Do you prefer to buy bitcoin or do bitcoin mining?

[pakhitheboss]

I prefer working for Bitcoin rather  than buying or mining it. My reason is that I cannot afford to invest in a mining rig and Bitcoin mining is no more an individuals job. The second reason is volatility, I do not want to invest in Bitcoin and then repent if the pics slums down. I therefore earn Bitcoin by working for it.

[maydna]

I prefer working for Bitcoin rather  than buying or mining it. My reason is that I cannot afford to invest in a mining rig and Bitcoin mining is no more an individuals job. The second reason is volatility, I do not want to invest in Bitcoin and then repent if the pics slums down. I therefore earn Bitcoin by working for it.

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.

[sunsilk]

Buying will always be the most convenient option. Not everyon can avail to buy miners but everyone can avail to buy bitcoin at any price that we want and quantity that we want.

But if it's very effective to you that you have been mining and it seems that you have a farm, you are on the good side mining the right coin. And I think that you can sustain it and anyway, congratulations that you've earned from the fork coin. Are you planning to sell them and convert it to bitcoin finally?

I will keep converting to bitcoin or bitcoin cash based on the rate. I'd like to hold both coins to reduce the risk. By the way, I don't have a farm, I just invest on cloud mining which most of the people here think it's a scam. I have to say you must investigate the platform before you do any investment. Not all of the cloud mining are scams.

I thought that you have a farm and we know that not every cloud mining is a scam but basically, most of them are. If you are experienced investing to cloud mining, you're investing to the legitimate ones but AFAIK it's no longer profitable.

Looks like you know what you are talking and doing but just a suggestion, you should better keep more in bitcoin.

[Ruso21]

this is a good questions, it depends on the country you are...

Mining requires thousands of dollars to buy a rig, a space that can handle the noise and see the electric fee if it worth it. nowadays the market is unstable and is too risky to invest on equipment, 1 of the examples is the ASIC with 1 algorithm, if the coin forks, then goodbye ASIC. it is really hard to get ROI because of the difficulty, so good luck with mining.   
from the other hand, there are many ways to mine, also the type of coin, to what coin to convert and at what price, all depends on how you do it.


now investing is another story because it is based on knowledge & availability to cash out. if you are stupid enough to buy at high value and the coin start to crash, then you are not qualified to invest because you need to study the market with information and see the chart. not many countries support bitcoin so no companies or banks that let you cash out.
from what i learned from others, don't loose more than you can afford. investing is part of the risk, also is part of gambling.

[ultrloa]

Buying will always be the most convenient option. Not everyon can avail to buy miners but everyone can avail to buy bitcoin at any price that we want and quantity that we want.

But if it's very effective to you that you have been mining and it seems that you have a farm, you are on the good side mining the right coin. And I think that you can sustain it and anyway, congratulations that you've earned from the fork coin. Are you planning to sell them and convert it to bitcoin finally?

I will keep converting to bitcoin or bitcoin cash based on the rate. I'd like to hold both coins to reduce the risk. By the way, I don't have a farm, I just invest on cloud mining which most of the people here think it's a scam. I have to say you must investigate the platform before you do any investment. Not all of the cloud mining are scams.

I thought that you have a farm and we know that not every cloud mining is a scam but basically, most of them are. If you are experienced investing to cloud mining, you're investing to the legitimate ones but AFAIK it's no longer profitable.

Looks like you know what you are talking and doing but just a suggestion, you should better keep more in bitcoin.

It's good to have an option and his choices is good but the one I doubt here is the word cloudmining since so far I don't find any reliable since as you said it's not profitable anymore which is right since actually it will give a low too in long period of time so basically you are wasting your time for just waiting for it to grow.

[SFR10]

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.

Have you done any computations in order to know the exact gained amount in $ ^{[involving all of the conversions]}?

I still keep on mining by myself to collect more bitcoins.

By the way, I don't have a farm, I just invest on cloud mining which most of the people here think it's a scam.

I believe that makes the subject field of this thread, invalid ^{[to an extent]}.

So welcome any of you to share your experiences of collecting more bitcoins. Persuade me

As a former miner ^{[real mining]}, I prefer to buy nowadays.

Not all of the cloud mining are scams.

I would like to see you post that comment in 2022

[gentlemand]

I arrived in 2013 and even then mining made no sense to me. I guess at least there are established supplies of miners these days whereas most people got fucked with pre orders back then and missed out on profitable mining even if they eventually received their machine. Even so I still would never think of mining.

[squatter]

I arrived in 2013 and even then mining made no sense to me.

I always felt the same way, but now I'm moving out to the Pacific Northwest east of the Cascades, where electricity costs 2-2.50¢/kWh! The winters are frigid there too, so I'm mulling over a home mining operation that recaptures heat.

I need to do a much deeper dive into the details, but at a glance, rates this low completely justify a mining operation -- especially when you factor in the potential heat subsidy.

[sunsilk]

I thought that you have a farm and we know that not every cloud mining is a scam but basically, most of them are. If you are experienced investing to cloud mining, you're investing to the legitimate ones but AFAIK it's no longer profitable.

Looks like you know what you are talking and doing but just a suggestion, you should better keep more in bitcoin.

It's good to have an option and his choices is good but the one I doubt here is the word cloudmining since so far I don't find any reliable since as you said it's not profitable anymore which is right since actually it will give a low too in long period of time so basically you are wasting your time for just waiting for it to grow.

I've heard about some of those common but I haven't tried any of them but based on what I've read about them, they're paying but the investment you'll put there isn't worth it because as I've said it's not profitable anymore. And that's why it's better not to invest with any cloud mining to be sure.

I'm curious how much he has invested which makes him confident that he's making with it. While buying, this is working perfectly to everybody.

[TheUltraElite]

I doubt that buying is for everyone. At least people in some places from Africa don't have choice to buy bitcoin.

The possibility of buying bitcoin using a P2P source is always available as long as you have internet connectivity and a trusted seller to buy from. Now if you are lacking the bank balance to buy then it is your problem.

Yes, and neither for mining. Not everyone can join bitcoin mining with rigs. But with the spread of cloud mining, it becomes easier.

Again this is incorrect. Cloud mining is a scam which is not properly understood by new entrants in this sector.

All the legit mining locations have a system of giving out dividends to the people who own the rigs there. But this is not the case for all. 99% of the projects that you get on searching for cloud mining are not even having any rigs. They are running a ponzi where they pay the older investors with the money coming from the newer investors. Those contracts there are fake and used to scam everyone.

If you are willing to check if a cloud mining system really exists, do not trust but "Verify". Visit the location and check if they really exist. I can promise you that it wont be there or you would not be given a response when you ask about the same.

[TCW003]

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??

[TCW003]

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.

[TCW003]

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.

[gentlemand]

Not anyone here investing in a "verified" cloud mining platform? all are scammed??

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.

[xSkylarx]

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

I would prefer buying over mining during this kind of market situation. Mining equipment is hard and expensive to purchase. You should also have a huge capital for mining necessities, especially for electricity. Buying Bitcoin is hassle-free compared to mining and you could hold it until you reach the target that you want. Yes, it is true, we could purchase Bitcoin but not all of us could afford to do mining.

[TCW003]

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.

[sheenshane]

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.

Don't risk your money to invest in cloud mining, the reply of @gentlemand was right most of them are Ponzi scheme and probably didn't tell the truth if they are real miners. So, it's better to avoid this kind of investment platform.

How I wish before to have mining equipment but I discourage when I knew in my place it's too expensive for the electric bill. I read articles that it is good to mine Bitcoin if you are in a cold place, you can save for energy consumption.

I preferred to buy Bitcoin at dip price and accumulate as much as I can without worrying about the electric expenses after the end of the month.

[TheUltraElite]

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.

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.

Not anyone here investing in a "verified" cloud mining platform? all are scammed??

I have been watching these things since several years now. You will also have the same idea if you would be in my place long enough.

[TCW003]

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.

[webtricks]

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

Mining is not for everyone. First of all mining bitcoin involves technical setup which is not everyone's cup of tea. Next even if someone have required technical knowledge, the difficulty to mine have reached to very high level and financial constraint comes in the way. You have to set up huge mining system to reach an optimal level where you will find a block before others and make some money while covering your fixed (cost of machinery) plus variable cost (cost of electricity). It's almost impossible for individuals to mine Bitcoin in 2020.

That's why the market of buying/selling bitcoin have been started. To provide easy access to bitcoin to everyone. I only buy bitcoins and never tried mining one, nor will do in foreseeable future.