WOW I cant believe How Easy it was to set up Crypto Mining on my PC BUT will it make me a millionaire???

stephen-somers (63)in #bitcoin • 8 years ago

Sorry for the Spammy sounding headline, I saw someone just post their affiliate link for Minergate on the feed today and it made me think ..

Hey that's Not what Steemit is all about...this is a place for discussion so I looked at a post I put on my Crowdify.club blog a few months ago and thought its time for an update and repost over here on Steemit.

I have been cloud mining for Bitcoin , Ethereum plus a couple of other ALT Crypto coins for over 6 10 months,with various results. ~~I recently~~ Back in may 2016 I came across a news story online that talked about a miner that has a easy to set up utility software that runs on your standard PC or Mac desktop or laptop. I was skeptical as everyone had told me you need super special computers to start Crypto mining but I though I'd give it a go...AND WOW I'm glad I did.

Within less than 10 minutes I'd signed up, it had suggested the correct version for my computer, installed the software, signed in and it was off and mining the most profitable Crypto chosen by their algorithm. ( I have learned that this option may not always be best for me)

The user interface is easy to understand and shows which Cryptocurrency is being mined you can even mine more than one at a time...with some running on the same processor at the same time. Cool hey!!! ( This concept of merged mining is very cool but if anyone can tell me how and why it works)

How Easy...check out more info on this link

[https://minergate.com/a/806e2fe179162768b92572ff]

(Yes they have an affiliate program. So even if your computer isn't the most powerful around if you refer some of people who have ~~better~~ more powerful computers you can make some commission.)

UPDATES:

(June 3) So I have been running the Minergate software in the background on my ASUS laptop (4 core Intel i5 Win10) for 3 days and all seems to going well. Even running at maximum it doesn't seem to take too much away from the running of web browser which is great. I have enjoyed researching more about the ALT Coins that are mined although a bit disappointed the DASH and Dashcoin are different so I hadn't mined as much value as I thought. One important note is to check the fee for withdrawal for the different coins with the fee for Monero (XMR) 0.1 being much higher than most of the others.
(June 14) So after a couple of weeks of background mining on my laptop I can say that you aren't going to become a millionaire from doing this sort of Alt coin Mining But I never realistically expected that. I have learned so much more about other crypto currencies. I will definitely still run this background app and keep building up some Alt Coins... some are trading at tens,hundredths or even thousands of a cent so if they do take off a small amount could become worth a lot. The best mining return for effort to this point has been Fantomcoin (FCN) but I think that is due to its price jumping up recently.
(June 23) Well this CPU Cryptomining with Minergate is ticking along making coins in the background whenever I have my computer on...but man they mine some weird coins that I've never heard of...But how do I convert them to a more mainstream cryptocurrency? In the Minergate back office they promote their own exchange ( Changelly ) and some of the coins are on the big exchanges Poloniex ( Dashcoin DSH, Moneta Verde MCN) Bittrex ( DigitalNote XDN) but almost all the coins can be exchanged on HitBTC ( my referral link: [https://hitbtc.com?ref_id=576b2f19424a9] ) and Ive found them easy to use although Ive not made a fiat withdraw from them to my bank account.
(June 23) Well this CPU Crypto-mining with Minergate is ticking along making coins in the background whenever I have my computer on...but man they mine some weird coins that I've never heard of...But how do I convert them to a more mainstream cryptocurrency? In the Minergate back office they promote their own exchange ( Changelly though I cant workout how to use this ) and some of the coins are on the big exchanges Poloniex ( Dashcoin DSH, Moneta Verde MCN) Bittrex ( DigitalNote XDN) but almost all the coins can be exchanged on HitBTC ( my referral link: [https://hitbtc.com?ref_id=576b2f19424a9] ) and Ive found them easy to use although Ive not made a fiat withdraw from them to my bank account.
( August 7, 2016) So after 2 months I think Ive managed to mine about UD$3 , is it worth the effort considering the electricity and time... well I still think yes. The mined coins value is quite volatile (as has been the whole crypto space) so the question is, do I keep the coins in the mined form or convert to Bitcoin? The main reason is that it has opened me up to so much more learning and information about the whole crypto concept.

Id love to hear any comments of other feedback the community might have.

#crypto-news #crypto-mining #money