Bitcoin during lockdown ?

[LauraAmd]

Hi everyone,

I'm new to the forum, I have recently started to get interested in crypto currency and how to earn some passive incomes. In this time of lockdown at home I'm trying to develop my portfolio as much as possible. Could you advise me some easy and non-committal ways to mine bitcoin and keep me busy during this period ?

Thank you all and have a nice day,

[mocacinno]

Hi everyone,

I'm new to the forum, I have recently started to get interested in crypto currency and how to earn some passive incomes. In this time of lockdown at home I'm trying to develop my portfolio as much as possible. Could you advise me some easy and non-committal ways to mine bitcoin and keep me busy during this period ?

Thank you all and have a nice day,

To mine bitcoin... No...
There's a whole subforum dedicated to mining, but you should read the sticky post here: https://bitcointalk.org/index.php?topic=2415854.0

Basically, in order to mine bitcoin, you need:

• Knowledge
• Time
• Very cheap electricity
• A good plan
• Several thousands of dollars to invest in performant ASIC's, PSU's, racks, cooling, wiring,...

If you want to learn: read up using this forum, and the many online resources that are available for free. You can even buy a cheap (second hand) ASIC to learn how to mine (but you'll never break even). If you have learned at least the basics, help the community, maybe one day you'll be able to join a signature campaign and earn a couple of bucks by helping others.

If you have a decent GPU, you can see if you can mine some GPU-minable altcoins (not bitcoin tough) and exchange these altcoins for bitcoin

You can also see if you have talents that translate to online jobs (for example: designing, coding, art, translating...) and post your services in the service subforum.

I'd personally advise anybody to stay away from micro-earnings, bounty's, gambling, HYIP's, ponzi's, refferal link posting, browser mining,... You either pollute the community, get scammed or earn (allmost) nothing

[Pmalek]

You are brand-new and have very little knowledge about Bitcoin and crypto in general and you want to become a miner straight away. Your chances to succeed are very low. Imagine you never sat behind the wheel of a car and you decide to become a cross-country truck driver. I am afraid that is too big of a step.

Since we are still in a state of lockdown, and even if you have funds to spend on mining equipment, supply chains are cut all over the world and who knows if and when it can be delivered. Bitcoin is a PoW coin and I agree with mocacinno that you'd have a better chance going after an altcoin and selling that for Bitcoin down the road. A coin that requires you to stake a certain amount and earn small profits through staking, for example. But that also requires an investment.  

[Sonu_titu]

Currently Bitcoin is ready for halving and that means that the reward that one use to get for mining will be halved. Bitcoin mining also need high power, solve complex hash problem and you need to have GPU or an ASIC.

You can know more about halving: https://www.youtube.com/watch?v=GNFMIXNW48I

Instead if your aim is only about time that you have in the lockdown time you can gain knowledge on blockchain and cryptocurrency. Then once you are able to get enough knowledge you can probably become blog writer, trader, start your project etc.,

You have signup for Bitcointalk so that you can ask any question while you are exploring this technology there are many specialist here they will give you much detail insights.

[mocacinno]

Currently Bitcoin is ready for halving and that means that the reward that one use to get for mining will be halved. Bitcoin mining also need high power, solve complex hash problem and you need to have GPU or an latest gen ASIC.

You can know more about halving: https://www.youtube.com/watch?v=GNFMIXNW48I

Instead if your aim is only about time that you have in the lockdown time you can gain knowledge on blockchain and cryptocurrency. Then once you are able to get enough knowledge you can probably become blog writer, trader, start your project etc.,

You have signup for Bitcointalk so that you can ask any question while you are exploring this technology there are many specialist here they will give you much detail insights.

fixed that for you

[NeuroticFish]

I'd personally advise anybody to stay away from micro-earnings, bounty's, gambling, HYIP's, ponzi's, refferal link posting, browser mining,... You either pollute the community, get scammed or earn (allmost) nothing

I'll add cloud mining and even CPU mining to the list. And warn the laptop mining is also a bad idea.

Could you advise me some easy and non-committal ways

You should treat Bitcoin like money / asset. So the best ways to get Bitcoin is to work for it or work for money and exchange/invest into Bitcoin.

[mk4]

If you want REAL passive income, it won't come easy. Creating passive income sources is pretty much work now, earn later. Heck, you're mostly going to work for months without receiving anything. I suggest taking time to learning how to create a niche blog; it's one of the best passive income sources in my opinion besides having a YouTube channel.

[Lucius]

I'd personally advise anybody to stay away from micro-earnings, bounty's, gambling, HYIP's, ponzi's, refferal link posting, browser mining,... You either pollute the community, get scammed or earn (allmost) nothing

I agree that in most of the stated is no profit, and that in some cases financial loss may occur. However, most beginners choose these methods because most of them do not require any initial investment. Although the posting of ref links in the forum is prohibited in posts (with some exceptions), the promotion of ref links in the signature is allowed. If something good is promoted (hardware wallet or crypto exchange), it's not a bad source of income (at least not in some poor countries).

For example, if someone promotes their Ledger ref link, they will get 10% for each sale which is $6.5 for each Nano S, or $16 for current Ledger Bundle Pack (S+X model). For those who create their own web pages and know how to promote them, affiliate business is one of the options how to start making money.

[NeuroticFish]

For example, if someone promotes their Ledger ref link, they will get 10% for each sale which is $6.5 for each Nano S, or $16 for current Ledger Bundle Pack (S+X model). For those who create their own web pages and know how to promote them, affiliate business is one of the options how to start making money.

Affiliate links are also not for everybody. I've posted myself ref links for Ledger here and there, but nobody bought from my referral.
I think that has to either be some kind of influencer, either have a blog that's read a lot.

As you said, they have to know what they're doing. So it's already close to any job, not necessarily related to Bitcoin.

[Lucius]

NeuroticFish, it probably depends on whether you are promoting a paid product/service or something like crypto exchange which is free to use. People still consider an investment of say $50 in hardware wallet expensive, but at the same time they buy a new $500 + smartphone, and then we read stories how "my 1 BTC disappeared from my desktop/mobile wallet".

Personally, I find the signature spot on our forum a very powerful way of advertising, what can i say from my experience when I promoted a crypto exchange in the past. It was a paid campaign, but it allowed ref links, so in a few months I collected over 300 referrals, which have brought me passive profits for years.

[LbtalkL]

Mining bitcoin is great with the right mining hardware but if you have only laptop it is not advisable since you are newbie, I suggest trying staking altcoins instead? Bitcoin mining is complicated for you right now, try learning it first. I see you have mention passive income, staking suit you for now. It is very easy to stake some coins have staking features on different wallets like for an example: Cosmos (Atom) they have 7-10% APR you can stake it on TrustWallet, etc., and there are so many POS coins out there, anyways here is the details of ATOM. https://coinmarketcap.com/currencies/cosmos/
But before you try anything do your own research first.

[NeuroticFish]

NeuroticFish, it probably depends on whether you are promoting a paid product/service or something like crypto exchange which is free to use. People still consider an investment of say $50 in hardware wallet expensive, but at the same time they buy a new $500 + smartphone, and then we read stories how "my 1 BTC disappeared from my desktop/mobile wallet".

I already wrote that I was advertising Ledger hardware wallet, so I don't understand what you mean / what I've missed.

Personally, I find the signature spot on our forum a very powerful way of advertising, what can i say from my experience when I promoted a crypto exchange in the past. It was a paid campaign, but it allowed ref links, so in a few months I collected over 300 referrals, which have brought me passive profits for years.

Yep, I agree on this 100%. The only downside would be the fact OP is newbie (signature limitations and possible trust issues), but yes, this forum is a good place.
One problem in my logic was that I was thinking on advertising in other places too, since the world is bigger than this forum; but there people weren't interested or I was doing it wrong.
Yep, using the bitcointalk signature space like that definitely worth a try.

[Eclipse26]

Not a good time for other crypto activities which would gemerate income, except investing. The market price at this moment is really a good opportunity to grab if holding for a long period of time is not a hard thing to do for you. Mining at this point is somewhat not advisable, and also, if you are just new to cryptocurrency. It is a more complex thing to do. Literally you would spend money as investment to the equipments such as good pc in order to make a good mining farm.

This lockdown has indeed lifted up the interest of many people towards blockchain technology, trading and crypto itself, which might be triggered by its growing popularity. But if you really want to start it good, invest for now. Make it a little-by-little process. Be familiar also with other cryptos in particular with altcoins. Try engaging into bounty projects to earn coins in which you may engage into trading, or means of investment.

Bottomline is to familiarize yourself first in crypto. This would be the best thing to do if you are just finding a good activity to kill time or to make yourself busy bevause jumping into conclusion is never a good thing to do. Start with the 'fundamentals'.

[CryptopreneurBrainboss]

I don't think mining bitcoin can be considered as a way of earning passive income since miners are still required to solve computational problem in order to get paid. Passive income are more of Investing and the cryptocurrency industry is one of the most promising and profiting industry to achieve passive income in matter of months provided you make the right investment decision and not chase the hype of worthless projects out there.

Bitcoin is the best performing asset of the last decade and it's showing strong signs of retaining that top spot. As a matter of fact, In couple of days (~ 25 +/- ) bitcoin will successfully complete its block halving which will increase the scarcity of the asset in the market thereby increasing theq demand of the coin therefore increasing the price of the coin. If you're interested in earning passively from bitcoin, invest in it today, get your hands on as many bitcoin or Satoshi that you can afford and hodl in your personal hardware wallet and not store on exchange or third party wallets.

[Malvika_sitlani]

As per my knowledge, I know mining takes a lot of time and effort. For all cryptocurrencies, you have to use different algorithms and the most difficult thing is while releasing the blocks.so instead of mining, you can buy some coins with some low amount not only BTC you can buy alt coins as well and hold for the long term to earn some profit.