Questions about mining

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Written by
4 years ago

Why do so many that are veterans in the crypto community say that

cloud mining and contract mining are all scams?

If tat it's so widely known, then why are so many doing it?

How do people make money in this type of mining? I understand what

they are paying for, mostly. But I need some examples of how it actually

plays out. Examples of what they get paid and how often.

I don't understand why the people they are paying even want to do it

this way unless they're using the customers as a loan. But if they ever

successfully mine even 1 block, after that they shouldn't need a loan.

What about mining for BCH? Do you have to mine bitcoin to do that?

...................................................................................................................

I feel like I have a bunch of questions that I'm not able to put into words.

Part of the problem is most people that write about crypto related stuff

just explain the same stuff as everyone else. I end up reading the same

info over and over just put into different words. There is either a bunch

of fundamental information missing or difficult for the general public

to find, or I'm really unlucky at finding it or an oblivious moron lol.

Whenever I attempt to dig deeper I run into reading stuff that may

as well not even be English.

I've been reading a lot about mining and other crypto stuff off and on

for a few years now. I feel like they always start out like they're

explaining things to 1rst. graders, then next paragraph they're talking

to seniors. Why are they all like that?

Whenever I come to understand this stuff [finally] I pledge to remedy

this problem.

Thanks in advance for your time in reading and answering my questions. This is wonderful community with a collectively big heart!

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Written by
4 years ago

Comments

I think the problem is people are greedy and uneducated. I wrote this article on facebook scams if you have a moment - https://www.publish0x.com/howtoearnbitcoinonline/lets-take-a-look-at-crypto-scams-on-facebook-who-signs-up-to-xxdygy?a=Mvbmv3rdYA

Some of these are absolutely LUDICROUS - yet people sign up to them. $200,000 for free - yeah no worries mate sounds legit lol..

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User's avatar howtoearnbitcoinonline
4 years ago

While the concept of mining at its basics may not be that difficult to get one’s head around, its actual purpose may be a little trickier to understand.

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User's avatar DZ4FREE
4 years ago

It's not really the mining it's I'm asking about. Although I have more to learn there too.... Was confused about how it works if you don't do it yourself.

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User's avatar bregecko
4 years ago

I like Elevate group mining. One buys the miner and they operate it in russia. A very professional team. Rather than all those renting platforms.

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User's avatar StarLord
4 years ago

How does that work? Do you make money with them yourself?

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User's avatar bregecko
4 years ago

No i am not invested but the team is legit. I have followed them for 1.5 years now. They set the standard in the marketplace for transparency and delivering great value and service. You buy the miner and you get the bitcoin paid daily via a cool dashboard. They have the lowest electricity costs in the world probably. Here is the site. https://elevategroup.io and Telegram where the guys are on every day.... https://t.me/ElevateGroup

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User's avatar StarLord
4 years ago

Thanks man ;)

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User's avatar bregecko
4 years ago

Personally, I don't venture into cryptocurrecy mining anymore. Most mining websites are scams....Really! They may pay you in the beginning, later they show you what they are or disappear with investors money. Some will hide certain information in the beginning, after investing good money into it they start telling you certain conditions so that withdrawal of money will be difficult for you,e.g kapitalof.com and some others. I can't count the amount of Dogecoin, litecoin, bitcoin and Russia Rubles lost to those scammers from my hard earned money. Yet, some are up and doing but not that profitable; e.g eobot, genesis etc.

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User's avatar Olad
4 years ago

not sure that my answer is going to help you or not but i will try. mining itself isn't a scam, actually mining is vital in the world of cryptos. but you have to know what is mining at the first place. in short, mining is the processing of transactions in the digital currency system.(i will write an article soon explaining that and more technical termsvery soon) BUT if you are talking about websites that asks you to invest money to mine btc, then yeah it's surely a scam. they take your money and use it in as a pyramid or a ponzi fraud. (check this for more info https://read.cash/@hamedbkh/adam-and-the-broken-rules-how-to-identify-a-crypto-scammer-4a942ee2 ) hope that helped even a little

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User's avatar hamedbkh
4 years ago
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