I’ve not had to put these two in contrast before: mining with respect to buying Bitcoin.
They are indeed the same package of for an investment but one with very different module of operation and benefits.
While one (mining) might require of you certain expenses and could got you in the authorities nest, taxes and all included,
The other is completely some based on financial buoyancy at the time and that’s about it.
The point which I get here though simply started is,
A teach how to fish rather than just been handed a fish or buying the fish.
Mining, getting a rig and having to start a farm is considered an expensive and not easy to maintain adventure which so many might not be able to afford, given the sophisticated nature of it.
While, having to buy Bitcoin can come by a strategy that allows for gradual accumulation (DCA).
Besides, mining devices gets outdated over time with increased sophistication. This challenges how profitable you might have been in the times your device was more applicable.
Having to run a mine would have made a lot of sense but, it’s only normal that you go with one that guys you that flexibility to invest with what you’ve got and wouldn’t require of you lots or any maintenance while being very private.
Topic: Do you think that Bitcoin is more worth buying than the ASICs? (Read 1307 times)
December 09, 2023, 06:58:50 AM
The reason to start mining rather than just buying bitcoins should be because you have considered your interest to be interested in mining and also other factors that will make mining profitable to know if it is something you can do. If you consider factors like cheap affordable electricity, security etc and see that it's a check for all those factors, then you can start mining.
In early days of Bitcoin, it was possible to mine even on desktop computers but not anymore. The first thing you must consider before diving into mining is to calculate whether its profitable to do that? Electricity is the most important concern since the mining rigs eats too much electricity, the hardware for mining bitcoin is super expensive, many countries have legislation regarding Bitcoin mining. There are many questions one need to answer before starting Bitcoin mining.
November 11, 2023, 10:52:04 AM
What is your reason for starting mining?
The reason to start mining rather than just buying bitcoins should be because you have considered your interest to be interested in mining and also other factors that will make mining profitable to know if it is something you can do. If you consider factors like cheap affordable electricity, security etc and see that it's a check for all those factors, then you can start mining.How do you define whether a supplier is legit?
Do not buy from a new supplier on the market, buy from suppliers who have been in the business and were recommended. 
October 02, 2023, 10:22:56 AM
Thanks, guys for the advice to double-check the source of the news 
I was a fool and still learning every single day 
As usual, I just search the news or usually, it pops up from my email with the crazy title, and yessss I just got dragged by the clickbait
Sometimes I just believe it because it is from coingecko or Coindesk, +1 Learning achievement unlock today
I was a fool and still learning every single day As usual, I just search the news or usually, it pops up from my email with the crazy title, and yessss I just got dragged by the clickbait Sometimes I just believe it because it is from coingecko or Coindesk, +1 Learning achievement unlock today
October 02, 2023, 10:11:29 AM
Guys guys at the bottom of the images the footnotes say "methodology: Household electricity cost calculated using height Bitcoin mining models and globalpetrolprices.com data from December 2022" Further reading could go in here https://www.coingecko.com/research/publications/bitcoin-mining-cost
Yeah, and?
It doesn't change the fact that it's stupid just because it has a disclaimer they used data that is stupid when used so?!
Globalpetrolprices takes its data from the IEA
https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=table_5_06_a
so yeah, the data is good, that's how it is the USA has a 16c/kwh price.
So what?
Do you honestly think 30% of the hashrate that Foundry alone boasts about is running at 16 cents? When you find a nice pic online do you immediately take that conclusion for granted just because it states some source on Wikipedia as the basis or treat as if it's some holy grail of knowledge just because it was posted on a a website?
This is why people are angry here, because if we stop posting this stupid shit and get them views then they would also stop creating this stupid thing in the first place!
Exactly this. My home winter electric is 14 cents and the heat allows me to turn my furnace off for the winter. So I pay around 10 cents a kwatt from Oct 1 to May 1
I can burn 10 kwatts an hour in my home setup. And it needs to be very cold 🥶 to burn that much in the winter as The house will get too hot.
I burn under 5 kwatts in the winter the last winter cause the profit were not there.
Now my main mine is under 5cents a kwatt I have access to a max of 300 kwatts an hour.
At five cent we turn profit. and we are burn about 200kwatts an hour an adding gear.
Larger mines in texas are at 2 cents not 16 cents. They still grow.
October 02, 2023, 06:40:54 AM
Guys guys at the bottom of the images the footnotes say "methodology: Household electricity cost calculated using height Bitcoin mining models and globalpetrolprices.com data from December 2022" Further reading could go in here https://www.coingecko.com/research/publications/bitcoin-mining-cost
Yeah, and?
It doesn't change the fact that it's stupid just because it has a disclaimer they used data that is stupid when used so?!
Globalpetrolprices takes its data from the IEA
https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=table_5_06_a
so yeah, the data is good, that's how it is the USA has a 16c/kwh price.
So what?
Do you honestly think 30% of the hashrate that Foundry alone boasts about is running at 16 cents? When you find a nice pic online do you immediately take that conclusion for granted just because it states some source on Wikipedia as the basis or treat as if it's some holy grail of knowledge just because it was posted on a a website?
This is why people are angry here, because if we stop posting this stupid shit and get them views then they would also stop creating this stupid thing in the first place!
October 01, 2023, 10:39:41 PM
well in the USA we mine as a collective country about ½ of all the hash in the world.
that would be 200 eh.
most mines in the usa are huge. does anyone seriously think mines were spending 40k plus for 20 k coins in dec of 2022.
Basically the article is and was and will continue be fucking garbage.
that would be 200 eh.
most mines in the usa are huge. does anyone seriously think mines were spending 40k plus for 20 k coins in dec of 2022.
Basically the article is and was and will continue be fucking garbage.
October 01, 2023, 10:27:26 PM
Guys guys at the bottom of the images the footnotes say "methodology: Household electricity cost calculated using height Bitcoin mining models and globalpetrolprices.com data from December 2022" Further reading could go in here https://www.coingecko.com/research/publications/bitcoin-mining-cost
Sources are used either to prove something or to avoid plagiarism copy-right, they don't mean anything when the content is wrong, and you can't write some straight-out bullshit and say oh it's not my words I copied it from a very unreliable source like globalpetrolprices, using these sources are just "trust me bro" kind of sources, so nothing this changes the fact that whoever wrote that article is just stupid at best.
October 01, 2023, 07:41:14 PM
Guys guys at the bottom of the images the footnotes say "methodology: Household electricity cost calculated using height Bitcoin mining models and globalpetrolprices.com data from December 2022" Further reading could go in here https://www.coingecko.com/research/publications/bitcoin-mining-cost
Tho is just Mining speculation thread right
so basically people should read this and not go all and like you said @Oilacris the change of KwH of electricity should be considered before make any investment on mining
Tho is just Mining speculation thread right
so basically people should read this and not go all and like you said @Oilacris the change of KwH of electricity should be considered before make any investment on mining
October 01, 2023, 02:26:25 PM
Recently Coingecko show the cost to mine one Bitcoin there a thread that discussed about it too but here is the image
--
--
So you are aware of the existence of the thread that discussed Coingecko's shit content, if you read the comments, you see that I alongside many other miners explained in detail and with strong evidence that the whole study was a complete b.s, it doesn't serve the mining community when people keep posting this study as a reference to anything valid, you could put this image next to "avoid b.s studies such as 'the image you posted above' ", other than that, it's doing more harm than good to everyone looking at it.
really be publishing then expect that people would really be just easily believing. Even myself do check out that image and there are countries which does have that high standard of living and something that expensive but ending up on having 7k-19k cost of mining 1 Bitcoin. Somewhat there's no way to confirm this though because KWh do really changed up everytime
and this is why every information would really be ending up on not being precise.
September 28, 2023, 05:00:50 PM
Recently Coingecko show the cost to mine one Bitcoin there a thread that discussed about it too but here is the image
So you are aware of the existence of the thread that discussed Coingecko's shit content, if you read the comments, you see that I alongside many other miners explained in detail and with strong evidence that the whole study was a complete b.s, it doesn't serve the mining community when people keep posting this study as a reference to anything valid, you could put this image next to "avoid b.s studies such as 'the image you posted above' ", other than that, it's doing more harm than good to everyone looking at it.
September 25, 2023, 05:36:19 AM
If a person is practical, well what you say is correct, that's why there are others who enter this industry because they lack knowledge, they have the mindset to buy Bitcoin mining rigs thinking that they will just wait for profit in bitcoin without thinking much about it.
But in today's time, I would really prefer to buy bitcoin because compared to mining it is too much of a hassle unlike buying after it is up to us whether we hold or short term trading.
But in today's time, I would really prefer to buy bitcoin because compared to mining it is too much of a hassle unlike buying after it is up to us whether we hold or short term trading.
In early days, it was easy to mine Bitcoin (even people mine bitcoin on laptops) but now a days you need expensive mining devices that consumes too much power. Bitcoin mining is for specialised groups that have the capability to setup large and complex mining rigs. Although everyone is free to join Bitcoin mining, one must calculate how much he can return he will get after setting up his solo mining rig. I never jumped into Bitcoin mining since I know I wont earn much from it.
September 11, 2023, 02:45:46 AM
That image is bullshit as shown in the tread where it was posted.
No idea why you'd post it here.
No idea why you'd post it here.
September 10, 2023, 08:24:41 PM
THis is my opinion but its worth to buy a bitcoin rather than buying a mining rig, IF you don't have enough money to afford multiple mining rig. But if you still curious about how mining works and watched the fan screaming yeah you can buy one and running them if you think it is worth you can buy it more.
Six years ago I was looking to mine and I wanted it solar powered but by that time I had money and I had a friend who could set up one for me using GPU I just found out that companies are mining it using ASIC mining rings and the cost at that time is not worth it, I ended up buying Bitcoin and true enough it's more profitable than buying Asic I think it's the general sentiment of those who used to mined and give it up.
Time is changing and sometimes a change of mind is still worth it.
Good for you then, Recently Coingecko show the cost to mine one Bitcoin there a thread that discussed about it too but here is the image
It is costly to mine the Bitcoin but it still can generate a lot of money if you have a ton of money too
there is some old quote "If you want to make money you must spend money" So when bear market like this happen it is good to buy more bitcoin and DCA when the Bull market you can use the profit for do mining 
September 10, 2023, 06:35:57 PM
THis is my opinion but its worth to buy a bitcoin rather than buying a mining rig, IF you don't have enough money to afford multiple mining rig. But if you still curious about how mining works and watched the fan screaming yeah you can buy one and running them if you think it is worth you can buy it more.
Six years ago I was looking to mine and I wanted it solar powered but by that time I had money and I had a friend who could set up one for me using GPU I just found out that companies are mining it using ASIC mining rings and the cost at that time is not worth it, I ended up buying Bitcoin and true enough it's more profitable than buying Asic I think it's the general sentiment of those who used to mined and give it up.
Time is changing and sometimes a change of mind is still worth it.
What is your reason for starting mining?
How do you define whether a supplier is legit?
Thanks
Your name says Asic supplier, if this is your side job why are you asking this question then? Every miner starts mining Bitcoin to make profit or to increase their stash of Bitcoin, some are doing it for fun while some are serious miners that dedicate their lives to become a long term Bitcoin miner. How do you define whether a supplier is legit?
Thanks
Most people prefer playing safe, so they go on official asic builders like Bitmain to order for their miners, and those who are ready to take risks go for used asic miners, remaining focused on China, I've help few people ordered on Aliexpress and I did this base on verified buyers review.
Whenever I want to shop online I always look into how many asic a store or supplier has sold in the past years and I also make sure they have loads of successful business reviews from their customers.
What is your reason for starting mining?
How do you define whether a supplier is legit?
Thanks
How do you define whether a supplier is legit?
Thanks
It's better to mine bitcoin and to do it you need to have enough or too much money to buy bitcoin mining machines. Because once you start it is a great saving for the future, the only disadvantage is that when the value of bitcoin falls in the market, the cost of electricity increases especially because of the mining machine used in bitcoin.
Therefore, during a bear market, it is better to invest in bitcoin in well-known exchanges and play with it in trading, because it is easier to make money during these times.
But if you know of legitimate suppliers that you can get bitcoin mining from you can check out this site
https://www.globalsources.com
At the current market situation, I think it is better to buy Bitcoin than buying an ASIC and mine Bitcoin. If you buy bitcoin , you save yourself from setting up mining rig, maintenance, and noise created by miner oh, and also save you from the complaint of your neighbor if you are just a wall away from them. You also save yourself from possible early machine break out. There is more pro than cons in buying Bitcoin directly than buying ASICS and mining Bitcoin.
As currently Bitcoin mining is not becoming profitable due to electricity bills and dumping of the market, I think even if you are going to trade, you have to take trades for long term where the investment will not get any profit quickly. So I think both the sectors have their pros and cons now I think it depends on the individual which one he chooses.
Meanwhile apart from the hussle and financial burden one has to bear to make available all equipments needed for mining including electricity bills, have you wondered if there should be a natural disaster taking place like wild fire, flooding , these occurrence is capable of stalling mining operations for a longer period as electricity distribution would drastically be affected and cut off putting all mining activities to a hold whereas some that just invested in bitcoin could be experiencing a bull along the way in that same occurrence.
What is your reason for starting mining?
How do you define whether a supplier is legit?
Thanks
How do you define whether a supplier is legit?
Thanks
It's better to mine bitcoin and to do it you need to have enough or too much money to buy bitcoin mining machines. Because once you start it is a great saving for the future, the only disadvantage is that when the value of bitcoin falls in the market, the cost of electricity increases especially because of the mining machine used in bitcoin.
Therefore, during a bear market, it is better to invest in bitcoin in well-known exchanges and play with it in trading, because it is easier to make money during these times.
But if you know of legitimate suppliers that you can get bitcoin mining from you can check out this site
https://www.globalsources.com
At the current market situation, I think it is better to buy Bitcoin than buying an ASIC and mine Bitcoin. If you buy bitcoin , you save yourself from setting up mining rig, maintenance, and noise created by miner oh, and also save you from the complaint of your neighbor if you are just a wall away from them. You also save yourself from possible early machine break out. There is more pro than cons in buying Bitcoin directly than buying ASICS and mining Bitcoin.
As currently Bitcoin mining is not becoming profitable due to electricity bills and dumping of the market, I think even if you are going to trade, you have to take trades for long term where the investment will not get any profit quickly. So I think both the sectors have their pros and cons now I think it depends on the individual which one he chooses.
Meanwhile apart from the hussle and financial burden one has to bear to make available all equipments needed for mining including electricity bills, have you wondered if there should be a natural disaster taking place like wild fire, flooding , these occurrence is capable of stalling mining operations for a longer period as electricity distribution would drastically be affected and cut off putting all mining activities to a hold whereas some that just invested in bitcoin could be experiencing a bull along the way in that same occurrence.
What is your reason for starting mining?
How do you define whether a supplier is legit?
Thanks
How do you define whether a supplier is legit?
Thanks
It's better to mine bitcoin and to do it you need to have enough or too much money to buy bitcoin mining machines. Because once you start it is a great saving for the future, the only disadvantage is that when the value of bitcoin falls in the market, the cost of electricity increases especially because of the mining machine used in bitcoin.
Therefore, during a bear market, it is better to invest in bitcoin in well-known exchanges and play with it in trading, because it is easier to make money during these times.
But if you know of legitimate suppliers that you can get bitcoin mining from you can check out this site
https://www.globalsources.com
At the current market situation, I think it is better to buy Bitcoin than buying an ASIC and mine Bitcoin. If you buy bitcoin , you save yourself from setting up mining rig, maintenance, and noise created by miner oh, and also save you from the complaint of your neighbor if you are just a wall away from them. You also save yourself from possible early machine break out. There is more pro than cons in buying Bitcoin directly than buying ASICS and mining Bitcoin.
If a person is practical, well what you say is correct, that's why there are others who enter this industry because they lack knowledge, they have the mindset to buy Bitcoin mining rigs thinking that they will just wait for profit in bitcoin without thinking much about it.
But in today's time, I would really prefer to buy bitcoin because compared to mining it is too much of a hassle unlike buying after it is up to us whether we hold or short term trading.
February 12, 2023, 09:15:56 PM
THis is my opinion but its worth to buy a bitcoin rather than buying a mining rig, IF you don't have enough money to afford multiple mining rig. But if you still curious about how mining works and watched the fan screaming yeah you can buy one and running them if you think it is worth you can buy it more.
Jump to: