Buying BTC vs Mining it - page 4. | Bitcointalksearch.org

Taskford

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Quote from: vania vin on April 19, 2022, 10:44:02 PM

Mining has to buy software requires a lot of money and paying for electricity also costs money and it takes time to get bitcoin the process is long so I use my money to buy bitcoins and I save I believe the bitcoins I save will be a valuable asset in the future.

Electricity cost is one needed to consider on this since if you live on the country which the electricity cost is so high then maybe we cannot get a good return for mining bitcoin on some other cause and continuous running it will cost high if we choose to select renewable energy to run our operation. So for small time investor much better if they buy bitcoins than mine it because it will give them more convenience since if they push maybe they will just add to those persons who sell their rigs because they didn't see this worthy anymore.

vania vin

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Mining has to buy software requires a lot of money and paying for electricity also costs money and it takes time to get bitcoin the process is long so I use my money to buy bitcoins and I save I believe the bitcoins I save will be a valuable asset in the future.

bhooscream

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Quote from: The Cryptovator on March 07, 2022, 07:45:54 AM

For me, buying Bitcoin is a better option than mining Bitcoin. It's because electricity is costly and Bitcoin is illegal in my jurisdiction.

Agree. To mine Bitcoin, we need a lot of money. Not only about the electricity costs, but mining equipment is also very expensive. I have counted how much money to use if we want to mine Bitcoin with a computer, and finally I decide to not doing it because it requires a big amount of money. In addition, we also need to master some tricks in mining, to get the maximum Bitcoin. This means mining requires a person who knows well this job, not recommended for a random person. It is quite different from trading or investing in Bitcoin, we only need to buy it and hold on exchange wallets. In this matter, buying Bitcoin is a very simple thing as long as we have an exchange account and funds there.

Oilacris

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Quote from: Wimex on April 19, 2022, 10:42:19 AM

I see that it depends more on where you are, in some parts of the world the cost of energy is quite high but in others it is regularly more accessible, mining has its pros and cons and I think that the greatest benefit would be to mine a Bitcoin in more or less 10 minutes, of course, to do this, taking into account the blocking time, a very powerful mining machine would be needed, not only to have great hash power, but also to have the best efficiency.

It would be a significantly high investment, but the truth is I would do it, don't get me wrong, I am in favor of buying BTC but I consider that having at least one Bitmain S19 Pro would not be a bad acquisition

Electricity cost would be one of the main factors on which it could really affect your mining profitability because its no sense that you would push your mining activity if you do know that you cant really

make much of it or simply you would be paying up on electricity cost or expense which is a dumb decision to be made and its better to buy bitcoin directly rather than on considering on mining it.

So its a personal choice and you arent that dumb on proceeding without having any considerations.

Wimex

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I see that it depends more on where you are, in some parts of the world the cost of energy is quite high but in others it is regularly more accessible, mining has its pros and cons and I think that the greatest benefit would be to mine a Bitcoin in more or less 10 minutes, of course, to do this, taking into account the blocking time, a very powerful mining machine would be needed, not only to have great hash power, but also to have the best efficiency.

It would be a significantly high investment, but the truth is I would do it, don't get me wrong, I am in favor of buying BTC but I consider that having at least one Bitmain S19 Pro would not be a bad acquisition

nur rochid

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for me buying bitcoin is better, because I work and don't have enough time to take care of mining. on the other hand with mining we have to spend money to buy mining equipment and after that of course there will be maintenance and electricity bills that will soar, so that every month we have to take time for mining activities, in contrast to investment, after we buy it then we don't need to often look at charts, not a problem

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Quote from: haasanjui on April 17, 2022, 12:22:55 PM

And buying BTC is easy but it need huge amount.

No.
It doesn't require you huge amount for you to start buying bitcoin. Any amount as long as the exchange you'll use sets the minimum amount then that will be the lowest amount you can use for purchasing it. Like most, it's just around $10 and then you'll be able to own your bitcoin. So, it depends on how much capital you have.

Quote from: haasanjui on April 17, 2022, 12:22:55 PM

But if you mine Bitcoin then you will get free bitcoin lifetime.

No, you'll not get it for free if you mine it. The cost is electricity.

haasanjui

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Mining BTC is not affordable for everyone because it need setup of hardwere which is expensive. And buying BTC is easy but it need huge amount. But if you mine Bitcoin then you will get free bitcoin lifetime.

Dunamisx

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Quote from: BenjaminGlover on March 07, 2022, 07:17:52 AM

How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?

the only reason here is your choice, which aspect do you find interest in?

Quote from: BenjaminGlover on March 07, 2022, 07:17:52 AM

In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin,

I think you need to be specific whenever you're making an enquiry about a particular thing, you mentioned 40k, in what currency? that aside i think regardless of the currency it might be its not enough for any start in mining and i will only advise you to start with an investment, buy bitcoin and hodl or trade if you're good at it, lastly, the more the gain the higher its capital intensive, but it will do well if you can start with buying.

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Quote from: Mr.sprin on April 17, 2022, 12:17:44 AM

I am more confident in buying bitcoins than mining because mining takes a long time and also has to spend quite a large amount of capital so to save time I immediately bought bitcoin.

It depends upon the location over which the bitcoin mining farm is being set. Years back I had a home mining setup, and at some point I wasn't able to pay the electricity bill due to the amount which I mine is less than the electricity consumption bill. Whether it is mining or buying, you need the ability to withstand and hold unlike the market fluctuation. This will give good profit in the long term. Also when it comes to mining what is being invested will give regular earning which we can't expect with just buying, because the next day after buying might experience a crash in the market.

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I am more confident in buying bitcoins than mining because mining takes a long time and also has to spend quite a large amount of capital so to save time I immediately bought bitcoin.

Ebede

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For mining of bitcoin.is good to mine bitcoin and it suppose to be good to mine Bitcoin the time it comes new and mining it now will course alot of expenses because people who mine bitcoin said it require energy of electricity and other appliances

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Quote from: BenjaminGlover on March 07, 2022, 07:17:52 AM

How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?

In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.

the distribution of rewards received by BTC miners is now getting more complicated, so that's $40k capital to open a mine i think it's just a waste of your time. it's better if you just become an investor ^{(buy bitcoin at the current price and then hold long-term with a target price above $100k)}.

rby

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Tbh, the answer to your question 5years ago would not be the same today. And I know this isn't a new question per say.
At this stage of bitcoin and considering that upto 19 million Bitcoin has been mined, mining is becoming less lucrative and the majority of miners are feeding on transaction fees. Others are in a mining pools waiting to share the gain whenever a block is solved. So the mining I think is not supposed to be your first option. Meanwhile in mining there will also be operational costs.
Buying btc and hold for a very long time is a good option. But I doubt how you will be able to let $40k lie somewhere in the name of investment. Unless you are doing so well.
But if I were you I will buy btc with $20k and use $20k and research good altcoins that can give me more results.

Digitalbitcoin

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Bitcoin can only be obtained by mining or buying. Apart from these two options, there is no third way to get Bitcoin. This makes it very important what you intend to do in the future. Making bitcoin money is very complicated and requires investment, technical knowledge, and time. At the same time, it is important to consider the number of bitcoins actually mined, the investments made, and the return on investment.

I think buying bitcoin can be a better option than mining. But all it matters price of Bitcoin. At what price, do you buy Bitcoin from the market?

At an early stage, it was quite easy to mine bitcoins from any device, but it is getting harder for miners to generate smart earnings just because of the higher difficulty level of bitcoin mining, which requires high-end equipment, with consumption of higher electricity.

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Quote from: Ebede on April 04, 2022, 03:42:04 PM

You are right, buying Bitcoin is better than mining because it will stress the miners due to the facilities which are involved to actualize it, some one who have the capital to buy bitcoins i will advice the person to buy instead of mining because i know that mining of Bitcoin requires many things, like electricity

Not just electricity but the location, equipment, cooling, manpower and maintenance are all involved in this. While some farms might be ready with all this, most are not and it is not a piece of cake to set up such a system from scratch. Also the fact that the current miners are at hash-wars, as to who can generate the maximum hashpower and get the maximum rewards, it becomes a tough market to get into.

Buying bitcoin is always better than mining it if you are new to the market. Have a mining setup all ready to go? Then only think about mining to earn, otherwise you will mining to lose.

Waddle

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Trading Bitcoin is easy, it's the easiest way for you to get into cryptocurrency. It is faster, more convenient, and more profitable as well.Mining is the process of extracting cryptocurrency from the blockchain network. The "miner" is rewarded for this service with currency.Mining is not as simple as trading bitcoin.

Slow death

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Quote from: Hamphser on April 04, 2022, 03:44:22 PM

Quote from: Ebede on April 04, 2022, 03:42:04 PM

Quote from: sumant on March 30, 2022, 02:42:42 AM

It depends from person to person differently buying bitcoin is more easier then mining bitcoin because for mining you should have a set up and all the things that required for btc mining, on other hand buying is very easy, on exchanges you need to put miney and buy btc as much as you want. May be mining set up cost will vert high for coin that you are going to mine.

You are right, buying Bitcoin is better than mining because it will stress the miners due to the facilities which are involved to actualize it, some one who have the capital to buy bitcoins i will advice the person to buy instead of mining because i know that mining of Bitcoin requires many things, like electricity

Here's the main things need to consider first.

1. Electricity cost
2. Regulation of the country on where you made that mining activity
3. Maintenance
4. Technical knowledge about mining
5. Longer ROI
6. High amount or Big investment

If you could able to handle or bare these things then go ahead but if you dont like or simply saving up yourself with the hassle
then better buy bitcoin.

the most complicated part that you also forgot to add is that the mining equipment takes a long time to arrive and it has to be in a safe place, that is, the person needs to have a space dedicated to the mining equipment because they are equipment that produce noise and a lot heat and that's why they need ventilation, this is another cost, also if you have a lot of equipment you will have to have an employee to do danger monitoring of the equipment. It's a cost that right now is not worth it. in many countries electricity is not enough so the government has to manage it well and they will not allow mining

JohnBitCo

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Quote from: Hamphser on April 04, 2022, 03:44:22 PM

Quote from: Ebede on April 04, 2022, 03:42:04 PM

Quote from: sumant on March 30, 2022, 02:42:42 AM

It depends from person to person differently buying bitcoin is more easier then mining bitcoin because for mining you should have a set up and all the things that required for btc mining, on other hand buying is very easy, on exchanges you need to put miney and buy btc as much as you want. May be mining set up cost will vert high for coin that you are going to mine.

You are right, buying Bitcoin is better than mining because it will stress the miners due to the facilities which are involved to actualize it, some one who have the capital to buy bitcoins i will advice the person to buy instead of mining because i know that mining of Bitcoin requires many things, like electricity

Here's the main things need to consider first.

1. Electricity cost
2. Regulation of the country on where you made that mining activity
3. Maintenance
4. Technical knowledge about mining
5. Longer ROI
6. High amount or Big investment

If you could able to handle or bare these things then go ahead but if you dont like or simply saving up yourself with the hassle
then better buy bitcoin.

You need to see the above factors and if the ROI is good one , then one can opt for mining. It's not that hard to understand the Mining setup and knowledge can be gained online easily. If you need to earn via mining, you have to spend time on learning too. If the electricity cost is low in your country, you can go for mining.
Just make sure that mining bitcoin is legal in your country otherwise you could end up in trouble by the law or police enforcement agencies.

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Quote from: SmallDoggy on April 04, 2022, 04:09:47 PM

Definitely buy, like most other people said. There's a steep curve, learning, maintaining, and troubleshooting with computers and technical stuff that unless you are strong in these areas you might end up spending a lot of time that maybe you wouldn't have accounted for.

Yeah, it's not for technical people but if someone really is eager into mining. He'll eventually learn all of those stuff across through the forum and other place where he can ask how to set it up.
And aside from that, the major concern that others see on it is about the cost of the whole operation and that's what the new miners are thinking. About how long it is going to be for the ROI.

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