Do you prefer to buy bitcoin or do bitcoin mining? - page 4.

sheenshane

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Quote from: TCW003 on March 06, 2020, 05:59:11 AM

Investing in cloud mining, for me, I think it's like "put part of the fund in a bank with low rate", the rate may be low, but it's growing slowly. Of course, you have to know the basic factors which impacting the mining profit and you can adjust your strategy. Win or lose depends on your decisions.

Don't risk your money to invest in cloud mining, the reply of @gentlemand was right most of them are Ponzi scheme and probably didn't tell the truth if they are real miners. So, it's better to avoid this kind of investment platform.

How I wish before to have mining equipment but I discourage when I knew in my place it's too expensive for the electric bill. I read articles that it is good to mine Bitcoin if you are in a cold place, you can save for energy consumption.

I preferred to buy Bitcoin at dip price and accumulate as much as I can without worrying about the electric expenses after the end of the month.

TCW003

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Quote from: gentlemand on March 06, 2020, 06:59:01 AM

It sounds to me more like you are an investor in a real mine.

Cloud mining arranged via internet, which is normally how it happens with no option of seeing real mining, is almost always a ponzi scheme that never actually exists. They usually post photos of someone else's equipment and then keep taking money from new customers/victims to pay the old ones until the game ends.

True. It will be safer if you know someone working for the cloud mining platform. Grin

xSkylarx

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Quote from: TCW003 on March 04, 2020, 08:35:12 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

I would prefer buying over mining during this kind of market situation. Mining equipment is hard and expensive to purchase. You should also have a huge capital for mining necessities, especially for electricity. Buying Bitcoin is hassle-free compared to mining and you could hold it until you reach the target that you want. Yes, it is true, we could purchase Bitcoin but not all of us could afford to do mining.

gentlemand

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Quote from: TCW003 on March 06, 2020, 05:46:53 AM

Not anyone here investing in a "verified" cloud mining platform? all are scammed?? Huh

It sounds to me more like you are an investor in a real mine.

Cloud mining arranged via internet, which is normally how it happens with no option of seeing real mining, is almost always a ponzi scheme that never actually exists. They usually post photos of someone else's equipment and then keep taking money from new customers/victims to pay the old ones until the game ends.

TCW003

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Investing in cloud mining, for me, I think it's like "put part of the fund in a bank with low rate", the rate may be low, but it's growing slowly. Of course, you have to know the basic factors which impacting the mining profit and you can adjust your strategy. Win or lose depends on your decisions.

TCW003

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Quote from: maydna on March 05, 2020, 03:05:00 AM

At least, we can get bitcoin without buying. But I prefer to buy bitcoin than mining bitcoin because I don't have a low fee of electricity so that will cost me huge expenses in a day or a month. Gladly, if we buy bitcoin, we don't have to buy 1 bitcoin directly, but we can buy a fraction of bitcoin, and we adjust our money to buy how many satoshis we want.

That can help people if they prefer to buy bitcoin than mining bitcoin because they can use, for example, $10-100 to purchase bitcoin, and hold it or trade it with the coins. But if you have a low fee of electricity and you have money to buy the hardware, then yes, mining bitcoin will be recommended for you.

I agree to buy some too but it makes me nervous. Because I need to check when is the lowest to buy more or sell them at top. When I already have some bitcoins, and I'd like to invest the bitcoins in mining for more.

TCW003

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I located in China and can visit many mining farms to verify the running rigs. Yes, make sure they have rigs before investing in cloud mining. I don't invest much in cloud mining, around 5000-7000$, and it can bring me some real bitcoins in case of inflation.

Not anyone here investing in a "verified" cloud mining platform? all are scammed?? Huh

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So anyway, I applied as a merit source :)

Quote from: TCW003 on March 04, 2020, 11:24:33 AM

I doubt that buying is for everyone. At least people in some places from Africa don't have choice to buy bitcoin.

The possibility of buying bitcoin using a P2P source is always available as long as you have internet connectivity and a trusted seller to buy from. Now if you are lacking the bank balance to buy then it is your problem.

Quote

Yes, and neither for mining. Not everyone can join bitcoin mining with rigs. But with the spread of cloud mining, it becomes easier.

Again this is incorrect. Cloud mining is a scam which is not properly understood by new entrants in this sector.

All the legit mining locations have a system of giving out dividends to the people who own the rigs there. But this is not the case for all. 99% of the projects that you get on searching for cloud mining are not even having any rigs. They are running a ponzi where they pay the older investors with the money coming from the newer investors. Those contracts there are fake and used to scam everyone.

If you are willing to check if a cloud mining system really exists, do not trust but "Verify". Visit the location and check if they really exist. I can promise you that it wont be there or you would not be given a response when you ask about the same.

sunsilk

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Quote from: ultrloa on March 05, 2020, 09:11:11 AM

Quote from: sunsilk on March 05, 2020, 03:52:49 AM

I thought that you have a farm and we know that not every cloud mining is a scam but basically, most of them are. If you are experienced investing to cloud mining, you're investing to the legitimate ones but AFAIK it's no longer profitable.

Looks like you know what you are talking and doing but just a suggestion, you should better keep more in bitcoin.

It's good to have an option and his choices is good but the one I doubt here is the word cloudmining since so far I don't find any reliable since as you said it's not profitable anymore which is right since actually it will give a low too in long period of time so basically you are wasting your time for just waiting for it to grow.

I've heard about some of those common but I haven't tried any of them but based on what I've read about them, they're paying but the investment you'll put there isn't worth it because as I've said it's not profitable anymore. And that's why it's better not to invest with any cloud mining to be sure.

I'm curious how much he has invested which makes him confident that he's making with it. While buying, this is working perfectly to everybody.

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Quote from: gentlemand on March 05, 2020, 07:49:43 PM

I arrived in 2013 and even then mining made no sense to me.

I always felt the same way, but now I'm moving out to the Pacific Northwest east of the Cascades, where electricity costs 2-2.50¢/kWh! The winters are frigid there too, so I'm mulling over a home mining operation that recaptures heat.

I need to do a much deeper dive into the details, but at a glance, rates this low completely justify a mining operation -- especially when you factor in the potential heat subsidy.

gentlemand

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I arrived in 2013 and even then mining made no sense to me. I guess at least there are established supplies of miners these days whereas most people got fucked with pre orders back then and missed out on profitable mining even if they eventually received their machine. Even so I still would never think of mining.

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Quote from: TCW003 on March 04, 2020, 08:35:12 AM

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.

Have you done any computations in order to know the exact gained amount in $ ^{[involving all of the conversions]}?

Quote from: TCW003 on March 04, 2020, 08:35:12 AM

I still keep on mining by myself to collect more bitcoins.

Quote from: TCW003 on March 04, 2020, 09:35:00 PM

By the way, I don't have a farm, I just invest on cloud mining which most of the people here think it's a scam.

I believe that makes the subject field of this thread, invalid ^{[to an extent]}.

Quote from: TCW003 on March 04, 2020, 08:35:12 AM

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

As a former miner ^{[real mining]}, I prefer to buy nowadays.

Quote from: TCW003 on March 04, 2020, 09:35:00 PM

Not all of the cloud mining are scams.

I would like to see you post that comment in 2022 Wink

ultrloa

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Quote from: sunsilk on March 05, 2020, 03:52:49 AM

Quote from: TCW003 on March 04, 2020, 09:35:00 PM

Quote from: sunsilk on March 04, 2020, 07:08:07 PM

Buying will always be the most convenient option. Not everyon can avail to buy miners but everyone can avail to buy bitcoin at any price that we want and quantity that we want.

But if it's very effective to you that you have been mining and it seems that you have a farm, you are on the good side mining the right coin. And I think that you can sustain it and anyway, congratulations that you've earned from the fork coin. Are you planning to sell them and convert it to bitcoin finally?

I will keep converting to bitcoin or bitcoin cash based on the rate. I'd like to hold both coins to reduce the risk. By the way, I don't have a farm, I just invest on cloud mining which most of the people here think it's a scam. I have to say you must investigate the platform before you do any investment. Not all of the cloud mining are scams.

I thought that you have a farm and we know that not every cloud mining is a scam but basically, most of them are. If you are experienced investing to cloud mining, you're investing to the legitimate ones but AFAIK it's no longer profitable.

Looks like you know what you are talking and doing but just a suggestion, you should better keep more in bitcoin.

It's good to have an option and his choices is good but the one I doubt here is the word cloudmining since so far I don't find any reliable since as you said it's not profitable anymore which is right since actually it will give a low too in long period of time so basically you are wasting your time for just waiting for it to grow.

Ruso21

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this is a good questions, it depends on the country you are...

Mining requires thousands of dollars to buy a rig, a space that can handle the noise and see the electric fee if it worth it. nowadays the market is unstable and is too risky to invest on equipment, 1 of the examples is the ASIC with 1 algorithm, if the coin forks, then goodbye ASIC. it is really hard to get ROI because of the difficulty, so good luck with mining.
from the other hand, there are many ways to mine, also the type of coin, to what coin to convert and at what price, all depends on how you do it.

now investing is another story because it is based on knowledge & availability to cash out. if you are stupid enough to buy at high value and the coin start to crash, then you are not qualified to invest because you need to study the market with information and see the chart. not many countries support bitcoin so no companies or banks that let you cash out.
from what i learned from others, don't loose more than you can afford. investing is part of the risk, also is part of gambling.

sunsilk

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Quote from: TCW003 on March 04, 2020, 09:35:00 PM

Quote from: sunsilk on March 04, 2020, 07:08:07 PM

Buying will always be the most convenient option. Not everyon can avail to buy miners but everyone can avail to buy bitcoin at any price that we want and quantity that we want.

But if it's very effective to you that you have been mining and it seems that you have a farm, you are on the good side mining the right coin. And I think that you can sustain it and anyway, congratulations that you've earned from the fork coin. Are you planning to sell them and convert it to bitcoin finally?

I will keep converting to bitcoin or bitcoin cash based on the rate. I'd like to hold both coins to reduce the risk. By the way, I don't have a farm, I just invest on cloud mining which most of the people here think it's a scam. I have to say you must investigate the platform before you do any investment. Not all of the cloud mining are scams.

I thought that you have a farm and we know that not every cloud mining is a scam but basically, most of them are. If you are experienced investing to cloud mining, you're investing to the legitimate ones but AFAIK it's no longer profitable.

Looks like you know what you are talking and doing but just a suggestion, you should better keep more in bitcoin.

maydna

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Quote from: pakhitheboss on March 05, 2020, 02:08:41 AM

I prefer working for Bitcoin rather than buying or mining it. My reason is that I cannot afford to invest in a mining rig and Bitcoin mining is no more an individuals job. The second reason is volatility, I do not want to invest in Bitcoin and then repent if the pics slums down. I therefore earn Bitcoin by working for it.

At least, we can get bitcoin without buying. But I prefer to buy bitcoin than mining bitcoin because I don't have a low fee of electricity so that will cost me huge expenses in a day or a month. Gladly, if we buy bitcoin, we don't have to buy 1 bitcoin directly, but we can buy a fraction of bitcoin, and we adjust our money to buy how many satoshis we want.

That can help people if they prefer to buy bitcoin than mining bitcoin because they can use, for example, $10-100 to purchase bitcoin, and hold it or trade it with the coins. But if you have a low fee of electricity and you have money to buy the hardware, then yes, mining bitcoin will be recommended for you.

pakhitheboss

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I prefer working for Bitcoin rather than buying or mining it. My reason is that I cannot afford to invest in a mining rig and Bitcoin mining is no more an individuals job. The second reason is volatility, I do not want to invest in Bitcoin and then repent if the pics slums down. I therefore earn Bitcoin by working for it.

Saisher

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I'm mining other coins and new coins but mining Bitcoin at this point of time is a waste of money because of the halving, in fact many miners are abandoning mining Bitcoin and now shifting new coins to mine, so I prefer buying it than mining it, and it's also the choice of the majority here.

TCW003

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Quote from: cissrawk on March 04, 2020, 11:41:15 PM

If the choices option only that 2, then i will prefer buy it instead mining. If i can add another choice, i would rather earn it by doing some services or etc, instead of buy it.
I'm rarely keeping bitcoin for a long term investment, the longest is about 3-4 months and then my wallet got hacked....

Which wallet do you use? Well, we have to stay away from it. Or maybe you lost your key?

TCW003

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Quote from: fortunecrypto on March 04, 2020, 11:32:07 PM

Not everyone can mine it takes passion and knowledge for a guy to mine, whereas buying Bitcoin can be done by anyone, but this is 2020 where the difficulty is way to high you need expensive asic machine to mine, and with the coming halving many miners are going to give up because of the reduced rewards, I don't see why mining could be rewarding anymore.

You are right about that "it takes passion and knowledge to mine". But don't you think mining is a way that you can leave your coins there without doing anything and it can bring you rewards every day? Anyway I'm still not sure if mining is faster than buying. I need a calculation.

Topic: Do you prefer to buy bitcoin or do bitcoin mining? - page 4. (Read 849 times)