In 2014 or one thing, I paid a smaller sum of cash to some firm referred to as “Cloudhashing” or one thing, which claimed that I used to be renting a part of their Bitcoin mining pool and all I needed to do was to pay that little sum after which look ahead to the cash to roll in.
I by no means received a single satoshi, as you may think about.
However ever since then, I’ve seen quite a few companies the place you apparently will pay a giant amount of cash to “lease a miner” which they host/arrange, mainly the very same setup because the rip-off I fell for. That’s, I am not shopping for a miner that they ship to me which I then plug into my very own native energy. I by no means see/care concerning the unit; it is “abstracted away” from me in the identical method {that a} “webhost” account is one thing summary to me versus ordering a bodily server which I preserve operating in my wardrobe.
It appears to me that it could certainly be attainable for such a service to not be a rip-off. I imply, the argument normally goes like:
If they will simply mine themselves and make more cash, why would they promote this to you?
I get that argument, however on the similar time, what if they do not have the cash up-front to pay for that additional miner (or a part of it) until I give them my cash? Does it not make sense that they use the shoppers’ cash to legitimately order extra miners and have them arrange of their optimized facility with low-cost energy and whatnot, which I may by no means do at residence? Is not it a way more environment friendly setup that I merely pay them to allow them so as to add hashing energy after which each of us make cash, versus me ordering a soon-outdated mining unit which I can not run right here anyway?
What am I lacking? Are there non-scam mining companies? I need to make Bitcoin however I am not going to waste any more cash on scams.