"Bitcoin mining is a Big no!"

[Marcel666]

It is quite expensive to set up a mining right, and it would take a while to recuperate your capital. Also there is stiff competition, I would advise mining altcoins instead. As it mostly requires less computing power.

[Kez1817]

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 another way to gain income but it is true that mining is too expensive and risky and it only  profitable  depends on your area or location. But you can also try to have proof and experience by yourself if you have capital to start doing mining.

[Lanatsa]

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.

Mining altcoins would be more worthy or considerable rather than seeing out yourself on mining bitcoin itself and as being said ASIC miners would really be damn expensive and you would still result to be not profitable due to difficulty and the energy cost into your place which its really dumb for you to mine and would be much wiser to see or test out altcoins which is more cheaper but yet more easier to mine than on bitcoin itself.

[G2z_Riya]

This has been a big thing when the price of cryptocurrencies peaked high, but now if you go through a mining necessity marketplace you could find lot of mining rig for sale. This is all because of the decreased profiting and in locations where the electricity consumption need to be paid high doesn't make any profit considering the present price.

[Joeyops]

I don't think PoW will be the future.
It's consuming insane energy, requires a lot of effort when btc gets mass adoptions because of scalability problems.

I think. I'm not an expert but please tell me a different story or solution. I'm curious about the mining VS other way of verification

[tulezua]

Risk of fraud
Exploitation activities are unclear
Less fun (if you are a geek like self built system!)
Lower profits - operators must cover their costs
Warning in the contract that the mining operation may terminate depending on the bitcoin price
Lack of control and lack of flexibility .

[rickadone]

Risk of fraud
Exploitation activities are unclear
Less fun (if you are a geek like self built system!)
Lower profits - operators must cover their costs
Warning in the contract that the mining operation may terminate depending on the bitcoin price
Lack of control and lack of flexibility .

Still, are you sure of what you are saying? I think cloud mining is just for those that don’t have the equipment for mining direct, so they go for cloud mining and invest their money and at the end of the month they get paid a certain percentage or so. I’ was looking forward to doing that until my friend who was into that told me that profit no longer comes from it. But I don’t know yet, my intention was to invest through him and at end of the month he would give me my share of the earned profits.

Bitcoin mining may not be profitable for current price levels and profit calculations but if you mine and hold them for years then you may become a multi-millionaire but to cover the present running costs you must be millionaire now itself. Yes, bitcoin mining has become a industrial level business not suitable for small scale.

[ToniJu]

I don't recommend that you use any "cloud mining" for mining, because there are many fraudsters in them, and many hackers exist, I suggest you try to use a safe way to mine! For example, buy a mining machine!

[Slavyanskiy]

There are a lot of scams in the cloud-mining market. And basically, the accrual of the coins is not transparent.

[frostmourne0311]

There are a lot of scams in the cloud-mining market. And basically, the accrual of the coins is not transparent.

Exactly, they will show the beautiful profit and it drives cloud-mining users into massive investment. But in fact, the users can't ever withdraw their money.

[tot-o]

Bitcoin mining with free registration like faucet will be no harm at all, just use a different wallet from the common wallet you use since there will be possibility they will penetrate your account... You can try them if it's free.. M

[FunGate]

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?

That group of financial advisers are probably group of scammers, no one would suggest you to invest money into cloud mining sites because mostly they are ponzi scams.
You should listen to other group who told you that you should stay away from cloud mining.

Yeah think about it, would you rather invest your money in a real machine that you can see working, or trust some random guy to put it in "the cloud" for a few months before packing up and moving away? I'd only trust a "cloud mining" setup if I knew the owner personally and we had a good history together. It's probably much more expensive in the long run anyway.

Cloud services just aren't far enough along at the moment to handle it well enough anyway. The technology isn't as accessible in large amounts / high bandwidths.

Mining also might not be that profitable at this moment, but if you hang on it could be worth it.

[chikendrymak4]

I think it is always better to have some opinions than to have nothing at all.

[jeronimosuykens]

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.

Your tips are very helpful. Communities should consider and learn to avoid losses. Especially his unwanted money it lost white. Be alert and invest smart when fluctuations occur.

[yohananaomi]

As long as there is a will and the desire to do something is better than not doing anything, even though mining is increasingly difficult but can still be done and useful.

[M7MMike]

Whoever is directly involved in this should know that these are a part of the scams.

[Alpinat]

In this year mining is not profitable anymore. Because the value keeps decreasing and the difficulty in mining bitcoin would be so hard. The supply of bitcoin is enough for the future but we can't say that  not all people who are holding it will hold. Mining can be profitable if the value increases.

[wastetimer1]

Many of the people using the bitcoins are there think it to be a scam.

[greylandm]

Can’t really depend on these and therefore you must be very careful with them.

[ethereumyeahhh]

Most of these Bitcoins mining are nothing but scams and you gotta be careful.