Bitcoin mining

[naira]

Before buying services like cloud mining you need to verify if the sites are trustable, because a lot of cloud mining sites are scam/fake
If you want to start mining you need to buy a good hardware, because with your CPU you can only mine some altcoins
You can try with a program like MinerGate

The price of the bitcoin is increasing and now it is making the world more aware about the bitcoin. For me bitcoin is making more space. It is good to invest in bitcoin because now the currency is getting more popular and it is just because of the price of the bitcoin.  Bitcoin is the digital currency and it is all about eh internet so it is easy to keep to for the long time. Mining is low now days as compare to the bitcoin.

Very good if you already do mining, because I think it takes a lot of cost to do that
Moreover, mining requires a very large electricity, but I think everything suitable with the bitcoin we get

[Andre_Goldman]

So whats the best way to mine bitcoin....

Bitcoin mining is different as you said, there are about three of them– solo mining, cloud mining and pool mining. From what I know, solo and pool mining is better than cloud mining.

If you get into cloud mining, you will be getting nothing. In cloud mining, you’re not even the one mining the Bitcoin, cause you’re not managing the hardware. You will earn nothing.

You are very much right. I think mining of Bitcoin is very much profitable for the one who does not how to do trading. Mining is actually a great idea. You need not to worry about the profit and all that stuff for some time. The way the market price of Bitcoin is increasing, mining is the best option.

Per the current difficulty rate mining Bitcoin cannot be profitable if you're just about starting. You might not even make an ROI on your investments in a year even with the latest Bitcoin mining hardware and so it's best to either trade ur buy bitcoins directly and hold them.

Yep, but pushing the difficult to the stratosphere was a good 'cypherpunk' move ... btw is that true that Julian Assange almost kill bitcoin by bringing NSA's 'The Eye of Sauron' attention while the hash hate was very low ?

[bubblebit]

Pool mining -> you will connect your mining hardware/device with others to make a pool of hash power for mining

Solo mining -> you will just use your mining hardware to mine any crypto on solo

Cloud mining ->  you have to buy/rent mining hardware which will be located in another part of the world and service provider with send out you coins generated by your mining hardware you have bought or rented with them

To learn more about what actually is crypto/bitcoin mining and many more make a quick search in google, you will find lots of guides.

Thanks to this also, I would love to do that solo mining but I need more time, money to invest to buy some hardware to it. Looking some place also that electricity is affordable and cheap. Because my country is one of the most high rate on electricity because of monopoly of businesses and of corrupt government officials before. I hope things would change a little bit sooner.

[mocacinno]

Pool mining -> you will connect your mining hardware/device with others to make a pool of hash power for mining

Solo mining -> you will just use your mining hardware to mine any crypto on solo

Cloud mining ->  you have to buy/rent mining hardware which will be located in another part of the world and service provider with send out you coins generated by your mining hardware you have bought or rented with them

To learn more about what actually is crypto/bitcoin mining and many more make a quick search in google, you will find lots of guides.

Thanks to this also, I would love to do that solo mining but I need more time, money to invest to buy some hardware to it. Looking some place also that electricity is affordable and cheap. Because my country is one of the most high rate on electricity because of monopoly of businesses and of corrupt government officials before. I hope things would change a little bit sooner.

Make sure you do all necessary calculations before attempting solo mining.... Solo mining at the current diff is more or less like buying a lottery ticket.

I'm disregarding the purchase cost and the power cost in this example, since those ones don't change your odds of finding a block.
At the current diff, it would take you (on average) 3918 days to solo mine a block using the most efficient ASIC currently available, the bitmain antminer S9 ( ref)
This means that if ~4000 people were running an S9 in their basement for a full day, on average, only one of them would solve a block.
It also means that if you solo mine with a single S9, and the network stays completely status quo, on average it'll take you about 11 years to solve a single block... Factor in the fact that the diff usually rises (it has some dips now and then, but the general trend is up), and the block rewards halve every  210,000 blocks (~4years)...

My conclusion would be that you either have to see your one S9 as a lottery machine and solo mine, or you buy at least 100 S9's, so on average you'll find about 9-10 blocks a year, or you join a pool with your S9 and steadily make    ~0.09BTC/month untill the diff adjusts.