"Bitcoin mining is a Big no!" - page 11.

mendozaaria1

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Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Not at Big no, because Bitcoin mining is a great help even when its profit is small, we can do bitcoin mining to invest in trading, so that we can not get out of our own money. Bitcoin mining has many destinations.

MxRizky22

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To much cloud mining never pay, i give you some advise dont tty to mining, if in youre country electric bill is cheap u can mining as well but if electrical bill fee medium or high like in asia dont try to mining, ur profit just dor pating electrical bill, just little bucks for yourself.

Woolles890

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Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Bitcoin mining is actually very profitable if we can get through all the process. But the mining was very complicated and spent a lot of time and energy. Mining also consumes a lot of electricity because its equipment requires a large electricity cost. I think mining is not very efficient even though it is very profitable.

alexs_03

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Yes bitcoin mining is the expensive way of earning it will give you profit but will take lot of money to spend as well. At first bitcoin mining need some equipment and that equipment are very expensive, after those equipotent your bitcoin mining will consume a lot of electricity and someday it will become unaffordable for you, but some people have made high profits even in this situation and a small patience made them millionaires forever, it's very long time

pinoyden

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Quote from: Nhor1011 on June 06, 2018, 07:00:09 PM

Mining is good but it depend on the area because mining bitcoin must be in a cold area to minimize the electricity consumption. One thing more all the materials needed for mining are very expensive. And if you think cloud mining much better to follow the others advice to stay away because really most of cloud mining are scams, unless you want to try it with all your risks. Sometime people need to try before they believe what others said.

thats right. There are lots of factors that needs to be considerd before we start mining because mining is not an easy job. Mining is only for professionals that has a passion for it , mining is not for casual people that is only looking for some quick bucks.

bitcoin mining is a big no for people who dont have a capital and a dedication to do it.

much better if you can just do trading or investing because these two activities are indeed more profitable and enjoyable than an actual mining.

Nhor1011

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Mining is good but it depend on the area because mining bitcoin must be in a cold area to minimize the electricity consumption. One thing more all the materials needed for mining are very expensive. And if you think cloud mining much better to follow the others advice to stay away because really most of cloud mining are scams, unless you want to try it with all your risks. Sometime people need to try before they believe what others said.

Activitycoin

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Quote from: CryptoMike14 on June 05, 2018, 06:43:14 AM

That group of financial advisers are probably group of scammers, no one would suggest you to invest money into cloud mining sites because mostly they are ponzi scams.You should listen to other group who told you that you should stay away from cloud mining.
If you want to earn from bitcoin you just need to buy bitcoin and rest it on your wallet or make a trading, this is more secure for you and you can join bounty campaigns too.

Yes one of my friend have started so called cloud mining in 2016, after his experience I really wonder why people go for cloud mining, when they can easily buy a miner and start mining themselves, people so mistakes and them always say that mining is not good and it has risk of lose high, mining has a lot of profit if you start making it business by yourself, cloud mining can never give you something tangible even in the long run.

KennyR

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Bitcoin mining is still profitable, but won't be getting such a big earning as they earned in the past. During those days the miners were low in number, the difficulty is low, and the initial investment too is low. Now everything has changed upside down, still people get into it understanding the good in it.

Visbay

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Quote from: doroshok on June 03, 2018, 11:07:28 PM

Indeed, bitcoin mining is a very problematic niche. A lot of scams. Try the usual production. I think it's a much better idea.

I think the same way of individual miners has gone but still we have a hope and some real miners are here who have bought mining equipment’s and have started this business, scamming and being cheat happened only in cloud mining as it has high amount of profit but an easy thing to do it needs a lot of resources and it is an expensive thing to do but if you have capital to afford all expenses you can become milliners with mining.

Dark Sky

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Quote from: Sum24 on June 05, 2018, 11:08:22 AM

Quote from: Rosilito on June 03, 2018, 06:53:52 AM

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Why no? Mining is a good option of earning bitcoin though and it is also the very first way to have bitcoin and why would it be bad? If there is no mining then there is no bitcoin specifically. Well, it might be too long for you to have a decent money out there when you are mining but the chances is pretty high compared to investing stuffs and so on. The bad side of bitcoin mining is that, it consumes a lot of electricity and so the bill will be pretty much costly.

For me as well bitcoin mining is not bad at all, bitcoin mining gives profit and it stores our money in such a constructive way so that we get use it in future, mining is profitable but people most of time say it no one because they think it is the most expensive way of earning and for this you will have to buy mining equipment’s and you will have to pay for high electricity bill, but a part of all this for me I will mine if I ever got high amount of capital with me.

Yes you will pay a high amount of electricity bill but if you can manage solar penal so it will very good for you because that's why you earn much more money and solar penal will give all time electricity because some places have loud shedding problem so that's why your all problems can solves by it and you earning will more gain.

Sum24

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Quote from: Rosilito on June 03, 2018, 06:53:52 AM

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Why no? Mining is a good option of earning bitcoin though and it is also the very first way to have bitcoin and why would it be bad? If there is no mining then there is no bitcoin specifically. Well, it might be too long for you to have a decent money out there when you are mining but the chances is pretty high compared to investing stuffs and so on. The bad side of bitcoin mining is that, it consumes a lot of electricity and so the bill will be pretty much costly.

For me as well bitcoin mining is not bad at all, bitcoin mining gives profit and it stores our money in such a constructive way so that we get use it in future, mining is profitable but people most of time say it no one because they think it is the most expensive way of earning and for this you will have to buy mining equipment’s and you will have to pay for high electricity bill, but a part of all this for me I will mine if I ever got high amount of capital with me.

CryptoMike14

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That group of financial advisers are probably group of scammers, no one would suggest you to invest money into cloud mining sites because mostly they are ponzi scams.You should listen to other group who told you that you should stay away from cloud mining.
If you want to earn from bitcoin you just need to buy bitcoin and rest it on your wallet or make a trading, this is more secure for you and you can join bounty campaigns too.

riyand

newbie

Activity: 113

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I think cloud mining is not a good thing to start a business in the field of cryptocurrecy,
cloud mining has a pyramid system with a ponzi scheme that allows it to go bust faster
also not the least of them are scammers

nniecan001

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Quote from: jakagintiri on June 04, 2018, 07:01:31 AM

to mine bitcoin now it is difficult because of its competition and the number of coins is getting less scam sites and to do mining and want to get great results do have to spend a very expensive initial capital, I suggest to join trading or bounty and airdrop only to get bitcoin.

The expensive capital and competition is always on the track when you are entering the mining crypto business, by chance or just keep this on your mind. If you want to find profit or good bunch of income, the mining is one of the good option, still it's up to you when.

jakagintiri

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www.coinxes.io

to mine bitcoin now it is difficult because of its competition and the number of coins is getting less scam sites and to do mining and want to get great results do have to spend a very expensive initial capital, I suggest to join trading or bounty and airdrop only to get bitcoin.

Scripture

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Mining is advisable back then where people are still starting to mine bitcoin and mined for about 20-50% only. Now that its 20% remaining, the payout regarding these one are sadly not enough. Miners choose to quit because there are no money left on their payout including fees.

doroshok

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Indeed, bitcoin mining is a very problematic niche. A lot of scams. Try the usual production. I think it's a much better idea.

lienfaye

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Quote from: Rosilito on June 03, 2018, 06:53:52 AM

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Why no? Mining is a good option of earning bitcoin though and it is also the very first way to have bitcoin and why would it be bad? If there is no mining then there is no bitcoin specifically. Well, it might be too long for you to have a decent money out there when you are mining but the chances is pretty high compared to investing stuffs and so on. The bad side of bitcoin mining is that, it consumes a lot of electricity and so the bill will be pretty much costly.

Yes mining is a good option but expensive to have your own BUT the financial adviser whom op met is recommending "cloud mining" which is actually a risky way to acquire btc. They are paying at first but you dont know when they will take your money and runaway, majority of those cloud mining is just scam. Its better to grow your money on your own by investing and trading rather than relying in those cloud mining sites without assurance and has high risk.

btcdiggingmaster

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Quote from: yanixbtc on June 03, 2018, 08:32:38 PM

Quote from: Anne8 on December 25, 2017, 08:18:55 PM

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

If you want to gain passive income then mining is good but you should stay where electricity is very cheap.
If not cheap, it is like you put your money on risky because you will pay more in electricity.

To invest in cloud mining it is cery important to know the pros and cons of it. It’s true that mining is profitable and a passive income provider but you should also consider the cost of maintenance. The high electricity bills and the costs of equipments.

I think cloud mining is not good for investment, because we will face lot of problems with payouts. You will get payments for certain period but after they will scam you. We have many experience about previous cloud mining investment, so think twice before investing.

yanixbtc

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Quote from: Anne8 on December 25, 2017, 08:18:55 PM

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

If you want to gain passive income then mining is good but you should stay where electricity is very cheap.
If not cheap, it is like you put your money on risky because you will pay more in electricity.

To invest in cloud mining it is cery important to know the pros and cons of it. It’s true that mining is profitable and a passive income provider but you should also consider the cost of maintenance. The high electricity bills and the costs of equipments.

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