1
I am being invited to invest small amount of BTC. I am being asked to create second wallet. Is this legitimate? I am trying to understand the mining process, I did not think one needed to use bitcoin to mine more bitcoin.
I am trying to understand how this works, excuse my slow learning.
Thank you, Andrea
1
You don't need a second wallet to mine. You absolutely do not need bitcoin to mine bitcoin. You need an ASIC miner (with power supply), electricity and an internet connection.
They are scammers trying to steal from you.
If you want to mine then buy an ASIC miner. But be careful, there are also scammers pretending to sell miners.
Thank you very much! My understanding is that the miners yield the equivalent of approximately nine dollars a day. Would that’s be just one machine, or a bank of machines? – Andrea Petryk – 2018-02-01T14:46:39.350
A mining estimator can be found at: https://www.cryptocompare.com/mining/calculator/btc It shows a single, top-of-the-line, $4,000 dollar machine would earn about $7 per day. At current prices, it would take about 2 years just to recover the hardware cost.
2Absolutely a fraud scheme. It is nonsense and you will lose your bitcoin. Do not do it – abelenky – 2018-01-31T03:12:47.363
Thank you so much! Even though it has had some impressive activity, it’s like any other stock market. When it sounds too good to be true probably is. – Andrea Petryk – 2018-02-01T14:43:48.930