Mining Cryptocurrencies VS Buying and Holding: Which is Better?
Lee Mooney asks: What do you think is best, spending money on mining cryptocurrencies or just buying the coins and holding onto them?
Lee Mooney asks: What do you think is best, spending money on mining cryptocurrencies or just buying the coins and holding onto them?
Great question...mining and then holding
Holding is defo better! But the issue is when you go and hold you will end up changing/selling early as they are there! Mining is a whale game now.
I mine because I already have a gaming pc that can do a bit of mining. It gave me my first Bitcoin and still gives me around 40-50$ a month at current price. So in my mind depends on the case.
If you only have to spend the money to pay for the extra electricity and you mine sure things and easy (no research), like mining for Nicehash, it's really a good idea. If you want to risk mining new coins to try to get lucky getting many coins early at a super cheap price, it's more risky and requires a lot of research... Middle ground would be mining in a pool but mining safe coins...
=) Hope my 2 cents help.
Math is clear here... Holding!
THE WORLD BEST NOW ...ILOVE IT !!
I'm curious as to how profitable it would be to mine Litecoin; Bitcoin is past being feasible for me I think...
I was interested to try out mining to see how it works, as a curiosity but in terms of $$$ it makes little economical sense to mine at this stage unless your doing it on an industrial scale.
it seems that bitcoin will have agreat future
If you could afford to mine and hold everything you mined you could get the best of both worlds. But of course for most of us the best option is to just hold.
Hey @louisthomas I really enjoy your content and commentary (:
I mentioned you as one of my Top 7 Crypto-Youtubers who are also Steemians, check out the part where I mentioned you (: Glad you have you here on Steemit!