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Author Topic: Generating Bitcoin on the side?  (Read 136 times)
Vichapte
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January 08, 2020, 02:33:56 PM
Merited by OmegaStarScream (2)
 #1

Hi guys! I am new to this forum and overwhelmed with the information on here. I wanted to know what you guys would advise me to look into to get me started.

The real drive behind this is to be able to use the bitcoin for gambling purposes. I feel much safer and better when i gamble with bitcoin as oppose to money. I also feel much more secure. Despite it being difficult to really gage the value when gambling I still prefer to buy bitcoin and use it to deposit.

I have looked into may different websites that claim to use your pc to gather bitcoin,  in return for a small %. I am not sure but this doesnt seem very legit to me. Would it be more worth for me to invest in my own set up?

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January 08, 2020, 02:47:47 PM
Merited by OmegaStarScream (2)
 #2

Hello & welcome.
The operation to "make Bitcoin" is called mining. This means that your question should have been in the mining subforum: https://bitcointalk.org/index.php?board=14.0
In that subforum the first sticky tells:

TL/DR Summary:
 - You CANNOT meaningfully mine bitcoin with your PC or laptop no matter how powerful it is.
 - You CANNOT meaningfully mine bitcoin with your tablet or phone no matter how powerful it is.
 - Mining apps for your phone or tablet that claim to mine bitcoin are almost certainly scams.

So no, you cannot mine Bitcoin with your PC. If you want to mine you have to buy ASIC device.


Now, you can mine altcoins if you have a very new/good GPU and/or a Ryzen CPU. And those altcoins you may sell for Bitcoin.
But this makes sense only if you have very cheap electricity too..

All in all, the easiest and probably the cheapest solution too is to actually buy Bitcoin for money. If you do that, you better read about wallet and exchanges first: https://bitcoin.org/en/
Else you may do something stupid and help(!) somebody steal your coins..

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January 08, 2020, 04:39:33 PM
 #3

If you are new to the forum I think you should know about the rules here.
This is the first topic you should learn:
https://bitcointalk.org/index.php?topic=703657.0
Next you should explore this topic:
https://bitcointalk.org/index.php?topic=5178747.0
My advice is that you should not mine bitcoins with your computer, you can only receive a small amount of bitcoins or nothing at all.

 
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January 08, 2020, 04:44:58 PM
 #4

Most of the exploiting applications for computers are fraudulent, they just want to steal from your computer. In case you can find a mining application, it will only bring you a very small amount of bitcoin, it is not worth the effort you spend.
Therefore, I recommend that you do not mine bitcoins with your computer, the best way to make bitcoins in this market is to buy them. If you have the ability you can also try the bonus program.
You can search for bonus programs that are right for you here:
https://bitcointalk.org/index.php?board=238.0

 
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January 08, 2020, 05:21:10 PM
 #5

when gambling I still prefer to buy bitcoin and use it to deposit.
be careful about this because doing this (using your bank account to buy bitcoin then from that exchange transferring to a gambling site) is against the terms of services of some of these banks and exchanges and may get you in some trouble!
make sure you read their TOS first or even send their support team a message and make sure.

Quote
I have looked into may different websites that claim to use your pc to gather bitcoin,  in return for a small %. I am not sure but this doesnt seem very legit to me. Would it be more worth for me to invest in my own set up?
it is most definitely a scam.
there are some cases where they mine an altcoin on your PC and can pay you in bitcoin but the amount is so small that it is not worth the effort and if they promise high payments then it is a Ponzi scheme.

setting your own mining operation is good but don't do it the first day of your entering this world. hang around, learn more about bitcoin, mining,... use bitcoin a while and then look into mining.

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January 09, 2020, 12:56:01 PM
 #6

I have looked into may different websites that claim to use your pc to gather bitcoin,  in return for a small %. I am not sure but this doesnt seem very legit to me. Would it be more worth for me to invest in my own set up?
Actually lets clear some things here.

You can "mine" bitcoin. This is the official method to mint coins into the supply and that what mining rigs are used for. But to generate enough bitcoins to get a decent ROI (Return of Investment) you would need not one, not two, but several thousands of mining rigs along with electricity costs and maintenance costs. It is no longer consider profitable if done solo at your home.

Second, some site claim to install miners to mine some altcoins on your device and you can claim those coins later on once they reach a value. Avoid those, because they are installing malware and what not.

Third, there are cloud mining sites which sell contracts to hire mining rigs and you get paid for the mined coins. But in reality these are ponzi schemes, all of them, none are legit.

I hope you get your answer from this, if not let me know.

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January 09, 2020, 02:05:03 PM
 #7

Would it be more worth for me to invest in my own set up?

In year 2020 I would not suggest anyone to buy asic miner.
Better invest in your own bitcoin education and buy bitcoin directly, or best thing is to earn Bitcoin.
Try to be active in bitcointalk forum, and in time you will find a way to earn your Bitcoins.
If you have some skill or services, add Bitcoin as payment option.
Do your own research before doing anything.

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January 09, 2020, 03:47:50 PM
 #8

I have looked into may different websites that claim to use your pc to gather bitcoin,  in return for a small %. I am not sure but this doesnt seem very legit to me. Would it be more worth for me to invest in my own set up?

This isn't possible for Bitcoin at all, but is probably possible for some alts. In this case though, there's really no advantage to having a middleman. Whether or not it will be worth it depends on your hardware, electricity rate, etc. though. You can then easily exchange the alts you mine for Bitcoin.

If you're in this to gamble, I would recommend that you stick to buying Bitcoin. If your anonymity is a concern, you can use services like mixers or CoinJoin.

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January 09, 2020, 10:15:01 PM
 #9

If you're in this to gamble, I would recommend that you stick to buying Bitcoin.

I would echo this. Mining is an indirect form of investing in bitcoins. You could just directly invest in bitcoins and use them for gambling.

In year 2020 I would not suggest anyone to buy asic miner.

I wouldn't say that. Bitcoin mining isn't to be entered into lightly or without considering the costs, but depending on your electricity costs it can absolutely be profitable. People running home miners in colder climates can also save on heating costs in the winter.

I'm considering a move to the Pacific Northwest, where electricity is very cheap and the winters are cold and wet. If so, I may invest in a small mining operation.

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January 09, 2020, 10:31:55 PM
 #10

Hi guys! I am new to this forum and overwhelmed with the information on here. I wanted to know what you guys would advise me to look into to get me started.

The real drive behind this is to be able to use the bitcoin for gambling purposes. I feel much safer and better when i gamble with bitcoin as oppose to money. I also feel much more secure. Despite it being difficult to really gage the value when gambling I still prefer to buy bitcoin and use it to deposit.

I have looked into may different websites that claim to use your pc to gather bitcoin,  in return for a small %. I am not sure but this doesnt seem very legit to me. Would it be more worth for me to invest in my own set up?

First of all, welcome.

Let's make this short; I suggest to focus and enjoy the reason first why you are driving here in bitcoin world and disregard any plans about setting up your own mining. Enjoy placing bets with bitcoin, feel anonymous, fulfill your entertainment!

As you progress, you will soon answer that question about if it's worth to set up mining on your own. No one can stop you if you really want to push on that desire no matter how the community will tell you their suggestions, technically and generally.

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January 09, 2020, 11:17:53 PM
 #11

Hi guys! I am new to this forum and overwhelmed with the information on here. I wanted to know what you guys would advise me to look into to get me started.

The real drive behind this is to be able to use the bitcoin for gambling purposes. I feel much safer and better when i gamble with bitcoin as oppose to money. I also feel much more secure. Despite it being difficult to really gage the value when gambling I still prefer to buy bitcoin and use it to deposit.

I have looked into may different websites that claim to use your pc to gather bitcoin,  in return for a small %. I am not sure but this doesnt seem very legit to me. Would it be more worth for me to invest in my own set up?


Without doubt invest in your own setup if you want to mine bitcoin, some websites offer that option but you'll rarely collect even 1 satoshi because of increase mining difficulty. Since for bitcoin mining you need antminers that cost a lot, instead you can mine altcoins with GPU or asic miners (are available for some altcoins but I prefer GPU because it's unique) and gamble with them or exchange into bitcoins if you wish. This way for example if you were gambling with 100$ a month, you'll be able to gamble with 120$ and pay 100$ (mining reward and electricity bills). I wrote that as an example, your mining profitability hugely depends on your electricity rates.

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January 16, 2020, 02:26:14 AM
 #12

The real drive behind this is to be able to use the bitcoin for gambling purposes. I feel much safer and better when i gamble with bitcoin as oppose to money. I also feel much more secure. Despite it being difficult to really gage the value when gambling I still prefer to buy bitcoin and use it to deposit
You want to generate bitcoin to gamble?
Mining with even your own rig is not profitable these days if you dont have either free or cheap electricity, being profitable with investing in cloud mining services is just a big lie.

If you have money to buy rig or invest than why dont you buy bitcoin and use mixer for privacy than gamble with those coins.
There is nothing like free bitcoin these days.

 
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January 16, 2020, 06:34:24 AM
 #13

Hi guys! I am new to this forum and overwhelmed with the information on here. I wanted to know what you guys would advise me to look into to get me started.

The real drive behind this is to be able to use the bitcoin for gambling purposes. I feel much safer and better when i gamble with bitcoin as oppose to money. I also feel much more secure. Despite it being difficult to really gage the value when gambling I still prefer to buy bitcoin and use it to deposit.

I have looked into may different websites that claim to use your pc to gather bitcoin,  in return for a small %. I am not sure but this doesnt seem very legit to me. Would it be more worth for me to invest in my own set up?


What site you are talking into? If this one do tell you to mine using up your pc then its a scam. Mining btc out of your pc isnt already feasible nowadays
and mining it would really require and specific machine (asic).

If it looks not legit to you then it actually is.If you do plan to mine because of your interest with btc then you can try to visit out bitmain site for purchasing
but remember these things arent cheap.Its better to buy directly bitcoin into exchangers and store it for long term or spend a little for your gambling needs.

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