Does Cryptocurrency mining work?

[Ureka]

Personally I'm not a fan of mining Cryptocurrencies, as I don't believe it actually works and if it works how profitable it is compare to the energy, time and work put into it.
But I have seen people on this forum and else where say mining of Bitcoin really works and it's profitable, so as anyone on here successfully mined any Cryptocurrency to a reasonable amount before?

Please comment

 

[Joshua Farrell]

It works, but in order for it to work properly, a significant investment is always needed to get the equipment needed to mine it; so that in itself seems like it isn't "profitable" to most people who want to invest in mining. But, once the initial investment is recovered, it is actually cheaper to maintain the equipment, than one would expect. Yes, paying for a tech guy to make sure everything is in running order every now and then, and the electrical costs can be expensive in the long run, if Bitcoin maintains it's price, it actually can profit the miner, if few people are going after the same pools.

 

[hani20980]

That's not true i think BTC mining right now is a wast of time and money but a few years ago it was profitable

 

[Sherman198]

Mining is really not profitable this time around as it's so difficult to mine....apart from that, there are lots of scam sites who will promise you return but nothing eventually.....but I heard of a site called mineify but I have not tried it.

 

[Joshua Farrell]

That's not true i think BTC mining right now is a wast of time and money but a few years ago it was profitable

As I mentioned, it requires actual investment in the hardware. Yes, it is taking more time to mine, but that doesn't mean it isn't profitable for those who actually have spent the money in the physical hardware to do so.

 

[Ureka]

It works, but in order for it to work properly, a significant investment is always needed to get the equipment needed to mine it; so that in itself seems like it isn't "profitable" to most people who want to invest in mining. But, once the initial investment is recovered, it is actually cheaper to maintain the equipment, than one would expect. Yes, paying for a tech guy to make sure everything is in running order every now and then, and the electrical costs can be expensive in the long run, if Bitcoin maintains it's price, it actually can profit the miner, if few people are going after the same pools.

So you mean after buying the software I will earning profitably afterwards? And it seems one can't mine on a smartphone?

That's not true i think BTC mining right now is a wast of time and money but a few years ago it was profitable

Ooh I don't think I have seen anyone mine Cryptocurrencies, Bitcoin successfully and profitably. Why is it no more profitable now?

 

[hani20980]

As I mentioned, it requires actual investment in the hardware. Yes, it is taking more time to mine, but that doesn't mean it isn't profitable for those who actually have spent the money in the physical hardware to do so.

even with physical hardwares it's not giving high profits i heard some poeples saying they get about 3$ daily but the earnings become lower each day

 

[Ureka]

As I mentioned, it requires actual investment in the hardware. Yes, it is taking more time to mine, but that doesn't mean it isn't profitable for those who actually have spent the money in the physical hardware to do so.

so after buying all this software and hardware, and you begin mining, will you able to recover all the money you spent on this softwares and hardwares?

 

[Niftyyem]

When you look at the profits you think you made and your expenses, you'd realize how unprofitable it is.

 

[Ureka]

When you look at the profits you think you made and your expenses, you'd realize how unprofitable it is.

Yeah, someone said before you can mine profitably, you have to buy some equipments, softwares and hardwares that will be used in mining

 

[Niftyyem]

Yeah, someone said before you can mine profitably, you have to buy some equipments, softwares and hardwares that will be used in mining

You also have to put into consideration the huge amount of electricity needed which if not cheap your location can gulp a huge percentage of your funds.

 

[Peterlight]

Yes it works usually it might take long without investment but if you are looking for a great mining site go check Google and look for number one recommended bitcoin mining site

 

[Ureka]

You also have to put into consideration the huge amount of electricity needed which if not cheap your location can gulp a huge percentage of your funds.

Ooh, it's just better someone finds another good investment, because at the end of th Day befote you even start mining, you have spent a lot of resources

 

[Ehizzy1]

The only crypto i have mined is electroneum and it took me some days to be able to mine the crypto , so its possible to mine but you earn little Cash

 

[Ureka]

The only crypto i have mined is electroneum and it took me some days to be able to mine the crypto , so its possible to mine but you earn little Cash

Ooh, elecrroneum? What's that, is it still available?
And yes mining of Cryptocurrencies is not profitable, it's not worth it.

 

[greenie]

So you mean after buying the software I will earning profitably afterwards? And it seems one can't mine on a smartphone?


Ooh I don't think I have seen anyone mine Cryptocurrencies, Bitcoin successfully and profitably. Why is it no more profitable now?

there is no point in mining from the phone, you have low speed and you definitely need a lot of time for a small amount, I don't think it's worth it.

 

[Ureka]

there is no point in mining from the phone, you have low speed and you definitely need a lot of time for a small amount, I don't think it's worth it.

Ooh, I'm getting conflicting answers now, someone just told me he was able to mine electronum coin just last year from his smartphone

 

[greenie]

Ooh, I'm getting conflicting answers now, someone just told me he was able to mine electronum coin just last year from his smartphone

In my opinion , i don't see mobile mining profitable right now.. maybe i'm wrong.

 

[Ureka]

In my opinion , i don't see mobile mining profitable right now.. maybe i'm wrong.

Well, maybe there was a trick he used to mine the Cryptocurrency, but he said it is possible, might be slow though, to mine on smartphone.

 

[greenie]

Well, maybe there was a trick he used to mine the Cryptocurrency, but he said it is possible, might be slow though, to mine on smartphone.

Maybe if you have 30 phones connected, then it is profitable over time, i don't know. Ask your friend how he made a profit from phone mining and how long and come up with an answer if you want