Cloud, Software and Hardware Mining:Your Advice to an Aspirational Miner

Wenbing

member

Activity: 490

Merit: 31

There is gold in volatility..

Quote from: odolvlobo on May 06, 2020, 02:50:17 AM

3. Mining with an ASIC is the only reasonable option, but it is not profitable for everyone.

You can't say mining with ASIC Altminer is not profitable. Then which of the mining equipment is profitable. If that's your opinion that means there won't be mining farms.

From research so far, ASIC is reputed to be one of the most profitable mining tool because of its high hashrate and efficient electricity consumption.

odolvlobo

legendary

Activity: 4298

Merit: 3209

Quote from: Wenbing on May 05, 2020, 03:12:48 AM

1.Cloud mining.
2.Software mining.
3.Hardware mining.

1. Nearly all cloud mining sites are scams. The one that aren't are rip-offs. I'm not exaggerating.

2. While mining bitcoins on a computer is possible, it is not practical because the difficulty is so high. You might earn $1 after mining for year.

3. Mining with an ASIC is the only reasonable option, but it is not profitable for everyone.

stompix

legendary

Activity: 2828

Merit: 6108

Blackjack.fun

Quote from: Wenbing on May 05, 2020, 03:12:48 AM

I found this material helpful: https://www.google.com/amp/s/www.bitdegree.org/tutorials/how-to-mine-cryptocurrency/amp/

The best advice anyone could give you, forget everything you read there!

If an article about mining ends up with this conclusion:

Quote

Keep in mind, though, that Bitcoin mining is probably the trickiest of them all – since the coin is so popular, there are many miners around the world tuning into the few pools that there are and trying to snatch at least a small bit of Bitcoin. This might result in you waiting for countless hours until the first drops of Bitcoin start coming in.
These are simply the main methods – if you’d like, you could even forget about mining and jump into Bitcoin faucets – but that’s a whole different story for a whole different day.

It is pretty clear the author has no clue about mining!
An article wrote by somebody who has learned about mining from other crappy articles.

Back to your question:

Quote

Which of these mining techniques do you encourage an aspirational miner to adopt?

There is no simple answer to your question, there are cases and cases.
How much do you pay for electricity, where do you plan on keeping them, how much do you have available to invest, etc etc...

Oh, and "software" mining, that's a load of bs.

Wenbing

member

Activity: 490

Merit: 31

There is gold in volatility..

Quote from: btctaipei on May 05, 2020, 03:25:39 AM

https://bitcointalk.org/index.php?board=14.0

There is a child board for this question: Mining software (miners)

IMHO mining game is way over. I started out with CPU mining on laptop back in late 2009, and difficulty climbs way to fast to keep up with it for average Joe.

The reason why I didn't post this question in either bitcoin mining child board or altcoin is because it neither for bitcoin nor altcoin, its for the general crypto mining.

The questions are for mining software and Hardware tools for the cryptocurrency.

So, I feel it is suitable to in the discussion section.

avikz

legendary

Activity: 3080

Merit: 1500

Here are my thoughts,

1. Mostly a scam business. I haven't yet found a reliable cloud mining service other than genesis-mining. However, I am not entirely sure if they are going to be a scam in near future or not.

2. Mostly malware. Such kind of sofrwares steal your computer resources to mine for themselves in most of the cases. If you find any exception, do let me know.

3. Hardware mining is the only option which is legit. However, the set up cost is overtly expensive for an aspirational miner unless that fellow has a rich dad.

For an individual, mining is not really an option for making money. Rather trading is a better option for them.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: Wenbing on May 05, 2020, 03:12:48 AM

Which of these mining techniques do you encourage an aspirational miner to adopt?

I would encourage you'd start with reading the point 3 from this topic. Then you should be able to answer yourself.
Also, if you really want to mine Bitcoins, you should read (and ask) in Bitcoin mining subforum.
I advise you also take a look at altcoin mining too, you may prefer GPU mining, also Bitcoin halving will happen in less than a week, which will decrease miners' income by a great deal.

However, unless you have dirt cheap electricity you should do something better with your money, else you'll end up paying 1$ for 50¢ worth of coins.

hatshepsut93

legendary

Activity: 2954

Merit: 2145

Cloud mining is a scam, it's always just a ponzi scheme, so stay away from it.

Software and hardware mining aren't separate things, they are a part of mining, because you need hardware to do the job and a software to drive your hardware. Even if you are mining some altcoins on your computer's CPU or GPU, it still has both software and hardware components.

btctaipei

member

Activity: 141

Merit: 62

https://bitcointalk.org/index.php?board=14.0

There is a child board for this question: Mining software (miners)

IMHO mining game is way over. I started out with CPU mining on laptop back in late 2009, and difficulty climbs way to fast to keep up with it for average Joe.

Wenbing

member

Activity: 490

Merit: 31

There is gold in volatility..

Mining techniques.
Some of the mining techniques I have read about from some online resources are;

1.Cloud mining.
This is simply funding a miner to mine and share the reward with you at an agreed profit sharing formula.

This money can go into the drain if there is a ban of mining in such country by the government or there is a hacking attack.

2.Software mining.
This is when you download some software applications to use for mining purpose. Well, expert said this mining technique is profitable. I'm not yet convinced about how this works.

3.Hardware mining.

This is the investment of a miner into hardwares equipment such as ASIC, GPU rigs and others to mine. While this is capital intensive ...it is said to be the most profitable.

I believe there is more depth to the explanations I provided above.

This i want to be the crux of this discussion.
What are your opinions regarding the above mining techniques.

Which of these mining techniques do you encourage an aspirational miner to adopt?

I found this material helpful: https://www.google.com/amp/s/www.bitdegree.org/tutorials/how-to-mine-cryptocurrency/amp/

Topic: Cloud, Software and Hardware Mining:Your Advice to an Aspirational Miner (Read 173 times)