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Topic: mine a Bitcoin or buy a bitcoin? - page 3. (Read 1686 times)

hero member
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_""""Duelbits""""_
September 14, 2022, 05:35:39 PM
Well, I think that bitcoin mining is just for the wealthy. I'm referring to those who have access to, or are able to manage, their surroundings and resources, such as electricity supply, equipment for mining, a mining space etc. Despite the restriction on bitcoin in my country, I still find that P2P transactions are the simplest way to purchase bitcoin. I once tried cloud mining on my smartphone. It was a complete waste of time, data, and battery life.
It is undeniable that this can indeed be true, regardless of anything mining must have sufficient finances in advance to buy the necessary tools and at least land and adequate electricity and internet in order to make a profit.
Talking about Cloud mining I agree because I've tried it and the conclusion is the same as you said.
sr. member
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September 14, 2022, 04:15:11 PM
If you want to buy bitcoins, you certainly can. Because its price is currently the lowest I can say that this is the Bitcoin to buy. Bitcoin price tends to increase a lot during Ananya period but Bitcoin price is very low during this period. Generally speaking, this is a good time to buy Bitcoin Bitcoin. The price of Bitcoin is currently very low so if you buy now the price will definitely increase and you can profit from it.
indeed the price of bitcoin is now very suitable for accumulation. I also have implemented a purchase order entry at a price of $ 20,000. and then in the $19k area. I am also interested in mining. but currently accumulating through purchases is more of my choice. because I can't mine yet. and i am not knowledgeable enough to run mining.
hero member
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September 14, 2022, 12:37:33 PM
Of course, everyone's opinion is different, some want bitcoin from mining, some want bitcoin by buying. and both also have risks, but I myself prefer to buy to get bitcoin.

Mining when you have the necessary tools and place to do so or else if you don't want to have to learn technical things about mining, just be a holder by buying low and selling high, that's what most investors doing right now. Anyway, it may sound simple but still, you need to understand that buying at the right time requires some patience and investment with your time to see and read the past movement of the price of bitcoins, or else you will just gonna gamble with your money and giving it high percentage risk to be lost.

Mining bitcoin in 2022 is not feasible at all and an individual person cannot mine bitcoin with ordinary mining equipment. These days there are mining firms which mine bitcoins on a large scale. It is not in a capacity for anyone to build a mining farm.
The only option we have is to buy bitcoins and if you can't buy a full bitcoin, buy with whatever money you have.
hero member
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September 14, 2022, 12:10:40 PM
Well, I think that bitcoin mining is just for the wealthy. I'm referring to those who have access to, or are able to manage, their surroundings and resources, such as electricity supply, equipment for mining, a mining space etc. Despite the restriction on bitcoin in my country, I still find that P2P transactions are the simplest way to purchase bitcoin. I once tried cloud mining on my smartphone. It was a complete waste of time, data, and battery life.
sr. member
Activity: 1610
Merit: 264
September 14, 2022, 12:00:02 PM
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I have not traded in DEX just yet since I am entirely focused on just holding Bitcoin. I am curious if those DEX allows people to "cash out" their holdings into whatever local currency they hold. Surely that would what underage people would do to get their profits. I had never seen any exchange yet that allows cashing out or selling your coins to local currency/paper money without any KYC that would involve your identity.

I am sure as well that there are a lot of underage people into crypto now starting when NFTs became hot in the news especially those NFT games that we hear a lot. I am waiting for those stories of high school teenagers that managed to became millionaire early from NFTs though I would not expect too much.
legendary
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September 14, 2022, 11:23:11 AM
With the cost of electricity in most first world nations, costly mining machines it’s 100% easier & better to buy bitcoin instead of mining. You may hear about a rare solo miner who gets lucky & mines a block but it’s very unlikely. I would advise solo miners to forget about trying & just buy bitcoin.
copper member
Activity: 2268
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September 14, 2022, 11:13:07 AM
Relatively speaking, cloud mining is the lowest cost.

Lowest cost is definitely a huge positive but if you don't actually make money in the end anyway, what's the point? Cloud mining services are either a scam, or very unprofitable for the service subscriber.

Yup I won’t suggest anyone to do cloud mining either.
95% of all the cloud minings are just scams, used to suck your money.
If I talk about OP, then I am in favour of Buying the Bitcoins. It’s just hassle free, no maintenance required as we need to do for a mining gig. Moreover the graphics card also have become expensive for which making it difficult to set up a mining rig.
In case of Buying the Bitcoins, you just pay and get your Bitcoins. Basically due to the easiness in handing while buying the Bitcoins, i am in support for this.
hero member
Activity: 3052
Merit: 685
September 14, 2022, 11:02:10 AM
These are, in my opinion, the two independent ways to obtain bitcoin. Depending on how you want to get it, you have two options. If I were to give advice, I would recommend to only buy if you have funds you are willing to risk or can afford to lose. If there is no money, mining will require patience. You can choose between buying or mining; both options are valid.
When you mine a bitcoin you will also agree about the risk because mining a bitcoin is not easy. It's either you can earn more or you can lose more money in the process but before we get there, you must also have a good capital since bitcoin mining hardwares are not cheap. This is not an example of investing what you can only afford to lose but buying directly a bitcoin is, because you can lower the quantity according to your own capacity.

If there is no money available then you can't do both mining and buying a btc but there are still many ways to acquire a bitcoin for free and the only capital that you will be needing is your time and skill.

Yup, there are some other ways where we can accumulate bitcoin without buying or buying it. Just like you said, it is free but you need to pour a lot of your time and skills to get that free bitcoin, one example of that is joining signature campaigns. But let's get back to the OP's questions, buying bitcoin or mining bitcoin? Well, it really depends on which field you are more knowledgeable because mining bitcoin is not an easy job to pull off, and the same with buying it, it also needs a lot of capital for it to be more profitable. So, it's really up to us which is more convinient.
member
Activity: 84
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September 14, 2022, 10:58:09 AM
mining bitcoin is quite promising but you have to remember that the capital to buy the equipment is also not small because it requires very sophisticated technology and a stable and continuous internet connection, so if it's an easy problem, it's definitely easier to buy bitcoin than mining, but mining also has its own advantages and it's promising too but in terms of preparation and equipment it is very complicated, so I personally prefer to buy than mining because buying is more practical.
member
Activity: 476
Merit: 60
September 14, 2022, 10:10:03 AM
As a beginner in bitcoin and crypto, I prefer to just buy rather than mining , because I don't understand bitcoin mining, so I prefer to buy, but there are some people who do bitcoin mining because they already understand bitcoin mining.
hero member
Activity: 2730
Merit: 632
September 13, 2022, 04:59:32 PM
Of course, everyone's opinion is different, some want bitcoin from mining, some want bitcoin by buying. and both also have risks, but I myself prefer to buy to get bitcoin.

Mining when you have the necessary tools and place to do so or else if you don't want to have to learn technical things about mining, just be a holder by buying low and selling high, that's what most investors doing right now. Anyway, it may sound simple but still, you need to understand that buying at the right time requires some patience and investment with your time to see and read the past movement of the price of bitcoins, or else you will just gonna gamble with your money and giving it high percentage risk to be lost.

Yes bro I agree with you because the price of Bitcoin is much lower than in the past. So if anyone wants to invest or hold then I think this is the right time. Because Bitcoin is again in continuation of the past will leave due to which if you hold for a long time then you will definitely get benefit from here. Original Investors are only holding for now. But that's the best thing to do, I think, in all cryptocurrency fields, including Bitcoin For all coins.
Not all does have the patience on holding for long term on which there are ones who do really keeps minding about short term durations or decisions which would really make them able to make profits without the need
on holding for how many years.Speaking about choosing whether to buy bitcoin or mine it then it would vary into your interest since not all would really be that having the money plus other factors like energy cost
on the place where they live which would be a main concern whenever you do tend to mine bitcoin and with some complexity of the set up then it isnt really that for everybody.
Unless if you do love to make out  some discoveries or being that excited on trying out then its up to your choice.
hero member
Activity: 980
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September 13, 2022, 04:05:06 PM
Of course, everyone's opinion is different, some want bitcoin from mining, some want bitcoin by buying. and both also have risks, but I myself prefer to buy to get bitcoin.

Mining when you have the necessary tools and place to do so or else if you don't want to have to learn technical things about mining, just be a holder by buying low and selling high, that's what most investors doing right now. Anyway, it may sound simple but still, you need to understand that buying at the right time requires some patience and investment with your time to see and read the past movement of the price of bitcoins, or else you will just gonna gamble with your money and giving it high percentage risk to be lost.

Yes bro I agree with you because the price of Bitcoin is much lower than in the past. So if anyone wants to invest or hold then I think this is the right time. Because Bitcoin is again in continuation of the past will leave due to which if you hold for a long time then you will definitely get benefit from here. Original Investors are only holding for now. But that's the best thing to do, I think, in all cryptocurrency fields, including Bitcoin For all coins.
hero member
Activity: 980
Merit: 504
PredX - AI-Powered Prediction Market
September 13, 2022, 03:58:24 PM
If you want to buy bitcoins, you certainly can. Because its price is currently the lowest I can say that this is the Bitcoin to buy. Bitcoin price tends to increase a lot during Ananya period but Bitcoin price is very low during this period. Generally speaking, this is a good time to buy Bitcoin Bitcoin. The price of Bitcoin is currently very low so if you buy now the price will definitely increase and you can profit from it.
legendary
Activity: 1792
Merit: 1296
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September 13, 2022, 02:01:54 PM
Of course, everyone's opinion is different, some want bitcoin from mining, some want bitcoin by buying. and both also have risks, but I myself prefer to buy to get bitcoin.
Well, there are only 2 options for opinions: either this or that. It seems to me that the level of risk is not comparable when buying btc and mining btc. Mining is more difficult, riskier and time/labor intensive. I understand and approve of your choice, and I believe that this is the best solution for beginners and people who are far from technical specialties and don't have such skills. I think that mining should be viewed as a business that requires organizational and management skills (like any business). Therefore, there are many factors that need to be taken into account in order for a mining business to be successful. In the case of investing in btc, everything is much simpler: bought - sold. If at the beginning of its journey bitcoin was unpredictable, now, bitcoin's cycles and the stages during this are well known, which makes it easier to speculate on this.
hero member
Activity: 2408
Merit: 584
September 13, 2022, 01:38:24 PM
I'd only mine if there is no other way of acquiring Bitcoin like being unbanked or underage. Or if I got solar panels and free electricity. Otherwise buying is probably more profitable.
Underage does not seem appropriate here. Giving money in the hands of kids is a wrong thing to do but I guess most users are going to be of age in this sector. Kids should focus on building their career and education first to get a stable job.

Solar panels are expensive - the major concern of mining is to reduce the investment so as to maximize the ROI. You are not going to buy something that costs too much reducing the budget allocation to something else. Some miners are using it but they have much bigger farms and the number of ASICs here are making the difference.

Even then, with the huge hashpower struggles between mining pools, indie miners have very little scope to ROI. On the other hand, buying bitcoin is way easier.
Underage can be under 18 years old and we know that many centralized exchanges requires a kyc now. I think that's what he was worrying about but let us not forget that there are dexe's too which doesn't require a kyc and we can safely buy btc's there if we are not in the legal age.

I believe so many underage people are involved in cryptos right now due to the promised profit and also to that play to earn games. If he is unbanked that means he doesn't have any cash with him so how can he be able to mine a btc that way? Unless if he already have a miner with him or he uses someone else miner like his brother, father, friends, and cousins.
newbie
Activity: 3
Merit: 0
September 13, 2022, 08:24:24 AM
I think it's better to buy bitcoin. As for me, mining a cue ball is a difficult and expensive business. Moreover, you can't do without ASIC here
legendary
Activity: 2898
Merit: 1253
So anyway, I applied as a merit source :)
September 12, 2022, 10:10:25 AM
I'd only mine if there is no other way of acquiring Bitcoin like being unbanked or underage. Or if I got solar panels and free electricity. Otherwise buying is probably more profitable.
Underage does not seem appropriate here. Giving money in the hands of kids is a wrong thing to do but I guess most users are going to be of age in this sector. Kids should focus on building their career and education first to get a stable job.

Solar panels are expensive - the major concern of mining is to reduce the investment so as to maximize the ROI. You are not going to buy something that costs too much reducing the budget allocation to something else. Some miners are using it but they have much bigger farms and the number of ASICs here are making the difference.

Even then, with the huge hashpower struggles between mining pools, indie miners have very little scope to ROI. On the other hand, buying bitcoin is way easier.
newbie
Activity: 16
Merit: 1
September 09, 2022, 03:12:49 AM
I'd only mine if there is no other way of acquiring Bitcoin like being unbanked or underage. Or if I got solar panels and free electricity. Otherwise buying is probably more profitable.
full member
Activity: 602
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September 09, 2022, 02:13:05 AM
Mining also requires large capital, we have to prepare supporting equipment for mining, the laptops we have are not necessarily able to accommodate and if examined further, mining also requires sophisticated tools.
People can do any way to get bitcoin, but it must be ensured that we are in the right conditions. We can also invest Bitcoin quantitatively every day or only need to invest once to get long term returns. it's just a matter of strategy suitable for people to implement
Not even any of that would scare me, the fact that equipments are things that can die today if there is something wrong and you can't fix them is the main reason.

I mean think about it, we are talking about something that is hardware, and hardware fall all the time, you could take care of them if you are a smart person or an engineer or just in general understand these things, but people like me would need someone else's help to set them up, and again someone else's help to keep them running without a problem and also someone to repair them if they get a problem. This all eats away from your profit hence I do not think that it is a good idea.
It's not a matter of fear or not, the first reason may be true, because the equipment needed will die and cannot be repaired, so we should try to buy a new one.
while the second, if we are not hardware or network experts, this will also be problematic in the future, for some considerations, then we must do something based on expertise and skills.
but back to the OP, it's just a description of the story, when someone is not able to master the hardware in mining.
legendary
Activity: 2086
Merit: 1058
September 08, 2022, 03:18:05 PM
Mining also requires large capital, we have to prepare supporting equipment for mining, the laptops we have are not necessarily able to accommodate and if examined further, mining also requires sophisticated tools.
People can do any way to get bitcoin, but it must be ensured that we are in the right conditions. We can also invest Bitcoin quantitatively every day or only need to invest once to get long term returns. it's just a matter of strategy suitable for people to implement
Not even any of that would scare me, the fact that equipments are things that can die today if there is something wrong and you can't fix them is the main reason.

I mean think about it, we are talking about something that is hardware, and hardware fall all the time, you could take care of them if you are a smart person or an engineer or just in general understand these things, but people like me would need someone else's help to set them up, and again someone else's help to keep them running without a problem and also someone to repair them if they get a problem. This all eats away from your profit hence I do not think that it is a good idea.
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