qwertyup23
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March 14, 2022, 02:22:20 PM |
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How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?
In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.
Ohh this roughly depends on your personal preference. In mining, you have to invest in equipments and space. You will be needing and consuming tons of energy in order to mine those blocks which will reward you on the process (in BTCs). Personally, I've encountered people who sold their mining rigs since they see it as not profitable especially if you have a relatively small amount of capital. On the other hand, buying BTC is the same as HODLing it for short or long-term investment. It depends on your goal if you would want to purchase BTC or mine BTC. But personally, I would choose the former since it does not take much of my time and I only withdraw/cashout it whenever the prices are high on the market.
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lixer
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March 14, 2022, 02:30:23 PM |
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I think buying is a safer, simpler and lazier option, which can also bring some long-term profit and easily make $40k into $100k over a couple of years. As for mining, it means not only initial investment which you that need to cover by profits (when you buy Bitcoin, you can always pull your money out, and you'll get more out of it than out of selling mining equipment, probably). You also need to cover the electricity bills, which can be huge. Not to mention maintenance, so that your equipment doesn't break. And, possibly, taxes for doing business, maybe some permits to do that etc. So I'd go with buying Bitcoin.
Lazier is the key word here. I mean don't get me wrong, if you have the money for it, the tech mind to keep it going, and have the mechanic talent to fix anything that may go wrong then go ahead and do that if you want to. But for the life of me, I do not get people who have none of that and still end up buying bitcoin or gpu mining systems. One wrong move and your investment could be gone, one broken gpu and your money is gone. Just buy it, hold it, and literally do nothing about it and you could make a good return from it for sure. I personally believe that we could make a good return from it without doing any work at all and that is a great deal.
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Fivestar4everMVP
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March 14, 2022, 02:40:42 PM |
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How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?
In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.
I would rather buy bitcoin (which I've been doing for a long time now by the way) than buy a miner, my reasons am gonna list below even though I believe most or all of them are already mentioned. 1. Mining requires a lot of electrical power and in my country, power is a really big issue right now. 2. It doesn't end in buying the mining, you still have to set it up, which requires a lot of time, and you might end up hiring someone(extra spending) to do the set up for you if you are not learned enough. 3. Miners can develop issues as time goes by, you have to hire an engineer who can fix it if at all, there any, and in my country, I don't know neither have I heard of anyone with knowledge of how to fix faulty bitcoin miners. 4. Mining machines require maximum security to protect it from being stolen, and this means you have to give it serious attention. 5. Mining machines are built to run 24/7, this is the only way you can have opportunity of earning decently, this can really be frustrating in a city or country with epileptic power supply, except you have your own power source that's guarantees you 24/7 power supply. This are the few I can think of right now, so to be sincere, for me personally, the stress involved in buying a miner to mine your own bitcoin is just way too much, it's not worth, so I prefer to buy my bitcoin from the open market.
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ultrloa
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March 14, 2022, 11:59:06 PM |
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It pays off to buy asic miner for mining bitcoin only if you have free electricity or if you buy with discount price for large mining farm. Back in the days you could mine BTC even with regular computer (theymos did that with his Intel Pentium processor) but now that is impossible. I think buying bitcoin when some dip happens is much better option today instead of investing same money to buy miners with all other expences. Dollar cost averaging may be the safest option for buying, maybe every week or every time you receive paychek.
Looking at the current rate and how difficult it is nowadays in mining Bitcoin. Looking at the power consumption and how expensive it is to get hardwares and all necessary components needed in mining, going into mining will cause a lots of money so it's better to buy Bitcoin rather than looking at buying mining which requires a lots of efforts There are still big companies mining bitcoin so I guess its still profitable for them since they still doing it even by now but you need a lot of funds since you need a strong hardware to see a better result since if you buy cheap miners then provably you will end up nothing or get discourage with the result. That's why if you only have limited budget then buying will be the best option since its still profitable if the buyer knows the risk and know how to trade it.
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Vaskiy
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March 14, 2022, 11:59:45 PM |
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Profitability of Mining and buying Bitcoin depends on the location of the user and the technical knowledge the user have got. For the first time the user finds it difficult to set the mining rig and run it, then onwards he/she will get used to it.
Buying It is very user-friendly to buy with the existence of more trusted platforms providing easy access. Need a wallet with good security features to keep the bitcoins safe. Depending on the market situation it is possible to buy at a better price than what is being got out of mining.
Mining It gives regular earning unlike the market condition. Requires uninterrupted power supply and internet connectivity. Regular maintenance is a must. If a card gets damaged, it can eat the profit.
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Chato1977
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March 15, 2022, 02:35:54 AM |
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How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?
In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.
then how long can you earn 1 bitcoin from that Mining rigs? than just buying the whole bitcoin and wait for the increase? at least will doubled the value ? try never to put more expectation and just keep holding mate that is what we need to gather now.
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xSkylarx
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March 15, 2022, 02:41:04 AM |
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How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?
In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.
It all depends on where you live. First, if you are extremely wealthy, have your own solar farm, or your electricity is free in your country, and the weather is cold, I would recommend mining. However, this scenario is nearly impossible because most of us pay large electric bills, so the best option is to buy bitcoin rather than mine it. in your own country Most of those miners live in cold countries and use renewable energy, or their electricity is inexpensive in their area.
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DanWalker
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March 15, 2022, 03:50:13 AM |
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Mining is also an idea but it requires more work than buying and holding them. In addition to energy costs, wear and tear of components, space, you need a lot of time to take care of them and technical knowledge for miners. Not to mention the mining will be interrupted at any time if you are living in a country where bitcoin is not yet legalized you will have trouble with your machines. With $40k, I think You can buy bitcoin and wait for the price to rise. Bitcoin price is low relative to old ATH so buying now at low price is an opportunity to grow the asset quickly.
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kamilah147
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March 18, 2022, 01:50:04 PM |
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buying and mining is only a slight difference, you have to spend capital to mine BTC and have to wait to be able to take your mining results, of course if your mining goes well it will make a profit. if you have to buy also have a risk, you must be able to analyze the market. yes in general prefer to buy than do mining.
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wxa7115
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March 18, 2022, 05:10:44 PM |
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How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?
In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.
I think buying is a safer, simpler and lazier option, which can also bring some long-term profit and easily make $40k into $100k over a couple of years. As for mining, it means not only initial investment which you that need to cover by profits (when you buy Bitcoin, you can always pull your money out, and you'll get more out of it than out of selling mining equipment, probably). You also need to cover the electricity bills, which can be huge. Not to mention maintenance, so that your equipment doesn't break. And, possibly, taxes for doing business, maybe some permits to do that etc. So I'd go with buying Bitcoin. The days in which someone could just buy a miner and try to mine some bitcoin for profit are over, now it requires that you have deep knowledge about the subject before you even begin otherwise becoming profitable is impossible. And even if you have that knowledge it means nothing under the current circumstances, after all the price of energy all over the world is going up due to the sanctions imposed at Russia, so it is better to take the safest option which is to just buy bitcoin, secure it properly and hold it for as long as you can.
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lixer
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March 19, 2022, 06:08:21 PM |
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Mining is also an idea but it requires more work than buying and holding them. In addition to energy costs, wear and tear of components, space, you need a lot of time to take care of them and technical knowledge for miners. Not to mention the mining will be interrupted at any time if you are living in a country where bitcoin is not yet legalized you will have trouble with your machines. With $40k, I think You can buy bitcoin and wait for the price to rise. Bitcoin price is low relative to old ATH so buying now at low price is an opportunity to grow the asset quickly.
The idea of mining is to generate bitcoins continuously without needing to buy them anymore but like you said the only problem is the cost of miners and the cost of mining itself. We need to determine these factors first if mining is suitable for our needs or not but if not we can always buy a bitcoin. Bitcoin mining can be interrupted in case a problem of electricity occurs or in case the weather is not fine, if your source of electricity is natural or renewable. There are countries where mining is banned but there's also countries that banned both mining and the use of bitcoin. There's no escape for you even if you say your only buying btc and not mining it.
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nullama
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March 22, 2022, 12:06:22 AM |
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You can do both, one is not necessarily better than the other.
Mining Bitcoin is of course a more active way of getting Bitcoin, you'll have to pay for electricity, make sure the miner is running smoothly, troubleshoot any problem, etc. Each Bitcoin you mine might end up costing you roughly the same as just buying it(or more, or less). Just buying Bitcoin is a more passive way to obtain Bitcoin.
In the end it's a matter of personal choice.
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wxa7115
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March 24, 2022, 05:52:04 PM |
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I would buy Bitcoin, because if the price goes up, you will instantly get profit. But if you invest in hardware, first you will have to wait months before you convert your investment will bring you first profit. By the time it happens, your investment in Bitcoin can give superior income.
Looking at the current rate and how difficult it is nowadays in mining Bitcoin. Looking at the power consumption and how expensive it is to get hardwares and all necessary components needed in mining, going into mining will cause a lots of money so it's better to buy Bitcoin rather than looking at buying mining tools or machines which requires lots of efforts and money. Mining can be a great hobby if you are interested on it and you have the skills to make it work, however if you do not have the patience to try to make your miner run and troubleshoot any problem that it may appear while at the same time you are fine with paying high electricity costs wherever you decide to setup your miner then you could be fine. But for most people mining requires too much engagement on their part, so it is better to just buy bitcoin, secure it properly and forget about it.
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virasog
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March 24, 2022, 05:59:26 PM |
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How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?
In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.
Bitcoin mining is not feasible, i will prefer to buy one bitcoin instead of buying an Antminer L7 and not owning a single bitcoin. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Moreover, mining requires some technical skills and you need to spend electricity also on mining. If you are living in a country where electricity is expensive, you won't be able to earn any profit from mining. Buying bitcoin is however safe and more easy way to hold bitcoin.
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TheUltraElite
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So anyway, I applied as a merit source :)
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March 24, 2022, 06:24:11 PM |
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You can do both, one is not necessarily better than the other.
In the end it's a matter of personal choice. The profitable mining setup needs ROI and to get that return you need a location, electricity, maintenance, ASICs ordered, set up and cooling. While buying bitcoin will need a secure wallet, an exchange account that supports you local currency, +/- KYC and spending your money to get bitcoin, all can be done on your personal device in a few minutes, without the need of running about. Some people are passionate about mining and they may already have a plot and low electricity costs, low temp round the year situation. So for them mining is a good option while keeping in mind how competitive the field is. Someone who does not have such conditions and is passionate about mining would never be able to think of the same, unless they want to add the bills to their spending. It is not just a personal choice, but a matter of several factors.
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peterpanda
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March 24, 2022, 08:07:32 PM |
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How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?
In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.
You should go for buying Bitcoin because price of Bitcoin isn't so high at this time. It's a great opportunity to buy Bitcoin with lower price. Mining Bitcoin is costly because you have to pay for electric bill and components for mining. Better, buy Bitcoin and wait for some years to get good money.
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Lanatsa
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March 24, 2022, 08:45:45 PM |
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How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?
In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.
You should go for buying Bitcoin because price of Bitcoin isn't so high at this time. It's a great opportunity to buy Bitcoin with lower price. Mining Bitcoin is costly because you have to pay for electric bill and components for mining. Better, buy Bitcoin and wait for some years to get good money. Simply saying that ROI is really much longer but if you do like to complicate things or do really have in passion on dealing with mining then you could also choose it out but if you dont like the hassle and other factors to be mind off then you could simply buy a whole bitcoin which you do need to add up a little bit since 43k price as of this writing but if you do like to hassle things up then choose on buying a miner but you should be considerate on other factors which like on electricity cost and others.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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ShowOff
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March 24, 2022, 09:00:17 PM |
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Mining, trading, investing and other profitable ventures can be carried out at the same time. It takes a lot of capital to buy mining equipment where the higher the specifications, the more expensive the price. While you only need to buy bitcoins and hold them long term for a good profit target, it will not stop you from dealing with mining tools.
Investment is the best option for people who don't want to be in the market watching charts and profit opportunities more than 10 hours a day. Just choose the best assets for you to invest in and make sure you keep them in a secure wallet that only you can control.
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dunfida
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March 24, 2022, 10:45:23 PM |
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How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?
In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.
You should go for buying Bitcoin because price of Bitcoin isn't so high at this time. It's a great opportunity to buy Bitcoin with lower price. Mining Bitcoin is costly because you have to pay for electric bill and components for mining. Better, buy Bitcoin and wait for some years to get good money. Simply saying that ROI is really much longer but if you do like to complicate things or do really have in passion on dealing with mining then you could also choose it out but if you dont like the hassle and other factors to be mind off then you could simply buy a whole bitcoin which you do need to add up a little bit since 43k price as of this writing but if you do like to hassle things up then choose on buying a miner but you should be considerate on other factors which like on electricity cost and others. To have at least some more elaboration for this point. Things Investors Should Know About Equipment Used for Mining. In the earlier days, CPUs were used for mining all types of cryptocurrencies. ... Cost of Energy. Miners have to run their equipment almost 24/7. ... The Market Rate of the Currency. ... Global Market Condition. ... The Mining Pool.SourceIf you are not that tech savvy or knowledgeable then better skip out on doing mining.
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Odusko
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March 24, 2022, 10:50:29 PM |
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Buying bitcoin and holding it is a very simple way to deal in the Bitcoin market that is you don't need any skill to do that all one need is just to have a wallet buy and store them there, but mining is a lot more technical and to have an operational mining farm one need to build a lot of things and go through several processes involved, so comparing bitcoin mining to holding is difficult as their both do not belong to the same category.
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