So if you've been around for a while, you've probably heard that cloud mining companies such as Genesis Mining are a way to lose money, and a bad investment. I would like to say that it is not.
So why is Genesis mining a good investment? Simple. Dollar Cost Averaging.
Are you good at buying low, and selling high? Almost assuredly no. Over 90% of people lose money actively trading cryptocurrencies. So 9 times out of 10, it would be better to buy at the average price, than to accidentally purchase at a higher price.
So what does this have to do with Mining?
By mining a given altcoin, you are essentially "purchasing" it over a long period of time, thus ensuring that if the price of that coin spikes, you will average a gain. If it drops, you will not lose value on your entire investment.
So essentially, cloud mining can act to help you show restraint, and patience. Instead of a panic sell dumping your entire stock of an altcoin, you only lose in the short term.
This means, that assuming that the value of a coin is going to go up on average in the long run, mining can be a fun, and profitable experience. So you lose out on the ability to partake in the wild swings of day trading, and opt for a slower, more strategic investment scheme.
Is it worth it? To some, yes, to others, no.
Tell me what you think, and feel free to share your experience with cloud mining below. :)
If anyone feels like supporting me, feel free to purchase cloud mining here, using my ref link: https://www.genesis-mining.com/a/1640766
For those who don't. https://www.genesis-mining.com/
