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Author Topic: "Bitcoin mining is a Big no!"  (Read 2121 times)
Activitycoin
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August 30, 2018, 12:00:21 PM
 #421

Bitcoin mining is not profitable these days unless you have a mining farm. You will have to spend and invest much more than you will profit. Despite that there are still few enthusiasts that beleive mining will bring them profit.
On the other hand cloud mining is mostly scam and something it should be avoided unless you don't want to lose your money.
The clear conclusion is that individual mining belongs to sone past times and that you have to choose some other investment type.

That is true and for you to have a profit you should better mine other cryptocurrency for instance EthereumClassic, Pirl, Metaverse and Ethereum are still viable for GPU mining. And unless the market goes in an uptrend and bulls mining will not be the profitable specially the prices if hardware like GPUs are starting to decline due to demand.
Yes, because if you want to mine bitcoin that is profitable, then you have to have a lot of mining equipment and also a large place etc., of course this can only be done by wealthy people who are able to fund it all well. Although there are other alternatives to mining such as in an application or through multiple GPUs or also cloud mining which is mostly just a scam, I think it's still very lacking and won't be profitable. Maybe mining alts can still be done that way but still we have to prepare a lot of things to be able to benefit from the simple mining.
Well it is sure that for mining you will have to find proper equipment which are expensive and we will have to spend a lot of money for it, now a day investing of crypto currency is popular so they are investing but if a person has money and they can afford then mining is not bad thing as it has a lot of profit and great price, in my place right now only rich are mining and they are being super rich with it, I like it but I prefer investing and holding.


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valisa
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August 30, 2018, 01:44:55 PM
 #422

my advice is you don't do bitcoin cloud mining because most of the cloud mining models are fraudulent, if you want to mine bitcoin you use a special bitcoin mining tool, but the price in my opinion is very expensive but in accordance with what you get, but for now mining bitcoin is not profitable

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September 03, 2018, 03:08:20 PM
 #423

Bitcoin mining is quite profitable. Due to competition among miners for who earns the node, it require a high capital, and numerous devices linked together to generate enough computing power to solve the cryptograhic puzzle.
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September 03, 2018, 03:24:30 PM
 #424

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?
Bitcoin cloud mining is not profitable any more.. Because mining difficulty is going to moon like a jet.. I also have 2 TH/s cloud mining contract.. Profits are getting low in every 2 weeks..  Angry Cry

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September 06, 2018, 08:00:16 PM
 #425

For me bitcoin mining has become less profitable and most cloud mining has a big potential to be a fraud.
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September 07, 2018, 11:47:23 PM
 #426

The problem with cloud mining is that there are many rights to web administrators.
Investment is self-responsibility, but I think that it is a question whether you are fulfilling the obligation to properly manage, return and pay your capital.

As an advantage, you can start with free, but many services are much more risky than mining yourself.

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September 08, 2018, 09:36:59 AM
 #427

In this scheme bitcoin mining is beneficial only for the service provider. It will remain in profit in any case, and you will receive losses when the price of bitcoins is reduced.

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September 08, 2018, 10:58:06 AM
 #428

I think we all are very successful with the bitcoin mining because the circulation of bitcoin currently depends on the existence of mining that gives bitcoin to buyers who are in the place of exchange.

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September 08, 2018, 12:47:31 PM
 #429

Bitcoin Mining is profitable to people whose financial status is good because for we need to invest a lot of amount for the equipment also they can have cheap energy, low tax and better price for eguipment. Now already many people who are mining is facing the mining difficulty to mature 1 Bitcoin, with this difficulty how can the normal financial person survive with Bitcoin mining.
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September 09, 2018, 12:58:49 PM
 #430

Most especially some faucets... They suck.
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September 10, 2018, 12:02:40 PM
 #431

Don't you know about mining using your cellphone? One of my close friend told me about that , do you thing that the cellphone mining is legal and worth it? I'm just curious and playing on the safest mode about this one. Cause my cellphone is very important to me, specially in my work . Thanks in advance!

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September 11, 2018, 09:57:31 AM
 #432

mining has its own good and bad points. The good points are Environmentally-friendly, power-saving and you do not have to sacrifice any of your electricity bills with Cloud technology. the Bad points are Hard to control the profit, your profit depends on the development of the company as well as Bitcoin digging algorithm. You may be scammed if you do not choose the right reputable digging company.
Coral27
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September 11, 2018, 05:52:26 PM
 #433

Don't you know about mining using your cellphone? One of my close friend told me about that , do you thing that the cellphone mining is legal and worth it? I'm just curious and playing on the safest mode about this one. Cause my cellphone is very important to me, specially in my work . Thanks in advance!
Well I have no idea about it yet but if it is true then trust me I am very happy because I have heard about mining that it has huge profit indeed, so if you have money to pay for bills and to buy equipment you can go for mining, it has a lot of profit and it will help you overcome all the money you invested to buy equipment and to pay for electricity bills.
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September 12, 2018, 01:36:28 AM
 #434

What they think is short-term benefits so that mining is not recommended by them. First, capital mining is quite large because it requires mining tools, servers (if you want to solo mining), places that are cool enough, and there are many more costs to pay, and bitcoin fluctuations that tend to be extreme make bitcoin mining very risky.

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September 12, 2018, 10:03:39 AM
 #435

cloud mining has its own advantage and disadvantage. Advantages: Environmentally friendly, energy saving. Cons: Hard to control the profit, your profit depends on the development of the company as well as Bitcoin digging algorithm. You may be scammed if you do not choose the right mining company. In case your financial capacity is limited, Cloud technology will be a good choice for you.
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September 12, 2018, 11:14:30 AM
 #436

Pool Mining or Cloud Mining have their advantages and disadvantages. However, if you have the financial capacity, as well as the large space to accommodate the large digging machine and optimize profits, then Pool Mining will be the best option for you. Your finances are limited or you can not afford, so Cloud mining is a good choice for you.
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September 12, 2018, 05:13:00 PM
 #437

Bitcoin mining is a big no for me too. I don't think there is any reputable cryptocurrencies mining firm nowadays. Once you deposit your investment, making profit will forever remain an issue. I will rather buy my bitcoin and HODL it till I am ready to sell it at a profitable price.

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September 13, 2018, 06:56:08 AM
 #438

You shouldn't try to use "cloud mining" because it does have a lot of fraud, and the cost of "cloud mining" is high! If you really want to mine, then you should choose to buy a real mining machine to get started!
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September 15, 2018, 06:48:51 AM
 #439

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?
I have never done cloud mining before but one of my friends was into Bitcoin mining and he never benefitted much from it due to the electricity cost, Bitcoin mining consumes lots of electricity. But I heard there are countries where you will benefit from it or maybe if you have your own light generator, don’t know for sure. I once checked out Genesis Cloud Mining seems like it might be good, but I already have a way making income, so no need for now.



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September 15, 2018, 08:30:21 AM
 #440

You shouldn't try to use "cloud mining" because it does have a lot of fraud, and the cost of "cloud mining" is high! If you really want to mine, then you should choose to buy a real mining machine to get started!
Yeah it is very risky and somebody can take all your investment. it is better to mine yourself and if you see there is no profit or the margin is too low then leave it and start some other business to invest in some Altcoin. It will be better for you. You can make money from your investment in bitcoin or Altcoin but with low investment in mining you can lose your money.
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