Bitcoin Forum

We know the setup for mining a bitcoin will cost you a lot now, so do you think instead of buying a setup just use the fund to directly buy bitcoin?

The cost of the mine is much larger than the bitcoin purchase, and you have to consider the loss of the graphics card and CPU, and the problem of sudden power failure. So, for my money, I like to buy bitcoin directly.

I would like to mining on hardware that I already have and working just fine ... but I guess the only coin I can mine with it is testnet coins ...

My lucky bank note is this one

https://i.imgur.com/IrLDydH.jpg

Mining rigs require a lot of research and investment. You're much better off buying and HODLing Bitcoin if you don't know exactly what you're doing.

Most people assume that mining is as simple as getting a rig and churning out huge profits. That's not always the case. You have to consider your electricity costs and various other factors. You could very well end up operating at a loss.

Yeah i agree, before it is ideal to just setup a mining rig for it cost not that much but since it’s price pumps up too, considering the wear and tear of the cpu/unit/processor etc. it is advisable nowadays to just buy directly.

I do not prefer mining this time but this is the right time to buy Bitcoin why? It is because Bitcoin price is fall from 7k$ to 5.5k$ and if my experience in Bitcoin will prove me right sooner or later Bitcoin price will exceed 7k$ USD and if you happen to buy Bitcoin now at 5.5k$+ then you'll profit 1.5k$+ instantly.

Bitcoin mining is profitable as long as you have high capital, cold environment for rigs and cheap electricity.

If you dont have these then i suggest you to buy bitcoin at  a lowest price possible

Ok, i think if you already have this mining/hardware before the price kicks it is good. You can always use that until its lifespan and as long as you benefit from it. BTW im a newbie, what is this tesnet coins?

I would say that you can do both, that is if you have the necessary funds to do so. Investing in mining equipment can mean a big money so the next choice would be buying Bitcoin especially that it is in the big dip right now...you can buy it cheap and then experience some profits when it would be back surging in soon. You can save money to get into mining business so it depends to you really which can make you happy and hopefully profitable in the long run. Good luck!

buying is the easiest thing to do, it is also the most profitable thing to do, and also safest thing to do!

right now bitcoin is in a dip which makes it a good opportunity to buy it, you will make a lot more profit that way and you will never have to worry about costs of mining, the difficulty going up, your investment giving you less profit, .... when buying you can always sell fast if you see any kind of drop or something but in mining you can't sell your equipment if it stopped being profitable and turning it off is like wasting money.

with that said mining can be a good and kind of a passive income too. but only if you have cheap electricity and know what to do. for example in case of altcoin mining you may have to switch between coins a lot to keep it profitable.

For me it is better to just directly purchase bitcoin rather than mining for it.
This is especially applicable if you are just one individual who will do it.  You simply cannot compete with the genesis mining worldwide.
Better but it.

|i think i buy bitcoin then i play in gambling with investment site to profit and earn and i get trading also.

Directly buy bitcoin instead. You don't have to worry about the PC parts, electricty, and high speed internet connection for that matter. On the plus side, you get more of what you paid for when you directly but bitcoins instead of mining them yourself. Mining would be more costly because of the little returns you get from it from time to time.

If you happen to have some BCH sitting around from the hard fork, then the cost of Bitmain rigs just got a lot cheaper.
Assuming they let my order stand, I ordered an Antminer L3+ for 1.4 BCH
This youtube video has a good overview of how you can use it to mine.
In particular, there is a pool that switches between coins to get the best return
https://www.youtube.com/watch?v=eTwk3zHkCqI

As others say, cheap electricity is key.
In my case, it is included in my association fee, but I can only run one rig.

Keep in mind that these rigs are loud. An L3+ is 70DB

It may be on its dip today.. but as we look on to its history on its ups and downs the overall thread is only upward....

investing in bitcoin simply takes time and so does altcoin. the right choice is to trade. I think that's the best thing at the moment. and I did that

For me, there is a lot of things to consider if you are mining bitcoin like electricity, time and maintenance, device cost and hash rate. If you can afford these things then you can try mining but it is really hard to do so and it also depends on the country you live in. Some country's electricity cost is low and some are very costly. I would suggest to you that you think about these things but for me honestly, I much prefer buying bitcoin than mining.

I prefer to just buy bitcoin and hold in for long term. I think it is more profitable in the long run compare to assembling a mining rig not to mention you dont need to be charged high electricity cost due to high consume of mining rigs. Also mining bitcoin nowadays is not profitable as it is in the last few years. Its difficulty discouraged many aspiring miners to mine bitcoin. As for just buying bitcoin, you just need to spot a good entry point and you are good to go. Come back to it after a few years or you can add some monthly or occasionaly. You dont need to worry if it dips or some are panic selling because your main goal is to sell it after a few years.

If the electricity in your place is cheap i would definitely go for mining rigs that's more profitable than buying bitcoin if you have that upper hand the only problem you need to face is the setup and the crypto that your going to mine because you can't mine btc on rigs these days so you need to study first what is the coin that's have a potential for my mining and your money for setup, if the electricity is so expensive i would recommend to go for investing in bitcoin that is the safe play, you can also consider investing your money on other altcoins.

If you only have average capital for investment you should not do Bitcoin mining because it requires high capacity mining hardwares that can compete with big mining company, low cost electricity and a lot of time to make a profit from it, it will also cost you big amount of money for regular maintenance and it will take long before you reach the return of investment (ROI). It is recommend that investors with small capital to just buy Bitcoin directly instead of mining it because it is more easier and more profitable, all you need to do is watch the price chart every once in a while.

Exactly, well said. If you are a miner already just continue but if you have the funds to set up a new mining rig , just buy bitcoin. Avoiding wear and tear of the hardware. If you gain in your mining it just a recovery of your rig👉

for me if i have big budget ill go invest in mining industry because this is not a scam and easily to earn more money than risk your money in some sites that you dont know if its legit or not.

I think it all depends on your knowledge limit. for those miners, obviously they would choose mining to get bitcoin pieces. but I personally prefer to trade. yes I think this is in accordance with what is someone's favorite.

I would just decide to buy a bitcoin and stay cool as its price has tremendously increased in the past months.Before investing in mining,we have to consider lots of factors.Main factor is that we have to ensure cheap electricity.Otherwise,it would be useless to buy an ASIC miner and mine.It would be a total waste of time otherwise.

I have free electricity in my building where i live

but have no clue how to even begin to mine
I see some used rigs for sale on local forums

my only worry is the building where would it noticed that theres alot of eletricity consumption going on in my apartment ? lol

I agree with you, costs and effort is more on mining than buying bitcoin.. since the parts/hardware is high now, why not just invest it directly to bitcoin right?

I prefer to buy bitcoin because I want to get a quick profit and buy bitcoin is simpler than investment in a mining rig. Besides mining rig I think it would be very difficult to mining bitcoin due to higher levels of difficulty will make you only get a slight advantage. But if you build mining rig for the mining altcoins I think you still can get a greater advantage.

Mining is good but it is very costly and you need specialized stuff to become successful on it although bitcoin value drops so bad these past few weeks I would still recommend investing on bitcoin because it's still profitable in the future also bigger number of bitcoin is already in the circulation it would be very difficult to mine the remaining bitcoin and surely many will get it first before you.

I prefer at this time is to buy btc to gain more profit for just short term, compare to mining rig its take alot of time to earn a profit, i think buying bitcoin is the best way to earn alot, just my opinion.

everyone will be different. I prefer to invest, just hold it on the wallet.

there are times to trade and there are times only to be spectators.

Directly buy for me. Well this all depends on several things. This is what I look into;

1. Electricity bills, if you're in a country where electricity is really cheap well you can consider.. If not, better invest than sorry.
2. Countries weather condition, well I think you know that mining creates too much heat.. so putting up one in a hot country will degrade the rigs more. Or will cost you much more electricity.
3. And you can google some more :D

Take also into account (though this Ive not yet calculated). Exchange rate in your county. this can help also I think.

Yes buying Bitcoin will be better than mining Bitcoin as the difficulty has raised very much and the competition has become very tough for mining BTC. Besides that it also takes a lot of hardwork to maintain the equipments and electricity cost just eats up the whole profit. On the other hand trading is a lot easire than mining. It would be easy to just buy BTC and hold it to gain profit.

Bitcoin is fluctuating up again, and bitcoin cash is dropping, so this is the time we should buy bitcoin rather than mining bitcoin, because by using these fluctuation we can trade to earn profit and minimize risk, but using mining tools is still loosing profit because bitcoin they mined depends on the market.

i think i prefer to use the money to directly buy bitcoin because if you decide to mining bitcoin then you need to thinking about many things like how much your electricity cost in daily or monthly, what kind of hardware you want to use, the hardware needs to be maintain and we need to take care our hardware so it will work properly. the big important question is the electricity because this is the main thing that we must use to start mining so if you can not determine how much the price you should pay then you might not makes a good profit in the end.

I agree buying bitcoin and just holding it waiting for the price to go up to make profit is a lot easier than just having to worry about mining equipments and electricity usage, when it comes to mining you need not only a constant high flow of electricity but also you have to upgrade your equipment each time the difficulty of the bitcoin is scaled up, I am not saying that it is not profitable, in some areas where electricity is chep people can make a decent profit, but it is much harder and more complicated than just a simple buy and sell and requires a lot of planning and research.

I'm still a here so i dont know how to use mining yet but i prefer to use trade someday because as far as now im working in bounty campaign the it eill give me a soon if it success i dont want to buy bitcoin because theres a lot of campaign that will give btc if you work to them.

Buying a mining rig today is profitable if you mine some altcoin and then dump it in the exchange. Mining bitcoin is not profitable as it was like 5 years back and so I dont recommend it. Since bitcoin price has dipped it is a good time to buy bitcoin and hold it. BCH may be up but it is being pumped by the whales and it will soon crash.

Electricity may be cheap but the mining ROI also depends on other factors. There are countries where electricity is cheap but they are not flourishing in the mining industry- why? because setting up a mining farm and the engineering costs are too much for them to incur.

Yes use it in buying for now, mining setup will cost you a lot, the profit turnout takes some period of time like 6 to 8 mos. Your money will sleep and you are not sure if your mining will profit or not. Invest in buying instead, less hassle than maintaining mining btc.

if I think it's better to buy bitcoin, because to mine a bitcoin will cost a lot.
so I think it's better to buy Bitcoin directly, because the cost of the mine is much greater than the purchase of bitcoin.
so I prefer to buy bitcoin.

I go on buying bitcoin since mining cost a lot. It makes electricity bill cost more, you need an updated mining rig that cost more, cooling system that maintain the hash power that cost more. When will you get your profit with these mentioned above. Why do not buy some bitcoins and be patient.

As the difficulty in getting bitcoin increases by the day, its getting to the point where the mining of just one bitcoin is becoming impossie for an individual to achieve within a reasonable period of time and that's why its better to just buy because even the equipment that would be needed to get the little now will either become obsolete or diverted to mine other coin agiant from the initial reason why it was bought. The best is just to avoid it all together.

Neither. Altcoins are on the rise finally and investing in bitcoin won't be a good option as the price has been going down from the moment the fork got suspended. It would be better to make some short term trades with specific altcoins and quickly benefit from it.

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Mining rig for bitcoin cash would be extremely profitable as bitcoin cash is of the latest trend now.

Setting up a mining rig cost a lot now and there's also additional cost every month such as electricity bill. I prefer buying bitcoins, it is more convenient for me and instead of mining I'll use the money to buy cheap coins and sell it for a higher price later. A lot of miners now already shifted to investment, I have read that the mining business is not good nowadays. Also it is hard to find GPU/Videocard in our country. Maybe because of miners, hopefully they won't regret it later. I enjoyed setting up a RIG but not for mining.  ;D ;D

I prefer buying bitcoin directly :)... this is much more easy and convinient to do rather than
investing in hardware mining

At this moment, i am still prefer buy bitcoin and trade it rather than invest to some hardware mining. Because, nowadays, most of hardware getting more expensive. In my country, electricity cost also become consideration if i start to investing mining hardware.

I think for second this option is very good, investment in bitcoin will be very easy but there is also a risk. but if investment in the rig minning we have to set up a plan mature such as the place, the cost and employees if necessary or maybe we do it ourselves.

I prefer buying bitcoin or altcoins because when I invest in bitcoin, the profit gain is low but secured because it is tested. While buying altcoins has greater risk but that means greater profit. If investing in mining is what you prefer or chose. The first thing required to it is having the money to buy the mining rig, means that you will need a capital to start of and second is you must find a pool where you surely have worthy profit since electricity is one of your liabilities.

I think it would be just best to buy bitcoins at this point since mining is just pretty much breaking even unless you convert the bitcoins you earn not on the day you earned them but in the farther future. So that means you have to pay for the miner's maintenance cost using your own money from your pocket. Which also mean that you are also investing for the cost of running the miners and you'll only reap the benefits after a long time when prices are quite a lot higher than when you started mining.

It depends on you.
If you have a big budget then I suggest you to mining rig. otherwise, I suggest you buy bitcoin and do margin trading. mining rig is quite risky because of the bitcoin price factor that tends to fluctuate and it also will affect how long you get the ROI.