"Bitcoin mining is a Big no!" - page 6.

clairdelune

jr. member

Activity: 168

Merit: 1

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?

What they have told you is true in mining you can also earn big but you have to invest with the cpu mining and if you do not have a big money you cannot buy it and after you buy your cpu mining you will used a big electricity cause it uses your electricity 24/7. But if you do not have the money for investing the cpu mining you can just invest in buying coins and hodl it or use it for trading. In doing the crypto you have to learn and study it first so that if you start doing it you already know what you will do cause here in crypto if you do not have the knowledge then you will not earn and you will just lose what you have invested on. It is not hard to learn the crypto just be patient in reading and understanding on how you can make a good profit from it cause if you do the crypto without any knowledge then when you do a transaction and you think it is wrong you cannot undo it already cause once you have transact the transaction there is no record that you can go back. You have to be careful in doing the transaction here in crypto.

Mhd-Bobbi

member

Activity: 434

Merit: 13

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?

Those who give you advice are good. But you need to pay attention that all that is said is not necessarily true as you think. You have to be careful that now many people are providing fraudulent cloud mining, my advice is that you have to provide tools to mine, maybe you can get more income.

93Bitcoiner

newbie

Activity: 15

Merit: 0

These group of advisors and they are nothing but scammers.

DOLONCHAPA

full member

Activity: 360

Merit: 100

Its too much easy to say but so tough to do. It's nothing more than a well set up plan to gain basically guaranteed profits as service. If at some point they feel that there isn't much money coming in anymore, they have all the freedom to lift fees, or even terminate your contract. And if in extreme situations that isn't helping either, they just stop their cloud mining activities. Scamming is available here. Make good idea first.

Rj Manik

full member

Activity: 448

Merit: 100

Impair exploration is actually a bad supply of bitcoin generating, the easiest way would be to construct your personal exploration along with effective rigs as well as equipment to create your own exploration operate efficiently and can be found with regard to long time period, however, you require large amount associated with funds for yours. Following you'll want to possess correct upkeep from the gear to prevent more than warmth.

brooklynian

member

Activity: 392

Merit: 10

I don't want to think of mining cryptocurrency for a while now, except maybe for a startup coin. There are a lot of scams associated with cryptocurrency mining and people have lost all their investments in those cases. As at today, I doubt if there is any trustworthy mining firm. I will rather buy my coin and hold.

NikalaiGoglinski

newbie

Activity: 54

Merit: 0

I think its not profitable anymore but dont have enough information on it

cleimor4e

newbie

Activity: 39

Merit: 0

It is always to take the opinions from the people and then see what is right and wrong.

dulinivanrus

jr. member

Activity: 210

Merit: 1

Now it has become mainstream and I think that it is not profitable and you need to look for an alternative to mining another cryptocurrency)

poloollec

newbie

Activity: 70

Merit: 0

There is nothing worst than cloud mining and it is a complete shit.

liliano

newbie

Activity: 90

Merit: 0

online mining for me is too risky, if you want investments in mining, I recommend buying your own mining infrastructure like antminer for bitcoin and vga miners for mining altcoins.

ethereumyeahhh

newbie

Activity: 32

Merit: 0

Most of these Bitcoins mining are nothing but scams and you gotta be careful.

greylandm

newbie

Activity: 106

Merit: 0

Can’t really depend on these and therefore you must be very careful with them.

wastetimer1

newbie

Activity: 39

Merit: 0

Many of the people using the bitcoins are there think it to be a scam.

Alpinat

sr. member

Activity: 840

Merit: 252

In this year mining is not profitable anymore. Because the value keeps decreasing and the difficulty in mining bitcoin would be so hard. The supply of bitcoin is enough for the future but we can't say that not all people who are holding it will hold. Mining can be profitable if the value increases.

M7MMike

newbie

Activity: 42

Merit: 0

Whoever is directly involved in this should know that these are a part of the scams.

yohananaomi

sr. member

Activity: 2394

Merit: 267

Hire Bitcointalk Camp. Manager @ r7promotions.com

As long as there is a will and the desire to do something is better than not doing anything, even though mining is increasingly difficult but can still be done and useful.

jeronimosuykens

member

Activity: 350

Merit: 10

Quote from: bitbunnny on August 10, 2018, 04:24:06 PM

Bitcoin mining is not profitable these days unless you have a mining farm. You will have to spend and invest much more than you will profit. Despite that there are still few enthusiasts that beleive mining will bring them profit.
On the other hand cloud mining is mostly scam and something it should be avoided unless you don't want to lose your money.
The clear conclusion is that individual mining belongs to sone past times and that you have to choose some other investment type.

Your tips are very helpful. Communities should consider and learn to avoid losses. Especially his unwanted money it lost white. Be alert and invest smart when fluctuations occur.

chikendrymak4

newbie

Activity: 41

Merit: 0

I think it is always better to have some opinions than to have nothing at all.

FunGate

jr. member

Activity: 105

Merit: 4

Quote from: spngebob on December 25, 2017, 02:44:10 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?

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.

Yeah think about it, would you rather invest your money in a real machine that you can see working, or trust some random guy to put it in "the cloud" for a few months before packing up and moving away? I'd only trust a "cloud mining" setup if I knew the owner personally and we had a good history together. It's probably much more expensive in the long run anyway.

Cloud services just aren't far enough along at the moment to handle it well enough anyway. The technology isn't as accessible in large amounts / high bandwidths.

Mining also might not be that profitable at this moment, but if you hang on it could be worth it.

Topic: "Bitcoin mining is a Big no!" - page 6. (Read 4020 times)