trexbtc9 (OP)
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April 06, 2023, 08:58:51 AM |
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I plan on investing in the crypto space, but for long term. Between mining and staking, which one would be a better option?
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tranthidung
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Farewell o_e_l_e_o
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April 06, 2023, 10:21:13 AM |
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I plan on investing in the crypto space, but for long term. Between mining and staking, which one would be a better option?
It is better if your choice is Bitcoin. With Bitcoin, let's get started by considering two options: Investing and Mining. Mining is not as simple as you think and it requires inputs like ASICs, cheap enough electricity power source, location for your farm, human resources to config and observe ASIC operations as well as for maintenance. You should have technical knowledge to self-solve technical problems to save your time. And some other things like deep budget to survive through mining capitulation when market is very bad. Investing is most easily thing to do. Just buy bitcoin and store it in non-custodial (self-custodial) wallet. Hold and wait it till days you can take profit.
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Crypt0Gore
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April 06, 2023, 10:29:00 AM |
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Both are good options if your target is Bitcoin, not all those shit altcoins that can go to zero while keeping them for a long-term hold. You really can't stake Bitcoin unless you plan to use rBTC or other. If you want to mine Bitcoin you will need an Asic miner, but before looking for an Asic miner it is better to check out your cost of electricity per month, no cheap electricity? No good reason to buy an Asic miner and start mining, Asic miners takes up to 3500 watts and that's a lot.
Spend more time on how much you paying for the electricity bill, if it's cheap then buy an Asic miner, if it's not, it's better to DCA into Bitcoin.
Find a good mining calculator online, go to whattomine.com
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Upgrade00
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Staking is not a feature of the Bitcoin protocol. If you want to do that, you would have to give up custody of your coins to a third party and trust them to return it to you after the lock period with some interest. That is a risk I would not advice anyone to take.
I can interpret your question as Bitcoin mining or investing; and it all depends on your capital. Investing does not have a barrier to entry, you can start with as low as $50 or $100 and buy at different times when you have more available cash. But with mining you need to have enough to purchase your equipment and gear and also afford electricity to keep it running constantly to be profitable.
If you don't have a deep pocket or cheap electricity, investing is your best bet.
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sunsilk
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April 06, 2023, 12:08:44 PM |
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Mining bitcoin, choose it if you've got the means and resources because it is not cheap.
While staking, do not be confused by what the exchanges and wallets are labelling that you can stake bitcoin because you can't. Bitcoin is a proof of work and that is why it is needed to be mined. Those are just like deposit and interest accounts which they require bitcoin as the actual deposit.
As for other cryptos, ETH was once a Pow and then shifted to Pos. If I am to choose and have money, I will choose to mine because it is a satisfying feeling that I help confirm transaction and contributes to the network.
But then, it is the opposite so the best for me is just to keep on buying bitcoin and hold it.
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Zionodes
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April 07, 2023, 06:21:36 AM |
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Both are viable choices, but which one you should go with entirely depends on your risk tolerance, technical proficiency, and investment horizon. It is, however, critical that you understand the differences between the two. Here is an article that compares and contrasts the two consensus mechanisms in detail: https://zionodes.com/blog/crypto-mining-vs-staking-which-is-more-profitable
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BD Crypto
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April 07, 2023, 01:59:21 PM |
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Why you are only not interested to hold Bitcoin? Now it's Price is too cheap from the all time high price and there is a high possibility to pump Bitcoin in a very short term. And mining isn't so easy as you think and it's very expensive too. You can stake cryptocurrency which will give you good return but you have to choose the right project to stake because all are not much worthy. So it would be a good choice if you select a top crypto project to stake for long term.
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Husires
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April 07, 2023, 02:03:50 PM |
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I plan on investing in the crypto space, but for long term. Between mining and staking, which one would be a better option?
Mining is not an activity that you can start with without a clear strategy and planning. Therefore, if you do not know anything, which is the obvious thing here, because you are comparing two different things, then the best is staking, especially in currencies such as Ethereum, and not any random currency with HIGH APY. Why is there no option to buy bitcoin? only crypto staking.
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m2017
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April 07, 2023, 03:39:14 PM |
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I plan on investing in the crypto space, but for long term. Between mining and staking, which one would be a better option?
Neither one nor the other. Holding is the right solution. I am not imposing this on you, but only expressing my position on this. Of course, in order to hold, you need to invest in it (simply, buy it). Mining is almost impossible for ordinary people due to the need for large capacities. And when you stake, you lose control of your crypto. Of course, I am saying all this in the context of bitcoin and not other cryptocurrencies.
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Fullcoinese
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April 07, 2023, 03:46:59 PM |
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I will choose to invest. that's what I can do right now. I don't know much about mining. but if I have a large capital, I will buy Bitcoin instead of buying mining tools. maybe those who have been successful in Bitcoin mining will have a different opinion. maybe what they get from mining Bitcoins can cover mining costs and make a profit. or for profit, we also have to wait a certain time just like an investment. I think both have the same goal.
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KingsDen
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April 07, 2023, 04:05:48 PM |
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I plan on investing in the crypto space, but for long term. Between mining and staking, which one would be a better option?
I believe you meant between mining and investing which is profitable for you and not between mining and staking Staking does not promote the goodness of Bitcoin as it is not one of its characteristics. When you stake your coin, it does not belong to you anymore until it is returned to you with a little interest. Staking keeps your bitcoin at the security and the watch of another. This should make us understand the essence of not your keys, Not your coins slogan that is being preached here. I would advise if you are a newcomer and have some funds, you can buy bitcoin and hold it for a very long time.
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ajiz138
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April 07, 2023, 05:00:40 PM |
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Mining is something that is very complicated especially if you don't understand how to mine, plus it costs quite a lot to provide equipment and electricity bills every month, so you should reconsider starting mining because now you feel it's not profitable enough in the run long-term.
Staking? I don't believe in this because it will be handed over to a third party to get the specified interest. This is also the same risky, don't control your money on another party, even though it's trusted.
As many have suggested, why not buy directly in bitcoin and then hold? This is a simple way and you have control over the purchased asset. Don't make your investment complicated, holding BTC is the best way it's also quite good for the long term.
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coolcoinz
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April 07, 2023, 05:26:42 PM |
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If you're interested in investing, just buy bitcoin. It's the simplest and the fastest way to get coins. Mining and staking will both give you bit by bit. You'll have to invest a lot of money at first, but you'll be getting very little each month, less than 1% of your investment. Are you ready to endure something like that? If we're talking mining versus staking the main difference is bitcoin can only be mined, so by choosing staking you're choosing to invest in altcoins, not bitcoin. I wouldn't recommend that to a new user. First and foremost, get bitcoin. Think about altcoins once you own the best cryptocurrency out there. Why buy something that can be deemed a security when you can own a commodity?
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Pmalek
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April 07, 2023, 06:13:15 PM |
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I wouldn't waste my time with either mining bitcoin or staking altcoins right now.
As people have already told you, you need to make significant investments in hardware to even begin mining. And you need a place to put it together and cool it down. Not to mention the electricity costs and whether or not it's even worth it in your place of living, depending on how expensive electricity is in your country. Ever since Electrum switched to PoS, the altcoin mining is a big desert. There aren't that may good options.
Staking altcoins means giving them to someone else, hoping they wont lose them because of their risky business ventures. Looking at what happened with several staking platforms recently, forget about it.
Take that money you wanted to invest in mining or staking and buy bitcoin with it. Put it in a good hardware wallet and leave the coins there long-term.
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wahyuagung26
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PredX - AI-Powered Prediction Market
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April 07, 2023, 08:55:12 PM |
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I plan on investing in the crypto space, but for long term. Between mining and staking, which one would be a better option?
We recommend that you invest and also mine instead of choosing the staking option, because of the work we suggest I think this is a more effective option compared to risking, and now choosing the long term option we suggest preferring Bitcoin, and this is suitable for long-term work, and investing is one of the easier things to do.
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Taskford
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April 07, 2023, 09:43:37 PM |
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I plan on investing in the crypto space, but for long term. Between mining and staking, which one would be a better option?
Find out first the electricity cost in your place since if you are leaving on high rate place then it might not profitable for you to do so since you will just invest on things not profitable. For staking not seeing either on bitcoin but for other alts sometimes its profitable at early stage but you cannot be so sure if you can get more profits for long term. Their are platforms became scam and to bad for you if you fall in bad faith the platform became scam. So maybe better research more to know about what's best investment model for you.
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AakZaki
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zknodes.org
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April 07, 2023, 09:57:51 PM |
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If you can afford to build a Mining RIG for Bitcoin mining and take into account the cost of electricity and regular maintenance, the best choice is Bitcoin Mining. But can you afford it for the long term? it is quite expensive but if you use a lot of mining machines, it can be more profitable.
and staking does not require electricity costs or device maintenance, just do it on several staking platforms that have been provided on CEX, DEX and several platforms that provide staking. But is it safe and comparable? it depends on how you do your research first.
Now many are switching to staking, especially ETH staking, because moving ETH to POS makes ETH mining machines no longer needed, just staking and you will benefit.
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Bitcoin_Arena
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฿itcoin for all, All for ฿itcoin.
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April 07, 2023, 11:53:34 PM |
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I plan on investing in the crypto space, but for long term. Between mining and staking, which one would be a better option?
Mining is a long term investment and just like any other business, you can never really be too sure about how profitable mining will be in the future. Staking is more like a Ponzi scheme. Never ever believe those APR/APY's they talk about. They can change, or the staking platform can suddenly stop. If I were you, just buy any of the top solid coins you believe in, store the coins in your hardware wallet, sit back and relax until a certain time when you see a desirable profit.
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