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Mining Bitcoin in the cloud is like renting a money printer and yes, it’s bizarre…

Mining Bitcoin in the cloud is like renting a money printer and yes, it’s bizarre…

by Jon Martindale

Cloud mining, or remote cryptocurrency mining, is a contentious topic. Using a remote server to mine currency for you seems perfect for people who don’t have the money or time to set up a home operation, but it also seems a bit too good to be true. If a cloud mining company just mined Bitcoin itself, wouldn’t it make more money?

To find the answer to some of these concerns, and to learn more about cloud mining in general, we reached out to HashFlare’s head of public relations, Edgar Bers.

Digital Trends: What is cloud mining?

Edgar Bers: Cloud mining is using hashing power to make calculations […] remotely. Like you would do when you render something. You may buy a cloud service that uses video cards to render something, or when you create a website and you need a web server where you put the files where you use for your website, you store them somewhere remotely. Cloud mining is kind of the same way.

Many people see cloud mining as a sure fire way to make money. Do you consider HashFlare as an investment system?

“For god’s sake, we are not an investment platform.”

We don’t feel that HashFlare an investment platform. You may consider it so because you put money in one end and get money out the other, but for us it’s just hosting a service. We host hardware, you purchase hashing power and you mine [with] it. We don’t care what you mine, what you do, we legally just provide you with rent of equipment and that’s it for us.

Many people say that cloud mining is a form of making profit and capital gain. We have never promised any profit, and we cannot, because it is not for us to say what is the Bitcoin price or Bitcoin difficulty, especially now after the rally where bitcoin grew as high as 20k and now it’s just over 10 and may fall over (it did) […] There is a lot of “fud” in the cryptomarket, a lot of speculation. For god’s sake, we are not an investment platform.

This is not a market you want to offer investment options in. If you want to mine, you want this risk, here is how to buy the equipment. It’s already connected, if you want it, here you go.

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