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What is Bitcoin Mining?

Discussion in 'Android Apps & Games' started by Steven Taylor, Jun 28, 2019.

  1. Steven Taylor

    Steven Taylor Lurker
    Thread Starter

    Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. Nonetheless, mining has a magnetic draw for many investors interested in cryptocurrency. This may be because entrepreneurial types see mining as pennies from heaven, like California gold prospectors in 1849. And if you are technologically inclined, why not do it?
     


    racibennett likes this.

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  2. lvt

    lvt Android Expert

    It's not worth mining nowadays unless you are willing to invest heavily, for example building a mining farm in a place where electricity is really cheap.
     
  3. lvt

    lvt Android Expert

    Any suggestion involving your personal computer or insisting you to buy a remote mining package is purely scam.
     
    #3 lvt, Jun 28, 2019
    Last edited: Jun 28, 2019
    mikedt and Hadron like this.
  4. Hadron

    Hadron Smoke me a kipper...
    VIP Member

    The waste of energy in cryptocurrency mining is criminal.
     
    mikedt and psionandy like this.
  5. NAskert

    NAskert Lurker

    Under what circumstances will it become unprofitable?
     
  6. mikedt

    mikedt 你好

    When the electricity consumed costs more than the amount of cryptocurrency value generated/mined. Which is now I believe.
     
  7. Eric Harper

    Eric Harper Member

    Be prepared for never ending headache lol
     
  8. James L

    James L Android Expert

    I buy and sell small amounts under $500 at a time and make a nice profit.
     
  9. dontpanicbobby

    dontpanicbobby 100% That Guy
    VIP Member

    Can you get cash from Bitcoin Mining?
     
  10. dontpanicbobby

    dontpanicbobby 100% That Guy
    VIP Member

    I like that. Got a link?
     
  11. RuMorrison

    RuMorrison Lurker

    Well dude, cryptocurrency mining is really costly, however in case you are smart enough, and you understand how it all works, then it will be rewarding for 100%. In case you do something wrong, like you choose the costliest internet connection, or you don't find cheap electricity then surely it will not be rewarding at all. In case you are not sure about mining, then just go and create a forex Islamic account and start trading. Get a good fbs deposit and get on trading. However, i consider that mining is great, in case you will be doing everything correctly then it will be really rewarding.
     
    #11 RuMorrison, Nov 13, 2020
    Last edited: Nov 17, 2020

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