Is Bitcoin Mining On Telegram Real Or Another Telegram Crypto Scam To Avoid

 Table Of Contents💡

Introduction 

How Real Bitcoin Mining Works 

• Competitive process 
• Massive computing power 
• It's not free

How Telegram Mining Bot Works (Scam Type) 

• Fake balance 
• Withdrawal fee
• Ponzi scheme 
• No-Code Operation 
• Data Harvesting 

Conclusion 

    

Introduction

This is a critical issue to resolve, but for now i would recommend "NO". Bitcoin mining on telegram isn't a thing, majority so called telegram mining bot are scams. It's the most common and dangerous crypto scam that target new and inexperience users. 

Well today we shall dive little bit further on how to detect and understand a telegram mining bot scams.

How Real Bitcoin Mining Works. 

To understand that bitcoin mining on telegram is a scam you need to know how real bitcoin mining entails;

• It's an incredibly competitive process; Bitcoin mining involves using specialised, high-power computer hardware called ASICs (Application Specified Integrated Circuits). These are not normal PCs or Mobile Devices. 
• It requires massive computing power; Miners compete to solve complex mathematical puzzle to verify and add new transaction to the Bitcoin(btc) blockchain. The person who managed to solve it receives a block reward in bitcoin. This process needs colossal amount of electricity and computational work.
• It's not free; The hardware used to mine bitcoin cost thousands and thousands of dollars with a heavy bill of significant electricity consumption. In some places is not even profitable unless you have access to cheap power. 

Cons and Pros of using Artificial Intelligence for trading. 

How Telegram Mining Bot Works (Scam Type)

Well the so-called "mining bot" on telegram are designed and meant to deceive you. Let me make it very clear, this bot do not do any complex computational work required to mine bitcoin. Instead, they operate in one of the most fraudulent ways. 

Here are some five things to take note of. 

1. Fake Balances
2. Withdrawal Fee
3. Ponzi Scheme 
4. No Code Operation 
5. Data Harvesting 

1. Fake Balances: The bot will show you a balance that appears to be growing. This is just a number in the bots code, it's designed to make you feel like you're earning money and to keep you engaged. 
2. The "Withdrawal Fee" Trap: When you try to withdraw the fake bitcoin balance, the bot will need you to pay small "withdrawal fee," "gas fee," or commission in a real crypto currencies, (like Bitcoin, Ethereum, or less common coin like Ton and Doge). This is the fraudsters goal to get you sending them money. 
3. The Ponzi/Pyramid Scheme: Many of this bot get you to invite more people. They often promise you a percentage or share of the person you refer, after they earn or even deposit. In reality, the earnings of new users are just deposit of even newer users. The whole system collapse when no one new is joining and depositing. 
4. No-Code Operation: You're not running any software, let alone complex mining softwares. You are simply interacting with a bot that is sending you pre-programmed message. It's all an illusion. 
5. Data Harvesting: many of this bot are well coded to acquire your personal information or crypto wallet addresses. Which can then be use for future scams and phishing attempt. 

Bitronix to Revolutionizes Trading with AI.

Conclusion

Bottom line; if a telegram mining bot promises you "free" or "easy" bitcoin mining or any other crypto currencies by simply typing a button allowing the bot to run is a scam. 

💣Red Alert; Real Bitcoin mining is an industrial scale operation that cannot be done on a messaging app.