Post
Topic
Board Beginners & Help
Re: Profit evaluation – Hodl instead of mining
by
tabas
on 29/04/2024, 12:49:01 UTC
Many people are still not sure how to get good profits from Bitcoin. Doing a good research is often difficult and some people want to make a profit by mining.
But is it really a good idea to generate profits from mining?

For mining, it needs to be mentioned to know about very technical details.

Normal people would hire or call a computer specialist to set it up and whenever a problem arises, you need to call him, which will cause extra costs.

Mining is involved directly in Computer Technology and requires special technical knowledge most common people don't have, if not studied.

Hosted miners or Cloud Miners are even charging a fee to set up and operate mining devices which will decrease your mining rewards even more but you won't have to care for technical details to set it up and maintain it.
I don't mine but I see individual miners sharing their mining setup and they're all happy continuing doing that, and most of them are aware that the difficulty increases over time and there will be a point of their lives that they need to upgrade. Forget about cloud mining because most of them are scams and if there are legitimate ones, you'll never get to avail any of their contract because they're always sold out. I have no idea if they're on a purpose of being sold out at all times. Going back to mining if it's fun to make profits from it, DEFINITELY. They've invested into their mining equipment and they're not just cheap asic miners that can be purchased by someone who have no idea on what they're doing. The fun is there in discovery, operating and troubleshooting once you're there. The good thing now is, there is a vast community that someone who's new to it and ask questions to help each other.