The Bitcoin Miner App

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This is a free app from the Google Play store that actually works, in that it does generate bitcoin for you… all totally hands-free… though it does it so slowly it isn’t going to be worth the effort for most people.

It is a bit of fun to see it creating money… more or less out of thin air… but it’s certainly not intended for a serious capital raising venture.

That said, if you are new to all this and seriously don’t have any cash to put towards this right now, this is another free option to start building up a small starting bank. On it’s own it will take months or even years to earn anything useful, but run it in conjunction with a few other free options we cover, and you could raise a working stake in a couple of weeks.

Just keep in mind, it requires your computer be running, pretty much around the clock. It doesn’t draw much power, but if you don’t normally have your machine running, it could increase your next power bill!

My Test Run…

I spotted this and decided to give it a try a little while back. I ran it for a 24 hour period on my PC… where it was interrupted (and paused) every time I opened any windows over the top. Even if I avoided covering the app, checking email or using the internet slowed it considerably as well and a few rimes it stopped for no apparent reason.

That first run yielded just over 1000 Satoshis, which sounds pretty cool til you realise that’s 0.000025 BTC … a little over US$0.02!

I almost left it there in disgust, but I had to get to 5000 Satoshi to cash it out, so I decided to experiment a bit along the way and see if it might be a useful option for someone with no free cash to earn some coin.

So next run I tried it on my Laptop, a much newer machine so considerably faster, and one that could be left running uninterrupted. I also ran it on my desktop overnight and when I was out of the office.

The Laptop worked about twice the pace, so with the desktop running for much of the time as well I was able to rack up 2800 Satoshis for the next 24 hour run.

Better but still only generating a few cents per day… which wouldn’t even cover the cost of the electricity used.

I usually have my computers running around the clock anyway… forex trading on the desktop, and Spotify (music) playing the laptop… so I wasn’t too worried about power use. If you don’t usually run your computer 24/7 though, you will need to weigh up the cost of power before you try this.

So is it worth the effort?

Well the thing is, it is no effort… a few minutes to install the app, a few seconds to fire it up anytime you’re not going to be using a computer… so it’s more about the power and the time.

Are you prepared to invest the electricity and wait for it to amount to something?

Realistically, to get started with any of our recommended programs you are looking at a minimum of $30 or so. Most Bitcoin sellers have a minimum amount of US$50-60 though, so allowing for price fluctuations, you really want to get at least $60 aside to buy your first bitcoin.

If you combine a number of different free options… for example this software, bitcoin faucets, pay to click, paid surveys, paid offers etc, you could conceivably get it up to $10 per day… albeit a very long day…

So theoretically you could raise your $60 in a couple of weekends.

But most people will probably save that amount faster than they’ll earn it with any free methods.

So the only exception I can see is if you aren’t working right now and have the time to sit at the computer…

Or you have a computer running anyway or a power source you don’t have to pay for…

Or you just want to have some fun and show your friends your bitcoin mining software… busy creating money out of thin air!

So have a look and have some fun, but if you’re serious about accruing Altcoins, check out some of the other options you’ll find on this site before you waste too much time on the free distractions.

What About Other Mining Options?

Solo mining is a specialised field these days, and even the pros with the best equipment struggle to make a decent margin. As much as the technology improves, the rate of return decreases. So most of the successful miners are working in pools or co-ops, sharing the work, reducing their costs and splitting the returns.

There are plenty of scammers out there though, so do tread carefully if you go looking for a mining program to join.

Generally steer clear of any that don’t want much up front… anyone with a good product that gets results will expect you to pay a decent amount to join them.

Be especially careful avoid the recent trend of ‘free’ mining sites…

These let you set how much you want to make from mining, they then mine for it with a whole lot of tech specs scrolling down the screen, achieve it ridiculously fast… then ask you to send them their fee first so they pay you.

$70 to make $1500 in about 10 minutes… is anyone’s too good to be true alarm going off?

Reading through the scam alert forums I am constantly amazed at how many people are so surprised and angry that the people on the other end didn’t send them their ‘profits’ after they made the ‘admin fee’ payment.

It sounds like a pretty easy scam to spot, but these sites must look quite legit to a lot of people, judging by the complaints they get… so be warned and don’t get caught up in the moment thinking you’ve found the exception to the rule.

 

 

 

 

 

and immediately it was pretty clear

 

 

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