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[Gigi]

What is Bitcoin?

I remember the first time I researched BTC mining on a PC was a year back and already it was a saturated and competitive market to enter (I missed the mining bus as they call it). One thing for sure, was that I didn't have the tech savvy to build something mining-worthy, and not just an elaborate room heater. Electricity isn't exactly cheap where I live either, due to excessive taxation.

Cloud mining certainly seems to have some perks, you meddle with less hardware, you get less senseless heat from the computer and there's a lower electricity usage.

But it's not all flowers and sunshine, most cryptocurrency mining sites are complete ponzi schemes (they pay the earlier investors with money from the newer ones).

Legit sites also have a thing called maintenance and electricity fees ("MEF"), which adds up as expense on your otherwise flawless plan of gaining profit in the span of 6 months. Another thing is that mining difficulty increases as more cryptocurrency is mined and there's a huge variation in the balance of cryptocurrency making frequent re-calculations of your "plan" necessary to avoid going into negative profit.

Has anyone successfully seen any profit from Cloud mining? Even small sum stories, I'd like to hear the experience.

 

[midnightoka]

I just started running Cryptotab on my PC. It earns me, though the earning rate is very slow. I am monitoring the electricity bill. So far the speed of my PC is not affected. Only after a month of trial, will I be able to judge whether it is profitable to run Cryptotab on my PC.

I don't mean to try and ruin your dreams. But most likely the amount you earn with Cryptotab, will be a very small fraction of your power bill. Since you probbly have more devices running other then just your computer. The obvious difference is between a Desktop and a Laptop. Where the power drain is signifigantly noticable. But profit doesn't vary much. It's like trying to win an uphill battle. You're constantly on the losing end. This is a good start to see how the mining process can be achieved from home. Although with minimal profit. I wish you luck in your endeavours.

 

[totalfreq]

So I have been mining since 2010. I started with a CPU and GPU on Slushpool and it was super frustrating. Acutally up until last year it required quite a bit of console/commandline experience. But now programs like Awesomeminer making managing crypto mining fairly easy using mostly guy (though some command line is still needed to tweak).

Right now crypto isnt very profitable. I believe in it so I keep mining through the drought (like in 2014). We are on the verge of a bitcoin ETF come Feb 27th, and last year 5.9 bitcoin or altcoin ATMS were deployed globally. We are on the verge of going paast the 1% adoption so think of the internet in 1991 and how quickly AOL changed it all.

If your getting into crypto there are a few things to look for. You can rent hash power (I rent some) antpool gives about a 10% return on a 60 day purchase (I dont look at $$$, I look at putting in 1 BTC and getting back 1.1 BTC). Secondly you can own equipment. Now unless you are going to use over 200kw of power, you are likely not going to get industrial power rates, so power eats your profits. Last year I was running tons of GPUs due to their coin flexibility, but my power bill was around $500 for every 10 card rig. In Nov, Dec and Jan last year I was making 6x my power bill, by april I was running negative. I switched to ASICs. The newer bitmain asics are a breeze to seetup and you dont need a lot of commandline and if they fail they reboot (unlike the headaches of the old days). To be profitable you need to understand how to underclock or overclock efficiently to get the best hash per watt. The other big issue is sound/heat. Sie they are in my garage its not that bad, but midday when the fans are on high, my house hums and can be heard from the street.

Alternatively if you want a little return but want to run it on your desktop, get a small powered USB hub like BROVSS 10 port or Block Erupter 49 port and slowly add ASICs like Gekkoscience NEWPAC (SHA256 - BTC/BCH, etc) or Futurebit Moonlnder 2 (LTC/DGB/XVG, etc). I took the mini fans off the futurebit and use larfer USB fans in a shoobox and cut down on noise dramatically. Ive been stable with an overclock of 540 on the moonlanders and 250 on the newpacs. Considering each only takes 5w of power, it almost costs nothing to run yet generates a decent return.

As of today my mini rig has 9 newpacs and in the last 24hrs generated: BTC0.00017868 at multipool.us. The 13 moonlanders generated BTC0.00001499 (but its been closer to .00002000 normally).

My large asics are only generating about USD $0.73/ea per day after power costs.

If you buy and hold coins you only risk going down. At least if you buy gear or rent reputable hash power you can afford to make up losses over time by generating more coins with the same investment.

Good luck to you. I personally think we will either see a huge jump in March or another dead year..but the 5 year outlook is awesome!

 

[totalfreq]

PS I only know of one reputable free mining software program that doesnt eat power or CPU - its ETN Wallet. Electroneum is basically allowing free mining using your cell phone. Its not really mining as you re doing any work, just are just trying to get as many people to adopt it as possible - adoption = use= value. If you want free crypto download the Electroneum Wallet on your phone (not electrum wallet thats different). Then every day keep it mining. It doesnt matter how good or bad your phone is, everyone gets around 30h/s or about 3 ETN per day. since payout is 10 ETN, payout is roughly 3-4 24hr days.

ETN is currently at 0.007 cents or so, but at one point it was at $0.18. I have a couple hundred thousand because I was miniing with a dell R810 with 4x 10 core processors doing 500etn/day for 400 watts before the phone app came out.

Id definately not sneer at its low cost and low rate, its one of the only KYC/AML coins and if offering a form of mobile bank in places like africa and india where less than 10% of the population have bank accounts.

 

[karthik999]

Buy a mining rig from market , if its not available in your country , import it. Then set up the mining rig as per the instructions given , once set up run them .It may cost too much electricity. You can set more than one mining rig. This is one way of bitcoin mining , but electricity cost is more , so more than bitcoin profit you may get more electricity bills. Another way of bitcoin mining is cloud mining which always turns out to be scam , except some like genesis mining , hashflare , eobot mining and some more . But its not so much profitable as you expect it to be .

 

[Yugocean]

Buy a mining rig from market , if its not available in your country , import it. Then set up the mining rig as per the instructions given , once set up run them .It may cost too much electricity. You can set more than one mining rig. This is one way of bitcoin mining , but electricity cost is more , so more than bitcoin profit you may get more electricity bills. Another way of bitcoin mining is cloud mining which always turns out to be scam , except some like genesis mining , hashflare , eobot mining and some more . But its not so much profitable as you expect it to be .

You are in India, You did this what you informed ?
As far as I know, BTC mining is not permitted in India; however due to no law, it is not illegal either.
And about electricity, Indian Electricity is not that costly if spend properly.

Are you mining BTC?

 

[karthik999]

You are in India, You did this what you informed ?
As far as I know, BTC mining is not permitted in India; however due to no law, it is not illegal either.
And about electricity, Indian Electricity is not that costly if spend properly.

Are you mining BTC?

I have read many blog posts that some indians mine bitcoin with more than 5 rig s in a big hall, i dont mine bitcoins physically , i am not so rich to buy them , but i mine some of the cloud mining sites like genesis mining and hashflare with investment less than 100$. And talking about electricity, if you have more than 3-4 rigs then the cost would be more, and having just one rig to mine isnt profitable i watched from some of th e youtube channels.And Indian government never encourages bitcoin mining , but many people are involved in that

 

[Crystal]

I have read many blog posts that some indians mine bitcoin with more than 5 rig s in a big hall, i dont mine bitcoins physically , i am not so rich to buy them , but i mine some of the cloud mining sites like genesis mining and hashflare with investment less than 100$. And talking about electricity, if you have more than 3-4 rigs then the cost would be more, and having just one rig to mine isnt profitable i watched from some of th e youtube channels.And Indian government never encourages bitcoin mining , but many people are involved in that

hashflare is a scam , will scam you sooner or later . My contracts was terminated due to reason that i have to invest more in a new contract. Stop wasting your money on cloud mining , better buy cryptocoins such as litecoin and hodl. Your money will be much safer.
Now it is not time to buy crypto due to high price but nobody knows if the price will go higher. So its your decision when it is good for buying crypto.

 

[Stoner71]

I believe mining bitcoins with a laptop and be profitable is pretty hard, first of all, your laptop must have high-end GPU, but still, you will face problems with overheat after couple hours of mining. I believe the laptop will be destroyed due to mining soon.

I am also using my PC for free Bitcoin mining on many sites and have enough balance in my account but I cannot withdraw and they asked for Upgrading account. I simply close the sites, but when reopen the links, there is still generating mining continuously 24/7. Is there any electricity high usage in such mining???

 

[pecoka2202]

 

[totalfreq]

I am also using my PC for free Bitcoin mining on many sites and have enough balance in my account but I cannot withdraw and they asked for Upgrading account. I simply close the sites, but when reopen the links, there is still generating mining continuously 24/7. Is there any electricity high usage in such mining???

There is no effective way to mine BTC on a PC. I have a 5.1GHz CPU and 2080 Super GPU and cannot mine BTC.. you are getting scammed and they are using your CPU/GPU power for something else.

 

[Crystal]

There is no effective way to mine BTC on a PC. I have a 5.1GHz CPU and 2080 Super GPU and cannot mine BTC.. you are getting scammed and they are using your CPU/GPU power for something else.

If an upgrade is required he most probably joined to a cloud mining website (virtual/fake mining) and he/she doesn't know the difference between a real mining website a..k.a. pool and a cloud mining which are all scams or turning into scams sooner or later.

It is true that a CPU can't mine bitcoin due to algorithm/difficulty but you can get bitcoin in exchange for mining different easier algorithms such as randomxmonero (which is the most profitable for CPUs) by mining on Nicehash with their Nicehash Miner. The problem is the minimum withdraw in bitcoin which is pretty high, 100k satoshi .
Also nicehash pool website might take fees (exchanging comision) in real time when they are adding satoshis to the balance .
The best alternative if not better that nicehash miner is to download XMR

 

[pras111]

to produce bitcoin there are various ways, first by assembling the mining tools themselves and the second is by investing in cloud mining that is already trusted.

 

[highspeed]

Well, honestly I read this as I would like to consider now the Real-mining.
Not that fake-mining, where they are substantially HYIP sites and sure, sooner or later they go into scam!
I also believe you know, there is a significant difference between these two categories. True?
Thank you.

 

[totalfreq]

Well, honestly I read this as I would like to consider now the Real-mining.
Not that fake-mining, where they are substantially HYIP sites and sure, sooner or later they go into scam!
I also believe you know, there is a significant difference between these two categories. True?
Thank you.

If you want a legit cloud mining service check out bitdeer. Celine Lu (CEO) is a former exec of Bitmain, and Bitmain owns 40% of bitdeer. Check them out. I've been with them for over a year and made wicked profit augmenting my physical mining rigs.

If you sign up with them please use my referral link: https://www.bitdeer.com/i/MTI5LDEyOSwxMzcsMTMwLDEzNSwxMzcsMTI5

It's the only legit cloud mining platform I have used. They offer power cost vouchers and mining pause options when the market gets unstable/unprofitable...something I haven't experienced with other platforms. I only suggest BTC or bch plans...theborhers dont do as well, but I've mined 1.8 BTC in the past year with them with a little over $6000 invested.

 

[totalfreq]

Also I buy short term plans and end to end reinvest them in new plans.

 

[highspeed]

If you want a legit cloud mining service check out bitdeer. Celine Lu (CEO) is a former exec of Bitmain, and Bitmain owns 40% of bitdeer. Check them out. I've been with them for over a year and made wicked profit augmenting my physical mining rigs.

If you sign up with them please use my referral link: https://www.bitdeer.com/i/MTI5LDEyOSwxMzcsMTMwLDEzNSwxMzcsMTI5

It's the only legit cloud mining platform I have used. They offer power cost vouchers and mining pause options when the market gets unstable/unprofitable...something I haven't experienced with other platforms. I only suggest BTC or bch plans...theborhers dont do as well, but I've mined 1.8 BTC in the past year with them with a little over $6000 invested.

Well, indeed I meant Cloud-Mining.
But now, I have to think about it first ...
In fact, a user here told me that I don't have hardware equipped for now to be able to work with this system.
However I will keep in mind your reference.
Thank you.

 

[microunit]

I've never done bitcoin mining, I have no experience with bitcoin mining, but I've heard that bitcoin mining takes a lot of energy, tools and money, that's all I know about bitcoin mining

there are actually quite some software that you can download online to start mining for yourself, these softwares already has nodes taken care of that are otherwise complicated to normal individuals to understand the basics of mining network

 

[highspeed]

I've never done bitcoin mining, I have no experience with bitcoin mining, but I've heard that bitcoin mining takes a lot of energy, tools and money, that's all I know about bitcoin mining

Yes, you're right, this based on the informations that I have gathered here from various users about this topic.
Before doing real-mining, you need to invest money on expensive hardware and energy costs.

 

[Brain]

Haven't done cloud mining yet apart from mining with my phone which looks a lot of time wasting and heating up my processor. Cloud mining is profitable if one has all it takes to achieve profit.

 

[highspeed]

Haven't done cloud mining yet apart from mining with my phone which looks a lot of time wasting and heating up my processor. Cloud mining is profitable if one has all it takes to achieve profit.

I'm sorry for Cloud-mining I believe you mean real mining, the only really profitable . It's true?
Not these that I call "scams-mining ", where they are in truth HYIPs trash sites for me!
Or maybe, that you know, there are instead other systems for mining?
Thank you.