Topic: What to do with 1 Bitcoin? (Read 2582 times)

Maybe learn to pay more attention, because I'm pretty sure I never told anyone to sell/dump their miners. I said it's not - from a profit-driven perspective - the best move to get into mining unless you meet very specific conditions, namely low electricity prices and high investments in crypto, or as a tech-nerd kind of hobby (which is what I do with my rigs). If you're already in it, that's fine. If you just want to do it for the sake of doing it that's fine as well. However, the facts of the matter are that there are much more profitable solutions than mining, that Bitcoin mining is the riskiest of all, and that mining is best viewed as a hedge or hobby.

And by the way, it takes forever to even get an Ant from the main page, which also costs over 2k with a PSU. Hence the high prices from just about any directly available source.

And no, I'm not realizing anything you're suggesting at all. Maybe if you could provide real net profits that consider price changes and network difficulty we can talk. But I've already done the Math with generous and harsh estimates and it's simply not worth it if you're out for maximizing returns. If that is not your goal, then that's perfectly fine, but you keep insisting on the contrary.

 Wow. Simply Wow. I mean literally WOW. (smacks forehead)

 Those prices were the last active prices I ordered at. Simply load the page man, $1415 was the last batch they sold. I promise you any miner here can verify this and verify the prices I quoted.

 FACT: The sons a bitchs make money, and those of us who bought s7's (which still make money) and early S9's from batch 1 up are banking on them. Idid your friggin math, and even if BTC were only $5k USD they still turn ROI in 3 months. Please quit preaching your anti-miner semantics as they simply do not add up. Any person with 4th grade math can figure that out.

You call me a cherry picker because I am biased on mining. Know what... Your right... I am. Reason being it makes me fucking money, pays my bills, allows my farm to continually grow and diversify.

 I seriously don't get you on the whole sell/dump my Ant's. Do you see any threads of me offering a miner at all? Didn't think so. Sure, everything is for sell at the right price. But no way in hell I would sell at what I can buy them for due to time in getting more. I would lose more than I could possibly try to gain.

 Save face? Heh? I stand where I always have. Seems to me your the one who is offended/jealous that you realize your own philosophy on mining is totally construed and lacks any merit whatsoever.

 Ability to analyze all relevant points..... Hmmmmm... Your the one that cannot simply do math keyboard warrior.

 Sorry, I should just stop feeding the fucking trolls and stay on topic as it is clear this forum has a ton of them.

 Back to the question asked. With 1 Bitcoin at todays rate with no farm on hand I would buy 5 s9's and run their tits off and bank next year. If I had 10 bitcoin I would do the same, but only with 7. The rest I would load on multi usb's and put in the safe deposit box (hint hint).

Scrap'

Good luck getting any S9s for anywhere close to that price.
They were around 2k during summer this year and now $3500 is still on the cheap side. Furthermore, whenever you bought your $1400 S9 units, the Bitcoin price was a lot lower which would've dumped the ROI way back down.

All you do is cherry picking, because you're clearly heavily biased towards mining, perhaps so you won't have to admit that Bitcoin mining isn't really worth the trouble. Are you perhaps trying to dump your Antminers? Or are you just trying to save face?

Whatever the case may be, your complete inability of objectively analyzing all relevant points simultaneously invalidates your opinion, which is not even close to being an assessment.

If I were to hold your 1 Bitcoin, I would invest it buy holding it a little bit more until I get the value I desire. I will not be too greedy though. I will make sure I only achieve the amount I want then I will convert a fraction of it to fiat so I can invest in solid/tangible investments. I am scared to be too greedy about Bitcoins because it might be the cause of my downfall. Setting my own standards is key, and I make sure they are S.M.A.R.T. 

If I were you, I would hold my Bitcoins. But first, I would have to work hard to have more Bitcoins through buying at a lower price, selling at a higher price, trading, mining, joining campaign advertisements, engaging into loans, among others. All my earnings obtained from the aforementioned shall accrue to my Bitcoin wallet and I will not spend a thing nor convert the same to fiat because I believe the value of Bitcoins will increase more and more.

 Dunno where the hell your buying from.. but my last batch I paid $1415 for each, and the batch before that I gave $1310 each. This is straight from Bitmain. So now, do your math again and tell me the ROI.

Scrap'

I would suggest you to buy an equipment and start mining more BTC since you have a cheap electricity.

I provided detailed reasoning several times. And it should be obvious to anyone with the most basic understandings of business structures.

But anyway, since you prefer insulting over turning on your brain, here's some hard data.


A single S9 unit costs around $3500 right now and draws 1400 Watts. At 10 cents per KWH and current Bitcoin prices that means a profit of just under $15 a day, which means 8 months of mining to break-even. And this is before the adjusting difficulty or any increase or decline in prices.

Now, since mining is a multi-billion dollar corporate endeavour these days, said corporations will rush to increase their hashrate as soon as they possibly can if the prices allow to do so. And since they are fucking billion-dollar corporations, they will get better prices on hardware, thus further increasing their profitability by decreased costs. Hence, the hashrate will increase very rapidly whenever there is a significant increase in prices (which has happened literally every single time so far in the history of every single cryptocurrency).

As a result, the above estimate will be on the low end even with Bitcoin prices increasing, so in reality you will be looking at longer than 8 months to make your money back. On top of that you have the opportunity cost of losing out on Bitcoin's price increase, that this year around would've equalled a break-even period of less than two months average, which is four times higher than the generous estimate of 8 months on the miner.
The one and only benefit that a miner offers over buying Bitcoin directly is the fact that it could potentially be resold and thus serve as a hedge. This however, is only viable in the event that Bitcoin remains popular, in which case you'll profit significantly more by just holding the coins.

In the event that Bitcoin decreases in popularity, not only your profits will go down by mining, but the resale value will decrease significantly as well because ASICs are completely useless for anything else.
In anyway, the point that I've repeatedly made remains. Unless you're a hobby nerd and want to try out mining for fun, or have a significant amount of wealth invested in crypto that you want hedged against the high volatility and have competitive electricty prices (sub 5 cents because the giant farms will drive the profits down into this range) it makes no sense to buy ASICs to mine Bitcoin.

And in the case of a hobby miner you're better of with GPUs due to the ease of resale in case of crypto going south.



Sorry for taking a dump on your lawn, since you're clearly into mining. But it just simply makes no sense for low net worth individuals from a strictly economic perspective.


P.S. This is calculated at the $7530 price, only a month ago the profit would've been around $8 per day, equating to a break-even period of at least 14 months before adjusting for changes in hash rate. Pretty fucking shitty ROI for a crypto investment.

P.P.S. Complaining about people "sitting high and mighty" immediately invalidates all of your posts. Shows that you can't argue or reason without getting emotional or personal. I recommend working on that.

If i were in your position i wont go for mining even if the electricity is cheap as mining wont give that much profit. I will go for 40% of the investment in other altcoins and balance will keep in btc as you can see the price is moving so high that we can say that it will become hard to earn 1 btc that time. And will work for bitcoins and earn more bitcoins.

 I hate to say it as I don't wanna be that guy but... Your a blabbering fucking idiot.

 I noticed you didn't respond to the post before as you literally have no come back.

 Fact. If you own a S9 you are making over $20+ a day and paying less than .11 in elec.

 You have no basis for your claims, nor any reasonable argument why not to buy one.

 Rather than fucking sit here all high and mighty and preach, how bout you show some real figures as to why not. True that.

Scrap'

Sure, but one doesn't make any amount of money that is worth caring about even without factoring the diminishing returns over time in.

 One makes as much a day as 1000 of them. In fact, 1 makes much more as the infrastructure involved in running 1000 cost MUCH more.

Scrap'

Ok, first off you start with:


 From that point on you have no ground or basis to stand on.

 If said crash happens, it happens to not only miner, but holders, traders, etc., etc.

 Sure us miners have useless machines, but you with your hodl coins have shit too. So now tell me honestly why the fuck you are posting here. If you do not believe in the coin, Why the hell you keep making senseless posts?

 (In Yoda Voice)
 Troll you are, Wisdom you lack.

2.
 Because people that pay .09 here in the US making $20 a day off each s9 are not making money....

3.
 Like all the people that have been in the game for years do not continually grow? By your way of thinking its impossible for a person to do anything without tons of money. WRONG. I made $68k in one day when DOGE launched. Dont feed me this bullshit... and yes, I did it GPUs.

4.
 Really? Can you explain how? Or why? The GPU market is being corrupted more so than the ASIC market if you ask me. Simply check AMD and NVIDIA stocks. They were on a boom, but guess what, they fixing to plummet. They over priced, held back product to milk the fucking system. (Sounds kinda like Bitmain heh?)

 They all fucking do it.

 As Too Short would say.... "Get in where you fit in fool"

Scrap'

Just keep or invest. One Bitcoin is not enough to buy any significant amount of mining hardware.

--->  12TKGjQGveCUKwRBNac9FFR1YzqiBiX7yJ

Buying equipment to mine Bitcoins is not a bad idea, but even if you have cheap electricity, remember this that you will need few months before you ROI on your investment itself and the increase in difficulty as well as decrease in efficiency of the miner from time to time will slow down on the returns that you will get eventually.


Can't say anything on this because all such services look more of a ponzi to me even if they had been there for years.


Best decision according to me, but will prove better for you if you are interested in fiat gains more than "growing" your coins. Sitting and waiting will nil down on risks of losing your coins.


Don't, you might have witnessed the current blood bath but it's not significantly a proof that altcoins will gain immediately after Bitcoin's rally ends.

If you have 1 the best you can do is to invest it into multiple altcoins and used it in trading, or else hold it for long run of time. If you do this you can sure win in 1 bitcoin, because if you used it into mining site you can consume a lot of time or else you earn lost due to high amount of electricity. Moreover if you invest it maybe in 1 year your value of bitcoin will become double or triple if the timing of investing is perfect.

recommend hodl'ing for at least 5-10 years

I think trading will be a good option. Mining is not that profitable anymore. As bitcoin price is going up, holding bitcoin is also a good option.

The thing with Bitcoin mining is that ASICs will be impossible to resell if the crypto market was indeed to crash (which I find unlikely but not impossible).
And due to the age of Bitcoin, the most mining power is centered around it. There are mining farms worth hundreds of millions that are solely dedicated to mining Bitcoins, and those are going to drive the revenue down significantly.
If Bitcoin rises, they are the ones with the needed resources and connections to quickly expand to adjust for the increase in profits. The little miner will only get the left-overs, since the fresh ASICs will go to the corporations first by virtue of sheer purchase volume.

This is completely avoided with GPU mining, so if you're already mining with dozens of GPUs I would probably add more GPUs instead of going ASIC. If I chose to go ASIC I would make sure that I'd have less ASICs (in USD) than GPUs since they are less profitable and more risky.
Considering that you've already got multiple decked out rigs you should be fine with expanding more if you wish to secure more capital by putting it in resellable hardware though, since your electricity is pretty much as cheap as it can get for private use.


Keep in mind that the break-even that you've calculated won't be accurate and will likely be significantly longer though, regardless of whether you calculate ASICs or GPUs.

 Ignore him Digger. He is a anti-miner troll. Your S9 will bring in 15 a day currently and even at .10 elec, you still get a nice return

Scrap'

BTCMillionaire,

I have done the math and I wanted to confirm my calculation. Here are my advantages:

1) my electricity is $0.04 kwh
2) my city is cold for 7 months out of the year; hence, cooling is free most of the year.
3) where I live, the humidity is quite low; hence, I can use cheap evaporated cooling instead of air conditioning
4) we have low tax here; hence, I will have lower import tax for antminers coming from China

Lets assume that a S11 antminer is $2500 and that I can earn average $15/day => 167 days for breakeven

S9 antminer is $1500 and that I can earn average $8/day => 188 days

BTW, I really appreciated your comments on GPUs mining, I am currently mining with a couple of dozen GPUs. I am thinking of venturing into ASICs mining but am also worry about the collapse of the cryptocurrency market.

Did you actually do the Math? It's not worth buying ASICs to mine Bitcoins anymore.

If your electricity is cheap then invest on mining. But if not, I think you just hold it for investment. This is because mining has now become more competitive and you need to have an advantage of cheap source of electricity nowadays to be ahead.

And if you just hold it, alot of analyst sees the price of Bitcoin going up to 7000$ by the end of 2017 or early quarter of 2018.

Scrap,

I agree with you regarding new equipment coming out soon. I suspect in 6 to 9 months.

Here is my plan, let me know your thoughts. Wait 6 to 9 month for new S11 Antminer equipment and buy the first batch. Plan A - resell them at a premium. Plan B - if I can not liquidate them, then I can mine with them. The new equipment should be faster and more energy efficient. In 6 to 9 months, I should be able to save up 2-3 bitcoins. So it is a waiting game now. 

Mining is one of the best source of bitcoin and this method is not worst if you have good hardware and can produce good akount of bitcoin everyday which can cover up the tax and electricity rate with excess amount as your income i think much better to buy L3+ antminer and continue to mine bitcoin for your future.

eu investiria em moedas que podem crescer muito futuramente

I don't trade. Trading is pointless since it triggers taxes at every flip. If you choose to evade taxes you will never be able to use profits, and if you pay taxes it won't be worth your time compared to reaching the relevant holding periods for tax exemptions. But nonetheless, mining is worse than just buying and holding.
If you're extremely risk averse then sure, go ahead and mine. But in that case there are better assets on the stock market.

You can factor in economics of scale, but that's not the main point that I'm trying to make.

It's simply not worth it to invest into mining hardware (especially ASICs) for small scale operations due to the low profits. The calculator that you've found only gives you a "ROI" at current prices and current difficulty levels, but this changes against you over time. So in reality you will need longer than 137 days to make your investment back. And that also differs depending on your individual electricity cost. Since the vast majority of mining happens through corporate scale mining operations, the returns get dropped down to a point where they are just barely over the running costs of the operation, which means that profits are incredibly small to none per unit.
Now, if the Bitcoin prices were to rise significantly a lot of additional mining power will be dedicated to it very quickly. This will make it even more difficult for your farm to generate returns.

If you just kept the Bitcoin however, you wouldn't have any of these issues and would end up profiting more. You won't have an ASIC to sell in the case that things go south, but if they do, you won't be able to easily resell your ASIC anyways. Hence, if things go bad for Bitcoin you will lose more money by buying a miner, and if things go well you will earn less by mining.

Bitcoin mining is simply oversaturated and not worth it anymore.

GPU mining on the other hand is still more accessible. Especially if you consider how easily you can resell GPUs to gamers even if the crypto market dies. But even here the same problems exist in terms of profitability. If you want to make more profits, it's best to just stay invested and wait, even if it's boring and a game of patience. Once you've accumulated a significant amount of wealth through your investments (or your job) though, you can consider putting a bulk of your money into GPU mining to secure your money. If the crypto market goes south you will still be able to resell your GPUs in that case, which will lower your losses or even keep you in profits depending on how much money you put where. But for small amounts of money this is just simply a waste of time, stay invested and you'll make several times more than by mining. Mining (with GPUs) is only worth it for the additional security, not for making money.

Congratulations bro, what you have in your hand is worth a fortune though but some steps are advisable. What you have will go in no time if you want to start mining due to miners' charges. It is advisable to invest the 1 bitcoin and roll it over until it gets to 10 bitcoin and then you can begin mining to multiply it. Goodluck friend.

 You aren't missing a thing at all. No reason to mine. Buy Bitcoin and sit on it. Nothing to see here at all, move along. LOL

 Oh man, these people who just want to be day traders and say there is more in it to sit on it and invest/trade crack me the fuck up!

 You are right man, get your s9 if elec is under .10 and run the shit out of them. I do have a strong feeling new equipment is coming. VERY SOON. But even then, a s9 will make its BTC back given time. Hell I still have s7's up that make a marginal profit!!!!

Scrap'

BTCMILLIONAIRE,

Regarding 100 Bitcoins, are you talking about economy of scale i.e  I can get better pricing on equipment and bigger facility?

Here is what I don't understand. According to this website, I can get a S9 Antminer with payback period of 137days - https://www.cryptocompare.com/mining/bitmain/antminer-s9-miner/. Let's assume the worse case and that the difficulty goes up 2X; hence, I will get my money back in 274 days. After one year, I should have a bit more bitcoin than when I started out assuming no equipment break down, cheap electricity, and etc. In the second year, I should have more bitcoin plus free equipment working for me. Am i missing something?

If, I hold bitcoin, I would have the same number of bitcoin regardless of time.

Mining will always underperform investing and trading though, because it's way too big a market for a tiny fish to be able to compete. That's why there's no point in mining unless you have hundreds of thousands of extra money that you want to preserve. If you want to do it for the experience, that's fine, but from a financial point of view it's a bad move right now.

that's a question and maybe splitting between mining and trading would be also quite good, we knew that mining an be profitable in the long run while
trading can be both short and long term investment, just needed to consider things that can give us much better profits and never stop looking for
much way to grow your bitcoin.

Holding it is the best option.

No. If you had 10 Bitcoins I would recommend keeping some (depending on how much money you want to have at least by 2020) and investing the rest in ~5 strong altcoins.

Now, if you had 100 Bitcoins you could start thinking about mining.

dont invest in miners, difficulty increase and ur out of profit, just invest in btc 3x increase in 3-4 months

Thanks for your input. BTW, if I had 10 bitcoins would you recommend mining then?

Waste of money, especially if his electricity is expensive. Better off keeping the coin.

Buy antminer s9 8 pieces then mine it.. For sure btc will never stop to rise

Better off keeping the Bitcoin and staying at home.

Buy a used car. Nothing fancy, just like a 2012 Honda civic or something reliable.

Go get it wrapped with something to advertise for. The more they pay the better.

Drive around town and collect the cash every time you do.

There you go, you are making an income and you have a car from it. Not even bad.

IMHO I`m think invest GPU mining is more reasonable than asic miner, when you need to upgrade you can still sell your old graphic card with the good price

You are kidding, right. Have you seen the BTC rate? Spend it on yourselve!
Don't bother anymore.

But seriously I would say buy equipment (on some percentage of 1 Btc) & mine. And keep some for yourselve, spend it on something nice - like shoes

Based on the options that you provide, I would just hodl. Maybe put 30-50% into LTC. But its gains shouldn't be much different from Bitcoin anyways.

If other options are a thing though, I would go with altcoins that have real world applications. A single Bitcoin isn't worth much after all, and even if it moons it won't make you rich. Meanwhile, careful investmenting of one Bitcoin could very well help you retire very early.

But that aside, don't trust anyone on this forum and learn to read between the lines. Lots of "fake news" on here.

 Frigging well said.

 Many friends come over to see me and their like how do you deal with this noise?!?!?!? I simply step out and visit and say "you know why"

 If you've never been in a 20x20 with 30 ants running and fans to move the air, you won't get it.

Scrap'

I'd move this to mining speculation instead of hardware where it is now personally, has not much to do with hardware discussion.

What are your electrical costs and are you okay with having vacuum cleaners running 24/7 in your house? Do you plan on getting hosting? If the first two things I just said are not applicable to you, don't mine. Crypto is profitable in other areas too, like trading or straight up HODLing. Home setups are noisy and trust me, any decent setup with no soundproofing will make your house sound like a data farm. Hosting is possible, but you don't have as much control over your miners. Cloud mining is oftentimes a scamand I only trust Hashnest because of that. Finally, don't put all your eggs in one basket. Diversify where you put your coins, even if you do choose to mine.

 This I fully agree with. Don't mind my last post...... unless your single.

Scrap'

Forget mining with only that amount even you have cheap electricity there.

My recommendations will be:
-Buy a good personal computer or laptop
-Learn how to work on crypto related activities. It's worth it!
-Maximized your knowledge by studying profitable ways to give you decent earning in the long run
-circulate that 1 bitcoin on reputable trading platform
-diversify 1 bitcoin in some of the alts (choosing will be based based on your analyzation)

Work for bitcoin and not just rely on mining if the capital is not that much. Mining is a not joke and it needs more dedication on what you currently have right now. Patience and effort will be paid off soon. Just be serious. Goodluck.

 If I were single right now.

 1. Go out and get some high dollar weed.
 2. Find some high maintenance chics and ask if they wanna go to Vegas.
 3. Take said chics to Vegas and live like a big baller, drinks, smoke, play, fornicate.
 4. Get memorys of your single life (PICs too!) and enjoy!

 But in Reality...

 1. If elec is low, buy machines, mine and enjoy.
 2. If elec is high, LTC is not bad. Or just Bear up on BTC.

Scrap'

Say I have one bitcoin today. What should I do with it? Should I get four S9 antminers or three L3+ antminers or combination of them.

Are are some smart options to grow this one bitcoin?
- buy equipment & mine (i have cheap electricity)
- buy equipment and have Hashnet host them
- hodl
- invest in LTC instead of BTC

What would you do?