Buying BTC vs Mining it

[bhooscream]

For me, buying Bitcoin is a better option than mining Bitcoin. It's because electricity is costly and Bitcoin is illegal in my jurisdiction.

Agree. To mine Bitcoin, we need a lot of money. Not only about the electricity costs, but mining equipment is also very expensive. I have counted how much money to use if we want to mine Bitcoin with a computer, and finally I decide to not doing it because it requires a big amount of money. In addition, we also need to master some tricks in mining, to get the maximum Bitcoin. This means mining requires a person who knows well this job, not recommended for a random person. It is quite different from trading or investing in Bitcoin, we only need to buy it and hold on exchange wallets. In this matter, buying Bitcoin is a very simple thing as long as we have an exchange account and funds there.

[vania vin]

Mining has to buy software requires a lot of money and paying for electricity also costs money and it takes time to get bitcoin the process is long so I use my money to buy bitcoins and I save I believe the bitcoins I save will be a valuable asset in the future.

[Taskford]

Mining has to buy software requires a lot of money and paying for electricity also costs money and it takes time to get bitcoin the process is long so I use my money to buy bitcoins and I save I believe the bitcoins I save will be a valuable asset in the future.

Electricity cost is one needed to consider on this since if you live on the country which the electricity cost is so high then maybe we cannot get a good return for mining bitcoin on some other cause and continuous running it will cost high if we choose to select renewable energy to run our operation. So for small time investor much better if they buy bitcoins than mine it because it will give them more convenience since if they push maybe they will just add to those persons who sell their rigs because they didn't see this worthy anymore.

[Chato1977]

For me I will buy and hold instead of mining because

• Holding does not require large capital while mining requires large capital
• Holding supports privacy while mining does not because of noise and easy access
• Holding does not require much expertise or knowledge but mining requires
• Holding in short-term investment while mining is a long term investment

Holding requires nothing but capital and patience , so why need to mine when you can clearly earn much in holding?
you cannot earn too much in mining while In holding? it can triple or quadruple your capital in 4 years time .
so Holding Bitcoin is much better than anything .

[mia_houston]

Mining has to buy software requires a lot of money and paying for electricity also costs money and it takes time to get bitcoin the process is long so I use my money to buy bitcoins and I save I believe the bitcoins I save will be a valuable asset in the future.

Buying and holding bitcoin is an easier step than mining bitcoins, besides requiring a large enough capital to buy mining equipment such as special software and hardware to mine bitcoin, of course that miners must also have extensive knowledge of computer programming languages, I think mining indeed it is more profitable if we do it on a large scale but for small scale and small capital I think it is very risky and it is better to use that capital to buy bitcoin in the market.

[jhonjhon]

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.

Buying bitcoin is better for me than mining it, but only if the price is low, because it is much cheaper that way, as they say, "buy low, sell high." Even if the market falls, you could simply wait for it to rise again because time flies so quickly that you never know when you can double your money and make a good profit. Whether you buy bitcoin or mine bitcoin is entirely up to you; we're simply assisting you in making your decision because we all have various opinions.

[zaesvlas]

Given the increased prices for components, it is worth thinking a few times before starting to mine. Sometimes it's easier to just buy.

[Quickset]

Bitcoin mining is not for everyone. You will not just be putting in a lot of effort but also money, time, energy, internet and electricity. It’s also not sure that you will be able to successfully mine bitcoins. I believe buying bitcoin is better than that.

[m2017]

Mining has to buy software requires a lot of money and paying for electricity also costs money and it takes time to get bitcoin the process is long so I use my money to buy bitcoins and I save I believe the bitcoins I save will be a valuable asset in the future.

Buying and holding bitcoin is an easier step than mining bitcoins, besides requiring a large enough capital to buy mining equipment such as special software and hardware to mine bitcoin, of course that miners must also have extensive knowledge of computer programming languages, I think mining indeed it is more profitable if we do it on a large scale but for small scale and small capital I think it is very risky and it is better to use that capital to buy bitcoin in the market.

In BenjaminGlover's case, I would listen to your comments. Indeed, mining carries great risks due to the fact that you need special equipment, knowledge and experience in this area. This can be done by experienced people and best of all, on a large scale. Otherwise, I don't think it will be reasonabled. The days when you could mine on your home PC in your garage are long gone. Now, large players dominate in this area and it will be difficult. In my opinion, a simple purchase of BTC for the average user is the simplest and most effective solution, with a very low entry threshold. What can not be said about mining.

[Cryptmuster]

In BenjaminGlover's case, I would listen to your comments. Indeed, mining carries great risks due to the fact that you need special equipment, knowledge and experience in this area. This can be done by experienced people and best of all, on a large scale. Otherwise, I don't think it will be reasonabled. The days when you could mine on your home PC in your garage are long gone. Now, large players dominate in this area and it will be difficult. In my opinion, a simple purchase of BTC for the average user is the simplest and most effective solution, with a very low entry threshold. What can not be said about mining.

Today, buying bitcoin is much easier and this method is available to almost every person who has the desire to do so. With mining, everything is much more complicated, you need funds to buy equipment and pay for electricity. You are also right in saying that mining requires knowledge, an ordinary person cannot just start mining, he needs knowledge and skills to maintain equipment. And you can buy bitcoin every month in small parts, it's simple and understandable for everyone.

[bubidan.id]

If I prefer bitcoin ownership, because we can control our own assets, we can sell or hold all our rights. If you want to increase mining speed, you can, but after a while we don't know whether mining will run for a long time, of course it will require equipment maintenance costs, etc.

[MiaAche]

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 actually depends on what your end goal is. For instance if you just want to accumulate BTC then just buy it directly.
On the other hand if you want to support the Bitcoin network then you could go ahead with mining considering all the hassle you will have to go through.
If you want to keep accumulating bitcoin then you will have to do a research on how much BTC you are gonna make per year as per the specification of your mining equipment in conjunction with the electricity being provided at your place.
At the end, it all depends on what your priorities are.

Everyone prioritites here is how to get more profit) So at all in this forum i cant get a lot of info abt it. I just started and tryn' find more helpful info abt mining.

PS if someone can help me, pls write me back in dm

[Maestro75]

it's better if you just become an investor ^{(buy bitcoin at the current price and then hold long-term with a target price above $100k)}.

That will be the best thing to do by buying and holding for a long term, but no one knows when price will get to $100k or if it will ever get there. Optimists will tell us bitcoin will hit that price in no time because they have seen it what it has done in the past. But all that will be hype because it may not happen soon. There were people who expected that bitcoin would get to the $100k price in 2021. They projected it like they were very sure but we know how that did not become possible. Alot of people are just excited and optimistic of what bitcoin can do but not that they know how it can do it. Such people will tell you bitcoin can even get to $200k before the end of 2022.

[Zanab247]

Mining has to buy software requires a lot of money and paying for electricity also costs money and it takes time to get bitcoin the process is long so I use my money to buy bitcoins and I save I believe the bitcoins I save will be a valuable asset in the future.

Yes, that is the reason why many people prefer to buy bitcon than mining because you will buy bitcoin when the price is low and wait for the price to increase higher before you can sell to make a reasonable income . Mining will consum data, electricity and energy before you can be able to achieve little profit at the end of the mining. When you purchased bitcon and hold, I believe you will never regret for the decision in the future.

[bitcrystal]

only few people will go with mining, i would prefer to just buy and hodl to avoid stress and many things required which if care is not taken you wont make too many meaningful profits. this is why i go with buying.

[Foolhardy]

Buying bitcoin is probably the easiest way to get your hands on some cryptocurrency. It's relatively straightforward and simple, but it's also expensive.

Bitcoin miners are also buying up graphics cards like crazy, which means you might have trouble finding one if you wait too long (or pay too much for one).

Mining bitcoin requires a lot of powerful hardware and cheap electricity. If you don't have the right setup, it could actually cost more to mine than the value of the coins you end up with.

[Kadal Ijo]

I have a friend who is still active in mining since 2015 and he feels getting a big profit when 2016 to 2018, but after 2018 mining it is very difficult, if in 2016 he can earn more than $ 50k but now with 5 units he just earns around $ 350 per month.

[fullhdpixel]

Mining has to buy software requires a lot of money and paying for electricity also costs money and it takes time to get bitcoin the process is long so I use my money to buy bitcoins and I save I believe the bitcoins I save will be a valuable asset in the future.

The difference is that when you buy those equipment and you get into mining, and if you really have a proper operations and not just barely doing something, then there is a good chance you could double your investment.

So, if you buy 100k worth of bitcoin versus having 100k worth of equipment, in the end you could mine 200k worth of bitcoin with it, if the price of bitcoin goes up, it will be even easier. That is why some people prefer mining over buying, especially if they are living in a nation with cheap electricity rates. However, there are many of us who do not see the technological risks as a worth it investment, I can't be bothered with it if something breaks.

[TribalBob]

with 40k at the beginning it's better to buy bitcoin directly, and save it if you want to add just calculate the maintenance costs for mining equipment and allocate it to BTC, especially now the cost of electricity is very expensive, oh,,,,,,,, it's better for me to buy btc than mining,

[LUCKMCFLY]

only few people will go with mining, i would prefer to just buy and hodl to avoid stress and many things required which if care is not taken you wont make too many meaningful profits. this is why i go with buying.

The exercise of mining is something that can be counterproductive, because everyone wants to mine BTC and it is logical, the only thing is that mining BTC is very difficult, most people choose to mine ETH, Monero for its simplicity and for not compete against the big BTC miners, however there are many ways to mine using few resources or sometimes even the same laptop because there are ways to do it.

If we focus on mining altcoins and buying BTC later, for me it is a winning formula, because you can mine altcoins and then buy BTC, it would be very smart.