Buying and holding Bitcoin is enough for most (avoid illegal operations)

[Somegory]

I will like to advise that Bitcoin mining isn't something you can force on yourself, it's way different and difficult than just buying and holding Bitcoin, trust me, if you don't already have that burning like feeling for Bitcoin mining you will likely regret very fast.

The last advice I want to give is the most serious part of it all.
Please and please, if your country electricity fee is high don't even bother wasting money on mining equipment.

And the biggest mistake you can make is you stealing power grid thinking that you won't be caught one day, it's when you let your guide down that they will come investigating you and trust me you will be caught.


Here is a good example of greedy Bitcoin miners who can't afford grid power bills but they can afford 300+ Asic miners.



https://x.com/i/status/2068597422838735134

Bitcoin mining and mining crypto in general is not for everyone.

Don't let anyone force or deceive you into mining, do your own research first especially on your electricity bill and make sure you are in not for the money making part only but also an hobby.

Illegal mining gives Bitcoin a bad look, and it's your fault if you engage in such and get caught, cos trust me, you will get caught no matter how smart you think you are.

Stay away from illegal cryptocurrency and Bitcoin mining.
Buying and holding is more than enough for most.

[hd49728]

I will like to advise that Bitcoin mining isn't something you can force on yourself, it's way different and difficult than just buying and holding Bitcoin, trust me, if you don't already have that burning like feeling for Bitcoin mining you will likely regret very fast.

With anything, if we proactively choose and do it, we must do it comfortably, that means we don't force ourselves to do it when we are not ready in knowledge, skills, to finance. This principle is true and applicable for both investing, trading and mining, no exception.

The last advice I want to give is the most serious part of it all.
Please and please, if your country electricity fee is high don't even bother wasting money on mining equipment.

Mining is a very competitive industry, with miners compete with each other in hash rates for computation power in order to eventually find Bitcoin blocks, so it's not a cheap competition. In the end, miners can find Bitcoin blocks but if it does not come too often, and mining cost is too expensive, that mining pool can be in lost (unprofitable) and will have to capitulate from the mining industry.

And the biggest mistake you can make is you stealing power grid thinking that you won't be caught one day, it's when you let your guide down that they will come investigating you and trust me you will be caught.

Not only with Bitcoin mining, but with general things, avoid doing illegal things while surely stealing electricity by anyway is illegal.

[_act_]

Illegal mining gives Bitcoin a bad look, and it's your fault if you engage in such and get caught, cos trust me, you will get caught no matter how smart you think you are.

It can give bitcoin a bad look to some people, but I do not see it that way. People do anything to get something that is a treasure. That is why you will see people rob banks and other places to steal fiat in cash or paper. Stealing fiat does not give fiat a bad look.

Also not only bitcoin does illegal mining is, you can see illegal mining of mineral resources. Many countries are fighting illegal mining of their mineral resources, but it is still existing today and always. It is only showing how important that mineral resources are, in making money.

[Dave1]

Not anyone can be into mining though, the hardware mining itself is very expensive and I doubt that you can make a lot of money by being solo miner as the math is not likely in your favor to find a block.

But throughout history, we have seen others tried to do that illegally, and they been caught. And we all know that it against their country's law specially if the electricity is not that cheap. So it's just better to buy and accumulate instead of mining itself. It might take years and a lot of patience in your side, but at least you have total control and you can sleep at night knowing that your investment will grow overtime.

[reagansimms]

Illegal mining gives Bitcoin a bad look, and it's your fault if you engage in such and get caught, cos trust me, you will get caught no matter how smart you think you are.

Yes, illegal mining can tarnish Bitcoin reputation, this assumption comes from lay people who cannot differentiate "Bitcoin" from "illegal mining". However, I don't see it that way at all. Bitcoin is a protocol, it doesn't consume electricity illegally, it's the miners who steal it, but the stigma sticks to Bitcoin, just like the knife is blamed in a stabbing. When a bank is robbed, no one says the banknotes are bad, they immediately blame the robbers. When Bitcoin is mined illegally, people feel it gives Bitcoin a bad reputation, which I think is very unfair.

Bitcoin never encourages people to mine illegally, the protocol only directs anyone who wants to mine to prepare electricity and hardware. So, whether they want to be a legal miner or an illegal miner, depends on their choice.

[Darker45]

Stay away from stealing! Whether it's a piece of bread or electricity, don't do it!

But if you must, be smart and don't be greedy. Stealing is often noticed and thieves caught because they're taking so much more than what would otherwise be considered negligible. With 315 Asic miners coming from 14 sites, the average is 22 rigs. They must consume a lot of electricity.

Anyway, why should it give Bitcoin a bad look? This isn't about Bitcoin; this is about stealing. If somebody steals a Mercedes, would it also affect the reputation of the brand?

[tabas]

These robbers think that they can mine freely and earn that money. Mining isn't like that, there's a cost for them to earn by powering up those mining rigs. And that cost is going to be shouldered by other people who's going to pay for that. It could be the electric company itself but, they always would find a way to take that loss and charge it to their consumers. Just buy that mining budget to an actual bitcoin and hold. Less worries, less power consumption.

[YellowSwap]

It doesn't matter if it gives Bitcoin a bad name or not.
It doesn't make Bitcoin a bad innovation.

Since Fiat have been used in so many crime how many people have come out to say that Fiat is bad?
Please erase that "bad name" from your mind because people use good innovation for bad things too.

You stole grid power to mine Bitcoin, Bitcoin isn't responsible for stealing that grid power, it's you.
So how can we name Bitcoin the bad thing here?

[Oshio-man]

I'm very comfortable with purchasing of bitcoin from bearish market and hold for long term, I know that both mining and purchasing of bitcoin want to make funds from their efforts which is the reason why they are putting more effort to make sure they purchase bitcoin with the amount of funds they will easily lose or putting more effort for bitcoin mining without considering the amount of funds they will spend on data, moreover, many people prefer purchasing of bitcoin than mining of bitcoin because they will like to purchase in the bearish market and hold for bullish to appear, which is the season majority of holders prefer to release their bitcoin to make income.

[Smartprofit]

If you're a true Bitcoin maximalist, then simply buying and holding Bitcoin might not be enough for you. You might want to create your own full node. 🙋

To do this, you'll need a fairly powerful computer with at least 4 GB of RAM (preferably more). You'll also need an SSD with at least one terabyte of storage (preferably more, as the Bitcoin blockchain is growing very quickly). You'll also need fast internet.

Full node owners (validators) are essentially the constitutional judges of the Bitcoin ecosystem. They verify every transaction for compliance with the network's fundamental rules. This is an incredibly important task! Full node owners ensure the functioning and security of the Bitcoin network.

Like many forum members, I limit myself to using lightweight Bitcoin wallets. From a Bitcoin development perspective, this could probably be considered parasitism... I understand that. However, it should be noted that Satoshi Nakamoto himself did not condemn users of lightweight Bitcoin wallets.  Not everyone can make a significant contribution to Bitcoin's development. Many of us are simply ordinary users of the network. The main thing, in my opinion, is not to deliberately harm the Bitcoin network, as Roger Ver and Jihan Wu did in their time.🙅

[Fiatless]

Illegal mining gives Bitcoin a bad look, and it's your fault if you engage in such and get caught, cos trust me, you will get caught no matter how smart you think you are.

It can give bitcoin a bad look to some people, but I do not see it that way. People do anything to get something that is a treasure. That is why you will see people rob banks and other places to steal fiat in cash or paper. Stealing fiat does not give fiat a bad look.

Also not only bitcoin does illegal mining is, you can see illegal mining of mineral resources. Many countries are fighting illegal mining of their mineral resources, but it is still existing today and always. It is only showing how important that mineral resources are, in making money.

This is a case of stealing to profit from a business. Some of them are aware that mining requires constant electricity, which could be expensive. So they intentionally devised these criminal means to mine Bitcoin. They would have to pay back the cost of electricity they have consumed and also face other sanctions. If you don't have the means to invest in a business, overlook it and engage in other investments.

People could steal electricity to engage in any form of business. So I don't think this news is giving Bitcoin a bad image.

[MarryWithBTC]

If we all take your advice and don't mine, definetely don't run a node, who will confirm your transactions, who will secure the network and more. Sustaining bitcoin doesn't stop at buying and holding. One must make extra steps to be part of the large bitcoin network.

https://x.com/i/status/2068597422838735134

These numbers could be exaggerated. Not that I am doubting the publication, but after I knew the dark side of publication and journalism, I became very skeptical about every information I get.

About electricity miners denting the reputation of bitcoin, that's not logical. The miners are the criminals who possibly steals power to do some other things aprt from bitcoin mining.

[salad daging]

The miners steal electricity, it could be because the bitcoins obtained from mining will not cover the cost of electricity, so one of their bad ways is to do illegal “theft”, there has been a case in my country of a miner stealing electricity for mining who was finally caught by the police and in prison, all his mining equipment was confiscated.
For me it is enough to buy bitcoin and save, but for a group it has a different path, this reason is what they do in order to get their big profits with their illegal actions.

[@nn@_pen9]

Not anyone can be into mining though, the hardware mining itself is very expensive and I doubt that you can make a lot of money by being solo miner as the math is not likely in your favor to find a block.

But throughout history, we have seen others tried to do that illegally, and they been caught. And we all know that it against their country's law specially if the electricity is not that cheap. So it's just better to buy and accumulate instead of mining itself. It might take years and a lot of patience in your side, but at least you have total control and you can sleep at night knowing that your investment will grow overtime.

I agree with what you said mining is far more expensive than buying it directly. The government is certainly far more knowledgeable in this regard specifically, regarding the capacity required for a given area. Moreover, we all received those electricity meters directly from the government. where the government will always control or monitor at any time or every month whether usage is normal or whether there are leaks in certain areas, and we cannot avoid all of that. Yes, as you said, it is far better to buy Bitcoin than to steal electricity to obtain it. After all, if we get entangled in legal issues in the country where we reside, we would lose a significant amount of time dealing with the consequences. It is far better to avoid such situations and live a peaceful, tranquil life.

[Zaguru12]

It can give bitcoin a bad look to some people, but I do not see it that way. People do anything to get something that is a treasure. That is why you will see people rob banks and other places to steal fiat in cash or paper. Stealing fiat does not give fiat a bad look.

You know it’s usually a different narrative once bitcoin is in the picture, you will see criminals using bitcoin to perpetuate their crimes and the news will be like bitcoin is actually used for money laundering and all crimes.

Illegal mining bringing bad image to bitcoin is like saying that the use of gun to kill someone or actually kill illegal is actually bringing bad images to the gun and not to the person.

One thing we need to understand is that some people will always be greedy they will capitalize on what they think will make them rich even if it is going through the illegal means but this doesn’t have any basis on bitcoin

[Y3shot]

Before people start anything, it is important to do some research on the process and to know if it is something that can be afforded. It makes no sense for someone to have the thought of mining Bitcoin without really checking if it is something they can afford to pursue. If you think you have what it takes to mine Bitcoin, then that is fine, but if you can't, it is better not to force yourself. There are other ways to create value from Bitcoin, and it is better for people to pursue what they can afford.

[JoyMarsha]

Bitcoin mining and mining crypto in general is not for everyone.

Don't let anyone force or deceive you into mining, do your own research first especially on your electricity bill and make sure you are in not for the money making part only but also an hobby.

Illegal mining gives Bitcoin a bad look, and it's your fault if you engage in such and get caught, cos trust me, you will get caught no matter how smart you think you are.

Stay away from illegal cryptocurrency and Bitcoin mining.
Buying and holding is more than enough for most.

More than enough for us that prefers to invest, not to start up mining of Bitcoin which we can't afford to buy the equipment for, and pay the electricity bills that it requires.

Don't you think, if 300+ ASIC miners is a bit cheap and the electricity it demands is not a big amount to pay? Do you not think, many of us will be mining Bitcoin straight away?

I think why this is so, is because of what it requires to go about mining Bitcoin. Not everyone has the money and strength for all of it. That's why many of us prefer to invest and hodl, to be on the safer side.

[ZAINmalik75]

That doesn't sound like a mining farm operated by a single individual, it was probably a group managing that because a single person will obviously not buy and manage a total of 313 mining rigs because these equipment aren't that cheap, and if an individual has that much money to begin with, I don't see how they wouldn't be willing to do everything legally to avoid any problems. If they thought that the electricity is too expensive, but they had enough money to begin such an operation, they could possibly relocate to some other place and start their farm there.

Solo mining is not even profitable these days considering the difficulty level that keeps increasing over time. The big farms that have been in the game for so long will probably mine most of the blocks and someone with only a few equipment and a little hash power won't really get anything, imo. So it's obviously more sensible for any individual to simply buy and hold Bitcoin instead of wasting their money on buying mining equipment even if they are getting electricity at a low rate.

[Findingnemo]

There are people who is okay with doing things that are not legal but can make them more money and they even justifies that with corruption and many other things from the government. But it is not upto the discussion, whoever wants to become a criminal should know the consequences too and I doubt many retailers would take such way.