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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.

 

[remixo]

thanks I just heard that it's so profitable but it required some kind of hardware expensive hardware I don't know

 

[tenej]

yes i got you Thanks alot for tips. i'll do some research and see what i should do...


yes my friend is also on genesis mining. i googled and i found few threads in which peopl are saying that genesis mining is gonna scam. I think those are haters and they don't like genesis mining or maybe something else like that.

just take care. and as I said...whatever your decision will be wish you good luck

 

[7chaz]

You can use your own gear, but it will drain your electricity bill pretty hard and you can invest into tech or you can join the mining pools.
These will pay less, but you will need to invest less too.

 

[iriswest]

I heard that mining BTC nowadays is not worth it, since the increase of electricity does not match the amount earned on mining. Is this true or not? How much do you earn in mining with respect to the amount of electricity bill?

 

[bob4o]

Considering that the price of bitcoins is so high these days I think mining is profitable again, especially if the electricity in your country is not that expensive. But as far as the cloud mining - all sites that offer this service are fake/scam. Maybe only Genesis Mining is real - I saw a video on youtube in which some blogger visited their mining center in Iceland and it looked real, although they didn't show where exactly is located and no outside footage was shown. But I wouldn't invest there as well - if the price drops significantly you'll end up paying fees and not earning anything.

 

[FreeIAm]

Considering that the price of bitcoins is so high these days I think mining is profitable again, especially if the electricity in your country is not that expensive. But as far as the cloud mining - all sites that offer this service are fake/scam. Maybe only Genesis Mining is real - I saw a video on youtube in which some blogger visited their mining center in Iceland and it looked real, although they didn't show where exactly is located and no outside footage was shown. But I wouldn't invest there as well - if the price drops significantly you'll end up paying fees and not earning anything.

If it is mining, my understand is, it entails investment. Those who are interested earning btc from mining are required to invest. Am I correct? There are free bitcoin sites that you can collect satoshis.

 

[overcast]

I think mining on your own will require very expensive computing power. and as you can see there is a lot of competition into mining pool. I suggest finding mining pool where you can share the resources. this way you would be able to work wit even the simple machine. so the profit would surely reflect thaat part though. I suggest trying out some of the simple ways in such case is the option to go with the pool.

 

[iriswest]

Mining needs high PC build, thus higher Electricity consumption. I don't know if it would be wise making a mining rig this days.

 

[Abdul hanan]

Yep this is the problem. i don't know how and where to invest. i think i better learn to do crypto trading. I saw many people making a lot of money by crypto trading but it is full of risk as well.

 

[Crystal]

mining hardware and electric bills will bring you only but headaches .
Better buy cryptocurrencies ( btc,eth, nem,ripple,litecoin, monero (the untraceable coin) ...) and save them in your wallets and forget about them for a year. You will see that the price of the crypto is growing in time fast and this investment is better than any bank interests/deposit. Still risky because crypto is not guaranteed by govs as bank deposits are.
Spend only 50% in crypto and other 50% to purchase low risk stocks from your country market to receive dividents.

 

[tenej]

Yep this is the problem. i don't know how and where to invest. i think i better learn to do crypto trading. I saw many people making a lot of money by crypto trading but it is full of risk as well.

No one can give you success formula to earn money from internet. Because if that is possible, everyone can find 1000,2000,3000 $ (at least borrow) and invest to become rich. But that is just impossible.
Like in real life, depend on your knowledge, skills, how much you smart, creativity you can earn money, or you can lost money.
First thing is patience. That is most important key for success. If you wish to make big money fast, you are buy very possible ticket for loss.
Bitcoin mining is a hardcore game. Don't think once or twice, think 10 times do you wish to enter that game? No without knowledge. I understand your wish, but I repeat again you can't just invest 2000$ and think that you will start to make money in return. If you don't understand what you are doing exactly, you will be in bermuda triangle before you make any cash
While you thinking where you start you have many ways to collect free btc (or $). But dont except that you will make 100$ in day for example. You will collect cents in real (or satoshi for BTC). But that is zero loss way without any investment, without risk that bitcoin network will crush your dream or that someone scam you. And there are many many scams around, so you need to be very careful
Point is, better to collect 100.000 satoshi in safe free way instead of 1 BTC in risk way. Tomorrow maybe you will get idea for success. So you have time, fingers, brain don't be hurry, research and upgrade your knowledge, until you find good way for yourself.

 

[remixo]

I am really not worried about electricity bill I am just worrying about the investment

 

[cryptofly]

To become a Bitcoin miner is the Grail of the Cryptocurrencies enthusiast. You can do it by yourself or by being part of a pool.
By yourself, yes, equipment (hardware) is required such as "Antminer" hardware and GPU cards.
Being part of a pool, yes, and sites like Hashflare & Genesis Mining are "real" sites.
By yourself, with only 1 or 2 or 3....10 computers mining together the initial investment and operative expenses can be high, and without mention that you will compete against "farm" mining sites such as Hashflare, Genesis Mining and the stronger Bitfury with thousands of machines working to get bitcoins. China also is about to open the largest bitcoin mining farm.
Antminer hardware set up tutorials are available in Youtube by dozens.
Why don´t mine another coins? At the end, all coins are quoted in bitcoins....it can be a good start.

 

[remixo]

Thanks Cryptofly Great explaining. Well I think mining bitcoin is not my thing

 

[Ehsan]

All those people who are saying that Bitcoin mining consumes too much of electricity, it just came into my mind, that, why not we use solar energy to run those hardware that are used for mining. During night time the stored energy (in batteries) can be used to run those machines and when the sun rises the systems transfer on solar.

 

[Gamegoo]

All those people who are saying that Bitcoin mining consumes too much of electricity, it just came into my mind, that, why not we use solar energy to run those hardware that are used for mining. During night time the stored energy (in batteries) can be used to run those machines and when the sun rises the systems transfer on solar.

I think you'll need many solar panels to produce that energy. It also depence on how much machines you use. But, it can be possible to do but, it isn't easy bc you need to calculate your place to see what place gets the most sun and the longest.

 

[remixo]

and solar panels are also expensive

 

[Ehsan]

and solar panels are also expensive

True, but then it will be only one time investment, after that you just let the system run and you just overwatch. There is always some investment required.

 

[remixo]

yes but these investments are quiet hard computer gamer and the miner hardware and the solar panels. Not that easy

 

[tinu11]

I want to know what is cloud mining? How can I mine any currency with cloud mining means process of cloud mining. Which company gives best cloud mining results? If anybody knows then please explain it.