Anyone familiar with cloud mining investing?

[squibber]

A friend of mine told me to look into Greenhashes Cloud Mining. You can buy contracts of different amounts and duration. For example, a $1,550 contract for 2 months pays you $28/day income. This is too good to be true so I am very skeptical. What's the catch?

[Ed Vette]

So you net $130 over two months?


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[Ed Vette]

https://www.dummies.com/article/business-careers-money/personal-finance/cryptocurrency/what-is-cloud-mining-266828


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[squibber]

So you net $130 over two months?

No. The website claims $28 per day profit if you lick in $1550 for two months. Might be a pyramid scheme.


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[squibber]

Thanks for the link, Ed. I understand it a little better but it's confusing.

[MightyGiants]

My research came up with this is not a scam business.  It is a bitcoin mining venture with an environmental theme

That said, I am reminded of a saying by the great investor Warren Buffett:


"Never invest in a business you cannot understand."

[squibber]

Their website doesn't say anything about the initial investment being returned to you after 2 months. So maybe the daily profit includes a partial return of your initial investment. Seems too risky for a $130 return.