Hi guys,
this is my first post here so please bear with me if I have overlooked some forum rules.
Anyways, I consider myself to be a kinda tech savvy guy, own some crypto coins, did some trading and have also built a mining rig myself. I am getting more serious about it right now and I am really thinking about using some cloud mining provider. Certainly, they can, in principle, be more efficient than any DIY mining rig at home.
However, I am really unsure about what to choose and if this really is the way to go. Here are some of my considerations and it would be really interesting to hear your opinion on it.
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1) Scam and Ponzis. I simply didn't jump into it because of a complete lack of trust from my side. Many providers promise a ROI that is just surreal. There is so much misinformation and contradicting information out there that I simply don't know what to believe. I am living in Switzerland and the crypto scene is becoming kinda big here. So I used some local companies for e.g. buying Bitcoin in the past although they have really high fees, simply because I trusted them more. Still, I haven't found a cloud mining company that offers the same level of trust and yet a competitive cost structure.
2) Future Proof. Mining (with proof of work algorithm) to me does not seem to be here to stay. It is simply too much of a waste of energy and not scalable. With Ethereum probably switching sooner rather than later to something else, others will follow. With a legit cloud mining solution I don't have the feeling I can recover my investment before major changes are happening. None of the cloud mining providers offer a credible solution as to how they are prepared for the "end of proof of work mining".
Finally, I talked to a guy in Zug (Switzerland) lately who is planning to launch a cloud mining service here that kinda addresses to above mentioned problems. But I think it's really just in the beginning phase since he could not (or didn't want) to give a lot of information on it. He mentioned that he wants to solve the cost problem by reducing imbalance energy of renewables in the power grid. This really is becoming a problem for energy providers and it would be a win win to help stabilize the grid and yet have cheap power. For me this is also more justifiable from an ecological standpoint. Anyways, what do think of that?
I would really like to invest but preferably somewhere in EU or Switzerland since regulations are protecting customers a bit better here.
Looking forward to hearing your opinions,
Mathhi
