Mining Bitcoin in the cloud is great for beginners, because you don’t have to deal with any hardware or electricity costs. In most cases, the server connects directly to a mining pool, so you begin to earn Bitcoins instantly.
With the mad rush of newbies trying to capitalize on Bitcoin comes the scammers. I have personally calculated the mining yield of several cloud hosted mining companies. For the vast majority of them, you won’t ever get your money back. The reason being is that mining gets more and more difficult overtime, requiring more and more computer power to earn the same amount of Bitcoins. Therefore your earnings will decay significantly per month, unless you up your computing power.
When you buy a mining contract, you buy a certain number of gigahashes per second (Gh/s) for a certain duration of time. I use this Bitcoin Mining Calculator to calculate how much I will earn. Simply input the hash rate (Gh/s) and you will see how much you will earn this month and the next month, assuming Bitcoin stays the same price.
Currently, the cheapest cloud hosted mining contracts out there are from PB Mining. I have bought several contracts over 1 TH/s worth, and everything has been just as PB Mining has advertised. Payouts occur every week ( sunday) ….. they have never missed a payment. The price of GH/s drops as the difficulty increases.
You can buy as low as 10 GH/s and upwards. I highly recommend for anyone to try out, i dont think you would be disappointed . Based on previous experience I estimate that from
PB mining, you should recover your principal in roughly 3 months and continue to earn passive income for 5 years. PB Mining contracts are 5 years long, verses the typical 12 month term. I don’t anticipate that I will make that much money after 12 months, since the mining difficulty will go up so much. But it is nice to know that my mining contract will still be trickling Bitcoins for 5 years.
Before you buy any mining contract, make sure you calculate your yield so you don’t get scammed. If you don’t want to buy and install expensive mining equipment, Bitcoin cloud mining is the way to go.