Topic: Buying BTC vs Mining it - page 8. (Read 1855 times)
Dont forget that mining is a closely connected with fixed costs. If you stop mining, your breakeven point will start to move away. Mining require users attention, as hardware can break down or other problems might appear. Nowadays, buying bitcoin is as simple as buying withdrawing money from ATM (hello bitcoin ATM), and holding it cost nothing. User can sell bitcoin with 1 click and in 1 second. Selling mining equipment will take more time.
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.
Depending on several factors because you would consider out these things;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.
1. Electricity cost on your country
2. ROI duration.
3. Knowledge about technicality of mining
4. Mining Difficulty
If you dont like all the hassles then you could simply buy bitcoin as a whole.
In my location, it's better to buy bitcoin because electricity has never been cheap. But if you have a solar power/panels then you have no problems of electricity and you're minimizing the expenses through it.
And if you are in that situation then the best option for you is to buy your miner. You should also be aware of how long the ROI you'll have upon the purchase and have to consider the volatility of the market.
And if you are in that situation then the best option for you is to buy your miner. You should also be aware of how long the ROI you'll have upon the purchase and have to consider the volatility of the market.
Mining had been discourage in many countries because of the demand of High electricity and this must be very expensive , though some others uses a reusable energy to continue mining and this brings them really a profit.
But not all can have this and be safety so yes lets not come across and find other option like investing in bitcoin , But i will also discourage you to buy solely bitcoin but instead try to diversify than buying single bitcoin.
use the funds in different currencies but of course majority will be in Bitcoin.
But not all can have this and be safety so yes lets not come across and find other option like investing in bitcoin , But i will also discourage you to buy solely bitcoin but instead try to diversify than buying single bitcoin.
use the funds in different currencies but of course majority will be in Bitcoin.
In 2014 I used to mine bitcoin with S5 and S7, because I heard bitcoin was always hot news on bloomberg and CNBC TV when it skyrocketed from under $100 and could skyrocket to $1000 at the end of 2013, at that time there were many guides for mining, and proven With the 4 units I bought, I got an ROI of about 5 months, but after the 2016 halving day which made mining very difficult, I sold and preferred to invest.
Mining is not an easy thing to do if you look at the additional maintaince cost like cooling of the system, electricity and other costs which will be added regularly and as single miner you can't do it without getting into any pool.So for me aslo buying bitcoin is the best option and get profits in long run when the prices will increase.But the question is to keep them safe in some non custodial wallets or hardware wallets with proper backing up of your seed phrase.
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.
Best to put a POLL instead of asking like this so you may find what the community sentiment on this matter.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.
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It has been mentioned above for majority of answers , that it is Buying Bitcoin instead of buying Mining rigs.
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The worst is about the availability of electricity , it is really a Huge expense in Miner .
If you are aiming for long term and doesn't need the cash for a long time then go for mining,
But if you want a faster profit then just buy Bitcoin instead of mining it and do some trades.
Mining is for long term and slow ROI but it is expensive.
What you need to know is even you bought Bitcoin right now, no one can guarantee tomorrow you'll earn profit and not all people can do trading. As @OP is a newbie, trading isn't adviceable since most of newbies only loss from trading, even worse if they use borrowed money.But if you want a faster profit then just buy Bitcoin instead of mining it and do some trades.
Mining is for long term and slow ROI but it is expensive.
Also Mining doesn't always profit since it depends on the electricity and how good your maintenance the mining rigs, it's costly and you could loss. Retail mining aren't profitable as few years back, when you can still use CPU or GPU to mine.
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.
Lets not furthermore this conversation and answer direct to the Point.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.
"BUY BITCOIN" and of course add some small part for Altcoins , we knew how expensive mining business now because the electricity and the harder bitcoin can be mined nowadyas.
So best not to deal with mining and just buy Bitcoin Right away .
I think it would depend on your goal or situation,
If you are aiming for long term and doesn't need the cash for a long time then go for mining,
But if you want a faster profit then just buy Bitcoin instead of mining it and do some trades.
Mining is for long term and slow ROI but it is expensive.
If you are aiming for long term and doesn't need the cash for a long time then go for mining,
But if you want a faster profit then just buy Bitcoin instead of mining it and do some trades.
Mining is for long term and slow ROI but it is expensive.
With the amount of money you have, I recommend buying bitcoins instead of trying to mine because with that money, you need to buy expensive tools and not necessarily you can get good results.
By buying bitcoins on the market, you can own bitcoins and those bitcoins will immediately be ready to be sold if the price goes up.
Even if you have or can cover expenses each month, you still have to wait a few months to get a return from your mining results.
In addition, if at the moment you want to sell bitcoin, but the price drops, you still can't sell it right away and have to wait a while.
By buying bitcoins on the market, you can own bitcoins and those bitcoins will immediately be ready to be sold if the price goes up.
Even if you have or can cover expenses each month, you still have to wait a few months to get a return from your mining results.
In addition, if at the moment you want to sell bitcoin, but the price drops, you still can't sell it right away and have to wait a while.
The amount of money you have is quite under the profitable budget to mine bitcoins so it's better to buy 1 bitcoin and hold it for the long term rather than mining your own bitcoins which doesn't really assure you if the components you are using will last longer before you get your capital. The problem here is, the power consumption will gonna increase and you need to pay that before even getting some bitcoins. it simply means that you need to pay more electricity bills every month before even getting bitcoins from it.
Very few countries around the globe have got the cheap electricity consumption charge. So, mining isn't profitable everywhere. Good is to buy bitcoin at the right time and keep hold for the selling at the peak. This will generate good profit.
Through mining one can make a regular earning unlike the market, but it requires big capital funding. Some used to set-up home miners and these miners will generate good revenue until its been caught, because these miners will be run illegally. In my country we've got certain limit of energy to be used for household needs. If found higher, then the energy company makes an investigation.
Through mining one can make a regular earning unlike the market, but it requires big capital funding. Some used to set-up home miners and these miners will generate good revenue until its been caught, because these miners will be run illegally. In my country we've got certain limit of energy to be used for household needs. If found higher, then the energy company makes an investigation.
This goes back to everyone's perspective I guess.
Buying bitcoin is simple, but we must be able to know the momentum to get the right price. What we want to buy is different from mining because at least there needs to be good management about it, although indeed we can relax and not think too much about losses in the market, but of course there are losses in management. .
I personally prefer investing to mining because I'm not very good at dealing with things like that so I prefer investing and trading options
Buying bitcoin is simple, but we must be able to know the momentum to get the right price. What we want to buy is different from mining because at least there needs to be good management about it, although indeed we can relax and not think too much about losses in the market, but of course there are losses in management. .
I personally prefer investing to mining because I'm not very good at dealing with things like that so I prefer investing and trading options
To cut it short as individual, it's encourageable to buy Bitcoin instead of mining of Bitcoin, because buying Bitcoin will require a short expenses and it will be as possible as we can afford the capital and also control it than mining, because from my perspective in the aspect of mining, it has to do with sufficient electricity power supply and other necessary and important installation of wires that can caused alot of finance, so therefore with three thousand you can purchase Bitcoin.
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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 best way to make a successful investment in every setting is to do some actual in-depth research and about your question, the perfect decision will depend on your resources both buying BTC or mining it will require from you i.e you need to do the calculation of the cost of mining BTC in your geographical area and check if it will be profitable if not buying Bitcoin will be the best decision. However, this miner is for altcoin, you check its mining stat and calculate if it will be profitable to mine with it on https://minerstat.com/hardware/antminer-l7In 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.
If you can mine BTC fine, but if you cannot then you should switch over the buying, which is quite fast, understanding buying BTC won't be much of a hard deal to understand and won't cost you too much expenses.
Bitcoin mining involves taking a while lot of experience, electricity and a totally isolated area to avoid as sought of distraction.
Everyday, Everytime I'm down to buy BTC
How will he know if he can mine or not when he doesn't have a miner yet? Currently, he is asking for a second opinion here if what's best for him but surely he had an experience with bitcoin because anyone can buy bitcoin cheaply by buying at smaller amounts.Bitcoin mining involves taking a while lot of experience, electricity and a totally isolated area to avoid as sought of distraction.
Everyday, Everytime I'm down to buy BTC
If buying/investing in bitcoin works well for him then there is no point of asking here but he can just stick with it but he is still here, maybe he isn't getting enough profits according to his expectation with bitcoin? But, it doesn't mean that mining is the solution to that because mining was also hard based on the feedback of others and some of them have already tried mining.
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.
I believe that buying and HODLing your Bitcoin is better than mining and I think @darkangle has outlined some or most of the cons well hereIn 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.
This question is probably as old as Bitcoin itself. IMO buy bitcoin, not mining gear.
Cons of mining:
You need cheap power
You need to put in work to set it all up, wire it properly, keep the miner running 24/7
You need a place where noise won't be an issue. Miners are quite noisy.
You need a safe place, where nobody will steal the hardware or tamper with it, which means no access for kids, thieves and animals.
Mining gear can break and nobody will give you warranty.
You need to wait for shipment. If you choose a new miner, it can even be months.
Not worth it unless you are have your own power plant, or know someone who can provide you with free power.
Cons of mining:
You need cheap power
You need to put in work to set it all up, wire it properly, keep the miner running 24/7
You need a place where noise won't be an issue. Miners are quite noisy.
You need a safe place, where nobody will steal the hardware or tamper with it, which means no access for kids, thieves and animals.
Mining gear can break and nobody will give you warranty.
You need to wait for shipment. If you choose a new miner, it can even be months.
Not worth it unless you are have your own power plant, or know someone who can provide you with free power.
Why go through all this hustle if you and might still not be able to make a profit at the end of the day when you put all cost into perspective over a period of time when compared to you hodling your BTC
Mining has a cost and isn't fast to recover your investment. I would recommend buying the coins and holding them until the price bump. That's the right way to make a nice profit with cryptos without a hard effort.
You should consider mining only if you can make a huge investment and only if you have cheap electricity.
You should consider mining only if you can make a huge investment and only if you have cheap electricity.
I can understand that for practical reasons, it is better to buy btc rather than buy equipment to mine it.
As it depends on the capability of the person, if he is already a previous miner or not.
But if you are starting from scratch, I would also go for buying btc especially right now that it is below $40k.
Though you also need to keep up with the market as this will give you the edge when to get your profits.
But if you are here for long-term and strongly believe about btc, then, you can buy and hold.
Mining takes a lot of work, and other considerations like power consumption, environment and others.
If you are not in it to learn all the mining aspects better go the easier route.
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.
This is one of those questions that has been around for a very long time, and unless you want to be a miner and you have the knowledge, expertise and access to cheap electricity I would not recommend it.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.
If the only thing you want to do is to hold some bitcoin as an investment and get rid of your fiat then just buy bitcoin and forget about mining for the time being, as there are very high chances that something will go wrong in the process and you will be unable to get as much bitcoin as you would if you just bought it due to your inexperience as a miner.
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