"Bitcoin mining is a Big no!"

[Lisadavis87]

I think mining is a good way to get a passive income. But mining bitcoin right now is not a good idea. I see the difficulty in mining bitcoin is much higher than before. In my opinion, you can switch to altcoin rather than bitcoin, you can probably consider ethereum, bitcoin gold or monero.

[ghost14k]

Cloud mining is a total waste of time and resources. At the end of the month you will be begging to be paid if not totally scammed. Most cloud mining services out there are just scams. If you have the money I will advice you set of your own mining farm but it is cost effective. If not just ignore. It is now highly competitive and most of the tools and hardware are on the high side, plus you will need constant electric supply to keep the mining farm running. Go for the later option and ignore cloud mining.

[Harith65]

Bitcoin mining is most important thing because the every important thing is depend on mining. It is more famouse and profibable. Small size mining is not good because the power of mining is very higher. There are many mining centers in the world and they use modern technology. It should be continue with technology because mining will be dificult in futere and we need to stand against that

[lolland]

bitcoin mining are importen, but you should never mine alone.

[yohananaomi]

I think mining is a good way to get a passive income. But mining bitcoin right now is not a good idea. I see the difficulty in mining bitcoin is much higher than before. In my opinion, you can switch to altcoin rather than bitcoin, you can probably consider ethereum, bitcoin gold or monero.

I am more amenable to mining in the altcoin but looking for what is really good, because altcoin is also a lot of good, and not ethereum's fault because it's still the best for now

[asbak66]

Yeah i think so because bitcoin mining nowadays is very hard and you need very great miner cause the difficulity is extremely hard
I suggest you to choose altcoin mining instead of bitcoin cause the difficulity is more easier than bitcoin and the price is gonna better in the near future

[maydna]

for people who don't have big money, they don't have to do bitcoin mining because it's only a waste of time. they need support from the hardware so they can get a nice reward in a day. besides that, they need to know how much the electricity fee. this is for people who want to do bitcoin mining at their home. but I will say a BIG NO for cloud mining because you cannot get an ROI in a year besides that, the fee for monthly will always increase. it's not worth to try cloud mining even if you want to try to do altcoin mining IF you don't have good hardware for mining. it is better you use the money for trading only, and with the knowledge that you can learn from many sources, you can get a significant profit from trading.

[Eleanorrussell64]

I think cloud mining is not a good source of bitcoin earning, the best way is to build your own mining with powerful rigs and hardware to make your mining run smoothly and will exist for long period of time but you need a huge amount of capital for that. After that, you need to have the proper maintenance of the equipment to avoid overheat.

[deus030518]

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?

Yes it is good to do mining you will earn big in doing it, but you need to have the software for mining, you cannot do mining if you do not have the software and you also need a big investment or big money to but the software. The computer with the software for mining is too much expensive if you do not have a big money then you cannot do it and it will cost you a big electricity in doing mining. 

[Pablobiz]

Cloud mining is a reasonable way of earning bitcoins and other Crypto-coins in this Crypto age. In a nutshell, it’s simplified mining of bitcoins and altcoins, which relieves you of electricity costs, 24-hour monitoring, software configuration and other complexities associated with the classic production option on your equipment. Cloud mining is the same habit of earning bitcoins and altcoins at the expense of computing power, only without using your equipment. With cloudy coin mining, equipment is leased from services (companies) that have powerful data centers with farms for the production of cryptocurrency.
Now, this means you depend on the Company's operation before your coins are delivered. Also, A lot of people are definitely joining the Company's stream of cloud miners, because majority of us want to earn freely, with low cost of investment. This means, only pieces of Satoshi will be earned, compared to our setting up your equipments and bearing the cost of operation using the ASIC software. That's the real deal, you get to bear the risk and the gain as big as they turn to be. Probably, you can hook some friends up into the game, so it's going to be a shared burden and gain. The gains are massively high compared to cloud mining where you earn chips of Satoshi.

Taking up this advice, I think some MERITS are deserved.

[Pablobiz]

The likelihood that the seller of contracts will be unconscionable. The significant demand for cloud mining has activated some scams offering non-existent production facilities and exploiting interest in BTC – cloud mining has become for them just a godsend. It is worth using only proven services with numerous recommendations and not “peck” on promises of sky-high interest, laying out in the first bitcoin cloud. In its majority, figures above 300% of profitability (per year) cannot exist in theory – the best and reliable cloud-mining websites cannot give such data.

[tbterryboy]

The likelihood that the seller of contracts will be unconscionable. The significant demand for cloud mining has activated some scams offering non-existent production facilities and exploiting interest in BTC – cloud mining has become for them just a godsend. It is worth using only proven services with numerous recommendations and not “peck” on promises of sky-high interest, laying out in the first bitcoin cloud. In its majority, figures above 300% of profitability (per year) cannot exist in theory – the best and reliable cloud-mining websites cannot give such data.

The only thing which you have to consider at time of mining of bitcoin or any other crypto coin is that you have to be sure that you are living at a place where there is a continuous supply of power and electricity. Other than that, you have to be sure that you are having some high performing super computers too for the sake of mining but all of it will cost you much higher.

[walemil]

I won't venture into bitcoin mining for any reason. I am not ready to loose any money at all. I no longer see bitcoin mining as rewarding as it used to be. Majority of the mining firms are scam and you may never make your principal deposit back, not to talk of the interest promised.

[frostmourne0311]

Buy some VGA cards and start your physical mining farm, cloud mining is not a wise choose for sure.

[HSRP]

I won't venture into bitcoin mining for any reason. I am not ready to loose any money at all. I no longer see bitcoin mining as rewarding as it used to be. Majority of the mining firms are scam and you may never make your principal deposit back, not to talk of the interest promised.

Investing today, more and more investors. This crowded outlook has made investors more developed. But the bigger the consequences of the bad guys take advantage of the market. Losing the capital and profits of investors is not good. This would lead to difficulties for the mining companies that did not comply with the requirement.

[bitbunnny]

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.

[lunaelucemauram]

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.

[Collynzo]

Have always had this thought that bitcoin mining is as lucrative as the real petroleum mining in itself, Now I know a lot better, thanks for this forum

[hahay]

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.

[snewkadel]

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.