пробы пера\sergeytn\10.05\xmr daily.jpg

We are still in the middle of nowhere on the daily chart as XMR price is within the Ichimoku cloud and seems to avoid falling towards the lower boundary of the formation. XMR/USD is below the long-term descending trendline meaning bears are still in total control over the market.

Bulls are trying to regain initiative and there is a probability that XMR price will move towards the $252 resistance level area to test it.

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D:\Пробы пера\sergeytn\10.05\neo hourly.jpg

The currency pair jumped over the descending trend line during the American session. It is now close to the $76 resistance line area. This line coincides with the lower boundary of the Ichimoku cloud, which is also a kind of resistance for NEO price.

We think that NEO price will enter the Ichimoku cloud in the nearest future and will test the resistance line (from both sides, probably). NEO/USD looks promising for the bulls as it is higher than the descending trend line. If buyers are able to cross the Ichimoku cloud, they will probably meet the next resistance area at $79.

If bears hold their current positions, they will be able to drive NEO/USD lower towards the descending trend line. However, this scenario is not the primary one as bulls are getting stronger.

D:\Пробы пера\sergeytn\10.05\neo daily.jpg

The currency pair is also in the middle of nowhere on the daily chart, as NEO stays within the Ichimoku cloud. It fluctuates above the descending trend line. Bears tested this line yesterday but failed to break it. There is a pin bar on the chart signaling that NEO price could go upwards. However, we have the resistance line at $79 area close to the current price position. If bulls are able to cross it, the next target will be the higher boundary of the Ichimoku cloud.

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The SEC Has Arrested the Owner of Bitcoin Exchange BitFunder

The SEC has arrested the owner of Bitcoin exchange BitFunder — Jon Montroll — for operating an unregistered securities exchange.
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The Securities and Exchange Commision (SEC) has pressed charges against the owner of the defunct cryptocurrency exchange BitFunder. Jon Montroll, also known as “UKYO,” has been charged for operating an unregistered securities exchange, for failing to disclose a security breach at BitFunder that resulted in the theft of more than 6,000 Bitcoin, and for making false and misleading statements related to unregistered securities.

Montroll operated two online Bitcoin Services: WeExchange Australia, Pty. Ltd. (WeExchange) and (BitFunder). WeExchange provided Bitcoin depository and currency exchange services, BitFunder facilitated the purchase and trading of shares that Blockchain related companies listed through the BitFunder service.

BitFunder was launched in December 2012 and closed in November 2013. During the summer of 2013, a hacker breached the BitFunder program. The hacker was able to steal approximately 6,000 Bitcoin from the BitFunder WeExchange wallet. As a result of the theft, WeExchange and BitFunder did not have the funds to pay their users and the exchange became insolvent. Shortly afterward, BitFunder shut down.

More Charges

To add insult to injury, the SEC charged Montroll with two counts of perjury and one count of obstruction of justice for the investigation related to the 2013 insolvency and closure of WeExchange and BitFunder. On Montroll’s Balance sheet statement from October 13, 2013, the statement reports that the total amount of funds belonging to BitFunder users in WeExchange was 6,679.78 BTC, however, Montroll fabricated the balance sheet to achieve this number. At the time of the balance sheet statement, the 6,000 bitcoin had already been stolen from the WeExchange wallet. However, to conceal the losses and foul play that took place on the exchange, Montroll transferred his own funds to the BitFunder WeExchange wallet so that his businesses would appear solvent.

As a result of the events above, Montroll was taken into federal custody today for giving false sworn testimony and false documentation to the SEC. It is a bit strange to see authorities targeting a company over an event that took place so long ago, but the fact that Montroll lied during his first court appearances in 2013 may have warranted this lengthy investigation. The SEC’s enforcement on Montrell’s unregulated exchange comes days after the SEC halted the trading of three blockchain related public companies that they suspected of market manipulation. Montroll’s arrest adds to the narrative of the Commodities Futures Trading Commission (CFTC) and the SEC cracking down on the cryptocurrency markets.

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Blood in the Streets of Crypto City

Bitcoin is down more than 12% for the last 24 hours, reaching as low as $5,500 (and even lower on a few exchanges) at the time of writing
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The whole crypto market is sinking in value and dropping in volume and is being led by Bitcoin, which is down more than 12% for the last 24 hours, reaching as low as $5,500 (and even lower on a few exchanges) at the time of writing. The reasons for the drop can only be speculated, with some voices shouting “manipulation” as loud as they can.

It is unclear whether we are talking about manipulation or not, but 40% of the entire Bitcoin volume (short positions mainly) belongs to BitMex. This is huge, considering that the second exchange by volume — Bitfinex — is currently trading 3% of the entire Bitcoin volume. Weird? I would say so.

Charts at a Glance


BTC/USD has broken the long-term low at $5,777 and reached lows last seen in late 2017. The move was not spurred by technical reasons and at this time it is not clear what exactly triggered it or when it will end. This could be the beginning of an extended drop towards $5,000 or a good opportunity to buy now. Either way, it is clear that Bitcoin and cryptos in general are riskier than usual under these circumstances.

Strictly from a technical point of view, the Relative Strength Index is deep in oversold territory and according to price action 101, a very strong move is followed by a period of stagnation or even a bounce higher once a bottom is established. However, we don’t know if the current price is a temporary bottom or if the drop will extend further.

Support zone: 5000 as a psychological level

Resistance zone: 5777 - 5800

Most likely scenario: bounce higher after a temporary bottom is formed, followed by another drop

Alternate scenario: extended move into 5000

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Cryptotip #1

Development team- The people behind the ICO will tell a lot about whether or not it is a viable and a potentially successful investment. Look for real people, with real names and do your research on them, especially on LinkedIn or GitHub.

Cryptotip #2

Trawl through This message board offers insights into the more technical side of things and most ICOs will put up an ANN- announcement board. It allows for potential investors to get some deeper insight into the project and to ask questions directly to the developers.

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Read the white paper- The white paper is the point of all information for an upcoming project, it is the promise, and the plan the ICO hopes to take. Make sure you understand it, it makes sense to you, and you believe it.

Cryptotip #4

Diversify- Cryptocurrency investment in itself is a risk, and ICO investment is an even bigger one. Make sure if you are branching into ICO investment that you are not simply backing one horse. Spread out and look for a number of promising projects.

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Research- There is so much hype and excitement in the world of ICOs that it is easy to get sucked in without doing the proper legwork. Learn all you can before you shell out any sort of investment.

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