You can mine altcoins rather then bitcoin. You can also mine them from your CPU or GPU but both are not beneficial now due to high electricity bill. You can use miners to mine sone coins. DONT GO FOR CLOUDMINING. cloud mining sounds intresting and affordable but almost all cloud mining sites are ponzi and they will just take your money without giving you any profit. Start trading and have some look on trading post to get some knowledge. And bitcoin cant be banned. Kindly read related posts.
Thanks
Topic: GPU Mining Is it Real or Pronzi Like? (Read 1306 times)
Read Me - Please Help Me Miner Experts
I'm newbie and very scared of the thing like CPU can't mine but a GPU can mine bitcoins. I have a good Computer with i5 CPU but I don't own a GPU yet.
I had learned that Geforce GTX 1070 can mine on Average $1.50-$2 in BTC and more in XMR.
I found that GTX 1070 can make avg. 27MH/s to mine in a youtube video.
Some peoples says BTC or other Croypto's are scam like currencies it will be turned off like it was happened for LibertyReserve in years ago!
They came to exchange real money with Croypto's and spread their money among us and after years when they will make millions of dollars they will stop it.
I'm really confused what to do now?
Purchasing a GPU with $600 is really hard for me but if it can make real money then I can try taking a GPU with EMI.
CPU and GPU and ASIC can mine BTC, but for CPU and GPU its too slow, mostly GPU miner are not mining BTC directly they are mining alt coin such as ZCash, ETH or XMR since the mining algorithm are more suitable for GPU instead of ASIC, and then you can exchange it to BTC or USD if you want to
purchasing GTX 1070 for GPU mining is not wise choice, since the most efficient in term of cost to profit ratio is AMD Radeon RX 4xx/5xx
turning off crypto currency by central institution such as government is not possible since they need to turn off internet entirely
comparing cryptocurrency to ponzi scheme is weird, since they are not related at all, most importantly you need to understand what is ponzischeme and how cryptocurrency work, my suggestion instead of starting mining, you need to learn more about cryptocurrency first and ponzi scheme
ASIC mining is ponzi, because only 3 or 4 guys make the chips, they sell to the preferred prices and at early time to BIG guys, that can pay millons of dollars, so the small miner doesn't have a chance.
Not really comparable to a Ponzi scheme at all. It becomes harder as time goes on, but it doesn't pay old investors with the money of new ones, it just pays new ones money for buying better hardware, period.Anyway, yeah it's impossible for Bitcoin to be a Ponzi, it's decentralised and is based on a market - plus it does have a specific purpose, which is to be used as a currency and as a store of value. By some people's logic, gold would be a Ponzi just because its price rose. Be wary of new cryptocurrencies though, there are a few that were Ponzis but most of them (like E-Dinarcoin) were really pretty obvious from the beginning, so you should be fine mining any mainstream crypto and some smaller ones.
despite what everyone says here ... they are trying to deceive you .... first roule do not invest more than you cant afford to lose... if bit coin is a course stay out of it (one less person to care about )
GPU mining is not ponzi, anyone can get in and mine, no "special, hardware that only 3 or 4 guys on the planet can make" you just buy GPU, install soft and mine, so, it is highly distributed and based 100% on effort and power usage, so GPU mining is the best for everyone, the small miner and the big miner.
ASIC mining is ponzi, because only 3 or 4 guys make the chips, they sell to the preferred prices and at early time to BIG guys, that can pay millons of dollars, so the small miner doesn't have a chance.
even worse, most of the asics are used to mine, when the profitability starts to drop, they sell the rigs as new, and if you make ROI you are in luck, because by that time the difficulty had rise so high that they are barely profitable anymore.
I have been around since 2013, and had several ASICs as well (all of them are paper weight/door stopper now), now i do only GPU rigs, i can mine for two years taking good care of them (never OC, allways below 70C ), and then sell them at 50% price, sometimes more, and buy the newer ones more power/efficent GPUs >> repeat)
so IMHO:
ASIC is a ponzi
GPU is not
cheers
indkt.
EDIT: I'm not saying that BITCOIN and every ASIC mined coin is a ponzi, i'm saying that MINING it IS a ponzi, not using it.
ASIC mining is ponzi, because only 3 or 4 guys make the chips, they sell to the preferred prices and at early time to BIG guys, that can pay millons of dollars, so the small miner doesn't have a chance.
even worse, most of the asics are used to mine, when the profitability starts to drop, they sell the rigs as new, and if you make ROI you are in luck, because by that time the difficulty had rise so high that they are barely profitable anymore.
I have been around since 2013, and had several ASICs as well (all of them are paper weight/door stopper now), now i do only GPU rigs, i can mine for two years taking good care of them (never OC, allways below 70C ), and then sell them at 50% price, sometimes more, and buy the newer ones more power/efficent GPUs >> repeat)
so IMHO:
ASIC is a ponzi
GPU is not
cheers
indkt.
EDIT: I'm not saying that BITCOIN and every ASIC mined coin is a ponzi, i'm saying that MINING it IS a ponzi, not using it.
you can't stop crypto period, doesn't matter what they do, libertyreserve was a centralized attempt to make something out of the scheme
this is a decentralized thing, not comparable, and no, bitcoin is not a scam, but well many alt are scam but only for investors not for miners
this is a decentralized thing, not comparable, and no, bitcoin is not a scam, but well many alt are scam but only for investors not for miners
Read Me - Please Help Me Miner Experts
I'm newbie and very scared of the thing like CPU can't mine but a GPU can mine bitcoins. I have a good Computer with i5 CPU but I don't own a GPU yet.
I had learned that Geforce GTX 1070 can mine on Average $1.50-$2 in BTC and more in XMR.
I found that GTX 1070 can make avg. 27MH/s to mine in a youtube video.
Some peoples says BTC or other Croypto's are scam like currencies it will be turned off like it was happened for LibertyReserve in years ago!
They came to exchange real money with Croypto's and spread their money among us and after years when they will make millions of dollars they will stop it.
I'm really confused what to do now?
Purchasing a GPU with $600 is really hard for me but if it can make real money then I can try taking a GPU with EMI.
Read Me - Please Help Me Miner Experts
I'm newbie and very scared of the thing like CPU can't mine but a GPU can mine bitcoins. I have a good Computer with i5 CPU but I don't own a GPU yet.
I had learned that Geforce GTX 1070 can mine on Average $1.50-$2 in BTC and more in XMR.
I found that GTX 1070 can make avg. 27MH/s to mine in a youtube video.
Some peoples says BTC or other Croypto's are scam like currencies it will be turned off like it was happened for LibertyReserve in years ago!
They came to exchange real money with Croypto's and spread their money among us and after years when they will make millions of dollars they will stop it.
I'm really confused what to do now?
Purchasing a GPU with $600 is really hard for me but if it can make real money then I can try taking a GPU with EMI.
GPU mining for BTC is a very long back story when it was just started to mine, but right now currently it is not recommended as the difficulty level is gone very high, so alternative you can mine good altcoins which are very good in the market and which can be profitable if you do mining. and about it can exist in long then if you are afraid then dont hold them as soon as you earn the coins mined just go to the exchange and just convert them to fiat currency so that your risk will be lowered.
Read Me - Please Help Me Miner Experts
I'm newbie and very scared of the thing like CPU can't mine but a GPU can mine bitcoins. I have a good Computer with i5 CPU but I don't own a GPU yet.
I had learned that Geforce GTX 1070 can mine on Average $1.50-$2 in BTC and more in XMR.
I found that GTX 1070 can make avg. 27MH/s to mine in a youtube video.
Some peoples says BTC or other Croypto's are scam like currencies it will be turned off like it was happened for LibertyReserve in years ago!
They came to exchange real money with Croypto's and spread their money among us and after years when they will make millions of dollars they will stop it.
I'm really confused what to do now?
Purchasing a GPU with $600 is really hard for me but if it can make real money then I can try taking a GPU with EMI.
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