Cloud Mining / Mining
By Honey143
@sw8sincere (5204)
Philippines
November 7, 2017 9:17pm CST
Who among you in here is familiar with cloud mining? Cloud mining enables users to mine bitcoins or alternative cryptocurrencies. Recently a friend recommend me to try this as he is also into this and earning a lot from it already. They say that all we have to do is input our bitcoin wallet to any cloud mining site, invest from that site and watch till our invested money grows.
I am kinda interested to try this but also kind of hesitant because it might be a scam or something. Any ideas which site would be legit to join? or do you guys have any thoughts about mining?
6 people like this
6 responses
@louievill (28851)
• Philippines
8 Nov 17
As what @AkoPinay said, the best way to profit with bitcoins if you have money to burn is just buy satoshis or bitcoins from a site like coinsph, ( since you are from the Philippines), as much as you can afford to lose, then store it in a wallet that you control the private keys, hardware wallets like ledger and trezor for large amounts and software wallets like electrum for desktops and coinomi for phones if you will only be dealing with small amounts. Store all the coins and "hodl" or hold on to it, till the price go up.
The reasons why I do not like to go cloud mining are
- I do not want to entrust my money to a third party that might disappear, might as well buy the bitcoins and control it myself.
- ROI is long, years not months, btc fluctuates and if your money is stuck on those contracts you would lose the chance to play buy and sell.
- Bitcoin is a finite resource, only 21 million would be minted and degree of difficulty increases as time goes by.
- If mining is really profitable or indeed they are really mining and not a Ponzzi then why would they let you join in? Get your money, do referrals and such. The biggest mine farms in China will not let you join they mine it for themselves and put up their exchange sites.
Weigh things before you join and put in your hard earned money, do your research and educate yourself before diving in, I wish you all the luck on your plans.
2 people like this
@cahaya1983 (11116)
• Malaysia
22 Nov 17
I'm not on the bitcoin bandwagon, so can't really say anything about it. Maybe you can check the bitcoin forums online to read other people's experience?
1 person likes this
@misunderstood_zombie (8142)
• United States
20 Nov 17
I don't use bitcoins, so this isn't for me. Though, it sounds cool.
1 person likes this
@ssaeed (20)
• Abuja, Nigeria
20 Nov 17
actually mining is good and fast and you can earn money real fast but you don't know if the site is legit!
@sw8sincere (5204)
• Philippines
20 Nov 17
yes that is very true my friend so we better do some research first.
1 person likes this