Topic: Which is more lucrative between mining and trading bitcoins? - page 2. (Read 395 times)

I would say both are lucrative business ventures but the only downside of bitcoin mining is that it requires more capital than usual to be pumped in to be setup before you  start earning your first coins...not forgetting running costs which you can't run away from such as electricity, maintainance costs, etc while comparing it to trading, say p2p trading this business grows with time and has less running costs as its pretty much tied to how much capital one puts in!

So for those on a tight budget or limited capital, I would suggest trying out peer2peer trading and bank on those price  differences as your profit

Both mining and trading are profitable although their start-up demands are different. For mining the amount of money needed to start is much due to the equipments you will be needing to kick off when compared to going into trading which all you primarily need is a few trading skills.  So it all depends on how much you have at your disposal at the moment. 

Based on the situation of things with you, in my opinion it's not bitcoin trading or mining you desperately need now, what you need is a real life job no matter how little but as long as it's putting food on the table and then afterwards you can use crypto trading or mining as a supportive means. This is because of the risks involved, you could lose so much in just one day with nothing to fall back to.

I think the answer is easy, it depends on the financial ability of each of us in choosing whether to mine or just become traders. But if you want to know the pattern of differences, I will try to explain a little where it is.

Mining Bitcoins It takes the name of computer hardware to generate new Bitcoins in return, Operational costs and other technical expertise. Whereas Trading Bitcoins is a way to earn profits can depend on several factors, such as skill, capital and personal preference I think this is simpler.

If you do not have trading skills and there are no funds for mining equipment, then the only way to get bitcoins for you will be to work in an office. This is the only way you will be able to invest part of your salary in bitcoins, while simultaneously learning the basics of trading.

They are both lucrative but choosing one depends on who is choosing, trading may be more interesting to you than mining or vice-versa, it's something you won't understand until you try them out first, I've tried mining and I notice it's best for those with cheap grid power, unfortunately, I am from a country where grid power sucks and I still went to invest on solar power to start mining, I got tired of everything when Ethereum mining came to an end and I sold all graphic cards.

Trading is not my main way of making money but it's a plus, I do day trades on Bitget and Binance exchange three times or more in a week, sometimes I quit if the market is too uncertain for me, Trading is more risky because you can lose all your money, but mining is less risky if you can focus on Bitcoin mining, the worst is less profits and if you can hold for a long period of time you will reap more profits.

Hmm, probably you need to first understand what's behind bitcoin mining and trading. Let me try to explain the difference:
1. Bitcoin mining is the process of using special equipment to solve hard tasks and get paid in Bitcoin. Mining needs a big investment up front, technical understanding, and cheap electricity. It can be successful, but there are now a lot of people doing it. This means the difficulty is already increasing and the rewards could be decreasing; besides, the next bitcoin halving will come in 2024.
2. Bitcoin trading is buying and selling Bitcoin on platforms for other cryptocurrencies in order to make money from price changes. You don't need expensive tools to trade, but you do need to learn about market analysis and trading techniques. It can be easier for people who are just starting out, but it also has risks.
Other things you can do with Bitcoin are: invest, which means just getting Bitcoin and keeping it as a long-term investment; stake, which is the act of holding certain coins in order to help the network run and get rewards. Lending, which is using reputable platforms to lend your bitcoin and make interest and development If you know how to code, you can help make Bitcoin and other similar projects better.
Now, it depends on you to decide which one is most suitable for your current condition.
 

If you have enough money then you can focus on mining Bitcoin. Beware!, there are alot of risks involved, it is more complex than regular bitcoin trading and requires alot of maintenance too. So make your research and choose the one the suits you more .

Im not sure how aside from this would you make profits in bitcoin. Here in forum some are being incentivized  bitcoin through signature campaign and sometimes raffle or any form of games. But doing trading is a gamble unless you know how to deal with charts and indicators of trading but still its not guaranteed. While in terms of mining, based on what I read from experience miners, their profit is not huge and especially if its conaumption is quite high on electricity. Maybe on some countries that have free electricity this is very profitable but only few areas or countries have that kind of privilege. The best one to gain profit is investment. Buy bitcoin at some point and forget about it. See it for like few years and boom. Who knows how much profit you already made.

Trading is not a money making method, it's more like gambling. There is no proven strategy that would allow you to be in profit in the long run. The only strategy that has been working well so far is buy and hodl for at least 2-3 years, but that's not trading, it's long term speculative investment.

Mining can be quite profitable, but you need to have access to cheap electricity, you need to have some money to invest in equipment and run the operation, you need to deal with legal risks, because in many parts of the world mining without permission would get you into trouble. And lastly, mining comes with a risk - the price can fall and your operation will become unprofitable.

Also, stay away from cloud mining, it's a 100% scam.

Bitcoin journey doesn't have to be trading or mining or sig campaigns or bitcoin business. You can just earn fiat money and buy Bitcoin with them.

The Cryptocurrency market is currently still unstable and Bitcoin price is down around -70% from the last ATH price. At this time it is more advisable to buy and hold long term, or if you have good trading skills it is also necessary.
And for mining at this time it is not recommended because mining requires quite a lot of money and the profit for mining is still very minimal.
The biggest expenses for mining are the large electricity consumption and maintenance costs for the mining tools used such as VGA Cards.

None, as a newbie you should stay away from mining, (solo mining) as this is not suitable anymore as it will cost you huge money. Trading? yeah it might be good but if you don't have the experience then you could lost money as well in the beginning.

The best thing for a newbie is just simply accumulate bitcoin thru DCA.

You can used this simply app: https://dcabtc.com/

I am also against trading, OP is already frustrated with his life and family and has a family to take care so it is better to avoid extra pressure from trading. Also trading needs more practice and time to master the skill. On the other hand mining need huge capital and continuous supply of electricity if OP can have the budget to mine bitcoin it is better to start mining. Mining is also kind of passive income you can do other things along with mining.

What I can advice is to stick to just investment for now.
In the sense of buying BTC and just stock pile it up for a duration. I have not seen any other better method apart from this for newbies.
My why is simply, once you get to learn more about the market and technicality involved in making profit from BTC investments, questions like this would sound much more like, you giving direction to old users on how to overcome charges hike and keep phrases secure and wallets secure from hackers and scammers.

Well I can say if you have gone far in both Bitcoin mining and trading of Bitcoin there are good profit to be made from both of them now it depends on how good you are in the field. Also you need understand of Bitcoin mining and also understanding of Bitcoin trading. Finally you need to understand the capital it takes to set up both the Bitcoin mining and Bitcoin trading
Read this helpful link to understand Bitcoin mining
https://www.investopedia.com/terms/b/bitcoin-mining.asp
https://cointelegraph.com/news/how-to-build-a-cryptocurrency-mining-rig
https://www.bitcoin.com/get-started/create-bitcoin-wallet/

This can help you understand trading the basic level
https://www.investopedia.com/trading-4427765

Investing, that's what's perfect for a newbie just joining the industry, you can catch up with other means of earning from the industry in the future when you have understood the industry properly but if you're just starting then focus on investment. Investing has no stress involved, you'll just have to buy your Bitcoin and hold. After it gets to your targetted price you sell and either reinvest the profits or do with it as you please.

Both mining and trading are good means to keep the cash flow coming but I strongly recommended you shouldn't be much interested in cash flow at the moment. If you still want an answer between your options then I'll favour trading to mining. Starting up a mining farm is very costly that if you had invested that money into your trading account you would probably make more profits trading then mining (this can only be possible when you're good at trading). If you don't know how to trade then don't go for trading unless you're okay with learning before you start.

I advice you to choose the trading and learn more about trading, strategies, analysis types,etc

Trading can be started by anyone who has smartphone, internet and small amount as trading capital whereas mining is no more profitable for individuals unless they have enough hash power to beat the existing miners all around the world so I don't even know how much capital needed for someone to build that big mining farm in this 2023.

I'll choose to mine if I've got the resources to buy all of those ASICs that can sustain somehow my daily living as well as help my family. But, it's not that easy to do because it will require you much capital. Whilst in trading, you're taking all the risk and it's not easy as well even if you've got the resources and capital, you need to grow it through trading. With all of the choices to sink in to my reality, the best option which will be agreed by many is just to buy and hold. Nothing beats that honestly.

Bitcoin mining needs a lot of capital to start, you also have to make sure that your electricity bill is very cheap and you have to spend money on the best ASIC miners to get the best out of your Bitcoin mining.

As for trading online you don't need much money, before I started my trading lessons I always use a demo account for training and when the time is right I started with $20 to try out my knowledge with trading, and to my surprise things seems very fine for me, So trading is easier but it is also risky.

If we are to talk about which one is more profitable, that will be very difficult because to make money out of trading you have to be very good at it and you can make life-changing money with trading if you know what you are doing.

As for Bitcoin mining, after spending a lot of money on equipment you have to keep mining Bitcoin and hold your bitcoin to get the best profit out of your mining, now we are in bear market, you should mine and hold for better ROI.

Mining VS Trading

• Mining needs big capital since i think you want to see those mining rigs running, trading on the other hand you will need one computer a decent one to begin withl
• Electricity is a concern since you will need to contact electricity provider meaning you will need to process lots of papers and a lot of money as for permit
• It will be a big challenge for you to go to trading in the start but , if you can control your emotion and hodl when you have bought the dip you'll be fine
• Avoiding scams and compromise your network is also a concern, avoid making other transaction on the network
• Securing also your wallet in trading is a must same with mining

If you'll ask my opinion I would go for trading since bigger chance of profit just study the coin first or do more research, mining is not the same, unlike year 2009-2016 things have change, electricity cost are high, solar power needs huge capital to build.

Bitcoin trading and mining are both lucrative but they both require capital and knowledge to engage in. Mining requires a lot more than initial capital because it involves plenty money to be able to sustain and keep your mining profitable. As a newbie you may not need to be in a hurry to start any of them, just buying and keeping it can be good for you, but since you are in a hurry, you may feel that that is too slow. Always remember Bitcoin cannot make you get rich quickly.