Home Cryptocurrency news. Play Now! Tags: cloud mining company cloud mining scam Cointellect cryptocurrency cryptocurrency scam Dogecoin News. Tweet Share. Yashu Gola Yashu Gola is a Mumbai-based finance journalist. Related Posts. Premium Partners.
I'd immediately disconnect from the Internet and do a fresh install of your OS. Please, research these things beforehand because so many of these services are popping up. Let's hope the Bitcoin Savings And Loan retroactive prosecution of running a Ponzi scheme sets a precedent and scares some would be scammers straight. The definition of cloud mining?
Sign up to join this community. The best answers are voted up and rise to the top. Is Cointellect a scam? Asked 6 years, 3 months ago. Active 6 years, 2 months ago. Viewed 9k times. Improve this question. Nick ODell Kort Ria Kort Ria 1 1 silver badge 4 4 bronze badges. A good indicator of a scam is when they purport to have a business model that couldn't possibly make money.
Also: "individual mining is now pointless. The solution is for free miners to unite. Without looking at the site Yeah is a scam. Check your pc for malware is reformat and never use this PC or anything connected for bitcoin wallets. Add a comment. Active Oldest Votes. Much of the evidence presented so far is weak. Addressing it, point-by-point: The software is a virus. Company name similar to banking conglomerate but not that company I'm not sure what banking conglomerate you're referring to, but that's probably a coincidence.
You insult and make legal threats against anyone who characterizes you as scammers. What are you supposed to do, not insult them? From dnivi3: I then proceeded to check if they actually had miner software on their webpage.
Improve this answer. Update: It turns out it was a scam after all. Yes, Cointellect is a scam. Scott Scott 2 2 gold badges 9 9 silver badges 25 25 bronze badges. This is undoubtedly yet another scam. It's intent is the only question. It's fact. Not libellous. Every thing's OK. I make cointellect is not scam.
I have proof and can withdraw via paypal. No referral links. I'm confused. Are you an employee of CoIntellect? If not, why did you pick the username 'Cointellect Viet Nam'? Referral links still aren't ok. Show 3 more comments. Shog9 9 9 bronze badges. CoIntellect CoIntellect 7 6 6 bronze badges. I've deleted the comments because they had gotten out of hand and were nonconstructive. You should get a chance to address accusations here, if it is done in a constructive way.
Please put the relevant bits in the answer by editing it, not into comments. As it is, this answer does not explain sufficiently that your service is not a scam. I'd suggest that you explain how your business model works, address the criticisms other answers have given, and why your service is wrongly accused of being a scam, instead of attacking other users and linking arbitrary other things you have written.
Including my answers to all the above, and then some! Murch I have my previous comments and the latest saved on file in case you decide to delete these as well - you will be reported for slanderous online activity to appropriate ISP authorities! Re Edits: having issues with mobile device. But IMO if CoIntellect have thousands of happy customers surely they're able to disprove allegations in a professional manner. Show 9 more comments.
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Shibe Helper - A Dogecoin mining helper Free. Shibe Helper is a utility to help you on your Dogecoin mining journey to the moon? WebMiner Free to try. Download specific files from a Web site or mirror an entire site. Bitcoin price, naturally, impacts all miners. However, there are three factors that separate profitable miners from the rest: cheap electricity, low cost and efficient hardware and a good mining pool.
Electricity prices vary from country to country. Many countries also charge a lower price for industrial electricity in order to encourage economic growth. This means that a mining farm in Russia will pay half as much for the electricity you would mining at home in the USA.
In practical terms. These days there are several hardware manufacturers to choose from. The price of hardware varies from manufacturer to manufacturer and depends largely on how low the energy use is for the machine vs the amount of computing power it produces. The more computing power, the more bitcoin you will mine. The lower the energy consumption the lower your monthly costs.
Longevity is determined by the production quality of the machine. It makes no sense to buy cheaper or seemingly more efficient machines if they break down after a few months of running. One useful way to think about hardware is to consider what price BTC would have to fall to in order for the machines to stop being profitable.
You want your machine to stay profitable for several years in order for you to earn more bitcoin from mining than you could have got by simply buying the cryptocurrency itself. Unfortunately most older machines are now no longer profitable even in China. The Bitmain S9 has been operational since and interestingly enough they are still being used in Venezuela and Iran where electricity is so cheap that it outweighs the risk of confiscation.
There may, eventually, be more reputable sources of sub 2 cents electricity as the access to solar and wind improves in North America. For the individual miner, the only hope of competing with operations that have access to such cheap electricity is to send your machines to those farms themselves.
Not many farms offer this as a service though. These days, every miner needs to mine through a mining pool. Whether you are mining with one machine, or several thousand, the network of Bitcoin mining machines is so large that your chances of regularly finding a block and therefore earning the block reward and transaction fees is very low.
With one block per 10 mins they may have to wait 16 years to mine that one block. The oldest two pools are Slush Pool and F2Pool. Here comes the science part…. Pool fees are normally 2. Choosing the right mining pool is very important, as you will receive your mined bitcoin sent from the pool payouts every day.
An often overlooked facet of mining profitability is the fees one pays to sell the Bitcoin one mines. If you are a small time miner, you may have to sell your coins on a retail exchange like kraken or Binance. Sometimes your fees are low but sometimes your fees are high - it really just depends on the fee structure of the exchange and the state of the orderbook at the moment.
However, if you are a professional miner like F2 or Bitmain, you likely have really advantageous deals with OTC desks to sell your coins at little to no fees - depending on the state of the market. Some miners are even paid above spot price for their coins. If you think you have what it takes be mine profitably, we suggest you make sure first by using our mining profitability calculator. Bitcoin farms that operate at scale use these advantages to maximize their returns.
As the difficulty of mining bitcoin increases, and the price lags behind, it is becoming harder and harder for small miners to make a profit. It all comes down to scale and access to cheaper prices. When people enter the space, without prior relationships, they struggle to compete with established mining operations.
Bitcoin mining is starting to resemble similar industries as more money flows in and people start to suit up. With increased leverage, margins are lower across the whole sector. Soon, large scale miners will be able to hedge their operations with financial tooling to lock in profits, whilst bringing in USD denominated investments like loans or for equity.
As mining becomes more professional , it will make things even harder for DIY miners. If you have put in the effort to learn about mining, and you have found a location with low cost electricity for your machines, then you still need to consider where to store the bitcoin that you mine. It is possible to mine direct from the pool to an exchange , but we recommend you keep your bitcoin in a wallet where you have access to the private keys.
No, and in the case of Bitcoin, it almost never was. There was a time where one could profitably mine Bitcoin with GPUs, but again…today, you really must have an ASIC and a deal witha power company to make any money mining Bitcoin in The average home miner is unlikely to recoup the cost of mining hardware and electricity. Profiting on your own is highly unlikely. The situation may improve in the future once ASIC mining hardware innovation reaches the point of diminishing returns.
That, coupled with cheap, hopefully sustainable power solutions that retail customers can access in some shape or form, may once again make Bitcoin mining profitable to small individual miners around the world. If small miners can re-enter the network it greatly increases decentralization and supports the original intentions of Satoshi Nakamoto even further.
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However, as of today, there exist a number of altcoins that one can mine with a PC or with a single graphics card GPU. Throughout this article, we'll review some of the most valuable coins that are still PC mineable, including some older coins that mostly belong to the CryptoNote family, and newer coins that have been launched during the past couple of years.
Note: Don't expect to make a fortune mining any altcoin with your PC or GPU in , as you will mostly not be able to make more than a few cents per day. You can just test the waters by mining crypto this way, to just get acquainted with the overall process of mining. Bytecoin is an altcoin that is based on the CryptoNote protocol, which promotes anonymous peer-to-peer cryptocurrency transactions.
However, Bytecoin mining was mostly taken over by ASICs, though it is still possible to try and mine it just to try and get some experience in the field. Xmrig is the best software for mining Bytecoin, as recommended by the coin's official blog. Monero is highly recognized now as one of the cryptocurrencies whose transactions are fully anonymous, so it is almost impossible to track both senders and receivers of the coin's transactions.
If you have a rather modern CPU, with AMD's latest Ryzen models being the best performing, you might be able to turn a profit mining monero. To start looking for a way to utilize your hardware to mine Monero, you can look in the MoneroMining reddit community or try and use a popular mining software such as XMRig.
Even though ethereum is currently the cryptocurrency with the second biggest market capital, it is surprisingly still able to be mined via CPUs or GPUs. Ethereum is highly appreciated for being a decentralized computing platform that features the "smart contract" functionality. Smart contract programming on ethereum's blockchain is done using 'Solidity', a 'turing complete' programming language that permits the construction of highly complicated conditionals, opening the door to the creation of highly sophisticated, self-governed smart contracts.
Ethminer is the most popular GPU mining software among the most experienced players in the cryptocurrency mining arena. You can mine solo or join a mining pool, to increase the frequency of rewards that you receive. For some individuals who prefer to do less tinkering, services such as NiceHash could be a fitting solution. NiceHash is a service which allows you to simply use your hardware to mine the cryptocurrency that is the most lucrative at any given time according to market prices.
The service is different than "cloud mining" services because you are not paying someone to mine for you, you are actually using your hardware and performing the computational work, which is then sold on the NiceHash marketplace for the highest bidder, while the entire process is completely transparent for you, the end user - all you have to do is click a few buttons.
For individuals who are less tech-savvy or simply prefer to not spend too much time researching this subject, this might prove to be a fairly viable option. Horizen ZEN is one of the cryptocurrencies based on Zcash's zero-knowledge encryption protocol, which promotes almost fully anonymous cryptocurrency transactions. ZEN's anonymous transactions are pillared onto two main factors:. Domain fronting prevents censorship across the Zencash network, rendering it almost impossible to trace zencash transactions.
Vertcoin introduced a novel modification of the Scrypt algorithm, known as the "Adaptive N-Factor". The N-Factor element of Scrypt dictates how much memory is needed to compute the work needed for the hashing functions. All this promotes decentralization of the mining process, which greatly supports the philosophy of the developers of Vertcoin, who state that VTC is "the people's coin".
Hardly effective. Messaged the bot operators to get off their heels? I think the latter is most likely to have happened. Occam's Razor: Twitter noticed all of these bot accounts and deleted them. This is frequently done in waves to frustrate bot herders. Your first port of call seems obvious; Google Is cointellect a scam? Answer: yes. As an analogy, the site is saying individuals need to dig an open cut mine with their spoons while mining rigs ie 50ft tall trucks are carting away pay dirt to process.
If you can't answer that then that's indicative of a scam. As far as the "debate" about some users saying they've seen returns; this is how scammers operate. They use shills fake positive reviewers claiming profits which never occurred. Whether the scam is fruitlessly using CPU to try and mine is possible, but it's astronomically more likely the software is a vector for Trojans to steal your Bitcoin.
Assuming a Windows installation, you're basically screwed. The software likely already has your login info, passwords, private keys, credit card details; any and all are likely compromised. I'd immediately disconnect from the Internet and do a fresh install of your OS. Please, research these things beforehand because so many of these services are popping up. Let's hope the Bitcoin Savings And Loan retroactive prosecution of running a Ponzi scheme sets a precedent and scares some would be scammers straight.
The definition of cloud mining? Sign up to join this community. The best answers are voted up and rise to the top. Is Cointellect a scam? Asked 6 years, 3 months ago. Active 6 years, 2 months ago. Viewed 9k times. Improve this question. Nick ODell Kort Ria Kort Ria 1 1 silver badge 4 4 bronze badges. A good indicator of a scam is when they purport to have a business model that couldn't possibly make money.
Also: "individual mining is now pointless. The solution is for free miners to unite. Without looking at the site Yeah is a scam. Check your pc for malware is reformat and never use this PC or anything connected for bitcoin wallets.
Add a comment. Active Oldest Votes. Much of the evidence presented so far is weak. Addressing it, point-by-point: The software is a virus. Company name similar to banking conglomerate but not that company I'm not sure what banking conglomerate you're referring to, but that's probably a coincidence. You insult and make legal threats against anyone who characterizes you as scammers.
What are you supposed to do, not insult them? From dnivi3: I then proceeded to check if they actually had miner software on their webpage. Improve this answer. Update: It turns out it was a scam after all. Yes, Cointellect is a scam. Scott Scott 2 2 gold badges 9 9 silver badges 25 25 bronze badges. This is undoubtedly yet another scam.
It's intent is the only question. It's fact. Not libellous. Every thing's OK. I make cointellect is not scam. I have proof and can withdraw via paypal. No referral links. I'm confused. Are you an employee of CoIntellect? If not, why did you pick the username 'Cointellect Viet Nam'? Referral links still aren't ok.
Show 3 more comments.
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