What is profitable - Bitcoin mining or Bitcoin Trading

Bitcoin Talk and Cryptocurrencies
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Guys,

Would like to hear your thoughts which scenario is more rewarding? Either bitcoins mining pays good profit or their trading does. Looking forward to your pointers. Thanks

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Id vote for trading.

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Nowadays bitcoin mining is one of the most important trading in online. Most of the traders had a great profit in it.

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By my experience talking to people, mining seems to require constant discipline and patient to grow operation for scale.
While trading, you are buying low sell high. And no maintenance needed. Market patience required

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Trading bitcoin is easier, but less profitable than mining. I’ll go for trading bitcoin. Mining seem a little far reaching from my point of view

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According to what I read in a note that I transcribe a portion Mark Keiser said in an interview on RT that despite all the bitcoin bashing from various bankers, the currency will grow from its current level of around 8,000 USD to 100,000 USD. He pointed out that bitcoin skeptics have written its obituary hundreds of time, to no avail. According to Keiser, bitcoin will just continue to grow because the US dollar is simply rubbish. source:Max Keiser: bitcoin to reach 100,000 USD

Bitcoin will continue its domination of the crypto market, according to Max Keiser. Keiser is a renowned crypto-activist, former Wall Street broker, and the host of RT’s Keiser Report.

I believe that trading is the best since its value has increased and it is good to obtain quick profits.

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As for me trading is better and more profitable

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I think trading is better for there and then result, besides there is no harm in investing $100 in Bitcoin.

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With the current levels of difficulty attached to mining bitcoins - it’s VERY ineffective. That is simply because huge mining farms in China and other countries are dominating the bigger cryptos like BitCoin, Ethereum, BitcoinCash etc.
For a start you’d need to invest about 5-10k USD in a mining rig and it will be able to mine (effectively) alt coins like Monero, Lisk, Ripple, etc (the smaller alt coins). That’s all fine but you need to factor in the electricity price and your initial investment.
From what I’ve calculated it would that about 8 to 12 months to break even after you’ve paid the bills and initial investment.
The other factor you should consider is that the more you mine - the harder it gets and you will need to upgrade your rig about once or twice an year to stay competitive. This will push back your break even date even further back.
Now factor in the part where the price variations and it gets even more messy and confusing.

So, yeah. I’d go with trading. Unless you have the cash burning a hole in your pocket and wouldn`t bother it mining cryptos and letting them “age” and “mature” for a year or two (the more the better) whilst keeping your fingers crossed in expectation for their price to rise in the thousands of procents.
There are about 1000 cryptocurrencies available at the moment and the trading possibilities are huge! (and the risks are high)
Cheers

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I’ll go with Trading

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IMHO, it’s better to trade. Price of hardware is high, difficulty is high, electricity is high, price of coins is really low. I trade what I mine to cover costs.

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A great choice IMHO.

  1. Mine
  2. Sell to cover costs
  3. Send 10% of all to the bank
  4. Invest the rest to diversify the portfolio
  5. buy dips/sell peaks
  6. Rinse and repeat.

Sounds like a solid long term strategy.

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Thanks @bradley79, what I need to do on your list is #3. It would also help if ETH’s mining difficulty would go down a bit and price would go up. :slight_smile:

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U’re welcome :wink:
A great book on personal finance is “The richest man in Babylon”.
I got it on Audible (with the free trial) and that’s where the 10% rule came from.
Can`t recommend that book enough.

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I’ll check that out and hopefully find time for it. :sweat_smile:

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I think trading is best and more money making

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It’s gonna be trading for me. :smile:

Hmm. I could just imagine the investment that goes into mining education, technology, etc. :sweat: :sweat:

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Setting up isn’t so hard. It would take up maybe a week or 2 to study. Then there’s also a lot of groups where you can ask for information. I guess what makes it not worth it anymore is really the cost and the low price of the coins. A lot of miners are selling their mining rigs.

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Finally! Can I now buy a GTX 1080 Ti on the cheap? :gift:

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Lol, they’re selling it high. You know… Buy Low, Sell High. :joy: Just curious, why do you favor nvidia?