Reason why people do not believe in mining

[Rruchi man]

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.

You are a complete noob from what I see, because if it is bitcoin mining on mobile phone, that is a complete lie that some developers started to deceive people like you. People are mining altcoins and shitcoins on mobile, and many people simply do not believe enough in it because it is only on rare cases and instances that someone has been able to really profit from mining these shitcoins. If you want to profit from the crypto space, you have a better shot at trying to invest directly in it.

[bisdak40]

If it is cloud mining then I think many people would not believe it because many fake cloud mining industries advertise to people to invest which causes possible scams. Cloud mining is good because you will not own physical hardware like GPUs which is expensive but research is essential research for legit cloud mining operators to ensure the safety of your money.

[JoyMarsha]

OP, the mining of coins you are talking about, is it the farming of coins with phones? If it is, it is a complete waste of time; no better payment is involved. That's why people don't believe in it.

After the successful payment of Notcoin, no other mining projects have successfully paid those who participated in their project. It has been different promises of launch dates that are not coming to fulfillment any time soon. Less I forget to add, most mined coins being mined today, are mostly shitcoins, they can't in any way compared with bitcoin

[Doan9269]

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.

People were not interested on anything that does not constitute a higher percentage of being a reliable thing they can do and earn money from, considering the fact that some of them already were having previous experience on scam on related projects in which they have invested their time, efforts and money and everything fades away within a blink of an eye, therefore being afraid of taking risk is one of the most crucial thing they cons

[|MINER|]

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.

Actually, mining is designed that way. If you notice, you will see that the mining algorithm is set in such a way that the more the number of miners increases, the more the difficulty of this mining will increase. And this is where Satoshi Nakamoto succeeds Because we are seeing his algorithm is completely worked now.
And I want to also say that  for this algorithm if you want to mine others cryptocurrency like altcoins then there will be also risk because not all altcoins are profitable some of their price also decrease after mining ultimately day by days mining becoming for harder for new comers.

[philipma1957]

--snip--

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.

I gained both btc and fiat mining with cex.io

but most cloud mining was heavily stacked to favor the cloud not the miner.

[philipma1957]

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.

pos mining is a misnomer. it does not exist.

it is miscalling simple interest on a stake as mining.

[bayu7adi]

Cloud Mining??? If you think about it again, most cloud mining is indeed illogical..... just imagine someone has a computer or mining machine that can generate money for example $10 per day but for no reason has to rent it to someone else for $8 per day... from there we should all understand that maintaining and generating money should be able to be done directly by the cloud mining company, and should not need to rent because he can earn his own money....

This type of fraud model still exists today, and there are still many victims... what makes it interesting is that the victim feels that without doing anything, as long as he pays some money, he will be rich in the future. In fact, this requires logic and consideration before making the decision.

[ABCbits]

--snip--

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.

I gained both btc and fiat mining with cex.io

but most cloud mining was heavily stacked to favor the cloud not the miner.

That's why some people say cloud mining is either scam or not profitable. It's also worth to mention that the provider could charge unfair electricity, maintenance or withdraw fee.

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.

What kind of mining task that require zero dollar? It's impossible unless you can obtain both mining hardware and electricity for free.

[Themepen]

Cloud Mining??? If you think about it again, most cloud mining is indeed illogical..... just imagine someone has a computer or mining machine that can generate money for example $10 per day but for no reason has to rent it to someone else for $8 per day... from there we should all understand that maintaining and generating money should be able to be done directly by the cloud mining company, and should not need to rent because he can earn his own money....

This type of fraud model still exists today, and there are still many victims... what makes it interesting is that the victim feels that without doing anything, as long as he pays some money, he will be rich in the future. In fact, this requires logic and consideration before making the decision.

I completely agree with you. Cloud mining schemes mostly look too good to be true and that is because they usually are. It does not make sense for someone to rent out profitable mining machine to others when they could be generating profits themselves. This type of setup is mostly red flag for Ponzi scheme or other fraudulent activity. It is alarming that people still falling victim to these scams greed by the promise of easy wealth without effort. Critical thinking and skepticism are important when evaluating such opportunities. If it looks too easy or requires minimal effort so it is alarm that that is trap. We should always prioritize logic and careful consideration before investing money.

[Findingnemo]

Cloud Mining??? If you think about it again, most cloud mining is indeed illogical..... just imagine someone has a computer or mining machine that can generate money for example $10 per day but for no reason has to rent it to someone else for $8 per day... from there we should all understand that maintaining and generating money should be able to be done directly by the cloud mining company, and should not need to rent because he can earn his own money....

This type of fraud model still exists today, and there are still many victims... what makes it interesting is that the victim feels that without doing anything, as long as he pays some money, he will be rich in the future. In fact, this requires logic and consideration before making the decision.

I completely agree with you. Cloud mining schemes mostly look too good to be true and that is because they usually are. It does not make sense for someone to rent out profitable mining machine to others when they could be generating profits themselves. This type of setup is mostly red flag for Ponzi scheme or other fraudulent activity. It is alarming that people still falling victim to these scams greed by the promise of easy wealth without effort. Critical thinking and skepticism are important when evaluating such opportunities. If it looks too easy or requires minimal effort so it is alarm that that is trap. We should always prioritize logic and careful consideration before investing money.

I guess you both don't know what you're talking about.

Cloud mining is indeed possible on theory cause being solo miner is hard so possibility of finding a block is lesser than winning a lottery so if one could increase their hash power by combining more machines then they have better chance but those days are over, Bitcoin mining isn't possible with CPU and GPU so if anyone says cloud mining now then we can conclude it's just scam.

[SamReomo]

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.

What you're trying is say here is the cloud mining and that's just a way that scammers found to scam lazy guys. Mining isn't a child's play these days, because one has to purchase costly ASIC miners to start mining Bitcoin as difficulty of network is increasing each cycle.

And, it's a quite tough job to operate a mining farm but surely the rewards one get by operating a mining farm are quite good and that's why the ones who are into mining will never even think about going somewhere else.

[philipma1957]

myself and three partners had over 1.5 million invested in our mine and our infrastructure.

It always turned a profit every year.  but when a 35,000 a month profit drops to 5,000 a month all split four ways the time to end it has happened.  so it ended this year.

[gabbie2010]

I would have get involved in mining unfortunately it's a massive capital intensive investment and I believe that is why people are not interested in it, there is also the issue of high power consumption by the mining rigs this is another problem associated with mining instead investors would rather stake or buy crypto at low price and hodl for a long term profit with less effort instead of wasting their time and effort on mining with is hard to setup and its maintenance too can be very challenging, though early miners used PC to mine crypto and earned some reasonable amount of money , however as time goes on it was not longer sustainable.

[bayu7adi]

I would have get involved in mining unfortunately it's a massive capital intensive investment and I believe that is why people are not interested in it, there is also the issue of high power consumption by the mining rigs this is another problem associated with mining instead investors would rather stake or buy crypto at low price and hodl for a long term profit with less effort instead of wasting their time and effort on mining with is hard to setup and its maintenance too can be very challenging, though early miners used PC to mine crypto and earned some reasonable amount of money , however as time goes on it was not longer sustainable.

I also realize that the price of mining machines is indeed too expensive for me, even starting a cryptocurrency mining business is quite difficult for me... but at least it is not cloud mining that often deceives new users... it is better to fail after trying mining using ASIC or Antminer or others, than to become a victim of cloud mining fraud... at least there are more lessons that we can learn when we actually become the perpetrators directly, not through intermediaries such as cloud mining.