Topic: mining (Read 448 times)

First of all let me tell you something. Mining bitcoin using website is really a bad idea.
Because it will take ages for you to get one bitcoin if you mine using your PC. It will be better if you mine cryptonight currencies like monero or bytecoin  and exchange it for bitcoin.
Because you can mine cryptonight currencies using your pc. You can also try to mine electroneum coin and exchange it for bitcoin.

Why these kind of people not reading the many suggestion thread about newbie mining. They always comes with the dump questions like this. I am sure that bitcoin will be easily mined with the ASIC antminer s9, avalon and other top end miners only.
Cloud mining questions are seems not recommended and allowed in the mining section itself. Why we need to discuss about the ponzi schemes.

Guys PLEASE READ THIS before investing your MONEY at GENESIS MINING

"  Guys PLEASE READ THIS before investing your MONEY at GENESIS MINING
This is simple MATH!! 10 years old child can understand this!
In this experiment, I will pay 105 $(0.105974 BTC) for 700 GH/s
GENESIS MINING will charge you FEES (Guys please read the Agreement http://imgur.com/a/CRNdl ):
a. 0.150 $ per GH/s upfront = 0.000150313 BTC * 700 GH/s = 0.1052191 BTC upfront fee
b. 0.00028 $ per GH/s a day = 0.000000280824 BTC * 700 GH/s = 0.0001965768 BTC A DAY fee (0.071750532 BTC a year)
Now to calculate the profit is very simple, BTC mined in a year minus you cost/investment and the sum of fees.
700GH/s will generate ≈ 0.1554 BTC a year.
BTC Profit first year= 0.1554 earning - (0.1052191 + 0.071750532) fees - 0.105974 cost = - 0.127543632 BTC (-127.79 $) ROI of negative -27%
You invested 100 $ in GENESIS MINING after a year you LOST 100 $ and you OWE them 27 $. Their system is designed to keep you buying more Hash Power in the hope of making a ROI in a distant future.
More Hash power= more daily fees = less profitable Bitcoin earnings.
In the second year, you wont pay the Upfront fee, but if the daily fee stay the same, you wont make any profit form the Bitcoin mined, because of the difficulty increase over time, in the end your daily fees will overcome the Bitcoin mined, the following will happen, and your account will be terminated in 20 days.
" if, on any day, Coins generated on one day do not suffice to pay item 2 of the Fee above, the Service Provider may use Coins generated on any day thereafter for such payment."
I wont consider this a SCAM because it's written in the Agreement, If you have already invested please stop the bleeding and use you money for better good.
The conversion rate (1 BTC = 990.811 $) and BTC mining rewards (12.5 BTC) are calculated on 2/13/2017
*edits: I improved the formating, The second year paragraph added, ROI of negative -27% "

investing in cloud mining is waste of time and money, If you have so much money to make a donation to cloud mining then go ahead, but then do not come to say that you were stolen


I read some people who invested 2 years ago say they have their profits, but I also read stories of people who invested a lot of time and lost money, this is a bad investment

if you mean cloud minig for me the best cloud minign page is genesis Minig !
its legit for me becourse i got my ROI there i have bitcoin contracts since more than 2 years now .
ther are still the last witch offers open end contacts.
here is a 5% discount code: c1jFgO

kind regards

There is actually no any legit and profitable mining site but if you want to just mine few new altcoins by renting mining rigs than you can try miningrigrentals.

Cloud mining is not profitable and 99% of them are just scam with high claims. Don't get lured by all bullshit they used to claim.

Miner pool sites are legit if he has a mining rig but I doubt it that he has it since the information he's asking about is very lack of the exact details that we had to know.

Cloud mining are totally not worth even with contracts and with those ones that are in the market operating for years and yes I'm pointing out with genesis and hashflare.

Profit in GPU and ASIC is even better that's why investment there is much higher and you are the one to monitor your profits there.

I dont know why a lot of people are introducing theirselves in cloudmining sites, it is a 100% risky investment and you all know that probably you are going to lose your funds in there, it is very risky because a lot of people does not even make their ROI in less than 24 months, and if the website closes in 12 months after you invested, you are only going to recover 50% of your initial investment.
Better to invest all those funds into a brand new rig built by yourself, that is the most profitable way in that you can easily make money instead of joining those scammy sites.

You are right but some people suggesting him a mining software sites and miner pool sites as well.
If exactly saying about the cloud mining simply waste of the time and investment you do on it.
Still looking for it means you can checking Genesis mining and Hashflare to invest your money but returns will very low when compare with the GPU and ASIC.

I guess he mean to ask about those cloud mining. And if someone here is looking for that "best" mining site, there is no best mining site. All of them are just the same in terms of difficulty.

Don't fall for cloud mining, that's not reliable in my opinion. If you want to try out real mining just build your own mining rig through GPU's.

And just use nicehash for automatic conversion of the alt coin you mine for bitcoin profit.

You mean cloudmining? It is not profitable, but if you nevertheless want to try out, you could have a look on eobot. They have a nice interface with explanations for each coin and item.

There are many bitcoin mining sites. But the thing is you wont get much satoshis a day by trying these sites. Definitely you can try them for fun. One such site is coinpot.co. In this site you can mine bitcoin, dogecoin and litecoin. Otherwise try to mine altcoins like monero using minergate and exchange it for bitcoins.

Many bitcoins mining site or legit

1. Minergate
2. Nicehash
3. Etherium
4. Zcash

best bitcoin mining site?