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 HippoNipple [You must be logged in to view images. Log in or Register.]

So this is a binary situation, either you farm bitcoin or you are a loser? Interesting.

Not sure how you came to this conclusion.

[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?

[Pokesan]

beast will always get its share.

enjoy your freedom while it lasts, coinlords.

the spooks are watching closely.

[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).

[Jazzy]

Thx for shaere

[Pokesan]

China told exchange operators to not leave Beijing this is good for bitcoin ???

[Raavak]

Just buy stuff with your bitcoins.