Topic: Mining Bitcoin (Read 178 times)

What compels an institution that bought mining Hardware, paid land, electricity, depreciation, and cooling fees, and then sells the currencies to you in return for the money you deposit? Isn't it easier for them to borrow? Or at least transfer their ownership of shares? What will happen if they are unable to make a profit? There is no reason for them to return the money to you because there is no legal basis for that.

In short, the weaker party in what is known as cloud mining (Real one not scam)

In the past, cloud mining was possible because it did not require a lot of hardware costs (you could do it using your computer).

I know it is hard to hold. I experienced it myself. I still experience it. Still though, I think it makes more sense than mining crypto.

The way I see it, people mine crypto because they are looking for something to keep themself busy. To me that’s the whole point. You mine crypto so you don’t think about your stash and the less you think about your investments, the less stupid trades you will make.

I recently read that the most successful investors are the dead ones. That must tell you something.

Buy and hold means invest.

By words, it sounds very easy but in practice it is so hard. Because waiting time since buying, holding and time when you can take profit sometimes is very long. A long the holding time, you will have to face with many tests in the market especially psychological and discipline tests.

If you are undisciplined, you will break your plans with greed (stop holding and change to spot trading or worse margin, future trading)
If you are unable to tolerate against fud, psychological tests in bear market and even in bull market, there are fuds too, you will exit soon than what needed to gain profit.

With many psychological phases, likely weak hands and undisciplined people will exit.


It's not easy but your advice is good: invest can help people richer with Bitcoin.

I think you shouldn’t think about mining in the first place. Mining is a troublesome business. You need to invest in hardware, find cheap electricity source, do the maintenance etc it is too much work and the potential profits is less than holding crypto alone which don’t have any of these troubles.

“What about cloud mining?”

It is a scam. Don’t even think about it.

If you want to make money from crypto, just buy and hold.

To mine bitcoin, you will need a alot of required technical and physical set up for a mining rig, such involves your antminer, GPU, high definition computers, constant power supply, hardware devices, location for your mining rig and the settings required for a mining rig to be in place, this could be tasking because both technical and financial responsibilities, any other form of mining such as cloud mining were common to other cryptocurrencies and most of which are scam and wasted efforts, bitcoin mining is only achieved by setting up a mining rig.

Most cloud mining platforms offer "profitable" mining opportunities due to the amount of pooled computing power they possess. If I'm not mistaken there's this one bitcoin mining pool named F2Pool that offers the biggest realistic profits for a cloud mining platform, everything else I feel skeptical about.

As for hardware mining, it's mostly dependent on how good your mining rig is. If you have a large and powerful computing power, you're pretty much guaranteed to a profitable mining journey, although that requires you dishing out thousands of dollars nowadays because bitcoins are becoming more and more scarce by the day, and it will definitely get harder to mine those bitcoins in the future.

Can you show us the proof to prove this research of yours? Most cloud mining are likely scams.

What's real with these cloud mining is that, majority of them are total scams. If there's a legit thing about them, you will rarely find them. That's why if you find some cloud mining that offers you an investment, it's likely a scam and that's the truth.

With cloud mining, you buy hashrates from a group of miners, a mining company but this branch is full of scammers. It's risky but some people want to use it because of its convenience. You don't have to prepare space, location for your mining farms; don't have to set it up; don't have to spend time to observer your rig operations and don't have to spend time for maintenance, technical fix too.

Cloudmining 101 (ponzi risk assessment)

You can think of Cloud mining like Staking. The company that runs staking service can pay you or reject to pay you anytime. With cloud mining, it is worse as you have to pay service fee at beginning but at the end, as said, you might not receive payout.

I have no idea how you came to that conclusion, but you should forget about cloud mining because in 99.99% of the cases its nothing but a scam wrapped up in so called "cloud mining" in order to attract ignorant and naive people, while in reality nothing has been mined. Instead, those cloud mining services pay the older users with the money deposited by the new meaning they operate as a ponzi scheme.


If you want it to be even easier you should buy crypto directly, instead of bothering with cloud mining that is scam anyway.

quote author=Edcrypto91 link=topic=5440261.msg61780962#msg61780962 date=1676708406]
How fast is mining using hardware or cloud mining
Because according to my research most crypto miners use cloud mining

I also read an article that said all Bitcoin come from hardware mining which means that even cloud mining is hosted by hardware miners
What do you think?
[/quote]

For me, the question here should not be how fast, but which is more efficient hardware mining or cloud mining.

Yes they are both two different means of mining cryptocurrencies.

hardware mining from it's name 'hardware' involves the use of professional hardware computers and GPU systems. Well this type of mining takes lot of focus and the miner has to be responsible for everything or step during this process and only Bitcoin or just one cryptocurrency can be mined from hardware mining.

on the other hand, cloud mining don't require that much focus and  can be done on any devices. you can also mine any cryptocurrency of your choice using what is called the "hash rates" which can be used to measure the computing power of mining rigs.
 
Although the hardware mining can be stressful due to its high cost of maintenance and focus but it produces more profit than the cloud mining which is easier and less stressful but if you are looking for which one you should go for, then it depends solely on your choice and ability to manage any of them you choose to mine with.

How fast is mining using hardware or cloud mining
Because according to my research most crypto miners use cloud mining

I also read an article that said all Bitcoin come from hardware mining which means that even cloud mining is hosted by hardware miners
What do you think?