I've caught fish on both. But I always have some waxies, minnows, and roaches along. If the bite is hot, I'll try just plastics. But more often than not, I'm using the live bait too.
I've got an aerated cooler in the garage stocked with minnows and roaches. When it gets really cold out, I add a fish tank heater to the cooler, (at the lowest temp. setting), to keep the water from freezing. I also buy the big tub of waxies, and spikes, and keep them in the dorm refrigerator. This way I can just head out to the ice without having to stop for bait.
I fill an old Altoids tin with the grubs and rubber-band a chemical hand warmer to it. It keeps the bait nice and lively on the ice.
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