At a time when crypto mining companies are starting to shut their doors and JPMorgan is issuing reports saying crypto mining is unprofitable, it would seem like a poor time to open a crypto mining operation. However, MiningSky is allegedly operating with a large profit margin thanks to its unique partnerships and strategic location. From just $10 a year, you can get yourself a Bitcoin mining contract that works at 500GH/s. Cloud mining isn’t very popular at the moment, but MiningSky is determined to change that with its easy to use platform and pleasing results.
Cloud Mining in Big Trouble
Over the past few months, cloud mining firms have been struggling. Due to the rising cost of electricity and the falling price of Bitcoin, many mining firms have been forced to end mining contracts and shut their doors. HashFlare cancelled all of its SHA-256 mining contracts and announced it was shutting up shop in a recent Facebook post. Since then, hundreds of miners around the world have followed suit and shut up shop as the crypto winter continues to take its toll.
Cloud Mining Firms Issued with Cease and Desist Orders in Texas
Unfortunately, cloud mining isn’t legal everywhere. In Texas, crypto mining contracts are not yet qualified to be sold, meaning cloud mining firms need to be careful and use geo-blocking. On top of this, one crypto mining firm was offering a guaranteed 200% return on investment – a big no-no when it comes to selling investments. AWS Mining PTY Ltd was issued with a cease and desist order in the state, outlawing it from ever operating there again. It’s firms like this that give the cloud mining industry a bad name.
Still Profitable Cloud Miners Out There
Before you jump the gun and say “cloud mining isn’t profitable”, we should warn you – it is actually rather profitable when undertaken properly. With the correct supply of power and by using high-quality ASIC mining rigs, cloud mining firms can actually remain highly profitable, even in tough economic times. Argo Mining became the first cloud mining firm to be listed on the London Stock Exchange and continues to be profitable to this day, even with the price of Bitcoin sinking further and further.
Canada is a popular place for crypto miners to set up shop thanks to low power costs and the relatively cool environment. MiningSky offers members a chance to help mine Bitcoin by renting out ASIC rigs at an affordable price. If you’re looking to dabble in cloud mining, MiningSky is well worth checking out as a potential platform.