Can I mine cryptocurrency on my own?

[rightminds]

Sometimes ago a friend of mine told me some things that it is possible for to mine some cryptocurrency from the comfort of my home. Though the guy really explained to me some of the things involved but I was still sceptical about it because I never imagined if it was possible for an individual to mine cryptocurrency on his or her own. My friend told me that in order to be able to mine cryptocurrency on my own I needed some gadgets to be out in place. He mentioned those things but I can't even remember because I didn't believe in the first place. He told me it takes time and the whole operations must not be interrupted in any way otherwise the operation will start from the initial stage irrespective of the stage it is when it was interrupted. He told me that though those gadgets needed are somewhat expensive to acquire but if I can put them in place, I will have the privilege to mine as many cryptocurrency as I want. I'm now putting it out into public and I need an experienced cryptocurrency expert to really explain whether this is actually possible or not.

 

[Josemendez]

Yes , what you friend told you about Mining cryptocurrency is true . The issue here is that to mine cryptocurrency as an individual is quite costly and demanding .
The cost of buying the gadgets , maintaining them and also taking care of the electricity bills and the taxation , will be quite demanding on an individual.

This is why people who have interest in Mining but won't want to do it on their own , invests in cloud Mining sites . There the companies uses the Investment by other individual to find their Mining activities , and in return pays certain percentage to them . In as much as some of these cloud Mining sites are scam , some of them have stood the test of time ,and thus can be termed legit . Example is daulmine and Genesis Mining.

Finally , if you can be able to afford the cost of Mining as an individual , you will be make fortune from it.

 

[Ahmedo24]

Recently I read from an online Crypto currency media tracker that a company is buying new bitcoin mining machine worth $14million US dollars, I am very sure this is not small amount of money, @rightminds , I wouldn't know if that friend fo yours told you how expensive mining of bitcoin privately is ? .

All those people advertising mining through mobile phones or ordinary laptop or desktop are just doing to promote referal link that earned them peanuts at the expense of destroying their gadgets.
Let uss know if you have enough money to mine bitcoin conviniently.

 

[Yugocean]

This is true, mining cryptocurrency with devices is possible, however you have to understand certain mining things, not all device can mine all type of cryptocurrencies. And when you said, it is your friend who is encouraging, just be sure if that 'friend' of your is experienced or not? If not, then better do not go as per his plan.
Moreover, it will take lot of time (including electricity) to mine, a Bitcoin might take 5 years to be mined, while Monero and Dogecoin will take less time with short devices.

 

[Donkiz]

Wow, why am I hearing this for the first time? So as an individual, if you have the resources and the expertise needed for mining you can just start mining cryptocurrencies from the comfort of your home?

I have always thought that crypto mining is done by big corporations that uses there resources and connect to each cryptocurrency main site and are given the license by the owners of the cryptos to start mining. I didn't know that all it takes is the right information and equipments to start up your personal cryptocurrency mining shop.

 

[Prettybabe]

It is very possible to mine cryptocurrency. But your friend should have explained to you in detail that buying those gadgets and paying the electricity bill will cost quite a fortune, except you have that kind of money anyway.

What most people do is to come together and pull resources to buy those gadgets for mining....

 

[calisunshine11]

Wow, why am I hearing this for the first time? So as an individual, if you have the resources and the expertise needed for mining you can just start mining cryptocurrencies from the comfort of your home?

I have always thought that crypto mining is done by big corporations that uses there resources and connect to each cryptocurrency main site and are given the license by the owners of the cryptos to start mining. I didn't know that all it takes is the right information and equipments to start up your personal cryptocurrency mining shop.

you can simply mine it on your phone for free. the apps have a bright future. especially bee network and timestone. APPSTOR. Free.

 

[calisunshine11]

It is very possible to mine cryptocurrency. But your friend should have explained to you in detail that buying those gadgets and paying the electricity bill will cost quite a fortune, except you have that kind of money anyway.

What most people do is to come together and pull resources to buy those gadgets for mining....

The apps i suggested are free of cost and does not drain battery. You can install the apps and mine on your phone at a 0 investment cost.