Post
Topic
Board Mining speculation
Re: New to cryptos - looking for opinions on lifetime cloud vouchers
by
Mabsark
on 31/08/2014, 16:06:10 UTC
I would also avoid all mining and cloud mining - it does nothing other than transfer money from your bank account to the company - there's no option for profit really when you do the numbers.

If you think mining is just there to transfer money to the miner makers then you have a serious misunderstanding of how bitcoin works. Mining is absolutely essential to bitcoin. Without it, there would be no transactions at all.

You don't need to mine with the purpose of making a profit, you can do it as a way to convert fiat into bitcoin without the hassles of dealing with banks and exchanges with regards to bitcoin. Some people might even mine for ideological reasons. Sure, making a profit is nice but it's not a necessity. If you're in it to make a profit, you're best off going with in stock miners instead of pre-orders as it makes difficulty estimations far easier and more accurate.