Question about cryptocurrency?

[XelNaga]

Hi friends,

I was wondering if someone can sort out my dilemma? :o

If I have understood this correctly, when people are "mining" cryptocurrency, they are in a way "renting" theirs hardware to someone else, and they get payed for it.

If what I said is correct, my question is: is it known who is using that hardware and for what purposes?

I've found out everything I wanted to know about cryptocurrency except for that.

Thank in advance..

[Mashika]

Actually no, people don't rent their hardware to mining factories, that's a lie. Either you being hacked or the "terms of service" of some website you went to, forced to accept that your hardware can be used for mining, even if you don't realize it because everyone says "yes" to the terms popup as long as they can go watch or read whatever they wanted in the first place, but people never read the "fine print"

There is no "renting your hardware for mining" in legal terms. If your phone battery grows fat, soon after going into randoms odd websites, you just became a mining zombie

The purpose is to get rich while you pay for your own internet bill, but for free until you realize what's going on

These are probably Chinese miners, with bots and sites with "interesting content" that force you click "ok" or "I accept" on popups about cookies or so

[Mashika]

If you are running your own mining factory, then It's a different story. The idea of that currency is that you don't have to pay anyone to get your share, but as long as you keep mining, the harder it will get. It's kind of embedded into the way it works

If what you were asking is, "if i have my own factory, and i mine a million dollars, will someone get a share of that?" Then no, no one will do, unless/until you move some of that money into your bank account, at which time your government will ask for their share :) "Taxman"

Which is why governments are so hurried into implement regulations about all of this

But you don't pay taxes until the money gets into your account. The it is "income", just like if you had 100,000 dollars on Pepsi or whatever for the last 30 years and sell it all, then you pay taxes on that, for sure

[ExomatrixTV]

John McAfee's speech about Government, Taxes, Banks, Corruption & Crypto-currency (https://projectavalon.net/forum4/showthread.php?115451-John-McAfee-Dead-Suicide-or.........&p=1441215&viewfull=1#post1441215)

[leavesoftrees]

This clip explains bitcoin mining

SF362xxcfdk