Are bitcoin mining legit?

In the context of the cryptocurrency industry, phishing scams target information related to online wallets. Specifically, scammers are interested in the private keys of the crypto wallet, which are the keys needed to access the funds inside the wallet. Their working method is like that of many standard scams. They send primary headlines an email to a purpose-built website that asks them to enter private key information.

Once hackers have acquired this information, they can steal the cryptocurrency contained in those wallets. Bitcoin mining farms exclusively use ASIC miners to mine multiple coins. Many of these farms mint several Bitcoins per day. When Jonathan* stumbled upon an Instagram account that flaunted huge cryptocurrency profits, he thought he had found a gold mine.

Secondly, because you own ASICs in placement mining, you can decide which coins you want to mine and how you want to mine them. A common question people ask themselves is whether they can simply invest in mining companies instead of trying to mine themselves. Bitcoin Miner is a good example of cryptocurrency trading software that uses algorithms to facilitate cryptocurrency trading by scanning the market and observing historical data, such as how the market has changed. Placement mining is a commercial agreement between a bitcoin mining management company and a customer.

Instead of stealing credit card and bank account data, cryptocurrency-related malware is designed to gain access to your web wallet and drain your account, monitor the Windows clipboard for cryptocurrency addresses, and replace your legitimate address with an address that belongs to a scammer, or even infect your computer with a cryptocurrency miner. If you can find cheaper energy than other miners, you can afford to increase the size of your mining operation or spend less on your mining to get the same output. There are several legitimate cloud mining services that allow users to rent server space to mine coins at a set rate. You can still mine Ethereum and a few other coins profitably with GPUs, but when it comes to mining, Bitcoin - no, not even close.

The peculiarities of Bitcoin's mining economy mean that no matter what Bitcoin prices do, it will always be better to buy the equivalent amount of Bitcoin rather than trying to invest that money in a mining scheme. If you want to mine, but don't think you have enough money or experience to start your own mining farm, placement can be a great way to start mining.

Shelly Riechman
Shelly Riechman

Infuriatingly humble music junkie. Award-winning student. Wannabe zombie aficionado. Hipster-friendly troublemaker. Social media enthusiast.