Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Online Share Trading

Engage and learn about markets and trading online

Bitcoin Mining/Trading

Reply
Not applicable
When the Tulip Craze was going on with Bitcoin I said I'll start to look at it when the bubble crashes and the price settles. That seems to have happened and I attended a cloud mining workshop that was very interesting and started implementing the strategy they have developed to cloud mine bitcoins. Now as far as I understand there are some scam and unethical companies providing this, but the guys that developed the workshop tests the options on your behalf and give you the legitimate companies to use. What is the general opinion about bitcoins and bitcoin cloud mining on this forum? It seems to be risky but the return can be massive. In excess of 20% per month on your capital(other projects significantly more) paid in bitcoins. The people I attended the workshop with acknowledged that the risk might be high and therefore included some risk management strategies to compensate etc. They also suggest starting with you "pocket change" and compound so I though it was a good idea to take small risk and start mining. On this specific platform I get fractions of bitcoins every 30 min and for now compounding that. What do you guys think? Worth a bigger bite perhaps? No one knows what the value of bitcoins might be tomorrow so perhaps just keep growing the small investment and not add more capital. Very tempting though.
0 Kudos
Reply
15 REPLIES 15
Contributor
Are you planning on using your PC as part of a mining co-op? And straight into bit coins or into one of the alt coins?
0 Kudos
Reply
Not applicable
No, Purely purchasing mining capacity from a cloud mining company that use the investment hardware for mining. Straight into Bitcoin for now.
0 Kudos
Reply
Not applicable
...use my investment for hardware to mine
0 Kudos
Reply
Super Contributor
How are you going to compete with bigger players in cheaper countries ? Energy & bandwidth and hardware costs in SA will eat away at any profit you think of ever making. It's a waste of time and money if you ask me. You're better off trading. ;-)
0 Kudos
Reply
Valued Contributor
I assume the coins are being produced at or above cost in which case why not just buy on market ? sounds like a way for somebody with server capacity to sell it
0 Kudos
Reply
Not applicable
The coins are not produced in SA. As I understand it, Its a Cloud Mining Company that sets up server farms in locations where cost structures to mine bitcoins are optimal. Iceland for instance if I remember correctly. Its risky as I am not sure the company will always be able to mine bitcoins under the cost of production, but the return are big enough for me to take a small risk. For the current amount of GHS mining capacity I invested in I get about a 23% ROI per month in bitcoins. Its fluctuates a lot but have been getting my fractions of bitcoins every 30 min for the past week and a half. The Cloud Miner I am referring to is Bitknock https://bitknock.com/vip/webwealth Genises is another one but the returns are substantially lower. My Concern is that one day they will not be able to produce them under the cost of production anymore and the company fails with my investment
0 Kudos
Reply
Super Contributor
23% ROI per month ?? Yea right. Good luck with that venture. You know how the saying goes: If it sounds too good to be true......
0 Kudos
Reply
Super Contributor
Technically the processing power of the computers should get better and better (Moore Law).. That is if the company keeps hardware up to date to mine. Actually quite smart to cloud fund this project and the hard ware is cheaper in other countries as opposed to SA. What was the setup cost of this venture? I didn't bother much with Bitcoins, but how do you actually realise he return. Do you get Bitcoins in your wallet or are they kept on an exchange? Hopefully not MT. Gox.. And than how do you actually cash out if need be?
0 Kudos
Reply
Not applicable
Yes, Company is Hong Kong Based, so I presume they acquire hardware on the cheap. The person I spoke to that has been doing it since their opening up to the public for investment about 4 months ago said they order up entire production capacity of manufacturers' newly released technology. IÂ’m sure that an exaggeration but point is they keep on investing in hardware as it becomes cheaper/more powerful. Apparently cloud mining is a fairly new concept and would make sense to do it like that. I started with their smallest contract of $500 so risk is relatively small. Bitcoins are paid into an wallet every 30min. I can choose to transfer it to another wallet where I can then sell them on an exchange or do whatever with. Currently transferring little bits to a European Bitcoin "Vault" service with a debit card where i can spend bitcoins at most Merchants or withdraw cash (as soon as my card arrives from Europe) But for now investing in additional mining capacity to compound.
0 Kudos
Reply
Not applicable
Yeah, I know;....it probably is. PROBABLY still means its possible. Thats why I said Im trying this with a small amount of captial. Currently seems to be working, but who knows what will happen tomorrow. I guess I could extract my capital over the next 4 to 5 months and then have a "risk free investment" but then again lose out on the compounding opportunity. Who knows, probably is to good to be true, but what if its not. I'll keep you updated
0 Kudos
Reply
Valued Contributor
processing power of the computers is increasing but Bitcoin takes that into account and it gets harder and longer to make a coin
0 Kudos
Reply
Super Contributor
what bitcoin exchange do you use?
0 Kudos
Reply
Occasional Contributor

Mining was really popular few years ago, but I see that most of the people are trading with cryptocurrency now. I wanted to buy some ew equipment when mining was the thing, but I never did it. It might have been a mistake from my side because Bitcoin price is rising again and imagine if I managed to get some. Now I want to start trading and honestly I do not know much about it, that is why I use websites like https://investotrend.com/ to learn as much as I can about it. Good thing about them is that they have so many good articles that you can learn from.

0 Kudos
Reply
Contributor

You can easily exchange bitcoins for cash or assets like gold instantly with incredibly low fees. The high liquidity associated with bitcoin makes it a great investment vessel if you are looking for short-term returns. Digital currencies can also be a long-term investment due to their high market demand.

0 Kudos
Reply
New Member

Well, yeah you can definitely exchange bitcoin for cash, or gold, but you can not get a bitcoin in real life because it is a electronic currency, rather than gold that you can hold in your hands. Anyway, bitcoin is really such a currency that, considering that is literally FAKE, can make you a millionaire. I'm a investor myself and all the money I've made was thanks to bitcoin and businessupside.com . The last one was providing me with information, and the first one was providing me with money. What a perfect synergy huh.

0 Kudos
Reply