Do you think mining crypto can make enough income than buying it

[Mandy96]

Mining of crypto is the process of hunting for it online without having to buy it from another trader, this job is more like printing more currency notes, because the more you mine, the more cryptocurrencies there is, well I am not saying that it is not a good idea but this type of business might seem like it is not suitable enough if you are not the patient type.
There are machines made for this in order to help you carry out the work, there is something called hash in mining, this is the rate at which it mines, like how fast it is and there are different types of this, it basically depends on how powerful it is, the power will be made known right from the price. These are the things you should know about it to determine if it can make enough income than buying it.

1. It requires investment to get good result
2. It requires more time

1. It requires investment to get good result: Truly it does need to put some amount of money in it in the sense that you have to buy the mining machine to help you do it faster than waiting for all these free mining sites online.

2. It requires more time: You have to dedicate more time to it because because you are not an investor, you are actually hunting for it which will demand for your attention to do so.

 

[Jamoflondon]

Well if you ask me, I think mining is a good idea judging from your analysis, the reason to this is because, mining the crypto has low chance of encountering loss unlike investing in it whereby rate can be deflated at any point in time. This is why it requires large amount of money to make good income from it. Most of the times you see the rates go down, if you not determined or maybe the money you put in it is all the savings you have, you would have been thinking negative by that time, thinking maybe it will not inflate anymore.

 

[Sherman198]

I will suggest buying and holding of crypto instead of mining it. You can easily buy crypto on any exchange in your country. And if you hold for few years, you would definitely make a good return. Cos no one has actually held on his/her Bitcoin for 4years and lost his/her investment. This is only applicable to Bitcoin and some of the Alt's not shitcoins. But mining on the other hand, would be highly costly to start cos of the mining equipments. And if you want to mine on a site, you might be scanned.

 

[Mika]

You need to spend at least $1000 to set up your mining rig. You can earn from mining only when you have your own mining rig. It is quite impossible to earn from free mining or cloud mining. In fact, a lot of free mining an cloud mining are scam.

 

[Kingstone]

Well, both are lucrative ways of making money from crypto. People are into investing by buying and holding the coins since they cannot afford the mining facility. Mining is profitable undoubtedly but it is very expensive and somehow tedious because of the things involved.
I am only into the cloud mining sites, for now, cos I cannot afford the normal regular way to mine. I am also holding some count but not enough.
With several exchanges out there, you can buy the coins and be holding them for months to generate passive income

 

[Sotherefore]

Well if you are mining cryptocurrency industrially obviously that is going to be profitable and you can be very sure you can make money from it, but if it is not possible this way then you may not be able to achieve anything if you are concentrating to mine cryptocurrency with website, because it's not going to be profitable to you in anyway and at the end you may not even be able to realise a single profit, buying of cryptocurrency is just the best most especially if you understand how to buy good cryptocurrency that can give higher return on investment within a period of few years.

 

[eldavis]

Personally I do not think mining of crypto is as profitable as it used to be in the past, right now it would cost alot just to mine, it consumes energy, and you would have to buy various applications and a computer that can withstand the effect of mining. And the earnings are very small, in the end you spend more than you gain. It would be alot easier if you just go for buying instead of mining.

 

[Ucgold]

Mining is so frustrating because of the tiny reward attached to it. Infact in areas where browsing data is costly like my area, one will be at a lose using much data and barely nothing to show for the work