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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.

 

[Yugocean]

@lamia5765 welcome to BMF, please remain to the point,

Mining is no more profitable now because of high cost of electricity and equipment. Secondly, bitcoin is losing value on daily basis. Not only bitcoin, all cryptocurrency is on downward movement.

Mining is still profitable, but mining companies do not care to create their plants, they only use their large computing devices, which are under development.
Mining is helping technology.

 

[Michael Bush]

To mine bitcoins, you need a solid device that can hold up that kind of usage. Everyone here has given some great ideas on how to deal with it. Take some time and figure it out.

 

[lamia5765]

To mine bitcoins, you need a solid device that can hold up that kind of usage. Everyone here has given some great ideas on how to deal with it. Take some time and figure it out.

Hardware equipement for mining are so expensive and not everyone is able to do the trick this is means that you cannot do anything with what you earn if not having enough money for installation and maintenance, it is not like cloud mining how is cheaper.

 

[Riberet19]

Nowadays to start mining bitcoin you will need a main capital to buy the corresponding hardware and the extra energy costs that this entails, you can still get some profitability with it, but you should calculate the costs of this very well to know exactly if is it profitable or not if possible before you start mining bitcoin

 

[lamia5765]

Nowadays to start mining bitcoin you will need a main capital to buy the corresponding hardware and the extra energy costs that this entails, you can still get some profitability with it, but you should calculate the costs of this very well to know exactly if is it profitable or not if possible before you start mining bitcoin

You can even get a loan to start mining if you do not have most of the financial resources to start a mining farm or something like that, because it is long term profitable business.

 

[Riberet19]

You can even get a loan to start mining if you do not have most of the financial resources to start a mining farm or something like that, because it is long term profitable business.

Well, personally I don't really like getting into debt to open a business and not at all in general, but yes, it is a way in which you can obtain the money to start the business for those who see it as an option to request a loan.

 

[Margery]

Now buying personal equipment for cryptocurrency mining is not profitable at all. For the sake of interest, go to any crypto calculator and see the payback period. You can only try cloud mining. For example, on Binance or NiceHash, it is more or less reliable there. But even then, with a small amount.

 

[Mar20]

To start with Bitcoin mining, you need to follow these steps:

1. Research and understand the basics of Bitcoin and the mining process. This includes understanding the technical aspects of mining, such as the role of the blockchain and the impact of network difficulty on mining rewards.
2. Choose a mining hardware: There are different types of hardware you can use for mining, including ASICs, GPUs, and CPUs.
3. Join a mining pool: Joining a mining pool can increase your chances of earning rewards and can help you receive more consistent payouts.
4. Install mining software: Once you have chosen your hardware and joined a mining pool, you will need to install mining software that is compatible with your hardware and the mining pool you have joined.
5. Start mining: Once you have set up your hardware, software, and joined a mining pool, you can start the mining process. This involves solving complex mathematical problems in order to validate transactions on the Bitcoin network and earn mining rewards.

It's important to carefully consider the costs and risks involved in mining, including the cost of hardware, energy consumption, and potential market volatility. Additionally, it's important to stay informed and up-to-date with the latest developments in the Bitcoin and mining industries.

 

[Margery]

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.

To start bitcoin mining currently, you will need special hardware. You must purchase a Bitcoin mining computing unit, as well as the software required to run it. You will also need to connect to the bitcoin network and access the pools. To do this, you will need a bitcoin address with which you will accept the mining reward. You can also create your own mining pool to increase your profits and buy the latest ASIC model.

 

[badlittlearab]

the "Greedy Machines" NFT collection is a unique approach to NFTs and offers a tangible benefit to its owners. By providing real computing power, it goes beyond just being a collectible item and provides actual value to the holder. This use case is representative of the growing trend in the NFT space where artists and creators are finding new and innovative ways to use blockchain technology to offer value to NFT holders.

 

[Margery]

Bitcoin cloud mining is the process of obtaining bitcoins using special equipment located on a remote server. Unlike mining on a local PC, cloud mining does not require the purchase and configuration of hardware. Thanks to this, the bitcoin mining process becomes accessible to people with different levels of knowledge and skills in the field of hardware. At the same time, users do not need to purchase expensive equipment.

 

[Wisdom01]

There are some people that actually engages in Bitcoin cloud mining and the normal mining with the use of mining rigs , it actually all depends on the one you actually want , but so many are engaging on the Bitcoin cloud mining to earn

 

[Margery]

There are some people that actually engages in Bitcoin cloud mining and the normal mining with the use of mining rigs , it actually all depends on the one you actually want , but so many are engaging on the Bitcoin cloud mining to earn

Reliable cloud mining services include Genesis Mining, NiceHash, Hashflare, Eobot, Hashing24, IQ Mining, BitDeer, Binance Pool and Cryptouniverse. All these services offer good conditions for mining and provide various payment options. They provide professional user support and secure payments. In addition, they also offer the ability to access reliable servers and various mining services.

 

[Mdoer]

To mine bitcoins, you need a solid device that can hold up that kind of usage. Everyone here has given some great ideas on how to deal with it. Take some time and figure it out.

Or for example cheap electricity. Then it will be possible to mine a certain amount of bitcoins even on weak equipment and thus get a profit, since the costs will be less. But there are problems with cheap electricity in many countries.

 

[Margery]

Or for example cheap electricity. Then it will be possible to mine a certain amount of bitcoins even on weak equipment and thus get a profit, since the costs will be less. But there are problems with cheap electricity in many countries.

On weak hardware, bitcoin is not mined, even with free electricity, you will not benefit in the long run. It is necessary to buy ASIC of the latest generation, then you can count on something else.
Are you familiar with the expression "Bitcoin Network Complexity"?