"Bitcoin mining is a Big no!" - page 12.

Rosilito

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Wish for the rain? Then deal with the mud too.

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.

C. Bergmann

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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?

I have this link you can check it out if you want to , but then again mining is a good source of income a passive income rather so there is no but the only thing you will face or the risks of doing a mining is the expenses but its not the reason to why bitcoin mining is no.

Link : https://www.bitcoinmining.com/best-bitcoin-cloud-mining-contract-reviews/

nydiacaskey01

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Quote from: Blue Bell on May 31, 2018, 05:57:30 PM

Good approach through if you are good in mining for the long time then you will have a good experience on it, so I think it is not really bad if you will learn how to deal with it, I am mining user I use to earn decent money every year besides the electricity charge as most of people like it for being so expensive but it feels bad if you use it as cloud mining in term of payment system;.

You mentioned 2 kinds of mining here, mining Bitcoin with a rig that uses electricity and cloud mining where you need to buy hash power to earn. In both cases it can be a big NO, IF the electricity in your country is expensive, your profits will be eaten by the electricity cost plus other expenses. But if you have access to cheap electricity or even FREE electricity then go for it.

In the case of cloud mining, its a NO for me, most of them are ponzi. Those that takes only a few weeks to hit ROI, most likely its ponzi, those that takes time to hit ROI maybe legit but think of how long you money will be locked in.

ricardobs

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Quote from: panganib999 on May 31, 2018, 09:17:01 AM

It is not really bad to try on mining. We should not think a negative thing about mining because it somehow complete the ecosystem of cryptocurrency mainly bitcoin. It serves as the regulator of the system of bitcoin in terms of transaction because mostly miners used a set of technology to mine bitcoin or other cryptocurrency that could affect or help the development of the price of bitcoin and make a huge changes on the system of transaction and earning for the future.

There is nothing in this world which does not having any advantages. The only thing which you need to do is that you must analyze yourself first and then you must decide that if you are suitable for this thing. If you feel like that you can go for mining of any of the crypto coin and that you will be able to make some good money, then you should go for it but you must keep all the things in your mind first.

Blue Bell

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Quote from: jeepuerit on May 31, 2018, 03:31:23 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?

its not a Big no, because you do not do anything when you're bidding on Bitcoin, you just have to wait to grow it up and you're gonna get it, this is a great help when you're Bitcoin, because it's a lot more you can do, maybe You make it a trading investment.

Good approach through if you are good in mining for the long time then you will have a good experience on it, so I think it is not really bad if you will learn how to deal with it, I am mining user I use to earn decent money every year besides the electricity charge as most of people like it for being so expensive but it feels bad if you use it as cloud mining in term of payment system;.

SangitAlam

newbie

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If cloud minings are profitbale , than most of the cloud provider would do it by themselve. Its just a way to selling their ponzi ( in most cases)

panganib999

hero member

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It is not really bad to try on mining. We should not think a negative thing about mining because it somehow complete the ecosystem of cryptocurrency mainly bitcoin. It serves as the regulator of the system of bitcoin in terms of transaction because mostly miners used a set of technology to mine bitcoin or other cryptocurrency that could affect or help the development of the price of bitcoin and make a huge changes on the system of transaction and earning for the future.

jeepuerit

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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?

its not a Big no, because you do not do anything when you're bidding on Bitcoin, you just have to wait to grow it up and you're gonna get it, this is a great help when you're Bitcoin, because it's a lot more you can do, maybe You make it a trading investment.

Harley29

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Quote from: dragontigear on May 23, 2018, 10:14:41 AM

Quote from: bagsladderg on May 21, 2018, 08:54:51 PM

Listen to your mind, you need to do research yourself. This society is not of depending over the others, rather be on your own guard.

Im not in favor of bitcoin mining because the price of mining rig is very expensive instead of buying those computer hardware accessories you must try to invest it in buying cryptocurrency.

It is not like that mining is only useless or it will not give you profit, as even mining is full of profit but the only thing is that it has a bit of risk which makes it a bit down and we will have to buy a lot of equipment for mining which are highly expensive so that’s why people including me prefer to buy directly bitcoin and invest money to it instead of starting mining for highly expensive profit.

TraiKH

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They have their own stance and views. Everybody feels good about what they have done and is right. I also visited, learn, find what is the best and most promising. But I realized that only consciousness and belief existed in this market to materialize its own choices. That it is too hard for you to determine anything absolute. Undecided

Lagrood

newbie

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I am not a specialist in this theme but as far as I know mining is profitable now especially for private persons. I remember the hype around the mining some time ago when even scholars tried to main on their PC at home but how it is a field of professionals with their powerful equipment.

Arkyo

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That's right, bitcoin mining has long been completely unprofitable economically. I think this situation will be soon on altcoins. The payback period of mining equipment is 20-24 months at the current level of complexity.

dragontigear

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Quote from: bagsladderg on May 21, 2018, 08:54:51 PM

Listen to your mind, you need to do research yourself. This society is not of depending over the others, rather be on your own guard.

Im not in favor of bitcoin mining because the price of mining rig is very expensive instead of buying those computer hardware accessories you must try to invest it in buying cryptocurrency.

yanixbtc

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Quote from: 3rrr angels on May 16, 2018, 05:07:55 AM

Quote from: raybut37 on May 15, 2018, 10:52:37 AM

Quote from: Thian778 on May 15, 2018, 06:55:40 AM

Joining to groups wherein they do cloud mining is a little bit risky since you don't know them personally or they are not in your place either, but owning a mining equipment that is another issue since whatever you mine it's all yours but maintaining a mining tools is expensive so you need to earn big to keep those thing working.

Im not in favor in bitcoin mining because aside from very risky the computer hardware is also very expensive so instead of buying mining rig, i prefer to buy directly cryptocurrency to start earning.

Agree, we don't know yet what will happen to our mining rig investment if it can survive and earn the amount what we expected.

I don’t really believe that bitcoin mining is not a bad idea because there are some who really gain a lot from it. Kust make sure that if you wanna do it you ready with some possible negative things. It takes time for ROI because it is very expensive.

bagsladderg

newbie

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Listen to your mind, you need to do research yourself. This society is not of depending over the others, rather be on your own guard.

nodulelibyane7

newbie

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I think you should take the second opinion, because they are the practical and real experienced person in it.

does

copper member

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never go cloud mining.
thats not worth it.

Mister1k

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Quote from: onebtcforlife on May 19, 2018, 01:37:19 AM

Quote from: 3rrr angels on May 16, 2018, 05:07:55 AM

Quote from: raybut37 on May 15, 2018, 10:52:37 AM

Quote from: Thian778 on May 15, 2018, 06:55:40 AM

Joining to groups wherein they do cloud mining is a little bit risky since you don't know them personally or they are not in your place either, but owning a mining equipment that is another issue since whatever you mine it's all yours but maintaining a mining tools is expensive so you need to earn big to keep those thing working.

Im not in favor in bitcoin mining because aside from very risky the computer hardware is also very expensive so instead of buying mining rig, i prefer to buy directly cryptocurrency to start earning.

Agree, we don't know yet what will happen to our mining rig investment if it can survive and earn the amount what we expected.

Based on my experience i don't find anything positive about the Bitcoin mining because it will take a lot of time to mine the Bitcoin and due to the difficulty it is very hard to predict. If there is possiblity better shift your mining investment to other forms of investment.

If you own higher end ASIC miner with you can mine the Bitcoin means you can do with it else kindly avoid the investment more on mining to make the profit. Since difficulty is increased for btc, eth and Monero. Now with GPU mining and all not worthy to mine with cards.
So check the good one among all the altcoins minable. Then you need to get the best out of it.

onebtcforlife

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Quote from: 3rrr angels on May 16, 2018, 05:07:55 AM

Quote from: raybut37 on May 15, 2018, 10:52:37 AM

Quote from: Thian778 on May 15, 2018, 06:55:40 AM

Joining to groups wherein they do cloud mining is a little bit risky since you don't know them personally or they are not in your place either, but owning a mining equipment that is another issue since whatever you mine it's all yours but maintaining a mining tools is expensive so you need to earn big to keep those thing working.

Im not in favor in bitcoin mining because aside from very risky the computer hardware is also very expensive so instead of buying mining rig, i prefer to buy directly cryptocurrency to start earning.

Agree, we don't know yet what will happen to our mining rig investment if it can survive and earn the amount what we expected.

Based on my experience i don't find anything positive about the Bitcoin mining because it will take a lot of time to mine the Bitcoin and due to the difficulty it is very hard to predict. If there is possiblity better shift your mining investment to other forms of investment.

kiloiko

full member

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Quote from: 3rrr angels on May 16, 2018, 05:07:55 AM

Quote from: raybut37 on May 15, 2018, 10:52:37 AM

Quote from: Thian778 on May 15, 2018, 06:55:40 AM

Joining to groups wherein they do cloud mining is a little bit risky since you don't know them personally or they are not in your place either, but owning a mining equipment that is another issue since whatever you mine it's all yours but maintaining a mining tools is expensive so you need to earn big to keep those thing working.

Im not in favor in bitcoin mining because aside from very risky the computer hardware is also very expensive so instead of buying mining rig, i prefer to buy directly cryptocurrency to start earning.

Agree, we don't know yet what will happen to our mining rig investment if it can survive and earn the amount what we expected.

Setting of the mining fields to mine any of the crypto coin is a very good idea but only at place where you are very much sure that there will no issues and that you will be having enough of the power resources. In addition to this, you also need to be sure that you are having enough of the investment amount as it takes a lot of time to set up a mining field and to purchase higher performing super computers.

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