That's what I have done so far, mining bitcoin even mining another altcoin like ETH is not worth in a country with high electricity payment. I have my friend who now he still mine ETH, and do you know what he gets per months? Yea he just got $10 permonths and I don't think that is good to be an income. Moreover with mining bitcoin, I don't think there will a miner in my country. Buying (it means to be made as investing) will give a good result for me especially I bought it at the lower price and selling it at high price, it is more make sense to me.
"I bought it at the lower price and selling it at high price" That's what I do with my rig hashrates.  same same as buy/sell altcoins in an exchange. |
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Why I'm asking this question? Because I checked my wallet several days ago, and I found I have 59 bitcoin cash in 2018, and I only just convert between bitcoin cash and bitcoin, and I converted totally for 4 times until now. I earned 30 bitcoin cash finally. I didn't think I can make this much in this way. I still keep on mining by myself to collect more bitcoins. 2 ways can bring the same result-collect more coins. That's pretty good. The bitcoin halving is coming, I don't know what will happen on mining, but let's see. So welcome any of you to share your experiences of collecting more bitcoins. Persuade me Where are you mining bitcoin? Do you have a rig for mining? Technically it is a passive earning of bitcoin if you will mine it. But miners nowadays are having hard times because they are being overrun by giant mining companies. I'd rather go buying and selling bitcoin. I do not have enough money to invest for some computer to mine bitcoin. It is ver expensive and lots of electrical power will be consumed. I didn't have a rig. I have been buying the hashrate contracts on platforms which I definitely confirm they have machines behind those contracts. I've tried several platforms before, like hashnest I earned a lost in 2016-2017 there, but begin to lose in 2018. As I learned, they were running separatedly outside of Bitmain and they have less machines and weak management in mining farms. So I left. In 2019, I joined a new platform 1TMINE.com where I can buy enough hashrate contracts , better I can also sell the hashrates anytime if I predict the rig price will drop. I already earned over 0.05btc and the rigs are still keep mining. What I should do is to watch the machine market, when to buy more and when to sell them to the hashrate market. Good luck to me. |
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In our country electricity cost is not cheap and then making huge investment in the equipment’s and then waiting for the ROI will take lot of time . Instead investing and trading in bitcoin will yield me better results when calculating the returns of investment. Also can make money in short term as well and use it . So I prefer buying as an option .
True, electricity cost is one of the big factors we should concern. In China the rainy seasons right now and the electricity rate is 0.036$/Kwh. But I believe there's still cheaper electricity in other countries. |
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I would much rather buy btc than to mine especially when I don't have the mining equipment, imagine someone with $200 wants to buy btc, it will be much easier to pick up some btc from any good exchange than to go through mining process, just save yourself the trouble and buy,
But if you are a miner, then you may want to mine the $200 worth of btc because you have the equipment and experience, still, buying is a preferred option for me, low stress, low cost.
It's up to you. As I mentioned before, there are legal platforms where you can buy cloud mining products and join mining easily. Why I choose to mine bitcoin, because I can get bitcoin every day by mining and I can keep mining as long as I will until the mining profit get negative. Besides, I always believe bitcoin network security can't leave the mining. More people joining mining will make the bitcoin world better. |
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Check the difficulty of its nethash on https://whattomine.com/And as you know, Ethereum is about to change its consensus from PoW to PoS. But, there is no definite date when it will exactly happen so as long as they haven't transitioned, you're still ok to mine it. I think you can mine and collect up to 32 ETH for the staking once it's ready. You can stake that 32 ETH which was said to be the minimum amount for an individual's staking. I've heard that there will be pools that allows sharing for small amounts for many other individuals that wants to contribute. Thanks for the info. I calculated that ETH mining takes around 9 months to get the payback while the bitcoin mining right now takes around 18 months. To mine ETH , Zcash or other fast payback coins, then trade to BTC, maybe it's a new way out. |
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Although an ASIC can be built to provide optimal hashrates on an algorithm, the Graphics Processing Unit (GPU) is much more powerful than the CPU, and more flexible than an ASIC in their application. The GPU is the chip that enables graphics cards (often called GPUs for brevity in mining circles) to perform millions of repetitive calculations at the same time so that games can be rendered in real time. They are also used to render special effects, or for machine learning and artificial intelligence. Whereas an ASIC is purpose made to mine a single algorithm, a GPU is capable of mining different algorithms. It’s possible you could mine Ethereum, Monero, Zcash, Grin and many other coins with the same GPU.  |
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At the current market price, it's more practical and profitable to buy Bitcoin than to mine and with the halving almost a month away mining business will have a hard time generating profit, some of them will even sell their rigs or shift to mining other coins and trade it to Bitcoin if you prefer buying Bitcoin all you are going to need is to just watch the prize and you can always liquidate anytime.
You are right. I'm studying ETH mining recently. Does anyone have experience of ETH mining here? |
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Anyone here booked S19 from Bitmain?
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Your comment makes me think you are short term miner/trader, also you need to see more market news to stay tuned for what's going on with BTC.
Unless you are one of those with cash problems so you are thinking to shut down. This problem is going to last for a while.
I do both and i'm happy, disappointed and feeling sorry for what's going on because of the virus. I keep mining & buying what I can because I am long term.
I am long term too. But with such price, the mining can't be profitable for some machines like M21s. s17 and M20s are still profitable. |
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OMG! What's wrong with BTC and the whole economy? My machines are going to shut down  Except to collect more coins, I don't know what can I do further. |
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I'm waiting for BCH=0.03BTC this time!
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Dont know about you buy five grands is a big amount from my perspective. So if you are happy to invest that and willing to verify the locations and see if these miners really exist them go forward with it. Dont take my word for it though. There are still ways you could get scammed. But if you have physical access to the location, and your social engineering skills are good you could milk out some information from the people working there too.
Well, yes I did milk out some secret information from the workers in the mining farms. Years ago, they "steal" hashrates from machines which were owned by their customers. But now they said they can't do this anymore because of the more focus on management. Besides, I think the working in the mining farms is really boring. They easily feel lone with those running and noisy machines all day and night. No entertainment, no girls. |
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I calculated that how much you need to invest to mine 1BTC in a month at present. You need to invest about 72857$, 1BTC will be back in a month.
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It sounds to me more like you are an investor in a real mine.
Cloud mining arranged via internet, which is normally how it happens with no option of seeing real mining, is almost always a ponzi scheme that never actually exists. They usually post photos of someone else's equipment and then keep taking money from new customers/victims to pay the old ones until the game ends.
True. It will be safer if you know someone working for the cloud mining platform. |
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Investing in cloud mining, for me, I think it's like "put part of the fund in a bank with low rate", the rate may be low, but it's growing slowly. Of course, you have to know the basic factors which impacting the mining profit and you can adjust your strategy. Win or lose depends on your decisions.
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At least, we can get bitcoin without buying. But I prefer to buy bitcoin than mining bitcoin because I don't have a low fee of electricity so that will cost me huge expenses in a day or a month. Gladly, if we buy bitcoin, we don't have to buy 1 bitcoin directly, but we can buy a fraction of bitcoin, and we adjust our money to buy how many satoshis we want.
That can help people if they prefer to buy bitcoin than mining bitcoin because they can use, for example, $10-100 to purchase bitcoin, and hold it or trade it with the coins. But if you have a low fee of electricity and you have money to buy the hardware, then yes, mining bitcoin will be recommended for you.
I agree to buy some too but it makes me nervous. Because I need to check when is the lowest to buy more or sell them at top. When I already have some bitcoins, and I'd like to invest the bitcoins in mining for more. |
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I located in China and can visit many mining farms to verify the running rigs. Yes, make sure they have rigs before investing in cloud mining. I don't invest much in cloud mining, around 5000-7000$, and it can bring me some real bitcoins in case of inflation. Not anyone here investing in a "verified" cloud mining platform? all are scammed??  |
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If the choices option only that 2, then i will prefer buy it instead mining. If i can add another choice, i would rather earn it by doing some services or etc, instead of buy it.
I'm rarely keeping bitcoin for a long term investment, the longest is about 3-4 months and then my wallet got hacked....
Which wallet do you use? Well, we have to stay away from it. Or maybe you lost your key? |
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Not everyone can mine it takes passion and knowledge for a guy to mine, whereas buying Bitcoin can be done by anyone, but this is 2020 where the difficulty is way to high you need expensive asic machine to mine, and with the coming halving many miners are going to give up because of the reduced rewards, I don't see why mining could be rewarding anymore.
You are right about that "it takes passion and knowledge to mine". But don't you think mining is a way that you can leave your coins there without doing anything and it can bring you rewards every day? Anyway I'm still not sure if mining is faster than buying. I need a calculation. |
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I didn't expected to see such question in 2020. I started my Bitcoin journey back in 2015 and it was already to late to do Bitcoin mining for regular people. Bitcoin mining requires huge investments and it doesn't brings big returns - it's for very few people these days
Though I haven't invested much into buying of Bitcoins. I obtained most of my BTC in other ways - I earned it through affiliate programs, signature campaigns and advertising networks.
That's a pretty good way to obtain BTC if you have good marketing channels. Maybe I can recommend a new project which you may be interested in. |
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