Topic: Buying BTC vs Mining it - page 7. (Read 1855 times)

I would rather buy bitcoin (which I've been doing for a long time now by the way) than buy a miner, my reasons am gonna list below even though I believe most or all of them are already mentioned.

1. Mining requires a lot of electrical power and in my country, power is a really big issue right now.
2. It doesn't end in buying the mining, you still have to set it up, which requires a lot of time, and you might end up hiring someone(extra spending) to do the set up for you if you are not learned enough.
3. Miners can develop issues as time goes by, you have to hire an engineer who can fix it if at all, there any, and in my country, I don't know neither have I heard of anyone with knowledge of how to fix faulty bitcoin miners.
4. Mining machines require maximum security to protect it from being stolen, and this means you have to give it serious attention.
5. Mining machines are built to run 24/7, this is the only way you can have opportunity of earning decently, this can really be frustrating in a city or country with epileptic power supply, except you have your own power source that's guarantees you 24/7 power supply.

This are the few I can think of right now, so to be sincere, for me personally, the stress involved in buying a miner to mine your own bitcoin is just way too much, it's not worth, so I prefer to buy my bitcoin from the open market.

Lazier is the key word here. I mean don't get me wrong, if you have the money for it, the tech mind to keep it going, and have the mechanic talent to fix anything that may go wrong then go ahead and do that if you want to. But for the life of me, I do not get people who have none of that and still end up buying bitcoin or gpu mining systems.

One wrong move and your investment could be gone, one broken gpu and your money is gone. Just buy it, hold it, and literally do nothing about it and you could make a good return from it for sure. I personally believe that we could make a good return from it without doing any work at all and that is a great deal.

Ohh this roughly depends on your personal preference.

In mining, you have to invest in equipments and space. You will be needing and consuming tons of energy in order to mine those blocks which will reward you on the process (in BTCs). Personally, I've encountered people who sold their mining rigs since they see it as not profitable especially if you have a relatively small amount of capital.

On the other hand, buying BTC is the same as HODLing it for short or long-term investment. It depends on your goal if you would want to purchase BTC or mine BTC. But personally, I would choose the former since it does not take much of my time and I only withdraw/cashout it whenever the prices are high on the market.

In Russia they can't export the oil so I'm thinking that they can use that to mine a btc or their government will have a mining program where people can pay some money to use the mining machine and mine btc on their own. If that would come to a reality and if he is living on that country then btc mining will be the best for him.

Why is mining better if the coin's price is dropping? Does mining become easier too? But when price is dropping, I don't think the mining equipment will get cheaper so buying directly can be the best thing to do. Price fall can be temporary too so if you mine it, chances are the price will recover and you haven't mine enough coin yet.

depend on situation and depend on your location mate , because Mining takes a lot of obligation to be successful so if you cannot put it on the right track then it is impossible for you to make even a small profit from your capital on that.
there is a call for renewable energy mate , there are some place in Europe that become successful miner because of their use of energy in right manner.

Yeah right. Its easier to buy bitcoin than mining it. In mining you have to buy some mining equipments which cost a lot of money. It consumes electricity which you need to pay. And lastly it has a short life span (2-3years). So if you want more bitcoin, then just buy them. Buying bitcoin is cheaper than mining. Bitcoin mining is just a waste of time.

That's not an easy question to answer. Mining bitcoins sounds nice, but it involves money and work to maintain it. It's not a system that you buy once and then the money flows in. The first thing is the hardware, the prices are still high and it will take time to make your money back. Also there could be problems or damages which require repair and mean downtime for the Miner. The second thing is energy, it depends on in which country you are and how much you have to pay for electricity. Now with he Ukraine Russia war, energy prices are likely to keep rising in the near future. The higher your operating cost the lower your profits.
In the end it comes down to how you look at the future bitcoin price. If you believe that the bitcoin price will rise again than buying bitcoins directly with your 40k, but if you expect falling prices than mining would be a better option. Personally I would invest rather than mine.

I think buying is a safer, simpler and lazier option, which can also bring some long-term profit and easily make $40k into $100k over a couple of years. As for mining, it means not only initial investment which you that need to cover by profits (when you buy Bitcoin, you can always pull your money out, and you'll get more out of it than out of selling mining equipment, probably). You also need to cover the electricity bills, which can be huge. Not to mention maintenance, so that your equipment doesn't break. And, possibly, taxes for doing business, maybe some permits to do that etc. So I'd go with buying Bitcoin.

     With such a capital, had the market been in a good state, I would've opted for immensely diversifying the investment plan including investment on speculative new projects with great potential. But the market being as it is nowadays, I would limit my diversification on terra-luna/rune ecosystem coins along with luna and rune coins of course. Then have the majority be placed on btc and Ethereum. There are quite a list of good enough coins to buy as well but I don't want to risk it in such a market. Remember to keep extra usdt or any of the sort so you can DCA as price go even lower you buying point. I didn't talk about mining since it would be a hassle for beginners to enter it nowadays.

I believe that not everyone or every country can afford to mine with high electricity since it takes too much energy, time, and resources. So buying is preferable because if you have an asset, you can invest whenever you want and get any quantity of Bitcoin you want without wasting time and energy like miners do.

There are so many considerations when you go into mining, whereas, if you just buy, you only need to secure your wallet.
However, it doesn't mean that if you will buy, there is a guarantee of profit because it depends on when will you sell your bitcoin.
Should be of course, higher than your buying price. But there are some cases that a holder sell off at a lower price because of panic.
In this scenario, you should know your goals and stick with it. If you are here for short-term, better weigh your options.
But mining is not for all. It takes a lot of hard work and dedication before you can see your profits here, aside from the fact that energy consumption plays a significant role when it comes to this activity.

Yes Indeed, Another thing is mining difficulty, if is it too much time consuming to find out the exact hash then you will lose ultimately.

Electricity prices are not the same in all countries. Bitcoin mining is by no means profitable in countries where electricity has to be used at high prices. Another issue is the temperature, in most cases, Bitcoin mining is very profitable in the winter major countries where electricity is available at low prices.

On the other hand, anyone can buy Bitcoin in any situation and make a profit from it. So, there is a chance of passive income for both miners and investors, so you don't have to regret if your area is not compatible with the setup mining farm.

depending on which side to look at, if you go mining now, then this is not the best option, the price of equipment is simply cosmic, I would choose to buy and HODL for the long term, no amortization of equipment and electricity charges, just wait for the right course.

Sometimes it seems as if people like to complicate themselves without any need, bitcoin mining without a doubt is a profitable business but it has several issues that need to be addressed if you are to become a successful miner.

One of the most obvious is what would you do in the case mining is declared illegal where you live? This happened at China and miners there had to relocate themselves really quickly to avoid violating the law, can you do something like that? Most small miners cannot do it, and in that scenario it would have been way better for them to just buy bitcoin and forget about mining.

Best not to put a poll. The community sentiment on this subforum when asked by a regular user the way OP did and responded by the type of general user responding is going to give a very bad idea of how actual miners and actual buyers actually think.

Besides, there is no question for 99% of us. Unless you're a real miner already doing it, I think very very few people entering the sector, and those doing so are hobbyists.

If I have 40k right now, I surely invest it in Bitcoin. Although we know that Bitcoin mining is profitable but if we think about the expenses at this time, 40k is not enough to start a mining business. And besides, Bitcoin investment never requires us to check on it every time, we just hold and that's it. But if we are into mining, honestly, it consumes most of our time. We need to check it from now and then to be sure that all machines are working well and efficiently.

I would choose to buy bitcoins and keep them. Mining needs a lot of consideration and preparation, we have to think about what mining model is suitable and we can run it at home, we have to manage the costs and electricity needs per month, we have to have a special place for mining (mining noise can disturb our neighbors) and many other considerations.
In my opinion, buy and holding Bitcoin is quite profitable and more practical. Especially if we are busy working in the office or official work for a few days outside the city, it will be very difficult to take care of mining if something happens.

In addition, you need to understand mining, in simple words you need to be able to do it. For me personally, this is a very difficult task, and risky additions to equipment. It's really easier for me to just buy some bitcoin every month as an investment with the hope that in the future I will get a very good profit. It seems to me that mining has more risks, but I could be wrong.

You can buy used old GPU unit for 100$, install it in case. I think everyone still keep their good old PC from childhood. Or get it from a neighbour or a friend for a beer 6-pack (and get a GPU for 95$). And start mining. It will take 5, maybe 10 years before your will start to get first profit, but still it is possible to start mining with 100$ budget.

The difference is that buying bitcoin could be done in satoshis as well. Between the breaking down, the hardware problems and all the other things, we are talking about high entry point as well. Even if we do not talk about just bitcoin, and move down to GPU mining as well for altcoins, that still has a high price.

It is not at peak levels right now, but you need to run it for like 2 years to make your money back with how much some people are charging. That's not the case if you can buy at the real value of the GPU's, but people buy it at that price and then sell it for 2x or even higher. That is why bitcoin is even harder, you need much more capital to even start. Instead, I can buy just 100 bucks worth of bitcoin, can't do that with mining.