Update on Cloud Mining Experience - Got My First Payment!
Last November I purchased a small cloud mining contract (about $250) with a certain company. I'm not going to name them since I'm still not sure how legit they are. If you are interested, I did write a post about my experience with them a few weeks back.
Until the other day I had been just re-investing the profits into addtional mining capacity. At first I was re-investing because I wanted to grow the income, but later it was because there was some changes in their payout systems that I wanted to let shake out first.
Well their payment systems seem to have shaken out, so I decided to try and take some profits. It took nearly 3 days to get the payment, but I'm thrilled to say it actually came. I was able to exchange the payment (made in their own cryptocurrency) to Litecoin and transfer it to my BlockFi account.
There are still some issues. The biggest is that I'm only allowed to withdraw $100/month. The company has said they will lift that cap at some point, but we will see. As such, nearly two thirds of my earnings will need to be re-invested. But at this point I'm going to be happy if I can get my initial investment back out which will only take a couple of months. After I get my money out, anything after that is just profit.
The crazy thing is my initial $250 dollar investment MAY be worth over $14,000 at today's ETH prices. If this somehow works out I will be one very happy camper.
But I suspect it will crash and burn at some point, I'm just happy I'm getting some of my money out with some hope of seeing profit.
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