"Bitcoin mining is a Big no!"

[cherryganda]

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?

Cloud mining is very dangerous most of the company will run away once there are no new investors, they are paying investors with the new money that are coming to the company using referrals, this is so dangerous to everyone and this is a hyip! if you want to earn from bitcoin you just need to buy bitcoin and rest it on your wallet or make a trading, this is more secure for you and you can join signature campaigns too.

[BitHodler]

Just a little advice cloud mining isn't much profitable just buy your own mining hardware and mine coins by yourself.

Doing the actual mining yourself won't do much for you either. Depending on your configuration, it might take a month or 6 on average to break even, which isn't something fantastic to look forward to.

Ok, the hardware does have resale value, but the best way to move forward, and directly with the least hassle, is doing a straight investment in Bitcoin itself, or other coins that you think have upwards potential.

Best thing is that you at any time can get your initial investment out of a specific coin, where with hardware mining you need to reach that break even point to not suffer any losses.

[BingoDog]

I also think that the time of individual miners has gone but also know some peple who have just bought the equipment and started that business.
Cloudimining is too risky because of too many scam scheems so it looks like mining definetely isn't something that could be recommended. Unless you have a mining farm. So, stick to trading.

[rickadone]

for now bitcoin mining is not profitable, the cost of being in terlu high too high while bitcoin from mining is not much, my opinion buy bitcoin better than mining

Mining of bitcoin is no doubt not an easy thing to do. It really requires lot of resources and it is quite an expensive thing to do right now. There are number of countries who are facing serious problems of power and electricity and mining is something which really requires lot of consumption of both the things. In addition to this. You also need to have some super computers with very high processing speed.

[yesuidanggan]

The cost of mining is relatively high. First of all, you have to have a large number of mining machines, which have a high configuration and a large amount of electricity, and the temperature of the mine is also processed. And now it's getting harder and harder to dig, so I don't recommend digging!

[BattleOkapi21]

Just a little advice cloud mining isn't much profitable just buy your own mining hardware and mine coins by yourself.

Doing the actual mining yourself won't do much for you either. Depending on your configuration, it might take a month or 6 on average to break even, which isn't something fantastic to look forward to.

Ok, the hardware does have resale value, but the best way to move forward, and directly with the least hassle, is doing a straight investment in Bitcoin itself, or other coins that you think have upwards potential.

Best thing is that you at any time can get your initial investment out of a specific coin, where with hardware mining you need to reach that break even point to not suffer any losses.

But I guess it is a better option than to join on cloud mining sites which I think just ponzi scheme that will likely don't have future. Yeah you need to configure mining, I think the best way is not to mine the coins with high difficulties like bitcoin.

[brylle34]

CLOUD MINING has a big risk of investing, because the smart contracts of the cloud mining company will depend not on you but on them. they hold what you have and they control all, when the company wants to close, you dont have the power to claim or to do something to get your tokens specially if your from another country. actually I personally experience cloud mining, i joined hashflare before it said that it was a lifetime contract but now the contract is 1 year, just like that they control the contracts and you dont have the power to change anything.

[Victorycoin]

I know a little about cloud mining.
I think so far cloud mining is still very profitable although it is not recommended for beginners.
because there are many costs that need to be issued.
but if it can be well set.
this can produce quite large

You indeed know very little about cloud mining and that raises the question if you're the original owner of above account? As is, cloud mining ceased to be attractive to anyone as soon as they become experienced enough to see through their resemblance with any ponzi scheme out there. At best, those early payments are carrots before donkeys and unknown to many, it is sending back to you, tips of the much you already invested and only few are lucky enough to even recoup their investment before the party is over, because there usually are no mining hardware anywhere.

[fatogre01]

I know a little about cloud mining.
I think so far cloud mining is still very profitable although it is not recommended for beginners.
because there are many costs that need to be issued.
but if it can be well set.
this can produce quite large

You indeed know very little about cloud mining and that raises the question if you're the original owner of above account? As is, cloud mining ceased to be attractive to anyone as soon as they become experienced enough to see through their resemblance with any ponzi scheme out there. At best, those early payments are carrots before donkeys and unknown to many, it is sending back to you, tips of the much you already invested and only few are lucky enough to even recoup their investment before the party is over, because there usually are no mining hardware anywhere.

Haha, you have noticed something. Well, you have a great point. Cloud mining are just ponzi scheme, a waste of time and money. You don't have control on your investment and you aren't sure about the longevity of site you have joined.

[DonFacundo]

I've joined that kind of cloud mining and some of them are not last longer I almost invest one of them so most cloud mining sites are scam, sometimes I've reached the minimum withdraw but they did not pay me some of them invest first before you get your payment. So stay away just learn how to trade. 

[peter0425]

I've joined that kind of cloud mining and some of them are not last longer I almost invest one of them so most cloud mining sites are scam, sometimes I've reached the minimum withdraw but they did not pay me some of them invest first before you get your payment. So stay away just learn how to trade.  

I have stayed from cloud mining because people talked that most of them are scams. Well, there are trusted sites before, but I read that they are also turning to be a scam. I want to invest and see if it is really profitable as other has confesses, however, I used my common sense and judgement not to, so I think I have made a good decision.

I also think that the time of individual miners has gone but also know some peple who have just bought the equipment and started that business.
Cloudimining is too risky because of too many scam scheems so it looks like mining definetely isn't something that could be recommended. Unless you have a mining farm. So, stick to trading.

This is also thing of the past, solo mining is not profitable anymore. But I don't know, I still seeing people buying antminers, are they are doing solo mining or what? Trading is the only viable option for us to really make a lot of bitcoins. Solo mining is only profitable in the beginning, we have heard countless early adopters who have started to mine bitcoin and turns to be a millionaire. But now its not the case.

[Superways]

I know a little about cloud mining.
I think so far cloud mining is still very profitable although it is not recommended for beginners.
because there are many costs that need to be issued.
but if it can be well set.
this can produce quite large

You indeed know very little about cloud mining and that raises the question if you're the original owner of above account? As is, cloud mining ceased to be attractive to anyone as soon as they become experienced enough to see through their resemblance with any ponzi scheme out there. At best, those early payments are carrots before donkeys and unknown to many, it is sending back to you, tips of the much you already invested and only few are lucky enough to even recoup their investment before the party is over, because there usually are no mining hardware anywhere.

Haha, you have noticed something. Well, you have a great point. Cloud mining are just ponzi scheme, a waste of time and money. You don't have control on your investment and you aren't sure about the longevity of site you have joined.

Agreed! Mining is something good but the fact is you really need to have a huge number of resources in order to make things happen in a way that you actually want. Mining involves a lot of consumption of power and electricity and that it really gets costly when it comes to paying the bills. Moreover, you also need to have really high performing super computers which is not that much easy to buy.

[richardsNY]

Moreover, you also need to have really high performing super computers which is not that much easy to buy.

Just by looking at the difficulty increases, it should be a clear indication that mining Bitcoin just isn't something you should be doing. People think that if you buy an Antminer you're all set and will quickly ROI, which isn't the case. Sure, eventually eventually you might break even and from that point generate pure income, but the earnings will be so insignificant, that it is barely worth the effort. If mining will be done anyway, then people are far better off building an altcoin rig than focusing solely on Bitcoin. Altcoin prices are peaking at insane levels, which is great for miners, but no one knows how long these prices will be maintained, so people buying hardware right now might not benefit from current levels for too long anymore....

[michkima]

Moreover, you also need to have really high performing super computers which is not that much easy to buy.

Just by looking at the difficulty increases, it should be a clear indication that mining Bitcoin just isn't something you should be doing. People think that if you buy an Antminer you're all set and will quickly ROI, which isn't the case. Sure, eventually eventually you might break even and from that point generate pure income, but the earnings will be so insignificant, that it is barely worth the effort. If mining will be done anyway, then people are far better off building an altcoin rig than focusing solely on Bitcoin. Altcoin prices are peaking at insane levels, which is great for miners, but no one knows how long these prices will be maintained, so people buying hardware right now might not benefit from current levels for too long anymore....

That may be true, but seriously a miner compared to a real estate investment or a lot of investment opportunities in the real world, the miner will still win. Imagine, a miner could pay itself after a bout a year or maybe a year and a half. As compared to a regular investment in the real world that would ROI by about five to ten years! Also, if you invest for the future running cost of your miners then that means you will be able to take advantage of any price increase of the crypto you are mining. That is something that you can do.

[tricker01]

CLOUD MINING has a big risk of investing, because the smart contracts of the cloud mining company will depend not on you but on them. they hold what you have and they control all, when the company wants to close, you dont have the power to claim or to do something to get your tokens specially if your from another country. actually I personally experience cloud mining, i joined hashflare before it said that it was a lifetime contract but now the contract is 1 year, just like that they control the contracts and you dont have the power to change anything.

It's true cloud mining is very risky but we can't know it if they can't try it, other than that more people who can afford mining tools are the users who have high standing in the crypto currency community. I believe that only rich people are afford to buy mining tools.

[serjent05]

Moreover, you also need to have really high performing super computers which is not that much easy to buy.

Just by looking at the difficulty increases, it should be a clear indication that mining Bitcoin just isn't something you should be doing. People think that if you buy an Antminer you're all set and will quickly ROI, which isn't the case. Sure, eventually eventually you might break even and from that point generate pure income, but the earnings will be so insignificant, that it is barely worth the effort. If mining will be done anyway, then people are far better off building an altcoin rig than focusing solely on Bitcoin. Altcoin prices are peaking at insane levels, which is great for miners, but no one knows how long these prices will be maintained, so people buying hardware right now might not benefit from current levels for too long anymore....

That may be true, but seriously a miner compared to a real estate investment or a lot of investment opportunities in the real world, the miner will still win. Imagine, a miner could pay itself after a bout a year or maybe a year and a half. As compared to a regular investment in the real world that would ROI by about five to ten years! Also, if you invest for the future running cost of your miners then that means you will be able to take advantage of any price increase of the crypto you are mining. That is something that you can do.

Have you tried investing in a real estate?  You can never compare an appreciating value to the depreciating one.  You might have an advantage in the beginning with  mining but on the long run, investing in real estate will be proven to be a better one.  One reason for this is, mining having a depreciating return.  Meaning you get less and less every mining payout unless you upgrade your hashes,  another thing is your gadget malfunctioning. If bad thing came and your mining equipment got busted right before you got your ROI, what do you think will happen to your investment?

[michkima]

Moreover, you also need to have really high performing super computers which is not that much easy to buy.

Just by looking at the difficulty increases, it should be a clear indication that mining Bitcoin just isn't something you should be doing. People think that if you buy an Antminer you're all set and will quickly ROI, which isn't the case. Sure, eventually eventually you might break even and from that point generate pure income, but the earnings will be so insignificant, that it is barely worth the effort. If mining will be done anyway, then people are far better off building an altcoin rig than focusing solely on Bitcoin. Altcoin prices are peaking at insane levels, which is great for miners, but no one knows how long these prices will be maintained, so people buying hardware right now might not benefit from current levels for too long anymore....

That may be true, but seriously a miner compared to a real estate investment or a lot of investment opportunities in the real world, the miner will still win. Imagine, a miner could pay itself after a bout a year or maybe a year and a half. As compared to a regular investment in the real world that would ROI by about five to ten years! Also, if you invest for the future running cost of your miners then that means you will be able to take advantage of any price increase of the crypto you are mining. That is something that you can do.

Have you tried investing in a real estate?  You can never compare an appreciating value to the depreciating one.  You might have an advantage in the beginning with  mining but on the long run, investing in real estate will be proven to be a better one.  One reason for this is, mining having a depreciating return.  Meaning you get less and less every mining payout unless you upgrade your hashes,  another thing is your gadget malfunctioning. If bad thing came and your mining equipment got busted right before you got your ROI, what do you think will happen to your investment?

To be honest with you I have. I have an investment of about $40,000 for almost about two years now. It earned about $5,000 after taxes per year. I get your point about appreciating value but honestly it is indeed good for the long run, however if you perform a quick evaluation of each investment you'll still find that the mining rig will out weigh the benefits of appreciating value of the property.

REAL ESTATE
Cost of condominium unit = $40,000
Estimated yearly profit = $5,000

ROI in 8 year and I can sell the unit say at about 150% after 8 years or $60,000. At 8 years that nets me $60,000 + $40,000 = $100,000. That means I profited about 150% in 8 years from my initial investment of $40,000. Which means I profited a mere 18.75% per year.

MINERS
Assuming you have a miner, usually it pays itself after about 8 to 10 months time and you invest also on the operating cost of it for a year, this means you will only need to convert your mined crypto after a year. That will result to higher profits since you speculated that the price will increase.

Assuming the miners only pays itself after 12 months or 1 year. That means anything I profit after 1 year is already pure profits.

Let's further assume that I invest $30,000 in miners and $10,000 for operating costs for one year (electricity, internet, etc.).

First year I profited $40,000 in crypto but since I don't need to spend it yet, I speculate and the value of the mined crypto increased by 100% (which is super conservative, usually crypto goes as much as 400% per year). That would mean my first year of mining is already worth $80,000. That also means I ROI already by the first year and even profited 100% in just 1 year! Say the next year, the miner is somewhat obsolete and it does not mine as much as it had before and due to the difficulty increase it could only profit about $20,000 (less expenses this time since this is the 2nd year), then I still profited a lot by the 2nd year and had already exceeded what I would have profited from my real estate investment in 8 years!

[chocolah29]

I also think that the time of individual miners has gone but also know some peple who have just bought the equipment and started that business.
Cloudimining is too risky because of too many scam scheems so it looks like mining definetely isn't something that could be recommended. Unless you have a mining farm. So, stick to trading.

This is also thing of the past, solo mining is not profitable anymore. But I don't know, I still seeing people buying antminers, are they are doing solo mining or what? Trading is the only viable option for us to really make a lot of bitcoins. Solo mining is only profitable in the beginning, we have heard countless early adopters who have started to mine bitcoin and turns to be a millionaire. But now its not the case.

That's also my point of view but here in my country many are now fond of mining. They say the ROI is just less or more than a year but the thing is the electricity cost here is like a gold and the Internet connection is turtle like, so how can they perform mining well? IMO, maybe mining isn't include in my plans that's why I'm saying this and I just prefer more doing trading.

[vhiancs]

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?

you know what? all users here in our forum most of them are not recommend cloud mining because of their experience on it, 95% of mining site are turn to scam and the rest 5% are legit to those who have tools or hardware for mining, which mean there is no reliable cloud mining site. if i where you I will forget cloud mining so I will not regret it later.

[Kevin77]

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?

The majority of those Bitcoin cloud mining are scams, even those legit ones that have been operating for a long time and really pays their investors are not profitable and it will take years before you will get your return of investment and yes it is very risky, it is much better if you do your own mining than investing there, it will just take months before you get your ROI (depending on how efficient your mining hardware is). What is the recommendation of second one? if that is trading then yes it more profitable than investing in cloud mining sites but still risky.

Obviously, trading cannot even be compared to cloud mining because with trading you are not just going to be tying down your capital but you are increasing it gradually and as long as you are good, you are going to be making a lot of money in the process.

On the other hand, cloud mining is going to tie down your capital and like you said, before you can even smell your return on investment and start accruing profit, that would be some years.