Is bitcoin cloud mining profitable?Bitcoin cloud mining profitability usually depends on what your goals are when you are cloud mining. This is not an ideal option if your aim is to simply acquire Bitcoins. Bitcoin mining is an expensive venture that requires making a proper plan before you venture into it. Most profitability calculators inquire for the costs of your electricity in some cases the initial investment of the hardware. But since you are using cloud mining, you can key in the mining bill per month instead of the cost of electricity. You can calculate your running cost per month by multiplying your electricity cost ($/KWh) by the consumption of the unit power and then by 0.744 which is the conversion factor. The conversion rate is the ratio of seconds per month to joules of energy per KWh.

On the other hand, for the cloud mining calculations, one only needs to calculate an equivalent cost per hourly kilowatt. This is usually done by dividing the running cost per month, by the 0.744 units of the conversion factor.How do I invest in bitcoin cloud mining?Cloud mining platform enables you to use shared processing power that runs from remote data centers and you only need a bitcoin wallet and a home computer. There are certain costs involved in cloud mining that include contract purchase, hash power rent, and the maintenance fees.

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When deciding to buy a cloud mining contract you need to take the following 8 things into account: the legitimacy of the company, the real & simple ROI, the Bitcoin mining difficulty, the Bitcoin block reward halving, the Maintenance Fee %, and the Bitcoin mining vs bitcoin holding.Bitcoin cloud scam history:Since its inception, numerous Bitcoin cloud mining scams have been exposed. Unfortunately, a considerable number of people have lost money through investing in Bitcoin Cloud Mining scams such as HashInvest, Hashpoke, BiteMiner, Cointellect, HashOcean, Gawminers and Bitcoin Cloud services just to name a few. Users who got involved with these sites have a made tons of complaints about them not making regular payouts. Most companies seem legitimate in the beginning adhering to their objectives and then eventually shut down or switch off payments after a while. Always gather as much information about the Cloud mining company that you intend to use despite reading it in a review to unearth the fake ones.Free cloud mining trial sites:Bitcoin Cloud Mining is quite an expensive activity that requires a huge initial investment.

It is generally difficult to find Bitcoin Cloud Mining company that offers free trial because that would amount to giving away free money. However, there are genuine Bitcoin Cloud mining sites available that offer free trial to its users. They include Eobot, OXBTC, txmine,Fstmine, Bitzfree, Fastmine, Xmine, Hash-line, Biteminer, Hashcoin, Aromine, Upmcoins, Twentybitcoin, Profit-coin, cryptomining, Minerport,Joltcorp, Mixmine, Bitmine, Hashchain, FlyingBTC, Bits2U, Space-mining and Golden-tea among others. Being listed on this list does NOT necessarily mean that the site is automatically genuine. We advise you to carry out thorough research of the Bitcoin Cloud Mining site you sign up to before you commit your hard earned money.

Most reliable sites for cloud mining:The most important thing about BitcoinClod Mining is finding the best and most reliable site for Cloud Mining. Here is a list of some of the best sites of Bitcoin cloud mining: CryptoMining, HashFlare, GenesisMining, OxBtc, Osmium, PoolBitcoin, EliteMiningClub, BittANK, NX-mining, BitConnect, Hashing24, Nicehash, and Hashnest. However, just because they are not scams does not mean that you will make a profit by using them.

Some features of the best cloud mining include low fraud risk, charges low fees, has multiple algorithms and offers a referral program. It is imperative to also check their website information to gather more information on their features and pricing among other crucial aspects.ConclusionAlways endeavor to research as much as possible on different Bitcoin Cloud Mining sites and services offered to avoid falling for scams and Ponzi schemes. You should never trust any site without doing proper research, even if you trust the outlet displaying it.

Invest in it wisely. I hope this review has given you sufficient insights on Bitcoin Cloud Mining.