How well people here in india knows about Mining

TheUltraElite

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Quote from: Bureau on February 04, 2024, 09:02:02 AM

Those legit mining corporation never came up with a schemes like cloud mining. They never even reported where they have set thier mining grid. The reason is anonymity as if none have followed it we all would have lost our Bitcoin. Being anonymous has given the promoters of cloud mining to hide themselves which is a red flag. Considering them to be a scam should be an appropriate decision.

Dont use the word legit here, its correctly said "ill-legitimate" if they are everything-anonymous and nothing is known but they are still mining everyday - what a joke!

However such scams have reduced in number on this forum at least because of constant vigilance from members but are rampant outside on different social media.

Yet to see a proper mining corp giving out public shares or tokens. Possibly Envion was one, but get caught up in its own creators scamming the investors and the case keeps drawing forward after so many years.

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Those legit mining corporation never came up with a schemes like cloud mining. They never even reported where they have set thier mining grid. The reason is anonymity as if none have followed it we all would have lost our Bitcoin. Being anonymous has given the promoters of cloud mining to hide themselves which is a red flag. Considering them to be a scam should be an appropriate decision.

TheUltraElite

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Quote from: pakhitheboss on January 28, 2024, 08:52:32 AM

What is the definition of legit for you as an Indian for me Banks are legit but are they? Legit is a word created by those US/Europeans who know their existence depends on certain words that won't make sense to people in a third-world country. The right word would be a contract that can be questioned and that does not get manipulated. For me mining is dead and staking is the best option over mining.

I would call a mining corp legit, if I have some real life friend overseas and they are mining on cheap electricity and are now looking for investors money to allow themselves to scale into a bigger corp. Indeed I would be interested in investing in such an venture.

Similar projects start everyday but often by random noobs with little or no experience and hence should not be trusted with our money.

And like always, I prefer to buy bitcoin over any of these.

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Quote from: TheUltraElite on January 25, 2024, 09:22:03 AM

I remember that scam known as Electroneum which still runs on some exchanges and I tried explaining to another fanboy on a casino chatbox because he was trying to recruit users under them. I wonder how much losses he may have incurred from it.

What we want is a legit mining corp where we can invest, but this is where the guise of cloud mining comes in and attempt to fool investors into believing that they are investing in mining while actually they are getting into a MLM.

You got the name correct, I was not able to remember the name while writing my reply. When it was launched everyone was talking about it as it was the time of POW. None of us in the forum were agreeing to mining with mobile. There were a few senior members who said it is possible but when you ask them how, they would evade those questions. Later on, these guys got tagged by those who understood that it was a scam and now they are not to be seen.

What is the definition of legit for you as an Indian for me Banks are legit but are they? Legit is a word created by those US/Europeans who know their existence depends on certain words that won't make sense to people in a third-world country. The right word would be a contract that can be questioned and that does not get manipulated. For me mining is dead and staking is the best option over mining.

TheUltraElite

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Quote from: pakhitheboss on January 25, 2024, 04:34:45 AM

I remember there was a time when a few cryptocurrencies were released that were offering the mobile mining concept. Most of them later on left abruptly and a few kept going but never listed their coins on the exchange.

I remember that scam known as Electroneum which still runs on some exchanges and I tried explaining to another fanboy on a casino chatbox because he was trying to recruit users under them. I wonder how much losses he may have incurred from it.

What we want is a legit mining corp where we can invest, but this is where the guise of cloud mining comes in and attempt to fool investors into believing that they are investing in mining while actually they are getting into a MLM.

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Quote from: Bureau on January 24, 2024, 01:27:09 AM

What you wrote sounds more like MLM, as this is how chain marketing works. Until they stop getting new bakra they keep on the money rotation and when new users do not come in they start winding up their business. In this scenario, the user has to onboard other users to make money but with cloud mining, it is not an option. Like any other business, a cloud mining company needs to invest funds in marketing and a lot of money is spent to get new users. These users will be asked to buy hash rate as I have explained earlier.

The price of the hash rate would cover marketing expenses and if a scammer is running it then nothing would be paid but if a genuine mining company is running it they would pay a small amount to the user and keep a large amount with themselves. In most scenarios, they would wind up the business citing that it is no longer profitable to mine the particular cryptocurrency. I agree it is not recommended to invest in cloud mining but what you have explained is not how it is done.

Like TheUltraElite said Cloud mining is just a Ponzi scheme and everyone should avoid it. I have not dug deep into it, as I believe it is nothing but a way to scam people and make it look like anyone can mine without investing money and without having technical knowledge. The fact is if you do not have the technical knowledge and still have the money to invest in mining equipment you won't be able to mine. It is not something you can do by learning on YouTube or following a book. A miner should be aware of the hardware device and should know the coding.

All of the cloud mining is nothing but a way to scam people and rotate the fee within the users until they are out of it. The scammer who is selling cloud mining keeps a big chunk of the money that the user pays and passes on the smaller amount as long as he can. I remember there was a time when a few cryptocurrencies were released that were offering the mobile mining concept. Most of them later on left abruptly and a few kept going but never listed their coins on the exchange.

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Quote from: TheUltraElite on January 23, 2024, 09:38:16 AM

The concept is very much real but the mining is not happening in real in most of them. They use the new users money to pay the old users and it runs like a ponzi in most cases. The only exception is when you personally, physically know the mining operation and you invest your money in them or buy their shares if they are a publicly traded company or you cut a deal with the owner to own some of the company's share.

Rest of the stuff we find on the internet, never spend money on them.

What you wrote sounds more like MLM, as this is how chain marketing works. Until they stop getting new bakra they keep on the money rotation and when new users do not come in they start winding up their business. In this scenario, the user has to onboard other users to make money but with cloud mining, it is not an option. Like any other business, a cloud mining company needs to invest funds in marketing and a lot of money is spent to get new users. These users will be asked to buy hash rate as I have explained earlier.

The price of the hash rate would cover marketing expenses and if a scammer is running it then nothing would be paid but if a genuine mining company is running it they would pay a small amount to the user and keep a large amount with themselves. In most scenarios, they would wind up the business citing that it is no longer profitable to mine the particular cryptocurrency. I agree it is not recommended to invest in cloud mining but what you have explained is not how it is done.

TheUltraElite

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Quote from: Bureau on January 23, 2024, 12:56:15 AM

Yes, the concept of cloud mining is real, but this domain is filled with scammers and scams. The concept is to buy hash rate for a contract period of 1 year or 2 years. Profit is shared on a weekly, bi-weekly, or monthly basis. Now, the problem is that there is no transparency with the profit gained and there is a lack of control. It is not advisable to invest in cloud mining as the chance of sudden shutdown of mines is very high.

The concept is very much real but the mining is not happening in real in most of them. They use the new users money to pay the old users and it runs like a ponzi in most cases. The only exception is when you personally, physically know the mining operation and you invest your money in them or buy their shares if they are a publicly traded company or you cut a deal with the owner to own some of the company's share.

Rest of the stuff we find on the internet, never spend money on them.

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Quote from: Bitcoin Smith on January 21, 2024, 02:34:33 AM

Quote from: TheUltraElite on January 21, 2024, 01:36:11 AM

Quote

Also I remember, one of my friend also got scammed to the cloud mining even when everyone advised him to stay away from cloud mining concept.

Cloud mining is not classifiable under mining, in my opinion. It is always a scam, always. Unless you are investing in a mining corp that actually mines, you are only being a part of a large scale MLM/Ponzi.

The concept of cloud mining is real but it is never came from any legitimate mining farms/pools and the cloud mining scammers usually start their package for very low capital and guarantee returns that is not even possible if we mine our own still some are too blind to see that and fell for it. If I am not wrong still people are falling for cloud mining scam even after all these years.

Yes, the concept of cloud mining is real, but this domain is filled with scammers and scams. The concept is to buy hash rate for a contract period of 1 year or 2 years. Profit is shared on a weekly, bi-weekly, or monthly basis. Now, the problem is that there is no transparency with the profit gained and there is a lack of control. It is not advisable to invest in cloud mining as the chance of sudden shutdown of mines is very high.

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Quote from: TheUltraElite on January 21, 2024, 01:36:11 AM

Quote

Also I remember, one of my friend also got scammed to the cloud mining even when everyone advised him to stay away from cloud mining concept.

Cloud mining is not classifiable under mining, in my opinion. It is always a scam, always. Unless you are investing in a mining corp that actually mines, you are only being a part of a large scale MLM/Ponzi.

The concept of cloud mining is real but it is never came from any legitimate mining farms/pools and the cloud mining scammers usually start their package for very low capital and guarantee returns that is not even possible if we mine our own still some are too blind to see that and fell for it. If I am not wrong still people are falling for cloud mining scam even after all these years.

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Quote from: TheUltraElite on January 21, 2024, 01:36:11 AM

Quote from: Bitcoin Smith on January 20, 2024, 01:14:31 PM

The incident I remember is they only concentrated on mining Ethereum not just any altcoins and invested heavily too for standard of middle class but later they sold the pieces of hardware for good price and understand buying cryptos and holding is more profitable for a retail investor than try to mine it.

It would be interesting to see if any miner from India, if they still exist share their views on this. It is way easier to hold bitcoin then mine from our standpoint, but we do want to mine - the ambient temperature in our country is the biggest downside.

Quote

Also I remember, one of my friend also got scammed to the cloud mining even when everyone advised him to stay away from cloud mining concept.

Cloud mining is not classifiable under mining, in my opinion. It is always a scam, always. Unless you are investing in a mining corp that actually mines, you are only being a part of a large scale MLM/Ponzi.

[/quote] As far as I had interactions with various technology people who are involved in trading and dealing in cryptocurrencies; there are no serious mining operations on Indian soil. But mining is used to lure people who are not aware of cryptocurrency potential to make them invest in projects which are not serious.
[/quote]

TheUltraElite

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Quote from: Bitcoin Smith on January 20, 2024, 01:14:31 PM

The incident I remember is they only concentrated on mining Ethereum not just any altcoins and invested heavily too for standard of middle class but later they sold the pieces of hardware for good price and understand buying cryptos and holding is more profitable for a retail investor than try to mine it.

It would be interesting to see if any miner from India, if they still exist share their views on this. It is way easier to hold bitcoin then mine from our standpoint, but we do want to mine - the ambient temperature in our country is the biggest downside.

Quote

Also I remember, one of my friend also got scammed to the cloud mining even when everyone advised him to stay away from cloud mining concept.

Cloud mining is not classifiable under mining, in my opinion. It is always a scam, always. Unless you are investing in a mining corp that actually mines, you are only being a part of a large scale MLM/Ponzi.

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Quote from: TheUltraElite on January 19, 2024, 09:20:13 AM

Again altcoin mining is a different ball game - a type of rat race where you mine one coin for an instant and then switch to a new one depending on profitability by selling on market and difficulty. Personally I am not a fan of that, I would have rather mined bitcoin if things were better in our country.

Most of altcoin miners I talked to on different crypto sites, left after a few years and sold off their equipment.

The incident I remember is they only concentrated on mining Ethereum not just any altcoins and invested heavily too for standard of middle class but later they sold the pieces of hardware for good price and understand buying cryptos and holding is more profitable for a retail investor than try to mine it.

Also I remember, one of my friend also got scammed to the cloud mining even when everyone advised him to stay away from cloud mining concept.

TheUltraElite

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Quote from: Bitcoin Smith on January 18, 2024, 02:35:53 PM

I know people/friends who set up GPU mining rigs to mine Ethereum in 2018 but it's not really gave returns as they expected, and the main reason is the electricity cost and nature of environment needs AC to keep the temperature optimal to achieve the best possible experience from the miner which will exceeds the actual asset we mine.

The era of GPU or CPU mining is long gone. Now you need nothing but ASICs to mine, no nature of powerful gaming laptop will be able to mine coins.

Again altcoin mining is a different ball game - a type of rat race where you mine one coin for an instant and then switch to a new one depending on profitability by selling on market and difficulty. Personally I am not a fan of that, I would have rather mined bitcoin if things were better in our country.

Most of altcoin miners I talked to on different crypto sites, left after a few years and sold off their equipment.

Bitcoin Smith

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I know people/friends who set up GPU mining rigs to mine Ethereum in 2018 but it's not really gave returns as they expected, and the main reason is the electricity cost and nature of environment needs AC to keep the temperature optimal to achieve the best possible experience from the miner which will exceeds the actual asset we mine.

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Quote from: Bureau on January 13, 2024, 12:32:56 PM

^ Very detailed explanation and still you want me to think you are not into mining. I will go through everything and ever details as you have shown me the path before thinking about starting my own mining business. There are certain things that would need me to physically go and check, it will take time and as soon as it is done and if I feel positive to go ahead then I will reply to my reply.

Trust me I am not into mining, I did had some plans last year. I then went ahead and checked and searched everywhere until I found one my friend into mining. I got all the information that I can get from him to start my mining journey. What went negative for me was my plan to set up the miners on my terrace as the heat generated by miners can affect my terrace and also the sound of mining equipment is not that pleasent. If you live in ground floor and have a seperate room then do think about it.

Bureau

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^ Very detailed explanation and still you want me to think you are not into mining. I will go through everything and ever details as you have shown me the path before thinking about starting my own mining business. There are certain things that would need me to physically go and check, it will take time and as soon as it is done and if I feel positive to go ahead then I will reply to my reply.

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Quote from: Bureau on January 12, 2024, 11:15:25 PM

By your reply, it looks like you are into mining. Assuming I go ahead and install those solar panels on the premises where I would be installing my mining device. I would like to ask a few questions from you, how much would the initial cost be? Which coin would be profitable to mine? What miner would you need to buy? What will be the cost-to-profit ratio?

Visit this website https://solarrooftop.gov.in/rooftop_calculator select your state check the subsidy amount and then apply. You can pay with EMI you do not need to pay anything upfront if I remember. Check which miner you want to use depending on the coin you will mine, the recommended is ASIC miner 7, go to IndiaMART to check the price otherwise visit Delhi to buy one, Palika Bazar if I am correct is where you would find mining equipment. You would still need a stabilizer and inverter when using a solar panel as it is connected to the normal supply grid. Find out which coins would you want to mine with your ASIC miner, the recommended one, for now, is Kaspa or you can check https://whattomine.com/asic for more information.

BTW, I am not into mining but I have friends who are into it and they make a decent profit. If you take the cost-to-profit ratio to determine the outcome then you will be able to recover your investment in six months if you are running your miner 24/7. Please remember you would need to know the mining hardware in case if you need to work on it if it breaks down. There are several walkthrough articles and videos on the internet that can guide you and solve the problem. I would still say it is better to connect with someone within the forum if you are facing any such problem with the miner.

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Quote from: pakhitheboss on January 12, 2024, 09:39:17 AM

There are ways to counter the electricity issue and use those subsidized government projects like the one promoted by by them which uses Solar energy.

By your reply, it looks like you are into mining. Assuming I go ahead and install those solar panels on the premises where I would be installing my mining device. I would like to ask a few questions from you, how much would the initial cost be? Which coin would be profitable to mine? What miner would you need to buy? What will be the cost-to-profit ratio?

TheUltraElite

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Quote from: pakhitheboss on January 12, 2024, 09:39:17 AM

There are ways to counter the electricity issue and use those subsidized government projects like the one promoted by by them which uses Solar energy.

Solar power is indeed something new and has been subsidized in many states by the government like UP. But such states are few in number and I would be biased to be speaking from the one I reside in. Here solar power is something people read about in news but has never been applied in reality.

I myself was looking at the projects that common residents in UP have done and posted on youtube and was getting pretty excited about it but sadly its not feasible here.

Cooling costs is something that is the natural downside here.

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^^
I felt that the conversation is not going the right way as asked by OP. Unless you are into mining you won't know how it works. There are ways to counter the electricity issue and use those subsidized government projects like the one promoted by by them which uses Solar energy. Think before you both are replying as it is not that bad the way you guys have described.

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Quote from: TheUltraElite on January 11, 2024, 11:40:58 AM

Quote from: God bless u on January 11, 2024, 01:01:58 AM

Honestly, I think that should be the first thing for anyone coming into the Bitcoin world, to learn about Bitcoin and crypto little bit first and then start his journey into it.

The situation in India is not miner-friendly. I dont think things will change much here, because the natual temp is on higher side and cost of importing miners is also there and so is the cost of electricity.

The situation in India is not at all crypto-friendly, forget about mining cryptocurrency and that to Bitcoin. It is getting worse whenever the parliament session starts, with 30 percent as tax, the high cost of electricity, and regular load shedding it is too costly to start mining. It is better to invest money in coins that a good for staking and enjoy the benefits. Some of my friends are busy staking ETH and BNB and are getting good returns, they invested once with a lump sum amount and they are getting better returns than mutual funds. Although both are different and good depending on the situation, I am only using it as a reference for comparison.

TheUltraElite

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Quote from: God bless u on January 11, 2024, 01:01:58 AM

Honestly, I think that should be the first thing for anyone coming into the Bitcoin world, to learn about Bitcoin and crypto little bit first and then start his journey into it.

You cant go into too much depth in mining without actually doing it yourself. Besides, most bitcoin users have a basic understanding of how mining works and that is enough for them to get through with daily necessities of bitcoin. Unless they are willing to start mining themselves, that much is enough.

The situation in India is not miner-friendly. I dont think things will change much here, because the natual temp is on higher side and cost of importing miners is also there and so is the cost of electricity.

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Quote from: Ravichnadra on January 03, 2024, 08:52:40 PM

I'm pretty sure most crypto holders aren't much aware of mining.

Let's see how many know! Hurrah

I think sooner or later anyone involved in Bitcoin and Cryptocurrency in general will know about mining.
new comers may not know about mining. or those who really don't care about information and where cryptocurrency coming from. because if anyone learns a little bit about Bitcoin, he'll know mining is the key to generating more bitcoins as well as confirming transactions.
Honestly, I think that should be the first thing for anyone coming into the Bitcoin world, to learn about Bitcoin and crypto little bit first and then start his journey into it.

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Quote from: TheUltraElite on January 09, 2024, 10:18:21 AM

Altcoin mining itself is a gambling race. You mine one coin that pumps and dump that and move to another one. You would lose sleep just to figure out which coin to mine and need to automate that based on data. Too much work for too little profit.

That is true Altcoin mining is a gamble, when you go to https://whattomine.com/ you will find those coins easy to mine that have less liquidity. Whereas those that have large liquidity are not that easy because of competition. I was reading an article about mining of Bitcoin and it said before 2015 Bitcoin mining was not that hard. Now, it is impossible to think about mining Bitcoin using a solo miner. You would require mega infrastructure and pump in lot of money to start Bitcoin mining.

TheUltraElite

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Quote from: Bureau on January 09, 2024, 02:02:49 AM

After mining for about six months he stopped because it was not profitable, he kept a few Ethereum in a cold wallet in case the price pumps which it did in December 2017. He sold everything that he had in his wallet then sold all the equipment and moved on with his life.

My opinion is that they did the right thing. In a country were power cuts become common as you move from the Tier 1 to Tier 2 cities and rampant in Tier 3 cities, its better to just have access to internet and be able to read about crypto than ever think about mining it.

I would not suggest people here to mine, unless they have prepared such a setup of their own to cover all these hassles. Cooling costs and maintenance costs are going to be huge here.

Altcoin mining itself is a gambling race. You mine one coin that pumps and dump that and move to another one. You would lose sleep just to figure out which coin to mine and need to automate that based on data. Too much work for too little profit.

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Quote from: TheUltraElite on January 04, 2024, 10:26:53 AM

To be honest, my knowledge on mining is low but I know what stuff is involved, how it works and how one can start mining on their own. Its just that I never wish to do that because in my calculation the cost exceeds the returns at least in this country.

Here electricity costs are big and the average temperature is hot and humid meaning a higher cooling cost too. Plus getting ASICs here means they need to come from foreign - no company makes them here from scratch.

You are correct single mining is costly due to the cost of electricity and you need to be technically sound in case of any issues. One of my friends used to mine Ethereum earlier in 2017 when ETH was not that big, the problem he always faced was continuous load shedding and he had to buy an invertor to keep the mining equipment always running. After mining for about six months he stopped because it was not profitable, he kept a few Ethereum in a cold wallet in case the price pumps which it did in December 2017. He sold everything that he had in his wallet then sold all the equipment and moved on with his life.

TheUltraElite

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To be honest, my knowledge on mining is low but I know what stuff is involved, how it works and how one can start mining on their own. Its just that I never wish to do that because in my calculation the cost exceeds the returns at least in this country.

Here electricity costs are big and the average temperature is hot and humid meaning a higher cooling cost too. Plus getting ASICs here means they need to come from foreign - no company makes them here from scratch.

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I'm pretty sure most crypto holders aren't much aware of mining.

Let's see how many know! Hurrah

Topic: How well people here in india knows about Mining (Read 284 times)