Do you prefer to buy bitcoin or do bitcoin mining? - page 2.

TCW003

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Quote from: Eureka_07 on July 17, 2020, 08:22:55 AM

Quote from: TCW003 on March 04, 2020, 07:35:12 AM

Why I'm asking this question?

Because I checked my wallet several days ago, and I found I have 59 bitcoin cash in 2018, and I only just convert between bitcoin cash and bitcoin, and I converted totally for 4 times until now. I earned 30 bitcoin cash finally. I didn't think I can make this much in this way. I still keep on mining by myself to collect more bitcoins.

2 ways can bring the same result-collect more coins. That's pretty good. The bitcoin halving is coming, I don't know what will happen on mining, but let's see.

So welcome any of you to share your experiences of collecting more bitcoins. Persuade me Grin

Where are you mining bitcoin? Do you have a rig for mining?

Technically it is a passive earning of bitcoin if you will mine it. But miners nowadays are having hard times because they are being overrun by giant mining companies.
I'd rather go buying and selling bitcoin. I do not have enough money to invest for some computer to mine bitcoin. It is ver expensive and lots of electrical power will be consumed.

I didn't have a rig. I have been buying the hashrate contracts on platforms which I definitely confirm they have machines behind those contracts. I've tried several platforms before, like hashnest I earned a lost in 2016-2017 there, but begin to lose in 2018. As I learned, they were running separatedly outside of Bitmain and they have less machines and weak management in mining farms. So I left. In 2019, I joined a new platform 1TMINE.com where I can buy enough hashrate contracts , better I can also sell the hashrates anytime if I predict the rig price will drop. I already earned over 0.05btc and the rigs are still keep mining. What I should do is to watch the machine market, when to buy more and when to sell them to the hashrate market. Good luck to me.

Review Master

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Quote from: FIFA worldcup on July 19, 2020, 01:15:36 AM

Quote from: Leo on July 19, 2020, 12:57:33 AM

I prefer to buy bitcoin than mining, if the cost of mining bitcoin is not that expensive, I believe that almost every one will prefer mining it, and I feel it's good in that way, if not lots of people would prefer to keep dumping the price. But when you realize the expenses and time it takes you to mine there is no option you've got to consider buying especially those in a country where electricity tariff is very high

Not everyone can do bitcoin mining as you need a lot of expensive equipment for mining and there should be cheap electricity in your country. Bitcoin mining is no more an ordinary person job and it is done by mining farms and big companies. Buying bitcoin is a more realistic approach.

If bitcoin's price pump high , than it would be more profitable for personal miners. But in this current time, only big mining farms are in small profits and personal miners are struggling to do so. So it's better to wait for bull run of bitcoin if anyone's willing to do bitcoin mining. Also buying bitcoin will be the best option to be able to make some profits before starting the journey of bitcoin mining, imo.

FIFA worldcup

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Quote from: Leo on July 19, 2020, 12:57:33 AM

I prefer to buy bitcoin than mining, if the cost of mining bitcoin is not that expensive, I believe that almost every one will prefer mining it, and I feel it's good in that way, if not lots of people would prefer to keep dumping the price. But when you realize the expenses and time it takes you to mine there is no option you've got to consider buying especially those in a country where electricity tariff is very high

Not everyone can do bitcoin mining as you need a lot of expensive equipment for mining and there should be cheap electricity in your country. Bitcoin mining is no more an ordinary person job and it is done by mining farms and big companies. Buying bitcoin is a more realistic approach.

Leo

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I prefer to buy bitcoin than mining, if the cost of mining bitcoin is not that expensive, I believe that almost every one will prefer mining it, and I feel it's good in that way, if not lots of people would prefer to keep dumping the price. But when you realize the expenses and time it takes you to mine there is no option you've got to consider buying especially those in a country where electricity tariff is very high

Ridwan Fauzi

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Quote from: ?? on ??

In our country electricity cost is not cheap and then making huge investment in the equipment’s and then waiting for the ROI will take lot of time . Instead investing and trading in bitcoin will yield me better results when calculating the returns of investment. Also can make money in short term as well and use it . So I prefer buying as an option .

That's what I have done so far, mining bitcoin even mining another altcoin like ETH is not worth in a country with high electricity payment. I have my friend who now he still mine ETH, and do you know what he gets per months? Yea he just got $10 permonths and I don't think that is good to be an income. Moreover with mining bitcoin, I don't think there will a miner in my country. Buying (it means to be made as investing) will give a good result for me especially I bought it at the lower price and selling it at high price, it is more make sense to me.

stomachgrowls

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Quote from: pixie85 on July 16, 2020, 07:57:13 PM

Buying of course. Mining is too much of a hassle and is too risky.

Mining company scams, preorders, shipping delays.
Additional taxes on packages from China and a chance they get damaged ir seized.
No warranty on mining hardware.

Even if you pull it off somehow they can steal it from you much easier than they would be able to steal coins.

I agree into this sentiment where mining is too much hassle and not only risky but also expensive kind of investment.

This had always been part when you do get engage into this activity where lots of factors that you should consider first before proceeding.

When it comes to mining company scams then its just dumb for you not to directly purchase on Bitmain and do consider other site because it is cheap which is really a very wrong mindset to have.

Quote from: Slow death on July 17, 2020, 05:10:00 AM

honestly I wish mine bitcoin one day, but the price of electricity in my country is a real nightmare. my country's electricity price is at 0.13 U.S. Dollar and from what I see in the coming years the price will increase even more

a comparison:

https://www.globalpetrolprices.com/electricity_prices/

In china where they say that electricity Is cheap according to this website that I posted the link is 0.08 U.S. Dollar. you can see that there is no way I can mine in my country. My options for increasing bitcoins are to use riskier options like:

1 - Trade

2 - sports betting

When it comes on tending to increase your bitcoin stash then i do consider Trading but sportsbetting or other forms of gambling? Definitely no.!

Same as yours where mining here on my country is just totally senseless because of electricity cost on where the money or profit you do earn is just enough for

you to pay up your electricity bill.

Eureka_07

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Quote from: TCW003 on March 04, 2020, 07:35:12 AM

Why I'm asking this question?

Because I checked my wallet several days ago, and I found I have 59 bitcoin cash in 2018, and I only just convert between bitcoin cash and bitcoin, and I converted totally for 4 times until now. I earned 30 bitcoin cash finally. I didn't think I can make this much in this way. I still keep on mining by myself to collect more bitcoins.

2 ways can bring the same result-collect more coins. That's pretty good. The bitcoin halving is coming, I don't know what will happen on mining, but let's see.

So welcome any of you to share your experiences of collecting more bitcoins. Persuade me Grin

Where are you mining bitcoin? Do you have a rig for mining?

Technically it is a passive earning of bitcoin if you will mine it. But miners nowadays are having hard times because they are being overrun by giant mining companies.
I'd rather go buying and selling bitcoin. I do not have enough money to invest for some computer to mine bitcoin. It is ver expensive and lots of electrical power will be consumed.

Slow death

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honestly I wish mine bitcoin one day, but the price of electricity in my country is a real nightmare. my country's electricity price is at 0.13 U.S. Dollar and from what I see in the coming years the price will increase even more

a comparison:

https://www.globalpetrolprices.com/electricity_prices/

In china where they say that electricity Is cheap according to this website that I posted the link is 0.08 U.S. Dollar. you can see that there is no way I can mine in my country. My options for increasing bitcoins are to use riskier options like:

1 - Trade

2 - sports betting

glowing10

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Quote from: pixie85 on July 16, 2020, 07:57:13 PM

Buying of course. Mining is too much of a hassle and is too risky.

Mining company scams, preorders, shipping delays.
Additional taxes on packages from China and a chance they get damaged ir seized.
No warranty on mining hardware.

Even if you pull it off somehow they can steal it from you much easier than they would be able to steal coins.

Buying is easy and one can within minutes buy/sell and get the money if the required urgently. But that is not the case with mining as first we have to do complete setup, make a huge investment with the equipment’s and then if dint find it lucrative in terms of the returns then again people have to sell and may not get good price of as it becomes deprecated. So its a loss again. So instead buying is much better it seems to me.

michellee

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Quote from: TCW003 on July 15, 2020, 10:17:19 PM

Quote from: ?? on ??

In our country electricity cost is not cheap and then making huge investment in the equipment’s and then waiting for the ROI will take lot of time . Instead investing and trading in bitcoin will yield me better results when calculating the returns of investment. Also can make money in short term as well and use it . So I prefer buying as an option .

True, electricity cost is one of the big factors we should concern. In China the rainy seasons right now and the electricity rate is 0.036$/Kwh. But I believe there's still cheaper electricity in other countries.

If people can have cheaper electricity, they can start mining bitcoin, but they need to buy the hardware. Without good hardware, they can not earn many rewards, and they need to pay the electricity, and if the fee is bigger than the reward, they will not make any profit. If that happens, then mining bitcoin will not be the best option for them, and maybe buying bitcoin will be the best option for them.

pixie85

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Buying of course. Mining is too much of a hassle and is too risky.

Mining company scams, preorders, shipping delays.
Additional taxes on packages from China and a chance they get damaged ir seized.
No warranty on mining hardware.

Even if you pull it off somehow they can steal it from you much easier than they would be able to steal coins.

TCW003

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Activity: 290

Merit: 1

Quote from: ?? on ??

In our country electricity cost is not cheap and then making huge investment in the equipment’s and then waiting for the ROI will take lot of time . Instead investing and trading in bitcoin will yield me better results when calculating the returns of investment. Also can make money in short term as well and use it . So I prefer buying as an option .

True, electricity cost is one of the big factors we should concern. In China the rainy seasons right now and the electricity rate is 0.036$/Kwh. But I believe there's still cheaper electricity in other countries.

carlfebz2

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Quote from: sunsilk on July 15, 2020, 05:07:30 PM

Quote from: TCW003 on July 15, 2020, 09:32:40 AM

Quote from: sunsilk on July 14, 2020, 10:22:23 AM

Check the difficulty of its nethash on https://whattomine.com/

And as you know, Ethereum is about to change its consensus from PoW to PoS. But, there is no definite date when it will exactly happen so as long as they haven't transitioned, you're still ok to mine it. I think you can mine and collect up to 32 ETH for the staking once it's ready.

You can stake that 32 ETH which was said to be the minimum amount for an individual's staking. I've heard that there will be pools that allows sharing for small amounts for many other individuals that wants to contribute.

Thanks for the info.
I calculated that ETH mining takes around 9 months to get the payback while the bitcoin mining right now takes around 18 months. To mine ETH , Zcash or other fast payback coins, then trade to BTC, maybe it's a new way out.

It's your strategy, I'm not into mining so you should've asked a real miner to get some insight or at least get an opinion from the specific boards like Mining for bitcoins or Mining (Altcoins).

I guess you will be fine and you know where and how to start. From I have read with other miners before, that's what they do. Mine altcoins and then sell it to stack bitcoin.

Thinking of on the current difficulty on the current market condition then we can normally say that mining ROI would take much longer or simply say it isnt profitable until that specific period of time.

Unless if you do live in a place where electricity is darn cheap which would lessen up the duration and also the best thing to have as a miner.Its much better to trade than on considering

this field yet we know that mining activity doesnt really only cost a few dollars for you to deal with.

sunsilk

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Quote from: TCW003 on July 15, 2020, 09:32:40 AM

Quote from: sunsilk on July 14, 2020, 10:22:23 AM

Check the difficulty of its nethash on https://whattomine.com/

And as you know, Ethereum is about to change its consensus from PoW to PoS. But, there is no definite date when it will exactly happen so as long as they haven't transitioned, you're still ok to mine it. I think you can mine and collect up to 32 ETH for the staking once it's ready.

You can stake that 32 ETH which was said to be the minimum amount for an individual's staking. I've heard that there will be pools that allows sharing for small amounts for many other individuals that wants to contribute.

Thanks for the info.
I calculated that ETH mining takes around 9 months to get the payback while the bitcoin mining right now takes around 18 months. To mine ETH , Zcash or other fast payback coins, then trade to BTC, maybe it's a new way out.

It's your strategy, I'm not into mining so you should've asked a real miner to get some insight or at least get an opinion from the specific boards like Mining for bitcoins or Mining (Altcoins).

I guess you will be fine and you know where and how to start. From I have read with other miners before, that's what they do. Mine altcoins and then sell it to stack bitcoin.

fullhdpixel

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Quote from: TCW003 on July 15, 2020, 09:39:49 AM

Quote from: Anonylz on July 15, 2020, 09:18:03 AM

I would much rather buy btc than to mine especially when I don't have the mining equipment, imagine someone with $200 wants to buy btc, it will be much easier to pick up some btc from any good exchange than to go through mining process, just save yourself the trouble and buy,
But if you are a miner, then you may want to mine the $200 worth of btc because you have the equipment and experience, still, buying is a preferred option for me, low stress, low cost.

It's up to you. As I mentioned before, there are legal platforms where you can buy cloud mining products and join mining easily. Why I choose to mine bitcoin, because I can get bitcoin every day by mining and I can keep mining as long as I will until the mining profit get negative.

Besides, I always believe bitcoin network security can't leave the mining. More people joining mining will make the bitcoin world better.

Firstly I am happy you are able to earn 30 BCH as you said but that cannot be termed as mining as you got those BCH as a part of airdrop basically as anyone who was holding bitcoins on a particular date are sent the forked coins.

Mining requires you to have cheap electricity and not every country have the same power consumption price so it varies and cloud mining have been so hard to distinguish because a lot of ponzi scams are running in the face of cloud mining. If there was one genuine way to invest your money and actually mine bitcoins then it was great but because of so many scams it is only viable to mine if you do it personally by purchasing miner hardware and calculate electricity cost, etc.

TCW003

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Quote from: Anonylz on July 15, 2020, 09:18:03 AM

I would much rather buy btc than to mine especially when I don't have the mining equipment, imagine someone with $200 wants to buy btc, it will be much easier to pick up some btc from any good exchange than to go through mining process, just save yourself the trouble and buy,
But if you are a miner, then you may want to mine the $200 worth of btc because you have the equipment and experience, still, buying is a preferred option for me, low stress, low cost.

It's up to you. As I mentioned before, there are legal platforms where you can buy cloud mining products and join mining easily. Why I choose to mine bitcoin, because I can get bitcoin every day by mining and I can keep mining as long as I will until the mining profit get negative.

Besides, I always believe bitcoin network security can't leave the mining. More people joining mining will make the bitcoin world better.

TCW003

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Activity: 290

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Quote from: sunsilk on July 14, 2020, 10:22:23 AM

Check the difficulty of its nethash on https://whattomine.com/

And as you know, Ethereum is about to change its consensus from PoW to PoS. But, there is no definite date when it will exactly happen so as long as they haven't transitioned, you're still ok to mine it. I think you can mine and collect up to 32 ETH for the staking once it's ready.

You can stake that 32 ETH which was said to be the minimum amount for an individual's staking. I've heard that there will be pools that allows sharing for small amounts for many other individuals that wants to contribute.

Thanks for the info.
I calculated that ETH mining takes around 9 months to get the payback while the bitcoin mining right now takes around 18 months. To mine ETH , Zcash or other fast payback coins, then trade to BTC, maybe it's a new way out.

Anonylz

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I would much rather buy btc than to mine especially when I don't have the mining equipment, imagine someone with $200 wants to buy btc, it will be much easier to pick up some btc from any good exchange than to go through mining process, just save yourself the trouble and buy,
But if you are a miner, then you may want to mine the $200 worth of btc because you have the equipment and experience, still, buying is a preferred option for me, low stress, low cost.

sunsilk

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Quote from: TCW003 on July 14, 2020, 02:19:20 AM

You are right. I'm studying ETH mining recently. Does anyone have experience of ETH mining here?

Check the difficulty of its nethash on https://whattomine.com/

And as you know, Ethereum is about to change its consensus from PoW to PoS. But, there is no definite date when it will exactly happen so as long as they haven't transitioned, you're still ok to mine it. I think you can mine and collect up to 32 ETH for the staking once it's ready.

You can stake that 32 ETH which was said to be the minimum amount for an individual's staking. I've heard that there will be pools that allows sharing for small amounts for many other individuals that wants to contribute.

Viscore

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You can do both but mining is not for everyone, so personally I would just buy bitcoin and hold it, less hassle.
When you are investing and doing bitcoin mining, that's a double risk, or even mining alone, it requires a lot of capital to be able to stay profitable, and as what I have read, for one to be profitable in mining, it has to have a good mining rigs which are expensive at the moment, not only that, you also need to have the knowledge, so basically what I'm saying here, this is only for people with technical skills and are big risk takers.

so I'll stick with investing through holding only.

Topic: Do you prefer to buy bitcoin or do bitcoin mining? - page 2. (Read 949 times)