As a miner, why do you mine rather than buy and hold? - page 2.

gueorguiev

full member

Activity: 171

Merit: 102

Quote from: Xester on December 10, 2016, 01:11:43 AM

I was once a miner, and I do mine using my equipments (antminer s5) then I shifted to mining rentals and to online mining sites.

Hey I actually thought about getting an Antminer s5 a few months ago but opted out because of the halving, and cloud mining just made no sense no matter what kind of math I threw at it. Just wondering what kind of experience you had with those two, did you/are you still making any profit off either.

Xester

hero member

Activity: 994

Merit: 544

Quote from: Eric Mu on December 04, 2016, 06:51:29 PM

I constantly get told that it makes more sense to buy and hold than mine yourself - wondering what is your experience as miners.

I was once a miner, and I do mine using my equipments (antminer s5) then I shifted to mining rentals and to online mining sites. In my experience it is good to buy and hold when a coin is new or during ICO. Its easier to grab or hold a coin at a very low price than to mine it which very time-consuming.

But since I am not a pro in mining this is all that I could share, but I dont know the story of the big time miners, maybe for them its a different story.

Well in the meantime if you are mining, do not sell all your mined coins at the same time but instead hold some of them and wait for them to increase in price that way you will earn surely.

gueorguiev

full member

Activity: 171

Merit: 102

I no longer mine, but when I did,it was with my BFL Jalapeno 10GH that I luckily got pretty early on.I managed to mine around 3 BTC before the profit diminished to a point not worth mining. I think the idea of buying a machine that was pretty new technology at the time, and having it work to generate Bitcoin in ways that i still hadn't really understood was just fascinating to me. Anyone can buy and hold, but where's the fun in that. I wanted to be apart of the action,not sit on the sidelines.

Though the times have changed. The days of Solo mining are over in my opinion, cloud mining is a joke, and the only options left are buy and hold or trade.

CjMapope

legendary

Activity: 1820

Merit: 1092

~Full-Time Minter since 2016~

as of the last few years i find buying and holding, over mining.

Theres literally ZERO places to get a simple ASIC, SHA or Scrypt, Bitmains machines are literally garbage, and with their just being no competition to the cheap power of china, the community is left behind, i know i would mine if i COULD, but i CANT, not BTC.

Theres also no cloud mining providers that arent the surest way to lose your money either. Not that they do it on purpose, difficulty is a bitch, but they offer no upgrade or continuation options, almost like they were waiting to terminate the contract and leave you with less than you began with :/

GREED, DIFFICULTY, OTHERS CHEAP POWER = BUY BTC>MINING BTC

BigBoom3599

sr. member

Activity: 462

Merit: 250

Even though I think it's less profitable than buying and holding, I think a lot of people mine so they can have a vote in which software they think should run the Bitcoin network (Core, Classic, Unlimited, ...)

BitcoinBarrel

legendary

Activity: 2026

Merit: 1034

Fill Your Barrel with Bitcoins!

I made a small profit in 2014-2015 buying a used GPU off craigslist, mining alt-coins and selling for BTC.

It all depends on the opportunity and if it's profitable or not. Usually it is not Cheesy

acarli

member

Activity: 267

Merit: 77

When bitcoin first hit 160/Btc I had 60GH/s ASIC miner. At the time it cost about $1200. I made my money back in 45 days. I sold the bitcoins to recuperate the investment and let the machine mine until the cost of electricity costs more that the value of the mining. I made another $1000 throughout the next 4 months. Each month it kept going down.

Looking back, if I purchased the bitcoins outright, and held I would have made more. The experience was worth it. I learned a lot and do not regret it. realize that there are risks. Down time and failure will certainly top the scales. I also didn't like the noise and heat.

I think it depends on the person, if that makes any sense.

Eric Mu

sr. member

Activity: 471

Merit: 500

I constantly get told that it makes more sense to buy and hold than mine yourself - wondering what is your experience as miners.

Topic: As a miner, why do you mine rather than buy and hold? - page 2. (Read 2360 times)