RE: Why Mine BITCOIN?

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Why Mine BITCOIN?

in bitcoin •  7 years ago 

This is a cool article, and it is true that Bitcoin mining is profitable. However, Bitcoin mining is the equivalent to spending $1.50 on $1 of water and then selling it for $2. Cool, you made $0.50 profit, but you could have just bought a dollars worth of water, sold it, and made $1 profit, instead. And, it would have been far easier to do the latter.

I wrote a quick article on it if you want to check out the numbers. If not, just know that for the majority of individuals, the numbers don't support the fact that Bitcoin mining is MORE profitable than simply buying and holding Bitcoin. And, Cloud mining is far less profitable given the numbers.

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