RE: How to earn Bitcoins - Part 1

[morggin]

I think the top subject in the forum needs some adjusting.  It's not even profitable anymore to try to MINE bitcoins.  And with the 2018 drop in value, it's seems hard to even justify mining altcoins.

• The mining difficulty is now astronomical.
• The equipment you would need (hundreds or even thousands of ASIC processors for BTC) costs far beyond what you would be able to justify.
• The power consumption to run said equipment would cost more than you would be able to get in reward for processing the blockchain.
• Even participating in a Pool still would not yield enough coin to justify the above-stated expenses.

What is your opinion? 

• Should MINING be excluded from the How to earn Bitcoins topic?
• Are the other suggestions for the topic still valid?
• Are BTC faucets worth the effort any more?
• Are we truly stuck with just trading or buying to increase our BTC wallet?

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[mk4]

If mining bitcoin isn't profitable, then probably only hardcore bitcoin enthusiasts will be mining at a loss. It just hugely depends on the hardware you're using, taxes, and your country's electricity fees.

On earning, I really don't get the need for articles about "earning bitcoin". Bitcoin is money, just like the USD, GDP, etc. If you want to "earn" bitcoin, then get a job, do gigs, or start a business, then demand bitcoin instead of fiat, or use the fiat money you earn to buy bitcoin. That's just pretty much it.

And no. Faucets are a huge waste of time. A waste of time in terms of income, and at the same time, you don't learn and gain anything from it besides being able to detect street lights and fire hydrants.

[morggin]

If mining bitcoin isn't profitable, then probably only hardcore bitcoin enthusiasts will be mining at a loss. It just hugely depends on the hardware you're using, taxes, and your country's electricity fees.

On earning, I really don't get the need for articles about "earning bitcoin". Bitcoin is money, just like the USD, GDP, etc. If you want to "earn" bitcoin, then get a job, do gigs, or start a business, then demand bitcoin instead of fiat, or use the fiat money you earn to buy bitcoin. That's just pretty much it.

I take it you agree the top pinned article is out of date and needs some rethinking?  I definatly agree that it needs to approached the same way you get fiat currency.  I'm not so sure I would want my employer to pay me in BTC though due to the US tax implications.  With the changes in (US) legislation, it is getting rather complicated.

[CryptopreneurBrainboss]

What is your opinion?  

• Should MINING be excluded from the How to earn Bitcoins topic?

Yes it should be Also there are some altcoins I believe are still worth mining like Monero XMR

• Are BTC faucets worth the effort any more?

 

No they aren't, in fact it's a total waste of your time, just as the above user said instead of engaging in such act go get a job that pays in bitcoin or work for blockchain related project that's pays in altcoin which can be traded to bitcoin

• Are we truly stuck with just trading or buying to increase our BTC wallet?

No, we aren't just stuck with that,  we have other options like investing in ICOs (DYOR) and future STOs

• Are the other suggestions for the topic still valid?

Yes they're and it depends on your field of interest, earning bitcoin through gambling still pays and it's advicible to only engage in such if you have the skills.[/list]

[OgNasty]

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

Something to think about from someone who has been mining for 8 years now.

[mk4]

I take it you agree the top pinned article is out of date and needs some rethinking?  I definatly agree that it needs to approached the same way you get fiat currency.

I won't say it's "out of date" per se, but most of the listed methods there like selling goods, investing in general, offering services, etc, are really just methods that apply with earning any kind of currency, not just with bitcoin. The only difference is that you're demanding bitcoin instead of fiat. Pretty much only a few of the methods applies only specifically to bitcoin/crypto; specifically, signature campaigns, altcoin trading, and mining.

I'm not so sure I would want my employer to pay me in BTC though due to the US tax implications.  With the changes in (US) legislation, it is getting rather complicated.

Well yea, this is definitely something that won't apply to everyone. It depends on a lot of factors.

[madnessteat]

~Should MINING be excluded from the How to earn Bitcoins topic?~

Until bitcoin switches to the Proof-of-Stake consensus algorithm, miners will continue to exist regardless of the bitcoin price. Some crypto enthusiasts mine bitcoin at a loss, they believe that its price will pay back today's losses.

[Kopyleft]

I cant check up if the post has been edited, and if so, when last. But the thread was made in 2016, so lots have changed since then.
Faucets are no longer worth the stress.
A couple of the bitcoin paying bounties are still active.

As for bitcoin mining, its what keeps the network running. It becoming unprofitable would lead to a backlog of transactions.
The difficulty level can always be adjusted to keep it profitable and retain miners.

[pooya87]

if the situation with mining bitcoin was as bad as you "think" it is then it would have stopped a long time ago and we no longer saw any new blocks being found! and that is obviously not the case which means you are only making assumptions possibly based on your calculation, for example it is obvious that mining is not profitable if you live in a city with a high electricity cost (like $0.5 per kwh!!!). otherwise living in places with lower electricity cost (which there are lots of places all around the world) you can always mine competitively and stay in the game thanks to the genius design of difficulty in PoW.

[jeromix]

You have some points OP on your thoughts about earning bitcoin. I still did not achieve all in the list of how to earn bitcoin. However, pretty much sure that earning bitcoins does include bounty campaign that will pay in BTC. This usually you can earn it on services like advertising bitcoin casino signature campaign. Other services that one maynearn bitcoin is also through translation from english to local language, developing a software and any other services that earns bitcoin.

So OP, earning bitcoin does not only seen in the lost because there are others as well that are not being listed or ask in your post.

[bitmover]

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

Something to think about from someone who has been mining for 8 years now.

This makes sense
When nobody cares about mining, when blood is on the streets, there you have a nice oppo to make money.

Similar to buying low situation.

When we are surrounded by pessimism and despair, this is to time to invest. And mining is a sort of investment.

[UserU]

I cant check up if the post has been edited, and if so, when last. But the thread was made in 2016, so lots have changed since then.
Faucets are no longer worth the stress.

If you have a handful and are mobile, faucets are still not too bad since they only take a few minutes.

I stick to my 7 (2 on mobile) faucets and just claim once every like 1 hour or so.

[leowonderful]

Some people do mine with alternative energy like solar, but setting up such systems still takes time and money for the components like solar panels and batteries that you'll be using, and mining is currently extremely risky with difficulty continuing to go upwards on most chains despite the prices of coins violently jarring around up and down. It may be profitable to mine in certain scenarios where you're getting 'free' electricity with lower-powered miners, but such situations are rare and mining's not profitable for most people with the exception of a few ASICs like the Obelisk SC1 that cost thousands of dollars for a single unit.

Still, can't hurt to check your electrical rates and calculate your electrical costs after all applicable fees like transmission cost are factored in. You might have cheap electricty, maybe not, but you don't know until you find out for sure.

[MoonCrypt]

The best way to earn bitcoin is to offer people value and ask to be paid in BTC

there are several services you can offer int he technology space and ask for bitcoin as payment and get it
to me this is the easiest form to earn it

Mining is quite a pro game now

[leftgirly]

The best way to earn bitcoin is to offer people value and ask to be paid in BTC

there are several services you can offer int he technology space and ask for bitcoin as payment and get it
to me this is the easiest form to earn it

Mining is quite a pro game now

Well, that is a good point that you have there, mining is always technical or I should say profitable to the professionals who have the needed technology and equipment to do so. I remember mining with a laptop somewhere last year and to be frank it was a bad experience for my CPU considering the low earnings too.

[Artemis3]

I think the top subject in the forum needs some adjusting.  It's not even profitable anymore to try to MINE bitcoins.  And with the 2018 drop in value, it's seems hard to even justify mining altcoins.

• The mining difficulty is now astronomical.
• The equipment you would need (hundreds or even thousands of ASIC processors for BTC) costs far beyond what you would be able to justify.
• The power consumption to run said equipment would cost more than you would be able to get in reward for processing the blockchain.
• Even participating in a Pool still would not yield enough coin to justify the above-stated expenses.

What is your opinion?  

• Should MINING be excluded from the How to earn Bitcoins topic?
• Are the other suggestions for the topic still valid?
• Are BTC faucets worth the effort any more?
• Are we truly stuck with just trading or buying to increase our BTC wallet?

Mining is still profitable in many countries, or if you happen to have access to cheap electricity, so it should not be excluded. Of course you can't mine in Korea, that would be silly... Solo mining is unprofitable and akin to gambling or playing the lottery, every day your odds of finding a block reduces, but imagine if your usb stick miner could find one, just one!

Its not as profitable, but you can still lend, gamble, or work for satoshis. There is plenty of people offering various services in this very forum. Be sure to check the Marketplace.

Well, that is a good point that you have there, mining is always technical or I should say profitable to the professionals who have the needed technology and equipment to do so. I remember mining with a laptop somewhere last year and to be frank it was a bad experience for my CPU considering the low earnings too.

Technical? If you can use a computer, you can mine. Buy an asic miner, plug it to power and internet, input your pool, done.
Using one of many online calculators, you can quickly find out if its profitable in your place or not. The newer models could possibly be.

A large scale mining operation is another matter, since you need to set up your electricity loads carefully, and control the flow of air, humidity, etc. Pretty much like building a data center.

[romelitounknown]

There are several ways on how to earn bitcoin. Me I got it first working for some comoany who offers me bitcoin as a salary. Then I also buy them in some crypto exchanges. If you know how to trade you may do so to make a profit. If you have the money and knowledge you may want to start building a mining rig or if you cant afford to have your own rig you can also rent a hash power from other miners and earn as well.

[Upgate]

Most  bounty hunters dream is to work in a project that at the end of the day pays in bitcoin because bitcoin has already has value and volume and would eliminate the thought of how good or bad the altcoin that you would have been payed in non bitcoin or ethereum bounty

[Velkro]

What is your opinion? 

• Should MINING be excluded from the How to earn Bitcoins topic?
• Are we truly stuck with just trading or buying to increase our BTC wallet?

Faucets are never worth anyone effort in terms of earning, but it is in terms of learning to use Bitcoin.
Mining maybe is not profitable at the moment when you want to sell what you mine instantly. Remember that some people treat Bitcoin as long term investment (HODL) but also in terms of mining. They mine Bitcoins and keep them to sell them on next bubble top. Then they earn a lot from what they mined.
Not everyone is able to do that, you need considerable amount of money to be able to HODL while price is low.

[carliexoxo]

I actually found a good Website called WeTheCryptos they're good for Beginners and they might help you out if you're a visual learner because they have Bitcoin Vlogs that are quite specific into what you're looking for