isnt p2pool a big part off the "unknown"?
They are usually counted, but it seems not at the moment. In any case that is just 2 blocks per day on average, not a huge amount.
Topic: 25BTC reward but.. no drop in hash rate! (Read 5739 times)
They are usually counted, but it seems not at the moment. In any case that is just 2 blocks per day on average, not a huge amount.
Why would people still mine at profitability close to zero? makes no sense to me.
People that need to support their SR Shopping? Plus you don't have to deal with an exchange.
I'd rather build a bitcoin miner than go through MtGox
ASIC devices are mining for a long time now. doubt its just me being pesimistic. so far it allways has been +2% increase , then like -1,2% and so on , it was allways going up and down, but last months it increases like mad without stopping.
asics are mining, thats why they are still not shipped anywhere.
imho ofc
asics are mining, thats why they are still not shipped anywhere.
imho ofc
isnt p2pool a big part off the "unknown"?
proportionately according to the pie chart at bitcoinwatch.com "unknown" has been getting pretty massive, so new hashing devices whatever they may be are still getting turned on, big farms that are solo mining? hopefully not a single user trying to interfere with network operation? banks? the majority of blocks are being relayed by a node somewhere in europe, 93.174.55.27 , seems to be relaying 10 or so blocks a day pretty consistently ...
I believe that's 50btc.com. They consistently don't get identified but if you go look at the block they claim solving on their web site they show up there. eg. 210682, 210650 are both on 50btc.com solved list and have that IP according to blockchain.info. 
proportionately according to the pie chart at bitcoinwatch.com "unknown" has been getting pretty massive, so new hashing devices whatever they may be are still getting turned on, big farms that are solo mining? hopefully not a single user trying to interfere with network operation? banks? the majority of blocks are being relayed by a node somewhere in europe, 93.174.55.27 , seems to be relaying 10 or so blocks a day pretty consistently ...
Still running my GPUs for a little profit.. BUT, I appreciate that the temperature of my entertainment room in the basement is 22 Celcuis, instead of less than 15 without mining 
Why would people still mine at profitability close to zero?
I already have hardware, my house heats up with electircity (which is cheap). Why not mine until summer when no heating needed anymore?
Well, by reducing the lifespan of your hardware then it is no longer a good deal.
Plus heating with electricity usually means a two way heat exchanger which have an "efficiency" of excess of 100%. Cases of classical electrical heating are rare.
I see that 50btc.com is down from 5500 to 4300... and btcguild also seems to have lost a TH as well.
still making a profit, not much but still a profit. Besides it's -10 C outside and I've got to heat the house somehow :p
Why would people still mine at profitability close to zero?
I already have hardware, my house heats up with electircity (which is cheap). Why not mine until summer when no heating needed anymore?
Well, by reducing the lifespan of your hardware then it is no longer a good deal.
Mining until coinotron offers loyality points to redeem.
Why would people still mine at profitability close to zero?
I already have hardware, my house heats up with electircity (which is cheap). Why not mine until summer when no heating needed anymore?
Why would people still mine at profitability close to zero? makes no sense to me. My 5970's I bought a little over a year ago when Newegg got them back in stock for that promo code. I paid 500 for the first one and 400 for the second. now they are worth $220 at the most that's $460 I lost, or about 51%. So in reality $40 a month from approx 1400m/hash was breaking even. Add to that the approximately $30 a month in electricity at 0.08 a kwh. $70 a month was breaking even. Now most months I made between over $100 a g/hash net so I did profit. But at this difficulty with the block halving seems to me everyone but people with free power are losing money
when you figure in power costs, profits were cut substantially more than 50%. The only reasons I can see we haven't seen a huge decrease in hash rate is either people still think the price is going to double, or they think the used market for video cards has bottomed out and they want to make a few more bucks towards paying off their equipment. Well I can almost guarantee we haven't even begun to see the fire sale on gpu's yet
when you figure in power costs, profits were cut substantially more than 50%. The only reasons I can see we haven't seen a huge decrease in hash rate is either people still think the price is going to double, or they think the used market for video cards has bottomed out and they want to make a few more bucks towards paying off their equipment. Well I can almost guarantee we haven't even begun to see the fire sale on gpu's yet
cause people are hoping that the price will skyrocket some day, making up for the fact that they may even have lost some bucks here and there.
diff will go down, cause of block halving and ppl not making enough to break even.
price will go up, because of supply and demand (less miners)
diff will go back up again. cause miners fired up there rigs again since the price went up.
its the way of the world
Many miners treat it the same as buying bitcoins. It makes sense to mine down to breakeven anyway. I'm just slightly above breakeven so I'm continuing just because it supports Bitcoin and because it's a somewhat decent gamble that the price will go up.
Below breakeven there is still some advantage for some people. They should just go buy bitcoins but if they don't want to give out ID info, or would have to pay a fee, or just don't have ready access to a market (like me in a distant location) - then I can see them still mining.
For me the halving was useful in that it prompted me to evaluate my efficiency and try to improve it. I should have done this a year ago as it turns out I've been burning more electricity than I had to.
I mined for a year 930MH/s @ 560W, net profit in the $40-$100 /month range.
Before tweaking I was at the low end of about $44/mo.
After tweaking things I found 750MH/s @ 375W netted me the same $44/mo.
Also the fans hardly run and the noise is lower on hot days here. Big improvement.
In the first case I would be losing money now due to higher electric costs but in the second I'm around $4 net above water. Not that I care about making $4/mo. but I'll just accumulate bitcoins until it actually drops below as I've already got everything setup and running.
Next I'm going to explore running P2Pool as that's more beneficial for the network.
Below breakeven there is still some advantage for some people. They should just go buy bitcoins but if they don't want to give out ID info, or would have to pay a fee, or just don't have ready access to a market (like me in a distant location) - then I can see them still mining.
For me the halving was useful in that it prompted me to evaluate my efficiency and try to improve it. I should have done this a year ago as it turns out I've been burning more electricity than I had to.
I mined for a year 930MH/s @ 560W, net profit in the $40-$100 /month range.
Before tweaking I was at the low end of about $44/mo.
After tweaking things I found 750MH/s @ 375W netted me the same $44/mo.
Also the fans hardly run and the noise is lower on hot days here. Big improvement.
In the first case I would be losing money now due to higher electric costs but in the second I'm around $4 net above water. Not that I care about making $4/mo. but I'll just accumulate bitcoins until it actually drops below as I've already got everything setup and running.
Next I'm going to explore running P2Pool as that's more beneficial for the network.
Why would people still mine at profitability close to zero? makes no sense to me. My 5970's I bought a little over a year ago when Newegg got them back in stock for that promo code. I paid 500 for the first one and 400 for the second. now they are worth $220 at the most that's $460 I lost, or about 51%. So in reality $40 a month from approx 1400m/hash was breaking even. Add to that the approximately $30 a month in electricity at 0.08 a kwh. $70 a month was breaking even. Now most months I made between over $100 a g/hash net so I did profit. But at this difficulty with the block halving seems to me everyone but people with free power are losing money
when you figure in power costs, profits were cut substantially more than 50%. The only reasons I can see we haven't seen a huge decrease in hash rate is either people still think the price is going to double, or they think the used market for video cards has bottomed out and they want to make a few more bucks towards paying off their equipment. Well I can almost guarantee we haven't even begun to see the fire sale on gpu's yet
when you figure in power costs, profits were cut substantially more than 50%. The only reasons I can see we haven't seen a huge decrease in hash rate is either people still think the price is going to double, or they think the used market for video cards has bottomed out and they want to make a few more bucks towards paying off their equipment. Well I can almost guarantee we haven't even begun to see the fire sale on gpu's yet
Responses bolded.
You hit the nail on the head.
Fact: Many Americans are bad at math (look at the popularity of the Lottery!)
I could say the same thing about Europeans and Aussies. ( http://au.pfinance.yahoo.com/moneyandyourlife/managing-debt/article/-/9802241/world-s-biggest-gambling-nations/ ). You guys top the charts at gambling. Gambling is a sucker bet, just like the lottery. Of course, saying Euros/Aussies are bad at math because they like to gamble is pretty dubious. Claiming that Americans are bad at math because they have fun playing the lottery is just as dubious.
Fact: Many Americans live paycheck-to-paycheck. This shows an inability to budget, live below one's means, insufficient attention to financial detail, etc.
That's pretty common all over the world, I don't think Americans have a monopoly on that
Fact: Many Americans have to LEARN how to be frugal from websites, etc. It isn't something in their bones, or something they grew up with.
Yeah, frugality is genetic.
Fact: America has much cheaper electricity than, say, Europe -- so a good % of miners are going to be in America right now
I'd agree that this is likely due to the geographic distribution of coal and natural gas, but since I haven't studied the average electric rate in Europe I cannot confirm it's accuracy.
Fact: Americans don't read books. Should I assume that they studiously read over their electric bill and understand it?
http://stephenslighthouse.com/2011/04/28/who-reads-books/
I'm an American. I read a book about 2 months ago. Since your statement pertains to Americans without restriction, by definition that would include *all* Americans, requiring only one American to deviate from the statement to make it false. As previously stated, I read a book, therefore your "fact" isn't a fact, instead it's a fallacious slur that appears to be rooted in some type of undeserved hatred towards Americans.
Fact: Young Americans are notorious for NOT being frugal. In fact, they are known for wasting their money on all manner of things ($18 for a cotton T-shirt with something specific printed on it?)
Yup, because American's (specifically young ones) are the only ones that waste money. Since we're talking young people, I guess that 20 Euro Vodka Lemon in Ibiza is value priced!
....
In fact, because men (let's face it -- the majority of miners) run on ego, I'd also expect them to brag online about how much they're making right now after the block halving. Who's going to verify it anyhow? They could be losing $5 a day and they could still fire up their browser and type in, "I am profitable all the way down to $5/Bitcoin!". Who would be the wiser?
A) People bullshit all the time, this isn't something new.
B) I mine based on profitability. It's really quite simple: (BTCGeneratedDaily*BTCPrice) - (KWHConsumedDaily * KWHPrice). I'll mine until the number is 0 or less, actually I'll probably stop when it gets close to 0 due to variance. Though it's winter now, so I'd even run it then for reduced priced heat.
Something to consider: the average American mining bitcoin isn't some guy in his trailer. The vast majority of American bitcoin miners are relatively "geeky", to us math is cool, and so is learning.
Fact: Many Americans are bad at math (look at the popularity of the Lottery!)
I could say the same thing about Europeans and Aussies. ( http://au.pfinance.yahoo.com/moneyandyourlife/managing-debt/article/-/9802241/world-s-biggest-gambling-nations/ ). You guys top the charts at gambling. Gambling is a sucker bet, just like the lottery. Of course, saying Euros/Aussies are bad at math because they like to gamble is pretty dubious. Claiming that Americans are bad at math because they have fun playing the lottery is just as dubious.
Fact: Many Americans live paycheck-to-paycheck. This shows an inability to budget, live below one's means, insufficient attention to financial detail, etc.
That's pretty common all over the world, I don't think Americans have a monopoly on that
Fact: Many Americans have to LEARN how to be frugal from websites, etc. It isn't something in their bones, or something they grew up with.
Yeah, frugality is genetic.
Fact: America has much cheaper electricity than, say, Europe -- so a good % of miners are going to be in America right now
I'd agree that this is likely due to the geographic distribution of coal and natural gas, but since I haven't studied the average electric rate in Europe I cannot confirm it's accuracy.
Fact: Americans don't read books. Should I assume that they studiously read over their electric bill and understand it?
http://stephenslighthouse.com/2011/04/28/who-reads-books/
I'm an American. I read a book about 2 months ago. Since your statement pertains to Americans without restriction, by definition that would include *all* Americans, requiring only one American to deviate from the statement to make it false. As previously stated, I read a book, therefore your "fact" isn't a fact, instead it's a fallacious slur that appears to be rooted in some type of undeserved hatred towards Americans.
Fact: Young Americans are notorious for NOT being frugal. In fact, they are known for wasting their money on all manner of things ($18 for a cotton T-shirt with something specific printed on it?)
Yup, because American's (specifically young ones) are the only ones that waste money. Since we're talking young people, I guess that 20 Euro Vodka Lemon in Ibiza is value priced!
....
In fact, because men (let's face it -- the majority of miners) run on ego, I'd also expect them to brag online about how much they're making right now after the block halving. Who's going to verify it anyhow? They could be losing $5 a day and they could still fire up their browser and type in, "I am profitable all the way down to $5/Bitcoin!". Who would be the wiser?
A) People bullshit all the time, this isn't something new.
B) I mine based on profitability. It's really quite simple: (BTCGeneratedDaily*BTCPrice) - (KWHConsumedDaily * KWHPrice). I'll mine until the number is 0 or less, actually I'll probably stop when it gets close to 0 due to variance. Though it's winter now, so I'd even run it then for reduced priced heat.
Something to consider: the average American mining bitcoin isn't some guy in his trailer. The vast majority of American bitcoin miners are relatively "geeky", to us math is cool, and so is learning.
I think the hashrate will be below 20 Thash within a week. Where will we be within 3 weeks?
I bet it will dip below 20 but be above that in 3 weeks. A slight price increase and a slight difficulty drop will go a long way imo.
That's why I've been keeping my fingers crossed!
I think the hashrate will be below 20 Thash within a week. Where will we be within 3 weeks?
I bet it will dip below 20 but be above that in 3 weeks. A slight price increase and a slight difficulty drop will go a long way imo.
I think the hashrate will be below 20 Thash within a week. Where will we be within 3 weeks?
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