Im in a mining pool- rather I forwarded 10k BTC to a person, who I know pretty well, to invest in their mining pool. I have asked them to tell me how much is mine, how much is theirs, and how much total is invested, so I can track the progress of my gains- for example, if they have 4 BTC and I have 6 BTC, total 10BTC, then at the end of the month they tell me theres now 12, I can say 60% of 12 is mine, or 7.2 BTC. Is this reasonable?
If you invested in a true mining pool...I doubt it is!
To mine BTC you need machines (asics) you don't stake coin like in PoS, and those basics even with cheap as possible electricity have at least a year of ROI, so it would be way more accurate to ask how much profit have those made in a month not that you have recovered your investment already!
So, unless you have actually invested those coins to
- change them to staking coins and stake those coins for profits
- your partner has bought actual gear and is mining Bitcoin
I smell a scam!
I want to talk business and strategy, reinvesting and calculated withdrawals, but theyre aloof and disinterested.
You sent more than half a million $ to a guy without first discussing business and strategy?
LE, nevermind
Its the kind of pool where you invest bitcoin and it generates returns. If you invest $100 you get up to $300, $1000 and get up to $3000. Not sure if its cloud mining?
Yup, it's called "cloud mining" and if it's advertising returns of 300% it's also called a scam.