"Bitcoin mining is a Big no!" - page 9.

roxbit

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Quote from: gamechangers on July 25, 2018, 10:33:54 AM

Bitcoin mining is a big no for me too. I will rather invest my money in buying and HODL and I can be sure of making profit. I have researched and so far I cannot find any profitable mining platform. Virtually all of them are out to feed on you. Recovering your initial investment in mining can be very challenging.

Yes, I believe that cloud mining is a big No too because it is dangerous to the environment because of the heat it releases has a harmful effect to the environment. And other than that it is too risky and very expensive. Cloud mining takes a lot of time to get back your return of investment. Not to mention the price of maintenance to operate the whole process. Mining has lot of serious issues to consider beforehand.

desi_translator2018

copper member

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its better to have mining equipment at home rather spending money on cloud computing...its depends on peoples choice...

jakagintiri

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www.coinxes.io

bitcoin mining is promising great results but not for everyone because to get great results we must have a big capital because the tools that are in use also has a very expensive price and for now many mining sites that have become a scam.

Jimmi Andersen

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Quote from: hercules006 on December 25, 2017, 11:00:56 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 can not tell you that cloud mining is very profitable. I still believe that the usual mining at home is the best means of mining bitcoins or altcoins.

BloodKnight

newbie

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Most cloud mining is wrong. If you really have money to prepare for the mining business, I suggest you go to a formal business to buy mining machinery!

Yudha2015

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Quote from: milewilda on December 25, 2017, 11:56:19 AM

Quote from: hercules006 on December 25, 2017, 11:00:56 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?

Take the 2nd opinions which came from those some people because they do really say the right thing which investing on cloud mining isnt really worth because most of them are just total scams. You would really able to see that they are well known and trusted but the truth is that theyre not. They do just try to convince you to put up money into their ponzi cloud mining site. Better stay away and find another investment.

Im totaly agree with you. Because using cloud mining it is not worth. Some of them also total scam. Much better, use our money for trading. Even sometimes we get loss but we will not loss all of our money because of scam.

jojowar

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Both advise that you were told were correct. The more money that you will invest the higher profit you willcome up. If you have a large capital then invest it in cloud mining but make sure if it is a legit one.

pinoyden

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Quote from: Intensity13.6 on July 25, 2018, 07:31:52 PM

Mining is profitable but expensive and it consume a higher electricity. Also it is only profitable depends on your location or area. I think much better to do trading than mining.

mining is profitable only on the beggining of cryptos which is on 2008 to 2009 but as soon as the crypto became popular , many people are going to this business which makes mining to be more difficult until today . mining profitability doesnt also depends on are and even if you say that the electricity is low on you area , mining wont still make you rich overnight because as i said earlier , mining is now difficult .

i also agree when you said trading is more better than mining because there is no increase difficulty in trading . if you already master trading using cryptos then you can surely earn a good income .

mundang

hero member

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Bitcoin mining is also a BIG NO for me, especially here in my country cause the electricity bill is one of major problem, and its too hot. Your profit in bitcoin mining is not enough to pay your electricity bill.

Intensity13.6

newbie

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Mining is profitable but expensive and it consume a higher electricity. Also it is only profitable depends on your location or area. I think much better to do trading than mining.

GalaxyWorld

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Quote from: green_fish on July 25, 2018, 10:23:27 AM

The main risk of mining is environmental issues. The mining machine is not a zero-emission device, it creates a lot of noise and heat.
You need to set fire, but also room noise, but also consider the safety of the operating workers!

I think that exploiting Bitcoin and cryptocurrency really does not have much impact on the environment or human life because the amount of electricity and the temperature of emissions is not so much compared to many other industries. Indeed, people are having a negative outlook on cryptocurrency, and are giving away unacceptable weaknesses in crypto exploits.

Bestly

jr. member

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I learnt few things here.
Conclusively, there are more individuals who don't see mining of Bitcoin as a wise investment.
Some who argue in contrary seem to say reasons which are in line with few facts I have heard before.

I tend to be surprised that out of all comments, there is hardly anyone who could come out to talk from experience trying this out, it shouldn't have been hard for any to defend if it has really been profitable especially by someone who has made profits from it.
Some folks have been dangling an idea of particular mining platform before me to invest, I think I have reason to be more careful now.

gamechangers

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Activity: 392

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Bitcoin mining is a big no for me too. I will rather invest my money in buying and HODL and I can be sure of making profit. I have researched and so far I cannot find any profitable mining platform. Virtually all of them are out to feed on you. Recovering your initial investment in mining can be very challenging.

green_fish

newbie

Activity: 153

Merit: 0

The main risk of mining is environmental issues. The mining machine is not a zero-emission device, it creates a lot of noise and heat.
You need to set fire, but also room noise, but also consider the safety of the operating workers!

Voidcrafter

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Activity: 481

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Cloud mining is a Ponzi scheme, a Scam. Guarantee your investment in this scheme you no one can give. You risk it. In your place I would have just bought coins, Ethereum, or bitcoin and was waiting when the price will rise above.

royal slave01

newbie

Activity: 29

Merit: 0

Yes, i don't like mining because the computer hardware is too expensive and with high electricity cost but the amount we earned during mining is just too small and cant compensate the high electricity cost.

matchi2011

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Buy $BGL before it's too late!

Quote from: Sengoko on June 19, 2018, 06:22:32 AM

Quote from: ivrynx on June 11, 2018, 08:34:12 PM

Beforr mining is profitable, but now though it still is, it seems that the costs of mining including the repairs and electricity is just equivalent to thr value of bitcoin that you had mined, it seems like you are just breaking even, also for bitcoin, there are only a few thousands to mine left, instead of mining, trading and accumulation is much more advisable since you will baisaclly obtain bitcoin as well, it costs much less than mining and all you got to do wait for confirmations, but still if want to try mining, just make sure that you are updated with thr current block, how much is left, and what will be the cost of all expenses.

If so then no body will mine coins and thus the price of almost every coin will rise like a rocket and the existing holders will make thousands of dollars against their coins. I think that people are still mining crypto and they are earning big money. It is the best sector for earning more and more money in short time without waiting and holding coins for long time.

Physical mining still active as miners will just turned their rigs to any alternatives that can bring them some gains, but with cloud mining I'm not sure if what the future for this type of investment how could they can possibly maintain their equipments if there's no investors anymore that will invest money it will be a risk better to research more and find the positive and negative side from both area of investment.

Sengoko

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Quote from: ivrynx on June 11, 2018, 08:34:12 PM

Beforr mining is profitable, but now though it still is, it seems that the costs of mining including the repairs and electricity is just equivalent to thr value of bitcoin that you had mined, it seems like you are just breaking even, also for bitcoin, there are only a few thousands to mine left, instead of mining, trading and accumulation is much more advisable since you will baisaclly obtain bitcoin as well, it costs much less than mining and all you got to do wait for confirmations, but still if want to try mining, just make sure that you are updated with thr current block, how much is left, and what will be the cost of all expenses.

If so then no body will mine coins and thus the price of almost every coin will rise like a rocket and the existing holders will make thousands of dollars against their coins. I think that people are still mining crypto and they are earning big money. It is the best sector for earning more and more money in short time without waiting and holding coins for long time.

TheGreatPython

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Quote from: Oilacris on June 11, 2018, 06:01:17 PM

Quote from: pinoyden on June 07, 2018, 12:35:26 AM

Quote from: Nhor1011 on June 06, 2018, 08:00:09 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.

Mining is worthy if you do really have the interest on it and when it comes to financial you are capable on investing such thing since we do know that cost of miners arent cheap which means even an average joe would really have a hard time on making a purchase even a single miner and without even thinking up the factors should be considered turns out to be possibly not being profitable which is a disaster.

Yeah you are right. In all sectors of cryptocurrency mining is on the top for earning money. You can cover your expenses on mining in just a few months, but it is true that it is not easy task. The main problem is that of electricity because it consumed lot of electricity and you need cool place for mining. Now many people shifted their mining program to china because of the cheap labor and electricity.

Activitycoin

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Quote from: luffy_OP on June 16, 2018, 05:49:42 AM

yeah i think for now, investing in bitcoin mining is a no because the prize of btc is low.

I agree bitcoin mining is not good only for now, we should hold it, mining will be open for us I think in December but i will not consider it advisable, most of people are now a day invest so I think it is good to invest in bitcoin or you can go for trading but mining will be good choice at the end of year, I prefer holding than mining.

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