Topic: BTC Mining Difficulty Year over Year Looks great thus Far (Read 931 times)

The gold rush is out west again (Washington State).  

Do you want to survive the block halving in style, my friend?  Go west young man!  Go west!

the ones who make the most money in a gold rush........

Thanks again, Valkir!

I was just about to edit the previous post I made to show how I was hanging the IBM 2880 watt PSU's for these fellow miners.

The next two pictures show you how I hanged the IBM 2880W PSU's with tie wraps to keep them off of the SP20's.  





Eight more IBM 2880W PSU's with breakout boards waiting for service:

This is awesome! Keep posting man 

Setup is getting better and better

That's why I'm moving to Washington State the last quarter of this year.  3.4 cents per kWH [in total] after fees and demand charge.

I'm adding 6.6 more TH/s today.  I got 6 S5's coming via UPS today.  I'm adding approximately 7 to  9 TH/s every month until the last quarter.  Investing an additional $100,000.00 in total in rigs by the end of the first quarter after arriving in Washington State.

Exactly, those with the cheapest electricity will rule over mining, regardless what is used to mine.  People seem content with razor thin, to zero profit margins, so no doubt when the 3rd gen rigs are released, the first ones released will ROI quickly, but the rest will be flooded out by massive industrial farms.

It's quite sad really that so many people will pay so much money to increase the mining rates when 3g comes out, resulting in everyone getting back to the same situation we have now...  ASICs producers win again.

I don't see that happening at all.  No matter what the power efficiency of the best miners, they'll get snatched up by people that have access to industrially priced power, and the difficulty/price will adjust to that.  Unless you're in a good situation, mining isn't going to make sense whether it's 1w/gh or 10w/gh. 

It is nice to see the difficulty slowing down.  Certainly makes sense since we're only doubling the power efficiency of our miners every few months vs back in the beginning days of ASICs where it was just a race to put out the next hardware as fast as possible. 

I thought miners would like to see the following good news developing every difficulty change:


Bitcoin difficulty on Mar 24 2014 was 5,006,860,589 [BTC-e $588.71].  On Mar 22 2015 it was 46,717,549,645 [BTC-e $266.36].  That means the difficulty rose 9.3 times more than what it was a year prior.

Bitcoin difficulty on Feb 17 2014 was 3,129,573,175 [BTC-e $612.00].  On Feb 22 2015 it was 46,684,376,317 [BTC-e $230.23].  That means the difficulty rose 14.9 times more than what it was a year prior.

Bitcoin difficulty on Jan 24 2014 was 2,193,847,870 [BTC-e $774.98].  On Jan 27 2015 it was 41,272,873,895 [BTC-e $252.58].  That means the difficulty rose 18 times more than what it was a year prior.

Bitcoin difficulty on Jan 02 2014 was 1,418,481,395 [BTC-e $782.00].  On Dec 30 2014 it was 40,640,955,017 [BTC-e $308.86].  That means the difficulty rose 29 times more than what it was a year prior.

Bitcoin difficulty on Nov 29 2013   was 707,408,283 [BTC-e $1,019.60].  On Dec 02 2014 it was 40,007,470,271 [BTC-e $377.50].  That means the difficulty rose 56.5 times more than what it was a year prior.

Bitcoin difficulty on Oct 26 2013 was 390,928,788 [BTC-e $171.37].  On Oct 23 2014 it was 35,985,640,265 [BTC-e $354.17].  That means the difficulty rose 92 times more than what it was a year prior.

Bitcoin difficulty on Sep 25 2013 was 148,819,200 [BTC-e $122.55].  On Sep 25 2014 it was 34,661,425,924 [BTC-e $401.91].  That means the difficulty rose 232.9 times more than what it was a year prior.

Bitcoin difficulty on Aug 24 2013 was 65,750,060 [BTC-e $106.34].  On Aug 31 2014 it was 27,428,630,902 [BTC-e $475.90].  That means the difficulty rose 417.1 times more than what it was a year prior.

Bitcoin difficulty on Jul 22 2013 was 31,256,961 [BTC-e $84.50].  On Jul 25 2014 it was 18,736,441,558 [BTC-e $594.47].  That means the difficulty rose 599.4 times more than what it was a year prior.

Bitcoin difficulty on Jun 29 2013 was 21,335,329 [BitStamp $88.83].  On Jun 29 2014 it was 16,818,461,371 [BitStamp $599.86].  That means the difficulty rose 788.3 times more than what it was a year prior.

The numbers above reveal at one time we had as much as a 788.3 times increase in difficulty over a year's time.  That number has reduced to 9.3 times more than what we had the year prior.

If you look at the numbers below [curtesy of https://bitcoinwisdom.com/bitcoin/difficulty] you can see what I see.  For example:  On Apr 29, 2014 the difficulty was 8,000,872,136.  Do you honestly think it will be close to 10 times that at 80 Billion a month from now on April 29, 2015?  
On May 24, 2014 the difficulty was 10,455,720,138.  Do you honestly think it will be close to 10 times that at 100.4 Billion this coming May 24th of 2015?
On Jun 29, 2014 the difficulty was 16,818,461,371.  Do you honestly think it will be close to 10 times that at 160.8 Billion on June 29, 2015?
On Aug 31, 2014 the difficulty was 27,428,630,902.  Does one really believe it will be close to 10 times this at 270.4 Billion on August 31, 2015?

The difficulty is 46.7 Billion at present.  I expect a network difficulty no higher than 55 Billion by May 24th of 2015  May 24, 2014 the difficulty was 10,455,720,138.  That would be an increase of 4.45 times what we had a year prior.  I can see only a 1.5 times more than what we had a year prior by November of 2015 IF the price of bitcoin continues at price levels between $235.00 and $335.00.

Mar 22 2015   46,717,549,645   -1.50%   334,417,246 GH/s
Mar 08 2015   47,427,554,951   1.59%   339,499,662 GH/s
Feb 22 2015   46,684,376,317   5.01%   334,179,783 GH/s
Feb 09 2015   44,455,415,962   7.71%   318,224,263 GH/s
Jan 27 2015   41,272,873,895   -6.14%   295,442,739 GH/s
Jan 12 2015   43,971,662,056   8.20%   314,761,417 GH/s
Dec 30 2014   40,640,955,017   3.00%   290,919,288 GH/s
Dec 17 2014   39,457,671,307   -1.37%   282,449,013 GH/s
Dec 02 2014   40,007,470,271   -0.73%   286,384,627 GH/s
Nov 18 2014   40,300,030,328   1.76%   288,478,854 GH/s
Nov 05 2014   39,603,666,252   10.05%   283,494,086 GH/s
Oct 23 2014   35,985,640,265   2.81%   257,595,247 GH/s
Oct 09 2014   35,002,482,026   0.98%   250,557,526 GH/s
Sep 25 2014   34,661,425,924   16.20%   248,116,151 GH/s
Sep 13 2014   29,829,733,124   8.75%   213,529,547 GH/s
Aug 31 2014   27,428,630,902   15.03%   196,341,788 GH/s
Aug 19 2014   23,844,670,039   20.86%   170,686,797 GH/s
Aug 08 2014   19,729,645,941   5.30%   141,230,307 GH/s
Jul 25 2014   18,736,441,558   8.08%   134,120,673 GH/s
Jul 12 2014   17,336,316,979   3.08%   124,098,191 GH/s
Jun 29 2014   16,818,461,371   24.93%   120,391,236 GH/s
Jun 18 2014   13,462,580,115   14.51%   96,368,902 GH/s
Jun 05 2014   11,756,551,917   12.44%   84,156,677 GH/s
May 24 2014   10,455,720,138   18.10%   74,844,960 GH/s
May 12 2014   8,853,416,309   10.66%   63,375,223 GH/s
Apr 29 2014   8,000,872,136   14.64%   57,272,474 GH/s
Apr 17 2014   6,978,842,650   14.04%   49,956,502 GH/s
Apr 05 2014   6,119,726,089   22.23%   43,806,706 GH/s

Yes, there is plenty of talk of the 3rd generation chips (rigs) coming out by the Summer of this year (2015).  The power efficiency and hash rate of these 3rd generation rigs remains to be seen.  Will 3rd generation rigs encourage miners who stopped mining to start back up again because of their power costs being above 15 cents per kWH?  More than likely.  Especially, if the price of bitcoin remains at the $235.00 to $335.00 level.  

If bitcoin price is higher than $335.00 by the end of November, 2015, we could definitely see more miners wanting to come back into the fray.  The only issue is will they be able to buy these 3rd generation rigs from those who will manufacture them?  The demand for power efficient 3rd generation rigs could be quite high.  The 3rd and 4th quarter of 2015 will be a very interesting year indeed for the miners.

Cheers miners!