Topic: "Bitcoin mining is a Big no!" - page 20. (Read 4024 times)

Not all the times because when you do make mining physically doesnt mean you would really be profitable. Mining do have different areas which would only focus on bitcoin or on some alts which they do really require different miners or apparatus.For now large scale mining farm with asics+ less energy cost then it would really be profitable for you the same on GPU mining too but the advantage is on video cards is that you can choose up wide variety of coins.

I think it comes down to risk tolerance. You can invest in mining equipment and feel some level of comfort knowing YOU hold and control your BTC.

Whereas with trading, you're dependent so much on the company behind the coin (altcoins). Or in some cases, an exchange locking up registrations, withdrawals, etc.

I like to control the money so, to me anyway, mining is the more comfortable way to go. Profitable? Maybe, maybe not. But I like to sleep good at night

It depends on how they you mine bitcoin, if you are using cloud mining yes that is not profitable but if you have mining rigs and powerful hardware i think mining is much better than trading because you do not need to monitor it daily unlike trading.

Bitcoin mining  is nt so profitable compared to trading trading and holding is more profitable than mining

Mining or buying bitcoin is almost the same, which is the benefit of bitcoin. Mining bitcoin requires big capital  and big risk, it is suitable for people who do not really like challenges or big risks. The profits are fast, but the profits are small. While buying bitcoin also has a greater risk, but the benefits are also very large. Capital does not have to be big, but it takes a long time to get big profits.

I never trust those crypto investments who operates online and just make promises. If only you have started your journey in hyips and faucets and you would know that none of these cloud mining is legit and just basically are all scams.

I agree with you cloud mining is not advisable to put your money now, majority of it are just ponzi schemes. They pay at first but will fail fo pay you as time passes and will only give you headaches. Listen to an experienced one who already earn bucks because there are many ways to earn crypto especially if you have good amount of capital.

If you have a multi million funds then you must give mining a shot, if your funds are just in a medium range then BTC mining is not recommended because it is not profitable now, this time is not like that back in the old days. you should consider mining ETHEREUM or Zcash.

I don't know and why did you bring you up these question?


True, if you are thinking of mining online then you should stop because mining only exists in the actual production and making your own hardware, or mining rig.
But why you? that means you are not sure? or is it just a typo, if you're reading this then stop in cloud mining bro (ONLINE). I guess it is better to invest in legit ICO.

To bad for you and this could be a good basis for us to double check or think twice before we put ourselves on risky situation, But I wouldn't recommend for those new headed guys to seek for that kind of platform since theirs nothing we can do with cloudbase mining platform since a huge chance that they will scam us and snatch our pockets. And the best platform for now to go with is on tradings since we can control our investment with this selection.

Unfortunately those who claimed to you to be a good financial adviser did not do a good job as they ended up giving you information that was not right. Cloud mining right now is the last thing you really want to do and you will be lucky to even get your investment back in the long run, better still, if you have enough bucks to invest, you can just start your own mining yourself or simply just buy bitcoin and keep in your wallet.

Mining is suggested only when industry level of operation is planned otherwise mining some altcoins and then converting into bitcoin is also a good idea for new aspirants.

It seems very difficult but I agree with your comment. I've also invested in bitcoin cloud-based websites, and what I've found is that after 3 months I have not yet recovered my capital, and more and more information about fraudulent websites. This makes me very confused. I advise newbies not to exploit bitcoin with the cloud.

Obviously, trading cannot even be compared to cloud mining because with trading you are not just going to be tying down your capital but you are increasing it gradually and as long as you are good, you are going to be making a lot of money in the process.

On the other hand, cloud mining is going to tie down your capital and like you said, before you can even smell your return on investment and start accruing profit, that would be some years.

you know what? all users here in our forum most of them are not recommend cloud mining because of their experience on it, 95% of mining site are turn to scam and the rest 5% are legit to those who have tools or hardware for mining, which mean there is no reliable cloud mining site. if i where you I will forget cloud mining so I will not regret it later.

That's also my point of view but here in my country many are now fond of mining. They say the ROI is just less or more than a year but the thing is the electricity cost here is like a gold and the Internet connection is turtle like, so how can they perform mining well? IMO, maybe mining isn't include in my plans that's why I'm saying this and I just prefer more doing trading.

To be honest with you I have. I have an investment of about $40,000 for almost about two years now. It earned about $5,000 after taxes per year. I get your point about appreciating value but honestly it is indeed good for the long run, however if you perform a quick evaluation of each investment you'll still find that the mining rig will out weigh the benefits of appreciating value of the property.

REAL ESTATE
Cost of condominium unit = $40,000
Estimated yearly profit = $5,000

ROI in 8 year and I can sell the unit say at about 150% after 8 years or $60,000. At 8 years that nets me $60,000 + $40,000 = $100,000. That means I profited about 150% in 8 years from my initial investment of $40,000. Which means I profited a mere 18.75% per year.

MINERS
Assuming you have a miner, usually it pays itself after about 8 to 10 months time and you invest also on the operating cost of it for a year, this means you will only need to convert your mined crypto after a year. That will result to higher profits since you speculated that the price will increase.

Assuming the miners only pays itself after 12 months or 1 year. That means anything I profit after 1 year is already pure profits.

Let's further assume that I invest $30,000 in miners and $10,000 for operating costs for one year (electricity, internet, etc.).

First year I profited $40,000 in crypto but since I don't need to spend it yet, I speculate and the value of the mined crypto increased by 100% (which is super conservative, usually crypto goes as much as 400% per year). That would mean my first year of mining is already worth $80,000. That also means I ROI already by the first year and even profited 100% in just 1 year! Say the next year, the miner is somewhat obsolete and it does not mine as much as it had before and due to the difficulty increase it could only profit about $20,000 (less expenses this time since this is the 2nd year), then I still profited a lot by the 2nd year and had already exceeded what I would have profited from my real estate investment in 8 years!

Have you tried investing in a real estate?  You can never compare an appreciating value to the depreciating one.  You might have an advantage in the beginning with  mining but on the long run, investing in real estate will be proven to be a better one.  One reason for this is, mining having a depreciating return.  Meaning you get less and less every mining payout unless you upgrade your hashes,  another thing is your gadget malfunctioning. If bad thing came and your mining equipment got busted right before you got your ROI, what do you think will happen to your investment?

It's true cloud mining is very risky but we can't know it if they can't try it, other than that more people who can afford mining tools are the users who have high standing in the crypto currency community. I believe that only rich people are afford to buy mining tools.

That may be true, but seriously a miner compared to a real estate investment or a lot of investment opportunities in the real world, the miner will still win. Imagine, a miner could pay itself after a bout a year or maybe a year and a half. As compared to a regular investment in the real world that would ROI by about five to ten years! Also, if you invest for the future running cost of your miners then that means you will be able to take advantage of any price increase of the crypto you are mining. That is something that you can do.

Just by looking at the difficulty increases, it should be a clear indication that mining Bitcoin just isn't something you should be doing. People think that if you buy an Antminer you're all set and will quickly ROI, which isn't the case. Sure, eventually eventually you might break even and from that point generate pure income, but the earnings will be so insignificant, that it is barely worth the effort. If mining will be done anyway, then people are far better off building an altcoin rig than focusing solely on Bitcoin. Altcoin prices are peaking at insane levels, which is great for miners, but no one knows how long these prices will be maintained, so people buying hardware right now might not benefit from current levels for too long anymore....

Agreed! Mining is something good but the fact is you really need to have a huge number of resources in order to make things happen in a way that you actually want. Mining involves a lot of consumption of power and electricity and that it really gets costly when it comes to paying the bills. Moreover, you also need to have really high performing super computers which is not that much easy to buy.