let's say you have 1 bitcoin's worth of cash (bitcoins) and…

I always save as a first priority.

Then I can invest calmly when I have best available information and I have the liquidity to do so without committing the sacrilege of taking on debt.

More Asics machines

In general you would

consume if you were less confident in the future

Invest in capital goods if you more more confident in the future

Save if you are more uncertain of what the future

Also you have to take into account that an ASIC is not that durable of a good because of the exponentially growth in computer power

Easy answer if you mine

Save as much as you can and pay billS in fiat

That’s what I do anyways.

Save, Invest, Recycle

Whichever ever option ranks higher on your individual preference scale

That's a just a heuristic, not actual economics.

also, there are reasons to want to consume more that have nothing to do with the future (ie some new store just opened up that is enticing you with stuff you like).

consumption vs investing has to do with present benefits versus future benefits. savings vs hashpower has to do with new opportunity versus income out of the whole economy.

When you buy an ASIC you are buying a constant amount of hash power but the value of hash power is relative to the hash power of the entire economy. So if you think the economy is going to grow then you should just rent hash power

Specially since there is so much idle hash power in the world not mining Bitcoin at the moment.

Ok that sounds very responsible but it's not economics. Marginal utility has to do with the change in benefit relative to some change in your portfolio. I'm going to be a stickler on economics because I think it can be very costly to be wrong!

do you mean having 1 bitcoin? or the cash value of 1 bitcoin?

I mean you have bitcoins and asic machines and the sum of their values is 1 bitcoin.

How is ASIC profitability nowadays?

I don't know, that's not exactly my thing

Neither is mine, but it is an important information to answer your question. If the current and future profitability would lead me to have more bitcoins in the future than by saving, I would go with ASIC.

In today's economic climate with cheap ass money and highly lenient bankruptcy laws, what keeps you from becoming very highly leveraged while pocketing high profits, only to declare bankruptcy to discharge or restructure that debt when in hard times.

Well then it really depends on what do you value more. If I believe Bitcoin is going up in price I save it or even sell 1 asic machine. If I just care about having a steady income I'd sell my Bitcoin and buy more asics

why would you think bitcoin would be going up?? that's what this question is about

Why wouldn't? It's probably the best form of money and a scalable system that can't do anything but grow. Right now we are in early stages, but sooner or later it'll be wide used.

Why would I spend on asics that will get obsolete when there is no too much value to spend energy on. If the Bitcoin goes up in value and where there are millions of valuable transactions every day. Then I will buy asics.

let's say you have 1 bitcoin's worth of cash (bitcoins) and ASIC machines, and you just earned .01 bitcoin. How would you know whether to spend that money on consumption, more ASIC machines, or save it?