Bitcoin Mining and cloud mining,
This is a interesting area of bitcoin and most alternative coins, and most people who mine early in the life of a new coin do well, the first 1-2 years of bitcoin mining would have been brilliant for many people who mined and sold their coins theymade since mid 2013, on exchanges or purchased goods etc or purchased fiat currency
Currently there are many services for bitcoin mining but its become an arms race for the best mining gear, sonow the setups have become big mining farms like in China and other places Iceland due to cheap power etc.
for bitcoin mining runs the network and makes it secure, other coins like peercoin now work very differentwith both POW and POS hybrid,
my concern is with social media and bitcoin mining groups that are run like MLM multi level marketing and pyramidtype setup, these groups can take 60% of the profits away from the investor in the payouts from mining,
cloud mining is something i need to look more into, for me unless you mined bitcoin in the first 3 years to 2012,it could be a waste of time unless you are a large professional setup.
consider this, I have been informed of a large mining farm in china, they spend 6.5 million per year in running costs and they make 8 million, so. 1.5 profit per year, but in about 300 days the mining rewards will half with bitcoin
makes me wonder how this Chinese farm will go, the bitcoin price will need to be $500- each in 300 days,or the farm will not be viable, I don’t know all the details but its a outsiders basic look at the system.
Helpful links below:
P.S (These are my own personal experiences and I am self taught)
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