I need help. I am a noob in bitcoin mining. I have been seeing ads about mining platforms and I want to know what's working and what doesn't. Thanks
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Do you have a bitcoin miner? If not, you don't need a mining pool.– David SchwartzCommented Apr 10, 2020 at 4:29
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3 Answers
Most well-known and long-running mining pools are legit. You will need to buy and operate your own mining hardware though. This can be expensive, so first you need to run the numbers and see that it is probable that you will make a profit. Also make sure you have a place to run the machines where they will get enough electricity and you have a good way to handle all the heat they produce.
In later years there is also a scam called cloud mining. You don't need any machines. You give your money to some people, then they take it and disappear. It's not a good idea. There are some (very few) that don't steal. You can pay them 1 bitcoin per month and they will mine 0.9 bitcoin for you. This is also not a good idea. In some cases they are giving you back a fraction of the bitcoin you paid them, without doing any mining.
Here is why there is no cloud mining that makes sense: If you ran mining hardware producing 1 bitcoin per month (after electricity is paid), would you rent it out to random people for less than 1 bitcoin per month? No, noone would. So don't look for this kind of service, you will only get scammed.
Which bitcoin mining sites actually work and don't scam people?
None of them work and they are all scams.
The only way to mine Bitcoin is to relocate somewhere with free or very very cheap electricity, spend a lot of money on the latest ASIC mining rigs, join a carefully-researched reputable mining pool and hope that you can recover your costs in the few months before the ASICs become obsolete.
answered Apr 8, 2020 at 15:23
they are all scams like profile ,and free mining club. they don't ask for money until you think you've mined there minimal withdraw . Don't waste your time I tried these sites .
