cryptocurrency

[Iandyan]

Is it actually worth investing in a mining rig? Or would you be better off using the money you would have spent on mining equipment/electricity to just buy the currency?

[Izmael]

Originally Posted by Iandyan [You must be logged in to view images. Log in or Register.]

Is it actually worth investing in a mining rig? Or would you be better off using the money you would have spent on mining equipment/electricity to just buy the currency?

Mining is a pretty sure fire way to make money. Investing is investing - you can make or lose money depend on luck, your skills and a ton of other factors.

[hokuten99]

Originally Posted by Iandyan [You must be logged in to view images. Log in or Register.]

Is it actually worth investing in a mining rig? Or would you be better off using the money you would have spent on mining equipment/electricity to just buy the currency?

mining is worth it if you are tech/computer/hardware savy. I was born into this industry so it comes easy to me.

If you understand economies, supply and demand, basic human nature, anonymity, security, investments then this is a good thing to get into. mining or investing into it.

If you aren't good with any of these things you probably should just stick with whatever you are good at. completely up to you though I don't know how dedicated you are to succeed.

[MrSparkle001]

So this may sound noob (because it is) but how do you get paid when mining? Say I want to use nicehash...how do I collect?

[Izmael]

Originally Posted by MrSparkle001 [You must be logged in to view images. Log in or Register.]

So this may sound noob (because it is) but how do you get paid when mining? Say I want to use nicehash...how do I collect?

Nicehash is a decent way to start mining if you're new to it. It makes pretty much all decisions for you (but takes who knows how big of a percentage of what you make).

After you are comfortable to fly on your own wings you can switch from Nicehash to another way of mining and make more.

I actually tried Nicehash on one of my rigs (brand new Win 10 with 6x GTX 1070 with latest drivers) and it crashed repeatedly.

But I'm sure it works for a lot of people. It's great for non-techies because you don't have to learn a million things about hardware and software. It also has that "idle mining" feature which is certainly good for people who don't have dedicated mining equipment but just have their computer and would like it to mine a dollar or two while they are not using it.


As for collecting the earnings, Nicehash will pay you in bitcoins. Whatever coin you're mining, it will convert to bitcoin (after taking an additional fee, of course) and credit it to the bitcoin account you automatically open with them. Then your bitcoins (or fractions thereof) are yours to transfer to another bitcoin wallet or directly to a merchant website that accepts bitcoins. If you want to convert bitcoins to fiat money (ie: state-backed money such as USD or EUR), you can use bitcoin exchanges or sell directly to someone you know or find online (beware scams).

I'm not sure how hard it is to do it if you're in the USA. I suppose it's harder than in other countries. I know some exchanges require additional paperwork if you're from the USA and making bank transfers to/from USA accounts isn't easy if at all possible.

Basically regular banks don't like cryptocurrencies such as bitcoin very much. Cryptocurrencies remove the need for banks, that's why.

Also country governments don't like cryptos too much because they have no control on the transfers (read: can't tax them).

[AzzarTheGod]

Originally Posted by Izmael [You must be logged in to view images. Log in or Register.]

I'm not sure how hard it is to do it if you're in the USA. I suppose it's harder than in other countries. I know some exchanges require additional paperwork if you're from the USA and making bank transfers to/from USA accounts isn't easy if at all possible.

Since 9/11 any type of banking transfer is pretty extreme in the USA and requires a lot of extra paperwork for the bank and making sure that you are fully identified via date of birth and Social-security number, your citizen identification number. Anyone who can't fully identify themselves won't be able to receive anything. the overseas bank then has to confirm this information through a request to the US government.

Its a waiting period and most foreign banks dont want to request the US to approve every single customer and report to the US every single transaction, its a hassle. Sometimes the bank won't get a reply from the US government, and they have to request authentication again. Lack of reply or unspecified holds on a customer that are never specified so they cannot tell the US customer what the problem is, are major reasons why Euro banks don't deal with US customers.

The paperwork piles up fast when dealing with a US citizen. The bank ends up feeling like its asking US permission for every single dealing. Its definitely not the best country to live in for bitcoin exchange.

[Slathar]

If you're just now getting into it you need massive amounts of money to make more money. If you're mining now, you're wasting your time.

[AzzarTheGod]

Originally Posted by Slathar [You must be logged in to view images. Log in or Register.]

If you're just now getting into it you need massive amounts of money to make more money. If you're mining now, you're wasting your time.

Was going to post this earlier. Its funny to see the same questions people were asking 10 years ago regarding "should I buy equipment" / "should I farm".

10 years ago we asked the same questions. It turns out, yeah 10 years ago, you should have invested 50k in farming gear and went to work. BUT EVEN 10 YEARS AGO, the insiders still had extreme advantage. The people with the connections to China equipment at wholesale dirt cheap prices were the guys making the real fast money because they recouped costs the fastest and when chip upgrades came out, they would have early access to them.

In 2017 you would need to spend mega bucks, have a GREAT location *cough not on the US power grid* and have a great equipment hookup in China to make it worth buying in.


These guys in this thread might make a few bucks...thats about it. Why not apply for SNAP/FoodStamps and sell them on the street? Or hey, if you're a real criminal that plays for keeps and doesn't have a problem with potential prison time, there is a big market in purchasing birth certificates of people from Puerto Rico who have no intention of entering the United States and "ghost entering" them and applying for 4-5 benefit programs of the 5 Puerto identities you bought. DISCLAIMER: I'm not saying anything that the mainstream media has not already informed the public on, and I am not suggesting anyone do this or explaining how to do anything. Get off my back.

but hey youll make more than you will farming bitcoin as a hobby. im giving a criminal example because farming bitcoin is arguably equally as desperate an act. That's right I said it. Bitcoin is DESPERATE.

[Pokesan]

beast will always get its share.

enjoy your freedom while it lasts, coinlords.

the spooks are watching closely.

[Jazzy]

Thx for shaere