What is Cloud Mining?

I would define cloud mining as renting processing speed online (for "mining" Cryptocurrencies) at a lower cost than a Do It Yourself Project for an indefinite/definte amount of time (ie. a contract). When I write "lower cost" I mean more than just financial costs, the amount of time and effort for example to setup, monitor, and otherwise fiddle about with ttthings.

So what is Eobot?

Eobot is a "Cloud Mining" service which provides processing speed to "mine with". It was one of my first foray's into Bitcoin and the Cryptocurrency Sphere and to be bluntly honest seeing digits whirl about on my screen "mining" was pretty satisfying. I was excited at the prospect of getting returns from my investments. However...

I'm not bashing the service but I believe my experiences might be insightful. I do believe that Eobot is a legitimate service however to actually gain any profit some maneuvering is needed. On there website in bold is the disclaimer,

"*Cloud mining should be considered as a fun, recreational activity and not a source of income or investment. The above numbers reflect no difficulty increase. Investing involves risk, including possible loss of principal."

I'll reflect on that in my post.

Now, something I learned when I purchased a 5 year contract was mining difficulty and fees would eventually catch up to the processing speed I rented. And any "upgrades" offered to make my processing more efficient well... overall I would be "losing" bit by bit my initial processing speed to break even at least on my investment. Thus - a 5 year contract (Return on Investment - 5 Years?) and a probable potential need to buy more hashing power!

I Have the Powerrrrr!!!

Okay so what did I learn from this. Some of the currencies on Eobot are not "mined" but just converted from the Bitcoin "mined" and the percentage fees equals ouch. I came up with a couple of remedies for this.

1. Only mining on Bitcoin - minimal withdrawal fees were a little "too high" and the process a little too slow for what I had in mind...but a good old standby. Time is money?

2. Treat Eobot as an overpriced trading platform and "mine Altcurrencies" then withdraw to a trading exchange and profit! Mine Low and Sell High! Not forgetting a 5% buffering...

Did/does it work? Yeah it does. But then that can bring up the question why even sign up with the Eobot service if I can just trade crypto? ...That brings me to my next theory - my Hybrid Theory.

I realized at the start that to earn a profit from "mining" it's all a question of speed and how much a person has. Now I tried "mining speed" GHS...at a 50-50 split, kinda makes sense at first but I'll disagree to agree.

Eobot has an option to buy into Cloud Folding. Cloud Folding is essentially renting hashing power to help medical research. Good Karma points for the win! And yes they do "pay" for the help in the form of a currency called Curecoin (CURE).

Yes it's legit.

So what is my Hybrid Theory? I believe that if a person was to use the GHS 24 Hour option available on Eobot or a third party mining site such as MiningRigRentals to "mine" the Cloud Folding Option available to a high enough degree that it is possible to act as a support to purchase GHS an at the same time helping medical research. Win-win. Speed goes up, profit!

But be forewarned that I suggest you do the math on this one before you attempt anything.

But to give a general idea...imagine if a person had 500 GHS then imagine if they had at least over...hmm let's say probably 10,000 PPD. From the Curecoins recieved they could go back into the 500 GHS or even sold on a trading exchange for a profit then deposited back on Eobot to purchase additional GHS or to buy hashing power on MiningRigRentals to mine GHS on Eobot.

Do I do it? Have I done it - No. I basically "closed" my account and only have some PPD as a form of charity. I had over 1,000 PPD initially which gave me the idea.

Eobot has it's own daily faucet which is a pretty nifty idea which helps create a complete overall package.

For the amount of crypto a person could get from the faucet (and external faucets++) and the ease, simplicity, and impact in which it could go towards charity in the form of Cloud Folding (24 Hours/1 Year) - that's pretty awesome.

Signing up is free and having an account is free.