Altcoins Talks - Cryptocurrency Forum
Further Discussions => General Discussion => Topic started by: Mr.Justice on April 18, 2024, 10:50:24 AM
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Mining of coin is one way to earn money online too , but some people hate it because there are many scammers online which will tell u to deposit money to start. Reason why we mine is that coin When computers on the network verify and process transactions, new bitcoins are created, or mined.
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Well, as you are new I will explain that many people do not mine because it is not profitable for them due to equipment and electricity costs, especially bitcoin and other known currencies. If you mine lesser-known currencies, it might be profitable today if you convert crypto to fiat right away, but it could drop by 50% or more tomorrow and it might not be profitable for you.
You seem to be referring to cloud mining as well, which as you say can be a scam but you can mine individually as well.
However, as a private individual in general it is not worth mining. If you set it up as a business is a different story.
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Possibly, you are talking about cloud mining which I believe most of them are nothing but scam. Of a truth there are ways that you can genuinely mine your coin but you must know that it is financially and capital intensive if you must mine Bitcoin and any other or reliable coin.
Of lately, there are some coin you can just mine from your android phones at your convenience without anybody noticing it. But those types of coin are not financially stable and does not have a good time market value. You can still decide what coin to invest in.
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Mining of coin is one way to earn money online too , but some people hate it because there are many scammers online which will tell u to deposit money to start. Reason why we mine is that coin When computers on the network verify and process transactions, new bitcoins are created, or mined.
That's cloud mining it used to be legit and profitable, and it used to be managed by big companies, but because of the changes in structure and the cost, they've stopped, until the scammers used it to scam people because it sounds attractive where you just put in money and money just comes in, but scammers are now using and change the structure into a Ponzi scheme.
So most of the cloud mining now are just a Ponzi scheme
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Mining of coin is one way to earn money online too , but some people hate it because there are many scammers online which will tell u to deposit money to start. Reason why we mine is that coin When computers on the network verify and process transactions, new bitcoins are created, or mined.
That's cloud mining it used to be legit and profitable, and it used to be managed by big companies, but because of the changes in structure and the cost, they've stopped, until the scammers used it to scam people because it sounds attractive where you just put in money and money just comes in, but scammers are now using and change the structure into a Ponzi scheme.
So most of the cloud mining now are just a Ponzi scheme
What cloud mining was legit? I have been around for a long time and every cloud mining site that has launched has always netted a loss including CCEX. They paid out, but you lost money due to difficulty and fees. They were all a scam IMO.
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What cloud mining was legit? I have been around for a long time and every cloud mining site that has launched has always netted a loss including CCEX. They paid out, but you lost money due to difficulty and fees. They were all a scam IMO.
How about cex.io? IIRC it was first cloud mining and probably was most popular ones. I think you could buy or sell the hashrate anytime as well.
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Mining of coin is one way to earn money online too , but some people hate it because there are many scammers online which will tell u to deposit money to start. Reason why we mine is that coin When computers on the network verify and process transactions, new bitcoins are created, or mined.
Most people have expensive power and will lose money mining. This is true more often than not.
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Yes I got your point, which is why most mining task I participate in requires zero dollar from me, I feel like this way you would avoid scrammers and if the project those go well you only invested your time.
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There is nothing to doubt about mining, the only challenges here is that many don't understand the difference between the various mining we have and what differentiate them from each other, POW and PoS mining is entirely different from cloud mining, there are requirements to how you can mine bitcoin as one have to set up a mining rig, while other cloud mining seems to be the unrealistic ones as many tends to be scam whereby you mine on what you're not going to be rewarded of.
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I am sure OP is referring here to mining coins in computer or smartphone and which is so much different than say mining Bitcoin or any other cryptocurrency with the use of sophisticated and expensive equipment. Now, I am also into mining using my smartphone and I already made some money with one of the oldest mining opportunities and it is still ongoing right now. Yes, it is true that there are so many scammers and frauds in this type of mining business and I witnessed many of them most especially those who made their add just for the purpose of playing advertisements...the developers made the money but the miners don't because the project is lousy and will never make it to exchanges. We have to be careful as this can be a time waster, in the first place. I understand that there is also a risk of a malware attack here which can gather our necessary details and can even compromise our digital wallets.
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There is nothing to doubt about mining, the only challenges here is that many don't understand the difference between the various mining we have and what differentiate them from each other, POW and PoS mining is entirely different from cloud mining, there are requirements to how you can mine bitcoin as one have to set up a mining rig, while other cloud mining seems to be the unrealistic ones as many tends to be scam whereby you mine on what you're not going to be rewarded of.
Dude there is no such thing as POS mining. POS is basically interest on a deposit. Much like money in a bond or a bank account.
If you are doing POS and that coin calls it mining they are simply lying to you and calling it mining when it is not mining at all.
Now this would be USA tax code. Not my definition you may be in a country that allows it to be called POS mining.