mine a Bitcoin or buy a bitcoin？ - page 8.

Fivestar4everMVP

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Sorry, but I think your perspective to the difference between buying bitcoin and mining bitcoin is wrong, there are no guarantees of profiting in both adventures.
The same way a user who buys bitcoin with money could be in loss if the price of bitcoin goes down, is the same way a user who mined bitcoin could be in loss if the mining difficulty is too high, and the money spent on electricity is higher than what the bitcoin mined is worth at the time.
So there is the possibility of profiting and also losing money on both the user that buys bitcoin and the user that mine bitcoin.

Quote from: Selena-01 on August 23, 2022, 10:18:24 PM

Acquiring bitcoins this way does not require you to watch the price every day, wait for the price to rise later, and directly trade in cash.

Mining bitcoin as an individual can only be profitable if the user stays or live in an area where ~

1. There is constant electricity in other to power the mining machine and keep it running 24/7.
2. Electricity bills are very low, based on how bitcoin mining consumes power, if one stays in an area where electricity bills are high, you discover that by the end of the day, you will end up spending all what could have been your profit on paying electricity bills.
3. Government has not place a ban on Bitcoin mining, that is, staying in an area where Bitcoin mining is legal or the government have not taken a stand on it yet.

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Relatively speaking, cloud mining is the lowest cost.

But you stand at a whooping 90 to 95 percent of being a victim of cloud mining scam, over 90 percent of all cloud mining platforms that exist today are being run by scammers.

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And mining money is drought and flood guarantee. As an investor, we should take a long-term view of mining machine production.

As I said earlier, there is no guarantee of profiting even in bitcoin mining, I know alot of investors that bought mining rigs to mine bitcoin, and after few months, they sold it because mining is not profitable for them.
Its not just about buying the mining machine, there are several other expense involved, for example ~
Setting up the mining rig.
Cost of maintaining the rig.
Cost of electricity. Etc.
All this and more are what to put into consideration before deciding on buying a Bitcoin mining machine.

adzino

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Quote from: Selena-01 on August 23, 2022, 10:18:24 PM

In general, there are two ways to acquire bitcoins: buying them with real money or "mining" them. The process of mining is the process of acquiring bitcoin, and therefore mining is mining for coins.

So let's start with buying coins. Many people think that buying currency is like buying stocks. The threshold is low and anyone can buy it directly. In addition, they believe that the cost of buying coins is low, so they only need to pay the money to buy coins. But buying currency such as investing in stocks, the income is also big risk, you buy currency in the hand, the price of the currency rises you earn, the price of the currency falls you compensate. And the early need to do a lot of homework, which is similar to buying stocks, which requires you to understand the background of the investors all kinds of information, need to in-depth understanding of all kinds of basic information, according to their own cognition to make choices.

In fact, you can invest Bitcoin quantitatively every day. You only need to invest once to obtain long-term returns. As long as your machine is up and running, it generates a certain amount of bitcoins every day, and the benefits are endless. Acquiring bitcoins this way does not require you to watch the price every day, wait for the price to rise later, and directly trade in cash. Relatively speaking, cloud mining is the lowest cost.

Although the return of buying currency is high, the risk and return coexist, so investors also need to bear the risk of the currency price falling. And mining money is drought and flood guarantee. As an investor, we should take a long-term view of mining machine production.

If you are newbie or don't have much time, you are better of investing on bitcoin and holding it for long term. Mining requires maintenance and you need to know what you are doing. And you will need to spend money on the equipment, electricity and other stuffs. On other hand, buying bitcoin is so much easier. You pay, you receive your coins, you hold and then you sell.

You shouldn't be promoting cloud mining. Like 99.9% of them are scam.

cheezcarls

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If I only knew Bitcoin a decade ago, I would be doing whatever it takes to mine as much as I can. But now that mining is now getting difficult for every halving period passing by, I'll just simply do DCA (dollar cost averaging) with Bitcoin with my extra "not beer money".

But of course, it really depends on whichever works for you because both methods are still subject to certain risks in the financial side that you definitely need to acknowledge.

aquafinewater

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In both options I,m selecting buying Bitcoin because it's easier for everyone if we focus on mine Bitcoin then we face many issue like Bitcoin mining ban in mostly countries and also we need a huge budget for mining so buying Bitcoin is best way for profit

The Cryptovator

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For me, it is better to buy Bitcoin rather than mine, because first of all my government does not allow to use of Bitcoin. So definitely they will not allow to mine Bitcoin and the electricity bill is too high to set up mining equipment. I think it is better for me to accumulate Bitcoin when it is on dip all although we don't know the exact deep at least we have a target where we can enter into that.

KaliLinux

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Quote from: Darker45 on August 25, 2022, 09:18:33 PM

If what you are referring to mining here is cloud mining, which is how I understood it, never mind. Although I have heard of the likes of ViaBTC and NiceHash and Genesis and others and a handful are vouching them, the bottom line has always been that cloud mining is either (1) outright scam or Ponzi or (2) that it is not a good investment or (3) the terms and conditions of these cloud mining companies are obviously unfair which means everything is only advantageous to them and highly disadvantageous to their clients.

So if you want to get into Bitcoin mining by way of cloud mining, you'd better buy Bitcoin and HODL.

Couldn't have agreed more. Cloud mining is one place I wouldn't even advise anyone to invest in cos this is just a 100% risk considering you don't even have control of anything, if I wanted to rally go for mining then it would have been me having my own mining rig that's If I can afford the whole set up, however, I would rather just invest that amount into Buying Bitcoin directly and hodling them for when the time is right to take profits and don't worry about the power in terms of mining.

landheer

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so many people mine bitcoin and they become successful, but mining bitcoin is certainly not an easy thing because of course it requires capital and intelligence. but if I am alone and as a beginner in bitcoin and crypto. I prefer to buy bitcoin, because I think it's easier and simpler.

BitcoinPanther

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Quote from: Selena-01 on August 23, 2022, 10:18:24 PM

In fact, you can invest Bitcoin quantitatively every day. You only need to invest once to obtain long-term returns. As long as your machine is up and running, it generates a certain amount of bitcoins every day, and the benefits are endless. Acquiring bitcoins this way does not require you to watch the price every day, wait for the price to rise later, and directly trade in cash. Relatively speaking, cloud mining is the lowest cost.

I thought you are referring about actual bitcoin mining where a person buy a rig/asic, set it up connect to the mining pool and mine bitcoin, but then it turns out you are promoting cloud mining. I do not think it is the lowest cost because you need to top up or buy extra hashes as time goes by to compete with the shares on the pool. Aside from that, buying hashes on cloud mining services had been proven not profitable and have the highest risk of being a scam.

I would go for buying Bitcoin than mining because it is the most efficient way to acquire Bitcoin. No maintenance, no noise, no huge electric bill.

arwin100

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Quote from: Selena-01 on August 23, 2022, 10:18:24 PM

In fact, you can invest Bitcoin quantitatively every day. You only need to invest once to obtain long-term returns. As long as your machine is up and running, it generates a certain amount of bitcoins every day, and the benefits are endless. Acquiring bitcoins this way does not require you to watch the price every day, wait for the price to rise later, and directly trade in cash. Relatively speaking, cloud mining is the lowest cost.

Although the return of buying currency is high, the risk and return coexist, so investors also need to bear the risk of the currency price falling. And mining money is drought and flood guarantee. As an investor, we should take a long-term view of mining machine production.

Invest on what on ponzi schemes hiding on the name of cloudmining? Better not to go with that option because you cannot get anything but getting scam by them.

Also if you think about hardware mining you need to consider a lot of things and your major concern there if your electricity cost is so high then most provably that you cannot gain anything on this.

sunsilk

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There's this calling that you may want to help the network validating it and be one of the miners out there. But you know, it's costly to have those ASIC miners so, it's better to buy and have it directly with a purchase.

But if you have the budget and assemble a mining farm in your place, do it. That's one of the biggest plan but I don't know if I'll be able to have it someday and even in altcoins to mine and sell it for bitcoin.

I want to have that someday but I know my capacity as of the moment and buying is the easiest choice.

maydna

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If you have the money, you are better buying bitcoin directly on the market than buying hardware for mining or even joining cloud mining. It is not recommended to join cloud mining because there is already a lot of cloud mining which eventually becomes a scam.

In addition, the cost of buying hashrate in cloud mining is also high and does not guarantee whether the company will stay online or run away. Especially if you decide to buy hardware to mine bitcoin because besides being expensive, you also have to be patient so you can collect big rewards. You also have to consider how much electricity costs you will have to pay later.

Welsh

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Quote from: PrivacyG on August 26, 2022, 06:47:38 AM

With how volatile things are today, I think mining is not worth it much anymore unless you have a very large budget. You have so many things to take into account. Mining rigs are limited. GPU's (Bitcoin is not GPU mineable by default but I am putting this here just for the sake of the argument) have volatile stock and prices. Electricity costs are also volatile, but mostly increasing. There are some countries pulling out the crackdown card on mining. You need maintenance for your rigs. You have to know what you are doing and, last but not least, you have to pay electricity which is pretty much like exchanging electricity for Bitcoin and your equipment will need upgrade every now and then.

Or organisations. I know of a few which basically rent a place, and chuck a lot of miners into the space. If you have the budget, then mining is almost guaranteed money, of course as long as you believe in Bitcoin. For the nerds comment you might be right, the difficulty, and the recent volatility has probably made that even more true. Mining used to be relatively easy to get into, and make a profit a year ago. That's no longer the case.

Mining requires a significant initial budget, that a lot of people would prefer to invest straight into buying Bitcoin rather than mining, especially with the difficultly, and the fact that a lot of mining devices aren't readily available to watch.

PrivacyG

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My take on answering this question is that I think today, just like a decade ago, most miners are some kind of 'nerds' of Bitcoin mining it for the sake of sustaining the Bitcoin network. There of course are the largest miners that are few but very wealthy in equipment, and there are of course those who purchase many miners hoping to make a profit but giving up in the end.

With how volatile things are today, I think mining is not worth it much anymore unless you have a very large budget. You have so many things to take into account. Mining rigs are limited. GPU's (Bitcoin is not GPU mineable by default but I am putting this here just for the sake of the argument) have volatile stock and prices. Electricity costs are also volatile, but mostly increasing. There are some countries pulling out the crackdown card on mining. You need maintenance for your rigs. You have to know what you are doing and, last but not least, you have to pay electricity which is pretty much like exchanging electricity for Bitcoin and your equipment will need upgrade every now and then.

So due to the last paragraph, I rather buy Bitcoin and DCA than start mining. I much rather prefer the way without headaches. If I had the time and budget, maybe I would consider running a Bitcoin mining farm.

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PrivacyG

Ninsalsa0.org

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mining or buying can actually be maximized because it is not an option in my opinion. anyone can follow what they can either risk, cost and level of ability to get bitcoin or other crypto currencies. like it or not, trading is the estuary of fiat exchanges and on the contrary .

Welsh

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If you aren't mining beyond that one Bitcoin or you don't want to maintain the devices, buying Bitcoin at the current prices might actually be the most profitable in the long term. Since, there will come a time where that mining device has either deteriorated beyond repair or simply doesn't cut it much longer. Depending on your electrical costs, and your personal circumstances, you might not be using the mining equipment to its full potential. Whereas, buying Bitcoin you know exactly what you're going to get at the moment of purchase, while mining you generally have a good idea, there's a few other things that could potentially go wrong during the equipments life span.

As for cloud mining, I'd stay away personally. Whenever you involve a third party, there's room for getting screwed, which is something that Bitcoin was designed to mitigate.

salad daging

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Quote from: Don Pedro Dinero on August 26, 2022, 01:48:12 AM

I agree with the previous replies that for the average citizen the best thing to do is to buy bitcoin, full stop. Cloud mining is best forgotten, and for mining at home, being a private individual, unless you get the mining equipment for free and you have very cheap electricity, it won't be worth it either.

It's been a long time since you could mine bitcoin from home with a laptop.

In essence, you have to have big capital for mining at home and this requires big money to buy more VGA equipment so that the results are bigger and electricity is usually what needs to be considered, many people don't accept this mining because the costs and maintenance are very complicated in my opinion .

I've been stuck in cloud mining before to make investments but in reality it's a scam and often cloud mining is a scam on average, so we need to leave it and it's better to invest to buy because we are the ones holding it ourselves, not cloud mining.

tranthidung

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Quote from: Selena-01 on August 23, 2022, 10:18:24 PM

In general, there are two ways to acquire bitcoins: buying them with real money or "mining" them.

If you are not whales, buying Bitcoin directly and hodl it, wait for profit is better than mining it.

Because if you want to mine it with ASICs, you must buy those devices, find electricity sources should be cheap, locations for your farms, etc. There will be more things for operations, maintenance, etc. It requires big initial capital, time to operate and you must wait months to get your initial capital back. That is not good for small miners.

When you need money instantly, you can not sell your ASICs and other devices instantly to get money. If you buy and have Bitcoin, you can sell it instantly.

Buying and holding Bitcoin give you more flexibility.

Peanutswar

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If you have a budget to buy a lot of video card and other things needed to mine I guess it is good to mine because there's a chance you can earn more but of course it depends on the market price of the bitcoin and at the same time is the number of Bitcoin you can mine, but if you don't have you can buy a bitcoin into the different exchange and hold your assets and make a strategy of buying assets every dip.

Despairo

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Cloud mining is just an another way to trick newbies to make them sent their money to scammer, it's not actually mine and will work like their promise. Usually they will offer many plan with the different cost to bought a miner and how much the profit you got every month, they usually pay on time for 2-3 months, after that they will disappear.

The real mining is you bought the mining rigs e.g. ASIC miners by yourself and start mine from that, aside that you're not mine Bitcoin.

Mate2237

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Buying and mining bitcoin is all about base on the capital which the person has to start the investment. You know mining bitcoin needs more capital to start because you have to buy the machine and after buying machine you still need energy to power the machine before mining, buying bitcoin is much more easier to the bitcoiner. One can use any amount of money to buy bitcoin and stored it in the wallet to grow.

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