Cloud mining projects are the kind of projects that claim that they could generate passive income for people. They are the kind of projects that claim that they have servers and huge mining rigs that generally help people to mine coins. However, the fact of the matter remains that they are scams in reality. Most of such kind of projects are pyramid schemes. But still why do people invest in such kind of project, even when they know the reality of such kind of projects in the first place?
Why Do People Invest In Cloud Mining Projects?
- Thread starter Passiveearner
- Start date
I think a key motivator pushing people to invest in cloud mining projects is the fact that this strategy ensures that someone does not have to spend a lot of time or energy. That is, cloud mining projects make use of software that perform the work automatically, without requiring the physical input of an investor.
The main target of cloud mining sites are newcomers to the world of crypto, they are tempted to get crypto easily and quickly. This is one function of forum sites to explain to them most cloud mining sites are scams and should be avoided.
- Thread starter
- #6
I believe that many people who invest money in the cloud mining site may trust the platforms and they may never be actually aware of the drawbacks of such kind of platforms in the first place. This is why they get scammed.
- Thread starter
- #8
In order to mine cryptocurrencies, you may need to mine using electricity. You cannot mine cryptocurrencies without power. I really wonder how these so-called "cloud mining" sites generate revenue if they are not using real hardware.
I can say that I was the same, I had inspiration and I really wanted to start earning from mining, but I had no funds, so I found out that there is cloud mining and I decided to invest, which I regretted, so I think that such people invest there who really want to mine but do not have the equipment and knowledge, so they want easy money
I agree with you, most miners in cloud mining only want convenience and are trapped by high rewards that promise even high registration bonuses but cannot be withdrawn, so we need to educate newcomers to avoid cloud mining.
Cloud mining sites are the easiest way to make money, since you don't have to do any hard things, all you need to do before investing your money on those cloud mining sites is do some researches about them and make sure if they are legit after that invest and get profit constantly.
