We need to confirm the legality of mining in lebanon ?
Leb_Knight wrote
MrClass wrote Please, all cloud mining sites are scams. You see how much fees they ask for? I am surprised how they are still running. They keep eating from your mining profits; it doesn't make any sense. I calculated that even if I dump 20K $ in Genesis Mining, I would lose so much it isn't even worth considering. The much better way is to actually buy BTC rather than mining it.
well you can mine BTC on hashflare if u invest 120$ you will get a lifetime contract 1T hash with around 10.5$ monthly maintenance fee
use the mining calculator to check it its not a good money but still ur getting you money back with extra profit for sure https://www.cryptocompare.com/mining/calculator/btc?HashingPower=1&HashingUnit=TH%2Fs&PowerConsumption=0&CostPerkWh=0
Come on are you serious now? I'm sure you're smarter than this. Mining difficulty is always on the rise. If you keep mining on the same hash power, your profits go down in time. And of course you have to keep paying for maintenance fees.

Your profit is nearly zilch.

This is why cloud mining is such a scam. You end up spending your own profit on maintenance fees no matter how much hashpower your have. Their fees are all percentage based.
MrClass wrote Come on are you serious now? I'm sure you're smarter than this. Mining difficulty is always on the rise. If you keep mining on the same hash power, your profits go down in time. And of course you have to keep paying for maintenance fees.

Your profit is nearly zilch.

This is why cloud mining is such a scam. You end up spending your own profit on maintenance fees no matter how much hashpower your have. Their fees are all percentage based.
i didnt say difficulty isn't rising but you forgot the main point that the price are rising 2
10000 bitcoin paid for a normal pizza size in 2011 but now bitcoin worth 4500$ and even more even if your profit is a small satoshi number still it worth it for me am not looking to be a millionaire by investing 120$ in cloud mining but still am making a good number comparing to what i have invest .
also soon ill build my rig to mine from lebanon but you know the trick is to find a good GPU prices in this country also the main problem is there is no wallet company that will accept to send bitcoin debt card to lebanon so ill have to pay for the electricity from my own pocket and that's really expansive in here .
5 days later
i've been looking into acquiring bitcoins, and honestly very few options are left.

mining can be profitable in the right environment. example:

for starters, as Samer said, you need an Antminer S9 - to even start thinking of being profitable

this is from may 2017 - taken from an amazon feedback:

As of right now, the global bitcoin hashrate is roughly 4,302,837 TH/s. This AntMiner S9 is capable of 13.5TH/s. There are 12.5btc per block, which means your earnings per block on average will be 13.5TH / 4,302,837TH * 12.5BTC = 0.00003922BTC. Over the last 30 days, each block has been solved in an average of 9.7 minutes. There are 43,200 minutes in 30 days, therefore there are an average of 43,200 / 9.7min = ~4454 blocks per month. 4454 blocks * 0.00003922BTC / block = 0.17468588BTC over the previous 30 days.

second, this thing sucks up 1300 w so around 6 amps ... in Lebanon ... yeah....

so you need to move to Zahle, or anywhere else where they have 24/7 electricity or else you'll need a 10 amp "ishtirak" and a 400$ ups

second, cloud mining ... why would they sell you their hardware if they are actually making good money out of it?

Cloud mining operations are not the best use of your money. I would not recommend people to "subscribe" to them. If you want to mine Bitcoin, do it properly with an ASIC miner. Otherwise, earn it or buy it.

so you are saying that mining is only available to people who can afford a 2600$ for 1 antminer s9 ???
i think cloud mining is a good alternative to ASIC mining as i cant afford to buy an ASIC miner that will cost me around 100$ in electricity bill every month
why wouldn't you recommend that type of mining ?
i mean is it the maintenance fee? sure they have to take maintenance fee as if am mining through a home made rig i have to pay extra electricity fee every month so whats the point ?

6 days later
dp0001 wrote
<snip>

let me know your thoughts
From your blog wroteThey take approx 35% in fees.

Now, let me explain why it's not so bad.

First off they allow small amounts, so let's say for example you want to do a bank transfer for 750$ (not worth doing a bank/wire transfer for anything less than that) the bank takes about 25$ in transfer fees. which is about 34 % .
Might want to check the math on that one. $25 fee on $750 is 3.34%.

Also, if you're planning on posting a link that leads to an affiliate link, it's always advisable to let people know.
:|

i did write the article quickly - yes you're right it's 3.34 %
dp0001 wrote:|

i did write the article quickly - yes you're right it's 3.34 %

that completely nullifies my argument. i'll have to take a look at it again- thanks for bringing it up

i don't mind advising/mentioning it, but what difference would it make?

something like: i did some research and found a site that allows you to buy bitcoins if you're living in Lebanon. this website contains an affiliate link, meaning every time you purchase from them, i get a small percentage in return for having brought this service to your attention.
Nothing wrong with sharing an affiliate link, however, if you do not tell people about it, it's akin to a salesman selling you something not because they believe in the product but because they get a commission off of it.

Personally, if I find something interesting that someone posted an affiliate link for without informing me, I would sign up through a regular link. If they do disclose it, I am much more likely to use their affiliate link to sign up for something.
3 months later
Hi everyone, I'm most probably late to the party but I guess better late than never.
I am looking to start using bitcoin and I am completely lost on how to use it or where to start (wallets, exchanges?), I would be grateful if someone could pm me and possibly sell me bitcoin.
21 days later
Hello

I'm looking to buy bitcoin. Any sellers?
Can everyone share which exchange service they are using? Most of them either are asking for paypal only or don't support Lebanon at all, others need a long process of verification!
or if there's a list of people somewhere who are willing to buy/sell bitcoin by meeting at a coffee place or something.
If you guys are just looking to trade bitcoin I recommend eToro but caution it has a huge spread.
i am looking to invest in bitcoin , extremely small invesment 30$ or 50$ or maybe 100$ . can someone direct me how to do this in lebanon ?
I have 0.01501223 BTC on Poloniex. I had 0.8 XMR on MyMonero so I decided lately to exchange them for bitcoin.
8 days later
anybody here signed up on bitstamp.com? what did you send them as a proof of residency? I live with my parents so I don’t have a utility bill in my name, and my bank doesn’t put the address on the bank statement.
FWIW: Audi doesn't accept transfers from Bitcoin exchanges
Anyone have a bitfinex invitation code?
Hybrid wroteAnyone have a bitfinex invitation code?
They dont need an invitation ... do they ?
arithma wroteFWIW: Audi doesn't accept transfers from Bitcoin exchanges
from which exchange did you try to withdraw if you don’t mind answering