Topic: Bitcoin's difficulty is running faster than progress - what's the point? (Read 617 times)
November 28, 2013, 11:25:39 AM
ugh..
November 28, 2013, 10:52:59 AM
Mining is a risky, you could invest in that thing, and they don't even make it, or they bring it market late and it's worthless!
Just like in the real world if the price of a commodity is high more mines open to take advantage of it, until supply outstrips demand.
The difficulty follows the number of miners to keep the amount of new bitcoins entering the system to 25 every 10 minutes.
Just like in the real world if the price of a commodity is high more mines open to take advantage of it, until supply outstrips demand.
The difficulty follows the number of miners to keep the amount of new bitcoins entering the system to 25 every 10 minutes.
November 28, 2013, 10:45:57 AM
As far as I can tell, the calculator seems to be working fine.
I think you aren't realistic. You are expecting your mining rig to be a money making machine for ever. The problem is everyone realizes the profitability of mining. As you can see in the calculator the difficulty is expected to rise with 110% every month. So after a year the mining difficulty would have risen with roughly 1500%, which would of course impact the profitability of your mining rig.
Some notes on the calculation:
- you are calculating with 0 $/kWh.
- you expect the price of bitcoin to remain at 1100$ for the rest of the year? Seems unlikely. Many miners expect to generate profit due to the future price of bitcoin.
- you should take in mind the mining rig still has value after the mining isn't profitable any more for you. Selling it will increase your profit even more.
Risks are of course potential pricedrops of bitcoin and an even steeper increase of the mining difficulty. No risk = no profit.
Even besides these points, you are generating 3800 USD worth of bitcoin, with an 3000 USD investment: a ROE of 25% + residual value of your rig. This profit is in BTC (assuming you don't immediately cash-out), so on top of this profit you would also benefit of the increasing value of Bitcoin.
http://mining.thegenesisblock.com/a/65573407e1
I think you aren't realistic. You are expecting your mining rig to be a money making machine for ever. The problem is everyone realizes the profitability of mining. As you can see in the calculator the difficulty is expected to rise with 110% every month. So after a year the mining difficulty would have risen with roughly 1500%, which would of course impact the profitability of your mining rig.
Some notes on the calculation:
- you are calculating with 0 $/kWh.
- you expect the price of bitcoin to remain at 1100$ for the rest of the year? Seems unlikely. Many miners expect to generate profit due to the future price of bitcoin.
- you should take in mind the mining rig still has value after the mining isn't profitable any more for you. Selling it will increase your profit even more.
Risks are of course potential pricedrops of bitcoin and an even steeper increase of the mining difficulty. No risk = no profit.
Even besides these points, you are generating 3800 USD worth of bitcoin, with an 3000 USD investment: a ROE of 25% + residual value of your rig. This profit is in BTC (assuming you don't immediately cash-out), so on top of this profit you would also benefit of the increasing value of Bitcoin.
http://mining.thegenesisblock.com/a/65573407e1
Dont mine, buy hold and sell...
That would be my advice aswell, but that wasn't his question
November 28, 2013, 10:40:47 AM
As far as I can tell, the calculator seems to be working fine.
I think you aren't realistic. You are expecting your mining rig to be a money making machine for ever. The problem is everyone realizes the profitability of mining. As you can see in the calculator the difficulty is expected to rise with 110% every month. So after a year the mining difficulty would have risen with roughly 1500%, which would of course impact the profitability of your mining rig.
Some notes on the calculation:
- you are calculating with 0 $/kWh.
- you expect the price of bitcoin to remain at 1100$ for the rest of the year? Seems unlikely. Many miners expect to generate profit due to the future price of bitcoin.
- you should take in mind the mining rig still has value after the mining isn't profitable any more for you. Selling it will increase your profit even more.
Risks are of course potential pricedrops of bitcoin and an even steeper increase of the mining difficulty. No risk = no profit.
Even besides these points, you are generating 3800 USD worth of bitcoin, with an 3000 USD investment: a ROE of 25% + residual value of your rig. This profit is in BTC (assuming you don't immediately cash-out), so on top of this profit you would also benefit of the increasing value of Bitcoin.
http://mining.thegenesisblock.com/a/65573407e1
I think you aren't realistic. You are expecting your mining rig to be a money making machine for ever. The problem is everyone realizes the profitability of mining. As you can see in the calculator the difficulty is expected to rise with 110% every month. So after a year the mining difficulty would have risen with roughly 1500%, which would of course impact the profitability of your mining rig.
Some notes on the calculation:
- you are calculating with 0 $/kWh.
- you expect the price of bitcoin to remain at 1100$ for the rest of the year? Seems unlikely. Many miners expect to generate profit due to the future price of bitcoin.
- you should take in mind the mining rig still has value after the mining isn't profitable any more for you. Selling it will increase your profit even more.
Risks are of course potential pricedrops of bitcoin and an even steeper increase of the mining difficulty. No risk = no profit.
Even besides these points, you are generating 3800 USD worth of bitcoin, with an 3000 USD investment: a ROE of 25% + residual value of your rig. This profit is in BTC (assuming you don't immediately cash-out), so on top of this profit you would also benefit of the increasing value of Bitcoin.
http://mining.thegenesisblock.com/a/65573407e1
Dont mine, buy hold and sell...
November 28, 2013, 10:25:17 AM
If prices stay and go high as of now, then any miner with updated difficulty might yield profit only for sometime.
November 28, 2013, 10:16:11 AM
For example - if you invest 3000usd into blackarrow prospero x-1
you will get after 1 year around 3800usd and only if you have 0 power costs.
And later that, after 1 year all the mining rig will be outdated to provide any income.
http://mining.thegenesisblock.com/a/c161b05878
Or there is something wrong with this calculator?!
you will get after 1 year around 3800usd and only if you have 0 power costs.
And later that, after 1 year all the mining rig will be outdated to provide any income.
http://mining.thegenesisblock.com/a/c161b05878
Or there is something wrong with this calculator?!
Dont use The Genesis Block calculator its sucks!
November 28, 2013, 09:37:19 AM
As far as I can tell, the calculator seems to be working fine.
I think you aren't realistic. You are expecting your mining rig to be a money making machine for ever. The problem is everyone realizes the profitability of mining. As you can see in the calculator the difficulty is expected to rise with 110% every month. So after a year the mining difficulty would have risen with roughly 1500%, which would of course impact the profitability of your mining rig.
Some notes on the calculation:
- you are calculating with 0 $/kWh.
- you expect the price of bitcoin to remain at 1100$ for the rest of the year? Seems unlikely. Many miners expect to generate profit due to the future price of bitcoin.
- you should take in mind the mining rig still has value after the mining isn't profitable any more for you. Selling it will increase your profit even more.
Risks are of course potential pricedrops of bitcoin and an even steeper increase of the mining difficulty. No risk = no profit.
Even besides these points, you are generating 3800 USD worth of bitcoin, with an 3000 USD investment: a ROE of 25% + residual value of your rig. This profit is in BTC (assuming you don't immediately cash-out), so on top of this profit you would also benefit of the increasing value of Bitcoin.
http://mining.thegenesisblock.com/a/65573407e1
I think you aren't realistic. You are expecting your mining rig to be a money making machine for ever. The problem is everyone realizes the profitability of mining. As you can see in the calculator the difficulty is expected to rise with 110% every month. So after a year the mining difficulty would have risen with roughly 1500%, which would of course impact the profitability of your mining rig.
Some notes on the calculation:
- you are calculating with 0 $/kWh.
- you expect the price of bitcoin to remain at 1100$ for the rest of the year? Seems unlikely. Many miners expect to generate profit due to the future price of bitcoin.
- you should take in mind the mining rig still has value after the mining isn't profitable any more for you. Selling it will increase your profit even more.
Risks are of course potential pricedrops of bitcoin and an even steeper increase of the mining difficulty. No risk = no profit.
Even besides these points, you are generating 3800 USD worth of bitcoin, with an 3000 USD investment: a ROE of 25% + residual value of your rig. This profit is in BTC (assuming you don't immediately cash-out), so on top of this profit you would also benefit of the increasing value of Bitcoin.
http://mining.thegenesisblock.com/a/65573407e1
November 28, 2013, 08:27:54 AM
For example - if you invest 3000usd into blackarrow prospero x-1
you will get after 1 year around 3800usd and only if you have 0 power costs.
And later that, after 1 year all the mining rig will be outdated to provide any income.
http://mining.thegenesisblock.com/a/c161b05878
Or there is something wrong with this calculator?!
you will get after 1 year around 3800usd and only if you have 0 power costs.
And later that, after 1 year all the mining rig will be outdated to provide any income.
http://mining.thegenesisblock.com/a/c161b05878
Or there is something wrong with this calculator?!
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