Bitcoin Forum

Hello anyone and everyone who reads this.
I am hoping to get an honest and truthful answer to a question that is really concerning to me.

Is it actually possible to join a site that offers mining crypto currencies of any kind and successfully or in fact actually mine coins for free.   I have seen and joined several sites that claim an individual can do this.  It looks  like I could be mining,  shows generated coins, in most cases.  But the "cash out" threshold is generally set so high that most would give up or forget about it in a short period of time.  Is it really worth the time spent ?

Personally I have been and am part of several different platforms or sites and even phone apps that claim you can "earn" coins playing games, mining and even gambling.   Is there actual fact to any of this?   I do not know of anyone who has successfully gone this route and cashed out anything  at all, let alone anything worth while or dare I say even lucrative.

From my own count on what I may have, or may not have generated  in the last 3 months  from 3 main sources  is about $2.50.    That is not including coins I gambled trying to up my intake, which probably totals closer to $25.00, and also lost or misplaced mini campaigns with extremely high cash out thresholds that another probable $25.00  would be either floating around in limbo, or in the app or platform creators wallet.

If it is possible to mine from home, without an actual Mining hardware, software, etc,  Are these little mini mining coo's legit, or are they profiting from all the "suckers"  like myself, who think we are mining coins but in reality we are not doing anything but generating cash for them somehow.?

I am really feeling a bit foggy on the entire process.  Even here on My Solid Coin.    Yet I continue, diligently, day in, day out,  3 times a day minimum and up to 10 times per day in some cases,  I am draining faucets,  consolidating to a central wallet where I can, mining when I sleep.   Hoping someday it will prove worthwhile.

I will say this much,   If Dogecoin, Litecoin, and Dashcoin ever get to  a value of  $10,000.00 / coin.  Bet your butt I'm a happy camper cashing out some, reinvesting some, and laughing at a lot of my peeps.

I thank any and all replies.  Just trying to get a "Reality Check"  from any who know the real deal and any who are in it like I am.

No. There's a reason why they go through the hassle of selling you the hash power. For most of the sites, they are a scam; either a ponzi or an outright scam. There's plenty of examples about this, hashie bring an example.

For those who are at least legit, they purchase and host the hardware and they sell the hash power in small denomination. It doesn't mean that the hash power actually belongs to you, it's just that they are paying you what you would've mined if you had that much hash power. They often charge exorbitant fees for the maintainence fee and overcharge in other aspects to make up for the potential loss. Since the network is usually volatile in the past with regards to the difficulty increment, there were cases whereby people actually made money from it. However, the margin of profit is too low for it to be sustainable nowadays. The only legitimate cloud mining company I know is cex.io but they've closed their cloud mining department and focused on other stuff.

If you're thinking of trying out cloud mining, I strongly advice you against it. If its actually a guaranteed profit, the companies would just mine for themselves. Even if its profitable, the margin would be so small that it would've been more worthwhile purchasing Bitcoins directly.

At this point, you're probably spending more on internet, data and electricity that the micro earnings you are getting from such endeavours.

Most of the "browser mining" services that you seem to be referring to are really just a front for generating ad revenue and/or use your CPU resources to mine on behalf of the site owners who then pay you a tiny fraction of what your CPU resources are actually generating (which isn't really very much anyway). Essentially, you are being paid a fraction of a fraction of the actual mining revenue.

As you seem to have already realised, most of these faucets and mining services also have minimum payout thresholds that make it simply impossible for you to even withdraw. So most users will give up before they even get to that point... and you can guarantee that the "lost" coins are not in limbo. Remember, all of these services operate effectively custodial wallets, you simply have an account balance (which is just a number in a database). The owners hold and control the actual coins.

It is not possible to mine with your phone. You can use the nice hash calculator to get a sense of the profit that you could possibly make. https://www.nicehash.com/profitability-calculator (https://www.nicehash.com/profitability-calculator)

How much time do you think you have wasted doing this? Completing captchas for various faucets 10 times a day, playing these "mini-games", claiming from faucets and gambling, etc., every day for 3 months? Even if this is only taking you 30 minutes per day, that's still 45 hours you've spent for a pay off of $2.50. That's a pay rate of 5 cents per hour. Even a federal minimum wage job pays $7.25 an hour, which would work out at over $300 for 45 hours of work. You could have bought 3x as much bitcoin from a single hour of work than you have accumulated in 3 months of claiming faucets.

In short, this is all a complete waste of time. You would be far better off getting a job and purchasing crypto with the fiat you earn.

theoretically it is possible but realistically it will never happen in the real world simply because if a business (a mining farm in this case) wanted to get investors they would look for big ones not small fishes investing small amounts. that is a lot of hassle.
so the only case you will see in reality is Ponzi schemes.

if people could earn money by playing games and gambling then everyone would have been rich now instead of us seeing lots of broke and homeless gamblers who ruined their lives. these "games" are made to take your money away not give you anything. where would the money come from if they were going to pay everyone?

be very careful, this sounds to me like you are on the verge of becoming a gambling addict and that will not end well for you. you have already lost money and then lost more trying to fix that, so you should already know how things work in that industry.

can you fly without a plane? or can you start your car without putting gas in it?
that's the same with mining, to mine you need equipment. for bitcoin it is ASICs and for altcoins it is a decent GPU. and you need to run your hardware for long times and run special codes to do that. it won't be like you could visit a site and click a button to make millions!

i used to think that way too but eventually i realized that these coins will never get anywhere close to that price. and in the end it is a matter of how much your time is worth.
for example if today you worked 10 hours on these faucets and all the other wastes of time and earned $1 that means you were earning $0.1 per hour!!! doing literary anything else could give you better payment. for example if you flip burgers at McDonald's you can earn $10.66 per hour which is 106 times more money!

Instead of chasing faucets and building your central wallet from it, it is better you do some meaningful job and invest  from it. It will yield much better result.

4 years ago I first encountered crypto currency. The first steps were faucets , but then the captcha was paid 100-2000 satoshi. I've been doing this for 2 weeks. Then I realized it was very little. Now faucets pay 5 satoshi....Maybe it makes sense to do it if you are sure that bitcoin will soon cost $ 1 000 000...And cloud mining is a casino. What is the chance to win at the casino?

Possible if you are in the wee days of mining and if such services exist. You don't mine for free, you still have to pay for a few dollars at most to cover up the maintenance fees and all that sorts of stuff. Anyway at this point in time, cloud kining is pretty much dead, and with the last good one, NiceHash (rented miners) being not that good as they were back in its heydays, I'm pretty sure that you won't find any new cloud mining services that will actually deliver what they promise.