When you buy a Miner, You essentially get a machine that turns electricity in to crypto like BTC, LTC etc.. You can Mine every day as long as you are paying the electric bill & the certain number of Crypto currency which you mine, go in to your account. As well as Mining is contributing toward the safety of network.
When cryptocurrencies were created, no one thought of the rapid and overwhelming growth that this new type of crypto assets would experience. Nor was it the acceptance and the enormous expectation that it was going to generate in the public. For many, the fever generated by the irruption of cryptocurrencies in the financial markets.
Buying crypto is very simple. It's very easy to collect coins by using applications with couple of buttons click. Also, no need of technical knowledge for buying. ⛏
Why i would go with buying for me is because, as stated via the topic, it is very simple and stress free, but Id someone wants to make a good earning in Mining, then that person has to have some sort of good and high end Gadgets.
Mining or buying , in two of them cost of production is to be calculated for mining. I see most of the miners are in big profit during bull market as risk is lower than buying and holding.Mining requires a lot of time and investment.Mining also requires lots of electricity and cooling.Due to high complexity to mining for Bitcoin, I suggest small investors to buy Bitcoin directly instead of mining it.Buying is possible for everyone and doesn't require special skills and resources.
We can see in many states of US dormant coal power plants in old industrial cities are being converted to natural gas to power energy-hungry cryptocurrency mining operations.
Cryptocurrency mining is a business. This is important to take into account if you have ever considered the possibility of mining a network like Bitcoin, since, like any business, to keep it afloat you need an economic investment.
In cryptocurrency mining, you cannot rely solely on the profits generated by transaction fees or block rewards. A miner's income is affected by factors such as electricity rates, cryptocurrency price fluctuations, and equipment maintenance costs.
There is a special hardware designated for mining bitcoin called ASIC [Application-Specific Integrated Circuit Chip] .THE mining is very expensive and complex as well.But looking at Mining from a different perspective, Mining serves another vital purpose: It is the only way to release new cryptocurrency into circulation. In other words, miners are basically "minting" currency.So, if you have the nesceary funds and resources to mine, fine you can do that at your own expense.
So Which one is the most profitable, Mining or Buying? 🤔
If your goal is to accumulate crypto, Which way do you choose? Will it be mining or buying? ⛏🤔