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

[Dr.Bitcoin_Strange]

I prefer buying and holding Bitcoin, it is less stressful and I do think that it's also more profitable because you will not spend money in buying any equipment and you also do not need to be constantly paying for electricity supply to keep the mining rig running. Investment is comfortable and you can simply it by using the DCA method which will be flexible as you want. If it was the early days when mining was very simple and more rewarding, I would have considered it.

[fredericktaylor]

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.

Of course, before doing anything it is very important to research every subject thoroughly, It is very important for a person to have the right knowledge to mining, Bitcoin mining is never possible with a normal computer, mining requires a computer with very powerful hardware, in addition to which a lot of electricity is required 24 hours a day, which is not possible for a normal person to mining Bitcoin. It is very important to gain good knowledge about the expensive cost of Bitcoin mining, so it is wise to start Bitcoin mining by knowing all the issues. Make informed decisions so that you do not have to regret it in the future.

[Stalker22]

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.

Apart from using the national grid, people can equally set up their own electricity and start mining Bitcoin. So I don't think it is a very big deal if an individual is wants to run a mini Bitcoin mining farm to be scared of it. Since in the contrary, it's never a force to start big when mining Bitcoin, as people can start small, and as time goes on, they can buy more mining devices and increase its power generation, or probably get it legally by paying the necessary electricity fees. Because when it comes to the case of this Thailand man whose Bitcoin were seized by the government for stealing electricity, I will definitely blame him for being greedy, having money to buy over  300+ Asic miners. But yet couldn't pay for electricity generation or rather generate his own through solar system.

You are drastically underestimating the actual amount of energy required to power hundreds of ASIC miners.  This entire argument falls apart once you start taking a look at the numbers involved.
First of all, anyone operating a mining farm with hundreds of ASICs will not be able to easily switch to their own solar power system to avoid the power grid.  In order to run 300+ ASIC miners (for example, an Antminer S19 or newer), your estimated power consumption will come up to around 1 MW of constant, 24/7 power.  To be able to run such a mining setup powered by solar energy alone, you will need an enormous solar park consisting of thousands of square meters of panels and batteries worth millions of dollars just to be able to keep your machines running at night.

[moneystery]

I believe this is more of a cunning scheme involving someone stealing electricity to gain more profit from their Bitcoin mining operations. Therefore, I don't think this has anything to do with Bitcoin's reputation being tarnished by this incident, as it is purely a criminal act, and the ones who should be blamed and held accountable are the illegal miners who commit these crimes. We can't prevent this, either, because there are so many greedy individuals out there who want to profit more from Bitcoin mining without having to pay for electricity.

[Alphakilo]

I believe this is more of a cunning scheme involving someone stealing electricity to gain more profit from their Bitcoin mining operations. Therefore, I don't think this has anything to do with Bitcoin's reputation being tarnished by this incident, as it is purely a criminal act, and the ones who should be blamed and held accountable are the illegal miners who commit these crimes. We can't prevent this, either, because there are so many greedy individuals out there who want to profit more from Bitcoin mining without having to pay for electricity.

Trying to profit from anything through an illegal means is a crime in any sense of it and the penalty is often much more greater than being diligent and accountable at the onset.
It is far better to relocate to regions where electricity is cheaper to afford or where you can efficiently produce and manage your electricity as a miner and be safe from all the harassment that law enforcement may rain down on you as a miner, instead of staying in a place that the cost of electricity is costly and there isn't peace of mind because of the fear of being caught.
For some even living in places where the electricity is cheaper, another issue may be that of proper knowledge and application because it is one thing to want to mine and seek better and cheaper resources and another to actually have the right knowledge, otherwise, one without the other is just a fools game.

Even holding Bitcoin comes with its own risk and security issues and that's why it is good and advised to know, understand and be wise in execution so as to be profitable in the end instead of being a victim of ignorance.

[Kruw]

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

I bet that sounds like a good plan... until the government declares that buying and holding Bitcoin is an illegal operation  

[sunsilk]

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.

It's not about not mining at all, it's about don't mine if the power you'll use to mine is from stealing. We're all free to mine but don't do it illegally.

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.

It might be exaggerated but it still all leads to one thing, and that's these miners have been illegally mining. We don't like that media but, the bad doing of the miners needs to be published and punished.

While they might be putting a stain to bitcoin reputation upon knowing it. But I don't think that it's as impactful as it can be when most people will look at their stealing of electricity.

[Rengga Jati]

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.[/u]

Greedy individuals who want to gain more profits with limited capital resort to various means, including illegal mining. Whatever the reason, this is a crime, especially the theft of electricity for personal gain and profit. As a citizen, I, for example, would not accept this, as it harms many things, and they enjoy it for their own considerable profit.

However, just look at it; there will certainly be many greedy individuals who behave like this. Because money is sweet and addictive. This drives shameless people to knowingly commit crimes for personal gain.

So, let's raise our voices again: stop illegal mining!
This is not the first case of energy theft for Bitcoin mining.
illegal bitcoin mining power theft

[PrivacyG]

What if I am not one of the 'most' and purchasing and holding on to Bitcoin is really not enough?

Seriously speaking.  It is safe to assume we all should generally stay away from ANY kind of illegal operation.  Even the non Bitcoin related operations.  I never saw intelligence in someone who cheated the system by doing some illegal thing.  Unless the illegality makes no sense but even then I see that as doing the right, moral thing and not necessarily being 'smart'.

We can all do illegal things and cheat.  It does not make anyone smarter than the rest.  Stealing electricity to do Bitcoin mining makes you an idiot.  Not the intelligent one in the group.

[Taricoins]

Well your advice is well taken here 😉 lol, for a country like mine it would be absolutely crazy to even think of starting anything like Bitcoin mining ⛏️ and the the reason is that you will have to spend a crazy amount of money to even get the whole set up working and that would be of you want to use other means or alternative because it's a major issue trying to use the local electricity power because it's crazily cost for that and even if you decide to use something like solar set up you will still need to find a good location and again we will have to bargain on the price issue too so that's way off for anyone thinking about that route.

[macson]

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.

Some people simply don't care about this, they only think they can earn higher profits from Bitcoin mining, and the easiest way is to steal electricity. This is especially true if their country doesn't strictly monitor electricity usage and they can bribe local officials --- they can do this more easily without having to spend more money on electricity for their mining. Not everyone is honest, so even though there is a risk that they might get caught, they won't care about it.

[HelliumZ]

The electricity bill in my country is quite high and if I go to mine Bitcoin using electricity legally in my country, it will cost me a lot which will cost me a lot more than buying Bitcoin and holding it. In this case, buying Bitcoin and holding it is much better than mining. Moreover, if I go to mine Bitcoin by stealing an electrical connection in my country, then of course I am likely to be caught by the police. In this case, my bad side will be more than good, due to which there is no chance for me to mine Bitcoin by stealing. And I am trying to use whatever power I have and buy Bitcoin and hold it.

[TedMosby]

I agree with you, Bitcoin mining is not for everyone. Don't think it’s something you can get for free on the internet. It used to be like that, but that era has been gone for many years. Crypto mining is like crypto trading, you need technical and fundamental analysis to get profit in the long term. You need to mine Bitcoin at the right time, so you can get a positive margin compared to the cost of mining itself. You should know when to start and pause your mining activity so you won’t end up with the operation costs eating all your mined coins.

Not only that, you also need to manage the mined coins smartly, how many coins should be sold to cover the costs, and how many coins should be held for potential future capital gains. The rig you use also needs to be well maintained. I had experience mining ETH using GPUs before. If only 1 GPU was broken, the other 5 would still be fine. But in my case, it was my power supply that broke. At that time, my time was wasted claiming the warranty, and it made my BEP longer than expected.

About illegal mining (not scam fake mining), there are many cases like you mentioned that steal electricity from others or public facilities. In my country, Indonesia, there is always news about illegal crypto mining every year. They cause the country huge losses. Ok, I don’t really care about the country’s losses because of the free electricity they had. But for people living near the mining site and experiencing blackouts or abnormal electricity distribution due to mining, it is very unfair.

I agree with you, buying and holding should be enough. If you need more money to leverage your holdings, try using your Bitcoin as collateral to get money to acquire more BTC. Learn how Michael Saylor did that (even though he already shifted from Bitcoin-backed loans to new strategies).

[m2017]

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.

I only support bitcoin mining if you have access to affordable resources (electricity, cooling system, equipment, and space). If you don't have those, it's easier to just buy bitcoin instead of trying to be a businessman.

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.

It's called business optimization.

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

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

Thailand? Isn't that the kind of country where it's hot year-round? That creates the need for additional electricity to cool 300+ ASICs. Oh, right, they optimized their business and probably didn't pay for the electricity used for the cooling system.

[GreatArkansas]

The article is not about buying/holding Bitcoin vs. mining Bitcoin, lol.
They are really criminals. 315 mining rigs are not for small-scale miners, plus how come they were able to reach $1.2 millionaire electricity bill without noticing, this is huge, I'm for sure there are some huge poeple behind like like big business people from the country or politicians.

[Marvelockg]

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.

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.

You are absolutely correct. in obtaining mineral resource for instance, there are different ways one stand to earn through the mineral resource and mining the resource at an individual level is the surest way to earn more. people go into the business part of it and earn, some invest in already existing firms and still earn well. it is mostly frowned at when you are following an illegal route. same is the case with bitcoin. as long as what you are doing is legal, it shouldn't be a big problem and tarnishing bitcoin image all because someone used it for a negative course makes absolutely no logical sense.

Just don't do anything illegal thinking that you are giving bitcoin a bad look. you are receiving the bad look first and bitcoin will always move on with or without you.

[ThemePen]

Importance of power costs is very big as equipment profit is very good on paper, only to fall when real power costs are added to calculation. Skipping grid is very dangerous and is illegal activity. If you are doing something that requires much of energy, there is high chance that police will watch your energy usage and very soon, you will not be able to get away with it.

Largest mistake is believing this specific activity is simply get rich quick scheme, but not realizing huge setup and daily running costs. For main part of people, it is still much better option to just buy and safely store asset at no extra risk of hardware upkeep, high energy costs, and legal trouble.

[davis196]

Buying and HODLing Bitcoin is definitely not enough for the greedy people, who want to become rich fast and are willing to take absurd risks.
Do you really believe that by just saying "don't steal electricity while mining" you will stop all the criminals, who are currently stealing electricity to mine crypto? Those people are sociopaths, they lack conscience. They don't have a moral compass. They will get caught eventually and they will serve in prison. There's nothing we can do to save them from their destiny. I totally agree that all those illegal mining operations are creating a bad image for the crypto industry, but there's nothing we can do to prevent the criminals from mining. If you happen to see and hear about such illegal miners, the only proper thing is to report them to the police, but police is corrupt in many countries, and you might get into trouble.

[Outhue]

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.

Apart from using the national grid, people can equally set up their own electricity and start mining Bitcoin. So I don't think it is a very big deal if an individual is wants to run a mini Bitcoin mining farm to be scared of it. Since in the contrary, it's never a force to start big when mining Bitcoin, as people can start small, and as time goes on, they can buy more mining devices and increase its power generation, or probably get it legally by paying the necessary electricity fees. Because when it comes to the case of this Thailand man whose Bitcoin were seized by the government for stealing electricity, I will definitely blame him for being greedy, having money to buy over  300+ Asic miners. But yet couldn't pay for electricity generation or rather generate his own through solar system.

If Bitcoin mining is this not a big deal everyone will be doing it, the reason why are forced to keep out is because of expensive bills on grid and yes this is a big deal, your country electricity rate will be different from many others so it's really a big deal, some miners turned off their Bitcoin miner the moment Bitcoin lose 126k down to 90k because that goes their daily income and to keep paying for grid power becomes harder which makes their mining not profitable anymore.

If truly someone is running 300 ASICS on stolen power source they got what they deserved, that's greediness on another level, there is no way you can mine in peace running this much Asic miner and it won't be noticed by the power company, if you are using one Asic miner stealing grid power it can remain unnoticed but more than that will start to raise eye brown.