Mine Bitcoin Cash or buy it.

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Avatar for francis105d1
1 year ago

One of the ways to get some Bitcoin BCH is by mining, and not only Bitcoin Cash, many other altcoins like Bitcoin BTC, and all other mineable coins. In general, I don't recommend mining to anyone because it has a higher cost and includes other risks, and the next best solution to mining will be to buy the coins directly at market price.

Mining is a needed process because that's the way our transactions are made without miners. We don't have a network because mining has grown just a lot. It is a highly competitive business in which those who don't have the latest hardware mine at a disadvantage. Not to mention that hardware producers also will have to sell their equipment for a profit.

One of the sectors attacked, but Elon Musk was the miners in general because they consume a lot of electricity. In defense of the miners, I would say that they are only customers of the utility companies that distribute the electricity in a town or location. If those utility companies have an electricity demand, it should be their responsibility to produce electricity from renewable sources, not their customer/miners.

Miners worldwide are trying to find the cheapest electricity available, and some go as far as producing their energy. And in the future, it will be like this too. Miners will move where there is a renewable source of electricity and buy up that plan to have pretty much free electricity that doesn't damage the environment. If miners choose between paying for electricity or getting it free, they will select free. In the future, miners will be building around sectors with a hydro plant or thermal ways to produce energy, and some will also use wind and solar power.

But for the small investor who now is someone with ten million or less, you will be better off just buying the asset or coin you wish and avoiding the hassle of running a crypto mining operation. And with people with less than one hundred thousand, that is even more evident. You can still do mining as a hobby, but you will buy the asset directly if you are serious about this and your money. Now mining has its advantages if you have the money to set up some mining farms, which means you have to have large amounts of fiat.

And of those advantages of mining is that the coins you get will be clean of any transaction, which is suitable for institutional investors because they can assure their customers that their coins are pure and have not been used for crime. A miner could charge a premium for this to an institutional investor. If not that institutional investors are doing the extensive mining themselves. But this will imply a more significant issue in such an asset called fungibility, which means your investment is not fungible.

You could always mine other GPU or even CPU mineable coins such as Ethereum, Monero, Raven, and many others for small miners. Still, once again, the good GPUs and CPUs used for mining are flying off the shells more quickly than producers can make, and as such, you will find that it will just be too expensive to mine your favorite altcoin. And you will be better off just buying the asset directly if profits are what you seek.

Now, if you want to do mining because it is your hobby, you wouldn't mind paying higher prices for hardware and never getting your money back, not the number of satoshis you would have called if you just bought the purchasing asset of any mining equipment.

The other alternative to mining will be staking, which involves buying the asset and locking it up for a while to get more coins. The interest is payable in the same investment, so if the value in fiat goes down more than your interest, you are essentially losing money. There is always someone else who got it cheaper than you or has more than you so that you will be at their mercy.

To me, mining is the best way to distribute an asset because those mining must put something of equal value to get the coins which, in the case of Bitcoin and Bitcoin Cash. The equivalent or more excellent value will be the equipment and the electricity paid.

In the case of the early miners just before 2014, they had to lay the work for people to accept Bitcoin as a peer-to-peer currency, so those who mined just before those days got many more coins with much less hashing power or equipment. Still, Bitcoin was worthless at that time, and the government could have imprisoned them for generating an alternative to the US dollar, so they risked their necks literately.

So the equal or more excellent value put by the early adopters was that they were risking their freedom because they were creating an alternative to fiat currencies, and that's why we don't know who Satoshi Nakamoto is or is. Later on, now you must pay for electricity and equipment if you want to mine some satoshis.

The whole debate about peer-to-peer currency also has to do with mining because those that mine today don't care about peer-to-peer currency. I think current miners care about getting their initial investment back. Otherwise, their favorite coins will be Bitcoin Cash and not Bitcoin Core. But they also have the most to lose.

In the recent attacks by Elon Musk, he blamed them for using a lot of energy with the amount of utility they produce with such a massive waste of electricity. Yes, in my opinion, mining at a one that can only process 1MB every 10 minutes is a waste of electricity, especially when Bitcoin Cash has proven that you can mine 32MB blocks. You will not risk decentralization because hardware to host a node is cheap today, and those that run mining farms have the money to buy that equipment, and it is just that for them is better to mine at 1MB because they can get more fees and higher fees as well.

So if the miners are willing to waste electricity on a 1MB chain literately, the only other solution is for the users to change to a bigger, much faster chain is Bitcoin Cash. Still, censorship has also played another role where people don't understand that miners will be forced to dump the 1MB blockchain for the 32MB blockchain if only the users knew that Bitcoin Cash is the real Bitcoin. The users decide what the real Bitcoin is, not the miners, and the miners are just mules that take the cargo from point A to point B. The Bitcoin community is letting the mule and donkeys run the show when in reality is the users who define what the real Bitcoin is.

Bitcoin Core communities will ban you for a message like the previous one because they believe that 1MB blocks will make the banks and rich love Bitcoin. After all, you will be forced into custodian services. So banks won't be obsolete, and they will ask the government for regulations. They benefit from the new banking system, which will be the same old banking system where they will tell you that you own Bitcoin, but it will be printed out of thin air just like your dollar bills today.

Mining in the Bitcoin Cash network is mining the real Bitcoin and is an action that saves the environment because you can get more utility out of Bitcoin Cash transactions than from Bitcoin Core. So you also keep the environment because if you use Bitcoin BCH as a peer-to-peer currency, you will make the banking system obsolete, and you will take power from governments to print wars that will save a lot when it comes to the environment. Do you know how much contamination a bomb created utilizing fiat printing makes?

Yes, we all use Bitcoin Cash as a peer-to-peer currency saves the environment because it will remove the power from governments to wage war against another state. The state will have to ask for permission before going to war. It will have to ask for funding from the citizens, and if the citizens say no, there will not be any wars without funding. Governments can't wage war because soldiers need to be paid, and metals must be found. The Federal Reserve can't print wealth, only papers with faces of dead people on them.

Take power from the government to print money, and they will have to serve its people, not the other way around like today where people do the government.

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1 year ago

Comments

I never knew BCH could be mine, though there was a bro of mine that mine BTC, the PC he use was so big and it was always heating up, he had to install air-conditioning in the room, I think it solved half of the problem, also the energy it use was much, is mining BCH equal to that of BTC

$ 0.01
1 year ago

It is the same algo

$ 0.00
1 year ago

Oh, thanks for the knowledge

$ 0.00
1 year ago

I have been able to learn that through mining one can earn clean coin devoid of any transactions or link to a crime.

Setting up a mining farm is really tasking and difficult. But without miners we can't carry out transactions.

$ 0.03
1 year ago

I would love to try out mining but these mining sites are usually not supported on ios devices plus most of them are scam

$ 0.01
1 year ago

Cloud mining is a scam. It has always been, and it will continue to be.

$ 0.00
1 year ago

Yeah? I thought so too

$ 0.01
1 year ago

Imagine those people mining BTC since 2009, holded it and got the BCH forked. So lucky, if only we knew cryptocurrency back then.

$ 0.02
1 year ago

Hold BCH instead of BTC would have been a mistake if you held BCH but now you can get BCH much cheaper than even in 2018 when the whole thing started

$ 0.00
1 year ago