If you are doing this, how is it favoring you?
Some hardcore crypto miners in my state are into BTC mining for the past years now and I noticed that they don't mine in a bear market, they always buy their asic miners after Bitcoin halving or a month to Bitcoin mining and ride the miners through the bull market, and once Bitcoin start making a turn back in value they start selling their asic miners.
My question. Is are people doing this? And at the same time favours them? Can you opt in and out of Bitcoin mining using bear market to get cheap asic and mine to make profits until the bulls are tired and it's bears turn to take over and you sell your miners..
They have been doing this for a long time but I am wondering how this is a smart idea because I always advice those that want to mine Bitcoin to never sell their miners in a bear market and that they should keep mining and store their Bitcoin.
I think the strategy that you mentioned is a common practice among some cryptocurrency miners. By buying ASIC miner after a Bitcoin halving or when the market is in a bearish trend, miners can obtain mining equipment at a lower cost, while also benefiting from lower competition in the mining space. They then use the miners during the bullish market to generate profits and sell them when the market turns bearish, potentially making a profit from the sale of the ASICs.Some hardcore crypto miners in my state are into BTC mining for the past years now and I noticed that they don't mine in a bear market, they always buy their asic miners after Bitcoin halving or a month to Bitcoin mining and ride the miners through the bull market, and once Bitcoin start making a turn back in value they start selling their asic miners.
My question. Is are people doing this? And at the same time favours them? Can you opt in and out of Bitcoin mining using bear market to get cheap asic and mine to make profits until the bulls are tired and it's bears turn to take over and you sell your miners..
They have been doing this for a long time but I am wondering how this is a smart idea because I always advice those that want to mine Bitcoin to never sell their miners in a bear market and that they should keep mining and store their Bitcoin.
As for your advice to keep mining and store Bitcoin during a bear market, that can also be a sound strategy, as it allows miners to accumulate Bitcoin at lower cost, potentially increasing profits in the long run. the choice of strategy will depend on a miner's individual risk tolerance, financial situation, and market analysis.
