Should you Buy or Mine Bitcoin – 2024 Beginners Guide

If there is one commodity in the world that has continuously risen in value and popularity since the last decade, it is Bitcoin. While the cryptocurrency market is a multi-billion dollar market right now, the integral reason behind its success has been Bitcoin. What started at a measly value of a few cents has now transformed into a value of $60k per bitcoin now.

According to crypto-genisus.com/pl/login, the greatest thing about Bitcoin is that one can obtain it in several different ways. The most prominent options are buying and mining. Buying bitcoin is, and will always be, a profitable venture for quite a long time if you ensure you make the correct investment decisions. Figuring out if mining is a profitable venture or not, on the other hand, is a complicated task.

Many people argue that the last halving hit miners pretty bad and now mining requires too much computing power to be even feasible. However, it couldn’t be further from the truth because miners have simply upgraded their rigs or sought out new solutions like cloud mining. The truth of the matter is, miners continue to make profits to date. If you too want to make profits alongside them, you can consider clicking on this go url to get started on your bitcoin journey.

However, this fact has led many people confused whether which option would be the best for them – mining or buying bitcoin? The decision is quite complicated because several factors come into play here. If you too are stuck in this dilemma then worry not, because in this article we aim to resolve this by carefully giving you the various advantages one has over the other and in the end, which option would be the best for you.

Advantages of mining over buying Bitcoin.

Even though purchasing minings rigs and setting them up requires considerable capital and effort, there are still various advantages of mining bitcoin over buying it. The most primary advantage is that you have complete access and control of the bitcoin you mine. You can sell it, keep it, and do whatever you want with it – the bitcoins you get as rewards are your own sole property.

There are no hidden charges and transaction fees attached to your mined bitcoin, the only costs you will incur would be your rig’s mining charges. Thus, it can be a particularly profitable venture in countries where electricity is cheap and mining rigs can be bought with ease. Another great advantage is the fact that you can cover the costs of your mining rig easily in a short period of time.

Let us explain – to purchase one bitcoin right now you would need approximately $30k (and this value is of June 2024 and will obviously increase in the future), and that value is without counting the transaction fees and exchange platform fees. A high-end ASIC mining rig costs anywhere from $7k to $10k right now, whose price may change according to your location. Provided that you run it continuously for a year or two, you can easily mine one bitcoin. This way, you have already gained a minimum of thrice the amount you invested in the rig by the end of two years.

What’s better is that bitcoin’s value almost always increases so mining in a period where the value is low may get you a bitcoin in the near future where its prices rise back up again giving you even more profits for your mining rig. Not only that, but with mining rigs, you can mine any cryptocurrency you want to diversify your mining portfolio and maximize profits.

Benefits of buying over mining Bitcoin.

Now that you have seen the numerous advantages mining has over buying bitcoin, you might say that mining is a much more preferable choice for any individual looking to invest in cryptocurrency. Well, that couldn’t be farther from the truth and there are several reasons why.

The first reason, and the most significant one, is that mining bitcoin requires considerable knowledge of the bitcoin market, how mining works, what one should expect as a miner, and which cryptocurrencies should be mined at what time. This knowledge is essential and mining without it can have drastic results, which is why bitcoin mining is not recommended for any relatively new or beginner investor.

Secondly, mining rigs are expensive with builds often going in tens of thousands. In the general sense of things, they are only one variable of the cost equation. The other variables are proper spacing and housing for the rig, electricity bills to feed the rig continuously, internet charges, and also the maintenance that you would need to do yourself. Mining requires a lot of upfront capital that many people simply don’t have the resources to afford.

Another great thing about buying bitcoin over mining them is that the process only takes a few minutes to do. The transaction is almost instantaneous while mining rigs would take two-three years to mine the same amount.

What should you choose – mining or buying?

Now that you know all the advantages of each side, let us specify who should buy bitcoin and who should mine bitcoin on today’s date.

People who should mine –

• Those who have the financial capital to afford a mining rig and all the costs that come along with it.
• Individuals who are okay with waiting for long periods for their rewards.
• People who have cheap electricity and unused housing space.
• Those who want to avoid the anxiety and trouble of crypto investments.
• Individuals who have a big enough house with the perfect room and cooling for a crypto mining rig.

People who should buy –

• People who want to receive their bitcoin quickly and not wait for it.
• Individuals who aren’t interested in knowing the technical aspects of Bitcoin.
• Someone who makes wise and educated investment decisions already.
• People who can’t afford, or aren’t willing, to buy expensive rigs and set them up.
• Those who regularly use bitcoin for payment and liquidity.
• People who prefer buying and selling bitcoins along with the flow of the market.
• Individuals who don’t want to support mining operations for ethical and moral issues.

Conclusion.

Buying bitcoin or mining it – both serve as equally excellent options for obtaining bitcoin, but in the end, the choice comes down to your own preference. We hope this article helped you make an educated decision and if it did, please consider following our website for regular updates as it will help us out immensely.