Bitcoin Forum

I am a newcomer and i think trading is a risky option for newcomer like me. So, i think mining is the best way to earn Bitcion. .I have found a post in this forum on BTC mining, where www.genesis-mining.com is offering to start mining from 0.14 usd kh/s per year. How are they offering such a low price? Are they legit?
Here is the link of that thread: https://bitcointalk.org/index.php?topic=602022.0

What exactly do you mean "earn".  The people earning Bitcoins are the ones selling their goods and services in exchange for Bitcoin.  In the case of miners, they are being paid a processing fee for processing transactions, and they also get the subsidized block reward.

The cheapest way to acquire coins is to just buy them.  Mining and virtual mining are all losing proposition currently (you will guaranteed end up with less coins than had you bought coins directly).  Mining is good if you want to support the network or just find mining fun.

The difficulty on bitcoin is so high now that mining is very very hard.  Even with MH/s you're not going to get enough Bitcoin to even notice. So I don't think the price is as low as you're thinking.

They are legit but it might not be profitable even you think its such a low price. Many people predict that the difficulty would stop at one point (which did not) and thats the only way you can be profitable.

We just sold our Gridseed shares 1MH/s $192.00 year, total 70MH/s they sold out in few hours.
Shares that are coming soon. 1MH/s $32.6 but they are KNC titans.
I try to open our company forums soon as possible.

My experience is that the best way to make money off of bitcoin is to outright buy it and then play the arbitrage game between the different exchanges. Some claim that offering micro amounts of BTC for sale for high prices is good way to make some profit but you pretty much need noobs and an exchange that allows bot trading for these micro amounts. I can't help on that because I have never done it. But arbitrage always works. Just be on your toes.

Hi watcoin, nice idea.  I presume you are doing your arbitrage crypto:crypto, not crypto:fiat - right?  Otherwise how would you economically transfer fiat between exchanges?  Do you use any software aids to help find arbitrage opportunities?  In your experience are there any particular exchanges and currency pairs that are particularly good for arbing?

Should i try to mine LTC or DOGE? What do you think about those currency? I think they are more profitable than BTC. I think price is relatively low. Can you help me by mentioning any other site ?

That company you mention does not mine BTC, they mine Scrypt coins and then each day they convert those into BTC.

Just thought I would let you know about that.

For mining you use websites like https://cointweak.com to see which is the most profitable. As you can see Curecoin on the FAH algorithm is currently the top coin to mine. I have made a small post about that coin here: https://bitcointalk.org/index.php?topic=628612.0

Thanks for your information. But on their promotional thread they mentioned that i can mine BTC,LTC and DOGE directly.

https://bitcointalk.org/index.php?topic=602022.msg6811160#msg6811160

You have an option to receive BTC as payment, or you can mine LTC or doge. But they mine the most profitable scrypt coins each day and send you that payment as BTC. It is much more profitable to mine scrypt coins and then convert them to BTC than mining BTC directly.

If you choose to mine LTC or doge then you get a payment in Doge or LTC each day.

Please read through this thread as it contains lots of info.

https://bitcointalk.org/index.php?topic=602022.0

I go through your link. Now its showing Reddcoin on the Scrypt algorithm is  currently the top coin to mine and Curecoin in on the 4th position.

Why you are thinking  that its not a low price? I think if you compare with other sites which are providing such kind of service, its relatively low.

Don't mine coins. If you're asking yourself such basic questions as 1) Mine or 2) Trade, you have a lot of research left to do in my opinion.

why?

They seemed legit to me and they still are.
Have created account at genesis 2 weeks ago, payed with BTC. Started mining within 20 minutes.

Daily payment is perfect cos it pops out on my mobile.

Was playing with mining allocation and it's lovely. Once you try it calls for hash power upgrade. ;)

I hope they will create Android app.

What are the methods of getting payment? How can i withdraw my balance?

Nice to hear. I was waiting for some who really work with them. Thanks a lot for your information. I will start mining with them as soon as possible.

Now i am using iphone 4S. So i hope they will create an app for iphone also.

Each day they will send you the money to your wallet. Automatically.
So you would need to download on your PC, phone, whatever, the wallet for each coin you want to mine, so they can send you the payment.
You can then decide to do whatever with your coins, keep them or send them to an exchange to sell and buy and trade with. Up to you really.

Which one is better and easy to make withdraw?

I think if you withdraw through BTC, that would be better and easy.

Genesis Minings main discussion thread is here.

If you have any questions etc, post there instead as member of GM staff go to that forum from time to time and are normally quite good at answering or announcing things.

https://bitcointalk.org/index.php?topic=602022.0