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Mine or Buy?

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A big question that is asked by people new to Bitcoin. There are reasons to do both and the answer is dependent on your current setup. Bitcoins have a mining goal in mind and that is to only allow a block to be discovered every 10 minutes. The way that Bitcoin accomplishes this is by increasing the difficulty to find the blocks. With more and more publicity about Bitcoin, more people are mining and blocks are being discovered at a rate faster then every 10 minutes causing the difficulty to increase. So with that in mind, it is now harder then ever before to mine Bitcoins.

First, we’ll cover reasons to mine.

Mining helps secure the bitcoin network. The more people that are actively mining, the harder it is for someone to attack the network. Currently, it would a miracle to perform an attack on the network as there are so many advanced miners, so bitcoin is more secure than ever.

GPU mining is a thing of the past. With several companies releasing devices specifically engineered to mine bitcoins, the difficulty has increased so much that it is impossible to turn a profit with a regular computer setup. If you want to make any money in bitcoin mining, you need an ASIC.

Even with an ASIC, you may still find that the difficulty increases make your miner obsolete. Keep that in mind when and if you decide to invest in an ASIC bitcoin miner.

Bitcoin investment is a great opportunity. There is no minimum amount to buy and right now they are in their infancy. Because of the increasing demand for Bitcoins is increasing they have increased in value exponentially. There is also a possibility of them dropping. It’s speculation, but the base is getting bigger, and because bitcoin has no central authority to issue them any faster, supply cannot keep up with demand, causing them to rise in value.

Right now the best 2 places to buy Bitcoins are:

Local Bitcoins

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Established on June 2011 StartBitcoin is one the earliest guides for Bitcoin mining on the web. It was purchased by 99Bitcoin in late 2015.

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9 comments on “Mine or Buy?”

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  1. I made a purchase and everything went through in Paypal ($ was taken out) but when I click on my transactions it says the transaction was not completed.

  2. Clicking on Trade Hill one discovers they have “temporarily suspended trading, due to banking and regulatory issues” Of course they put a positive spin on this, but I wonder what it really means. Could there be attempts by banking industry to shut down or subvert the circulation of Bitcoin?

  3. This is b…..t and I just lost whole afternoon trying to figure everything out. Lastly I noticed that I can’t get any OpenCL device installed, as I’m using integrated graphic card and my CPU isn’t showing under device.

    I’m really disappointed…

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