Topic: Btc mining or staking crypto? - page 2. (Read 214 times)
Both are viable choices, but which one you should go with entirely depends on your risk tolerance, technical proficiency, and investment horizon. It is, however, critical that you understand the differences between the two. Here is an article that compares and contrasts the two consensus mechanisms in detail: https://zionodes.com/blog/crypto-mining-vs-staking-which-is-more-profitable
Mining bitcoin, choose it if you've got the means and resources because it is not cheap.
While staking, do not be confused by what the exchanges and wallets are labelling that you can stake bitcoin because you can't. Bitcoin is a proof of work and that is why it is needed to be mined. Those are just like deposit and interest accounts which they require bitcoin as the actual deposit.
As for other cryptos, ETH was once a Pow and then shifted to Pos. If I am to choose and have money, I will choose to mine because it is a satisfying feeling that I help confirm transaction and contributes to the network.
But then, it is the opposite so the best for me is just to keep on buying bitcoin and hold it.
While staking, do not be confused by what the exchanges and wallets are labelling that you can stake bitcoin because you can't. Bitcoin is a proof of work and that is why it is needed to be mined. Those are just like deposit and interest accounts which they require bitcoin as the actual deposit.
As for other cryptos, ETH was once a Pow and then shifted to Pos. If I am to choose and have money, I will choose to mine because it is a satisfying feeling that I help confirm transaction and contributes to the network.
But then, it is the opposite so the best for me is just to keep on buying bitcoin and hold it.
Staking is not a feature of the Bitcoin protocol. If you want to do that, you would have to give up custody of your coins to a third party and trust them to return it to you after the lock period with some interest. That is a risk I would not advice anyone to take.
I can interpret your question as Bitcoin mining or investing; and it all depends on your capital. Investing does not have a barrier to entry, you can start with as low as $50 or $100 and buy at different times when you have more available cash. But with mining you need to have enough to purchase your equipment and gear and also afford electricity to keep it running constantly to be profitable.
If you don't have a deep pocket or cheap electricity, investing is your best bet.
I can interpret your question as Bitcoin mining or investing; and it all depends on your capital. Investing does not have a barrier to entry, you can start with as low as $50 or $100 and buy at different times when you have more available cash. But with mining you need to have enough to purchase your equipment and gear and also afford electricity to keep it running constantly to be profitable.
If you don't have a deep pocket or cheap electricity, investing is your best bet.
Both are good options if your target is Bitcoin, not all those shit altcoins that can go to zero while keeping them for a long-term hold. You really can't stake Bitcoin unless you plan to use rBTC or other. If you want to mine Bitcoin you will need an Asic miner, but before looking for an Asic miner it is better to check out your cost of electricity per month, no cheap electricity? No good reason to buy an Asic miner and start mining, Asic miners takes up to 3500 watts and that's a lot.
Spend more time on how much you paying for the electricity bill, if it's cheap then buy an Asic miner, if it's not, it's better to DCA into Bitcoin.
Find a good mining calculator online, go to whattomine.com
Spend more time on how much you paying for the electricity bill, if it's cheap then buy an Asic miner, if it's not, it's better to DCA into Bitcoin.
Find a good mining calculator online, go to whattomine.com
I plan on investing in the crypto space, but for long term. Between mining and staking, which one would be a better option?
It is better if your choice is Bitcoin.With Bitcoin, let's get started by considering two options: Investing and Mining.
Mining is not as simple as you think and it requires inputs like ASICs, cheap enough electricity power source, location for your farm, human resources to config and observe ASIC operations as well as for maintenance. You should have technical knowledge to self-solve technical problems to save your time. And some other things like deep budget to survive through mining capitulation when market is very bad.
Investing is most easily thing to do. Just buy bitcoin and store it in non-custodial (self-custodial) wallet. Hold and wait it till days you can take profit.
I plan on investing in the crypto space, but for long term. Between mining and staking, which one would be a better option?
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