How can cloud mining be profitable

[NomadMike]

Hi so I have been looking at some of the cloud mining offers and they just seem like a rip off to me the only people making money are the people running the websites as an example


Contact Length
12 Months
Hash Rate
10.0 MH/s
Mines
Litecoin
Fee per day
$ 0.05
Return Per Day
$ 0.2708
Profit Ratio
541%
Return Per Week
$ 1.90
Return Per Month
$ 8.12
Return Per Year
$ 98.82
Cost per MH/s
$ 7.50
Payback period
277 days
Annual Return Percentage
131%

this costs me $75 for a return of $98 this nets me a whopping $23

or this larger one

Contact Length
24 Months
Hash Rate
200.0 MH/s
Mines
Litecoin
Fee per day
$ 0
Return Per Day
$ 6.86
Profit Ratio
100%
Return Per Week
$ 47.99
Return Per Month
$ 205.66
Return Per Year
$ 2,502.23
Cost per MH/s
$ 12.00
Payback period
350 days
Annual Return Percentage
104%

this costs me $2400 and I make $100 over the year?

or am I missing somthing ?

[bitkilo]

I am not sure what cloud mining company you have signed up with but you do have to be careful who you go with because unfortunately there have been a lot of bad actors in the bitcoin cloud mining business.

Why don't you try the Bitcoin.com cloud mining site, we are a reputable company with great support if needed.
You can see our available plans here: https://pool.bitcoin.com/index_en.html#buyhashrate
(lifetime plans will be back in stock late December)