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Author Topic: Making a living on bitcoin.  (Read 2201 times)
MetalGear
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April 30, 2018, 05:08:14 PM
 #421

So I recently got into bitcoin, I can see there is definitely good profit potential so I'm curious on how possible it is to making a living off of it. Mainly on mining but in still figuring out trading.

I bought an Avalon 741 and also using a few high end gpus for mining and making a decent profit on that. (Gpus in 2 gaming pc's I built and a gaming laptop so they just mine when I'm not using them) Currently on nicehash1 but I'm also curious about switching to an actual pool.

I'm thinking to expand and build a mining farm eventually and I think I have a solid plan for that for the next couple years. Basically just buying miners with profits from miners and eventually I know I'll need some kind of warehouse to put them in.

I'm also interested in trading but I don't fully understand it yet.

Any insight and advice would be great, thanks.

Bitcoin already helped a lot of people and still continuing to help everyone of us to deal with our expenses. This story itself a great proof on how bitcoin changed our lives for the better. What I recommend to this miner is don't stay in that comfort zone and go out where the business happens here in trading. Because of trading, the fluctuations of bitcoin can benefit us in order to earn income.
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PHP.guru
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April 30, 2018, 05:37:11 PM
 #422

It is better to make living with altcoin than bitcoin. Bitcoin is precious because it has the value that worth holding and not for daily transaction for the purpose of living. Thus Bitcoin is better use as one type of saving or extra insurance.

PatronRH
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April 30, 2018, 05:44:44 PM
 #423

No need to fully understand bitcoin trading. With the money you earned from mining, just buy 1 and watch it quadruple in value after a couple of years.

You are right as a matter of fact there is a lot of people in my country who run this kind of business they unite their capital money they invest in bitcoin and then they divide the remuneration.

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April 30, 2018, 07:32:43 PM
 #424

I hear so many negative reviews about mining that it is unprofitable. I myself hold this opinion. Even trading seems to me to be more profitable.
daddypastes
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April 30, 2018, 07:38:53 PM
 #425

i can see there is definitely good profit potential so I'm curious on how possible it is to making a living off of it mainly on mining but in still figuring out trading....thinking to expand and build a mining farm eventually and I think I have a solid plan for that for the next couple years. Basically just buying miners with profits from miners and eventually I know I'll need some kind of warehouse to put them in...im also interested in trading but I don't fully understand it yet any insight and advice would be great...that is a great way of earning bitcoin but always take into consideration that it consumes too much electricity. Not to mention the difficulty it takes to mine Bitcoin. Why not consider to mine altcoins. They have lower difficulty plus it has the potential to increase its value in the short run you mention, you want to try trading why not integrate what you mine into trading you can increase its value if you trade it right trading though requires skills to be successful but if you learn the ins and outs then you can at least minimize the risk just do what you want and always make the most out of it...
gharjas2517
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April 30, 2018, 07:40:59 PM
 #426

If you have enough focus on an industry, I think most industries can make a living for it. It is also the same for bitcoin industry. Many people do not need to work every day in early mining, and now many people use the media to promote encryption, choose bounty sports, or air drop to get paid.
Cybil
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April 30, 2018, 07:48:40 PM
 #427

Except for those that in the earlier years of bitcoin accumulated it, and as a result of the upward movement in price with time has increased the value of what they have, those are the people that are earning a living from the increased value of the bitcoin. As then, compared to now, they bought at lower prices and upward price movement favoured them.
olegblinov86
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April 30, 2018, 07:55:54 PM
 #428

I understand that you already have mining equipment and you will not abandon it. But trade is not a very favorable business, as it is risky. Have you ever thought about your activities in bounty campaigns? They make a great income.

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Cybil
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April 30, 2018, 08:04:20 PM
 #429

Making a living on bitcoin seems to be a very wonderful idea which I would to happen in my life. I wish I have known bitcoins from the time it is starting but I still believe it could happen. Bitcoins have already changed many lives especially when it comes to their financial problems. Many have already changed their source of income into bitcoins and become successful.
aintnopassincraze
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April 30, 2018, 08:14:35 PM
 #430

I hear so many negative reviews about mining that it is unprofitable. I myself hold this opinion. Even trading seems to me to be more profitable.
It isn't that mining is unprofitable, it is that mining is hard to setup and to get past the initial costs. I doubt there would be mining farms worldwide if this wasn't a profitable outcome, the problem is finding the cheap resources in order to make it worth your while.

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