Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto currency Mining => Topic started by: bits50897 on October 20, 2020, 10:43:12 AM
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I have a question, would you mine alone or mine together in a group? Both have their own advantages and disadvantages, for instance, mining alone can have greater rewards since you don't have to divide the rewards between miners but you need to provide at least 0.11% of the hash rate to earn 1 BTC per day which is a LOT. You would need around 1200 Antminer S19s to get that sort of power and yeah that's pretty expensive! However, if you're mining together in a group forming a mining pool, chances of discovering a block is higher and less time consuming, you don't need to provide much hash power. Then again, rewards are divided depending on the hash rate each miner provides. What would you choose?
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If I were you instead of asking about cloud mining, I think it is better to buy your own mining rigs to earn Bitcoin or crypto.
Because I know for sure you knew that cloud mining is not good anyway ever since. Maybe only a few of them are
legit but not this time in crypto space.
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As mentioned by @lovesybitz, it is much safer to run a rig on your own. I do agree with you that mining BTC is a tough on resources (electricity and equipments) but you can also opt for mining other cryptocurrencies like ETH. Miners are also enjoying the high transaction fees from the recent DeFi hype.
There's also an option to stake your BTC and earn dividends in platforms like Betfury. You don't have to worry about buying equipments and electricity cost but you'll have to trust a third party to take care of your BTC.
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Each type of mining has its advantages and disadvantages. You have to have a huge mining rig to mine something profitable enough, and that means more capital. So act smartly
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Each type of mining has its pros and cons. If I have a hardware setup with poor or limited resources, I would do pool mining or just as well stump up some cash and do some cloud mining, which has been found to be very risky considering the various scams. But if I have some good hardware muscles and GPU muscles, then I would gladly flex it
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Cloud mining is a mechanism to mine a cryptocurrency, such as bitcoin, using rented cloud computing power and without having to install and directly run the hardware and related software.
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I have long dreamed of buying and owning my own AISIC miner. This is good information, since I no longer trust cloud mining sites.
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It is quite beneficial to use cloud mining provided to clients on the exchange. Profits from mining are credited to a trading account within 72 hours, and newbies who have no funds can earn money and start trading. Another plus from the amounts of transactions and profits increases the turnover of funds, which allows transferring to the second and subsequent level of mining income. No need to buy power. Just make a deal and turn around to make a profit.
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According to what you mentioned, group mining will be more efficient, but that means we need to have mining farms and cannot trust a cloud mining service. The cloudmining projects that I know have all failed, they are just scam projects like Envion, GXblocks, they say that there are mobile miners to take advantage of cheap energy, they sell tokens or mix co-mining ... But everything is just promises, they don't make it.