I am a total mining newbie interested in dipping my toes into the world of mining.
So I've set up chats with a few mining hosting providers to gather more info.
To be able to ask better questions, I wanted to pick SN's collective pool o' brains. What would you suggest I ask / focus on?
A bit of context of what makes me interested:
- I want to deploy some of my sats to earn more sats over the long haul.
I'm in no rush, as long as I eventually (likely) see my initial investment plus some more sats some day. - I want to go in with a small amount. Think no more than .2, preferably closer to .1
I'm not against putting in more later, but this is me testing the waters. - I don't care about tax benefits like depreciation or whatnotelse.
These are very specific to whatever jurisdictions people fall under (or not). Plus I'm not a tax resident in the US, either, which most providers seem to tailor their advice around.
Things that make me hesitate:
- I don't like giving up custody of sats.
Obviously a given, so I need to feel confident enough I won't get rugged. - Don't know how to tell which mining providers are legit.
They all have great testimonials - as many as anyone could buy. But how do I tell which ones are legit? - I have no idea how fast miner hardware becomes uneconomical to operate.
So if anyone has advice on what to ask, also which providers people have good or bad experiences with, I would love to hear from you.
Or, heck, if using a provider is a waste of sats to begin with, I would like to hear that, too.
Chech out Braiins and @Rigly
#1416714
I think @BlokchainB might be able to provide you with some information
I been a satisfied customer of compass mining for a few years now. So far so good it’s been going okay not great but far from terrible . I mined a good amount of BTC and I plan to mine more with them until I can’t.
It’s has been a really rough road lost tons and tons of fiat but overall I can’t complain too much
mining hosting providers are a scam.
Host your own miner if you want to mine.
If you can't afford that, you better just mine for heat.
I was mining in 2013 with my own hash power and HW, at home. There were many "hosting mining" scams but never fall for those scams.
not your hash = not your coins
Can you elaborate for the OP on why hosting providers are a scam?
Don’t get me wrong. I host my own miners at home as well.
I was about to give more explanation, but then I had a final thought: bleah... let them be rekt. They deserve it. More sats for me.
Makes sense.