Topic: 2024 Diff thread happy New Years. - page 14. (Read 7776 times)

I am done for now shit happens and it did.

I will continue to mine a bit at a loss and sell off the gpus.

I will likely never mine at the 200-250kwatt level again.

I will develop good practical home miners for usa home miners.

I am playing with 1 board t21 using a 1500 watt 120 volt psu that can range from 12.5volt to 15.2 volt

with the Loki spoof chip. I hope to have a working model of this in under 1 -2 weeks.

As to why the mine ended I will say I failed to keep the other three guys in agreement as to the best options possible. So we broke it up instead.

Not the best way but it is the way it happened.

Well, finding a place with 6 cents for energy in the US must be complicated.
It has to be a huge energy contract, to get values close to that.

A good site and I would go back into larger scale mining.

5-6 cent power would be good at least 2 years worth of it.

We're going negative, as expected although this might be again luck


Now, the interesting thing is that we lost 12 blocks but the fees are down to 17 sat/vb as I type this, so there is no demand for space, no jump in fees anymore, the last block has just 0.28 BTC so not even 10% of the block reward, we're looking at a 40% loss in revenue not profit!

If the price goes to 60k or below then we have another 10% before that, a huge load of fudge!

As mikey said, someone will have to blink and if they don't and they go still full throttle this is just going to be worse for them all in a few months, I wouldn't want to be a guy who has poured all his investors money in a plan of 10exahash right now, especially if those weren't money from usual ventures but the government back dor deals.


I still have two of them singing in the basement, the power is of no concern since till autumn I can deal with 10KW, but in August I will retire them if we're still in this price range, they did a great job at heating the floor in a stone/concrete building but I don't need that in summer and going above peak allowed consumption I will have to pay 12eurocents/kwh, no f way!

Plus, and this is the most important thing, I got bored with them!

Or a huge drop of the difficulty, or blocks with multiple BTC of fees..

It really is a shame to have to leave mining like this.

What do you think it would take to get back? Get cheaper energy or more efficient mining equipment?

yeah I am done. mining a few kwatts at a loss at home.  and selling gpus on eBay.

My actual payout per PH is as follows, just to show others the affect of transaction fees.

20-4-2024   = 0.0027BTC/ph
28-4-2024   = 0.00075BTC/ph

so that's 48$ per ph which is 4.8 cents per th, so even worse than what you calculated above  , which sucks!




That's some serious fudge to be honest lol, I mean if you have S19 Pro and 7 cents you are basically mining at break-even, S19 pro might not be the latest gen but how old is it? and how much was it sold for? I would be very upset if I had that, then even if we were to assume that you magically had a 5 5-cent power rate which is pretty low by today's standard, that would be $2 a day, worse than S9 on its worst days a few years ago.

Remember, here we are only talking about the electricity bill, nothing more, if the difficulty doesn't drop then the ROI for all gears bought this year and even a few months prior to the halving will be NEVER, not in a year, not in 3 years even if you had 2-3 cents power, which is why I still think that miners are now playing the chicken game, there is no way that all current hashrate can be sustained with the current price and transaction fee.



Ya, it's very unlikely to see it grow, in fact, i would say the same thing about the previous epoch (I did say) but then thanks to the transaction fees, blocks were larger than before the halving, but then again, if all large miners are playing the chicken game it means they are all pushing the pedal harder, so it won't be impossible for this epoch or even the next one to have some upside until the cars crash into one another and the weak cars leave.

Although I still think, that the chicken game is still being played even if all players are already at their last bit of it and can't push any further, the few coming epochs will be fun to watch, if the price doesn't go up or even worse/better goes down, get your self some large supply of popcorn and fudge while you watch things unfold.

Phill, hope you holding strong bro, I feel for you.

My large Clifton farm is gone.

Got a house full of gear

Slowing selling the gpus at the moment.

https://www.ebay.com/itm/166730324848

https://www.ebay.com/fdbk/feedback_profile/philipma1957

It will take me months to sell the gear.

Sucks but gear is all paid off

Sold off about 10,000 in last 40 days

But isn't that 7 days average?
The daily reward has dropped like a stone, last blocked ‎3.377 BTC, which would be 490 BTC, let's keep things simple
500 BTC x 63 000k / 600 000 000 it would be  5.25 cents.

Anyhow, you kept mining or you started packing up?
Wonder how mikeywith is doing too, let's see if he drops a few lines ..
FUDGEEEEEEEEE!


It dropped for a moment somewhere last night when I checked to just +2 blocks, but still positive


It will be for sure negative at the end of the period, it's a bit of nonsense to see it grow at the worst income per th we had in a year.

well last ten block fees are

0.37
0.41
0.35
0.66
0.57
0.52
0.33
0.26
0.22
0.37



and viabtc is paying

0.0678 a th


if we drop to 0.05 a th the diff will tank

but at 0.0678

a s19 110th pro does $7.458 a day and burn $6.60 a day at 6 cents

all big miners are at 6 six cents or better

so they are fine unit payout drops to 0.05

that would do

$5.50 a day and burn $6.60 a day. this is on s19 pro 110th

now think of the t21

190 th x 0.05 =       $9.50
 92 kwatts x 0.06 = $5.52
                              4.00 profit if we drop to  5 cents a th.

I would argue  that mining won't drop as the t21 easily makes money at 6 cent power.

I would say that if the value of fees continues to fall, and remains at normal values - before the halving - the next update will be negative.

It was still positive, because it is packed with the high rates that occurred in the last week and because we are in the middle of the month - it is not worth turning off the machines in the middle of the month.

I know, it's just a day, luck, random, all the stuff but still:


Probably the last positive adjustment was not much of a surprise due to the fees, but another positive adjustment?
Or are we going to see it drop on the 1st as some will decide to cut power at the end of the month?

Viabtc still shows 9 cents but that won't as long as that's the average including that 1000BTC in extra fees in a day, bitinfo is quoting 0.0549 USD/THash.
So, is anyone betting on another positive adjustment?

Well, I only read a lot of it, but your first and last paragraphs say that "maybe it's not a good idea, as it could be misused". In short, he created something that the party, based on previous experience, would not have been very positive about.

But maybe I'm the one who understands little about the subject. 

So who had those on their Halving Bitcoin card:
- fees will reach 1000sat/vb
- mining income will be greater after the halving than before
- the hash rate will grow after the halving

This is so fucked up on so many levels.


It's a thing that was supposed to be more space friendly compared to brc-20, while keeping up the hype about it.
Of course, between supposed and hype madness there is a difference that you can see it live.

It is another creation made by the same guy who created the concept of Ordinals - Casey Rodarmor. You can read about his idea of Runes in his own blog where he first posted about it[1]. While I had heard the concept, I haven't found the time to read his interpretation of why he thought that Ordinals and Rune were beneficial to the network.

---

[1]https://rodarmor.com/blog/runes/

What protocol is this "Bitcoin Runes" and what does it do?
By the way, I had never heard of this protocol... But maybe I was the one who was distracted. 

Fees are hight due to Bitcoin Runes protocol, created by the same guy who invented Ordinals, it went live with the halving which is the reason why this happened.

Also, just like how things ended for Ordinals, I believe this hype will be short lived, when not enough people buy into it -- it will stop, greedy people are looking for ways to get rich overnight, some of them will, the majority will just lose money.

The crowd went completely crazy! This will only make the market stop. I refer to the market, where the money comes from, because it becomes practically impossible to sell/buy BTC. Well, it's not impossible, but it's not very viable for lower amounts.

So viabtc mined the last block, Braiins pool mined the first one in this halving.

The current numbers are as follows:



Let's see how we do going forward, the ordinals folks are jamming the blockchain with fees up to 2500sat/vbyte, antpool just mined a 27btc block, so rewards are even greater than before the halving, this would likely stop difficulty from going down until Ordinals folks decide which block number is not worth much.