Today finished at +24%.
Nice!
Nice!
I had a few words for it none of them were nice. But wow if we can raise it 25 percent during this difficulty does anyone else find that scary? That just scares me thinking about it even being possible.
This one is going to hurt.
Thinking of buying miners in the next 5 months is a crazy gambling move. The reference points won't be the same. A 4 TH/s miner will be considered like and S1 today. The new chips developped by Bitfury, Bitmain and others (yes, there are more) will mark new standards.
As a miner, it's freaking me out. The only thing we can do is accept it. That's the evolution of mining.
The problem that worries me the most is the disagreements in the community (that includes devs, merchants, miners, etc.) about several foundamental things (including scaling). That could have a devastating effect on BTC price and on us, miners.
this mining in exahashes makes the whole POW scheme looking silly.
Phil calculated it somewhere as a response to my post. Basically, it goes like this:
1024 PH/s are used to support just 200,000 transactions/day, which means 5.12TH/transaction a day.
So, at least one S7 costing ~$1000 (average price over last 3-4 mo) or more is used to support ONE measly transaction a day.
If this is not an overkill, then I don't know what is.
So lets think positive and BTC is grossly under priced.
144 blocks need to do 10,000 transactions each this would justify the firepower we now have.
So we will crash or take off really soon.
10,000 transactions per block if each fee were 0.0001 would be 1btc in fees per block
10,000 transactions per block if each fee were 0.00005 would be 0.5 btc in fees per block
without transaction growth this is simply not going to work.
I like you positive thinking and I agree that btc is underpriced, but we (miners) seem to have no control over this, apparently.
interesting times...so we need transactions going exponential, but they are not (at least not yet).
something is not working overall...maybe the populace is too skeptical of bitcoin.
I am fine with that, but why the heck we build up so much hashing power basically in the absence of demand.
recent increases are cringeworthy and smack of a lack of understanding how it might affect everyone.
Maybe it is a play for power on Bitfury's/Bitmain's part and we just got to be on the receiving end of what is essentially amounts to a devastation.
I still wonder if part of reason for under priced BTC is big operations dumping BTC for fiat and paying off new miners. I think someone is adding a lot of hash and likely is selling a ton of BTC to pay for the new gear. Which company or companies it is would be interesting to know and amounts.
But I think big operations mining and needing fiat could be part of why btc is so under priced. And a lot of big operations are able to sell it at that and still make big profits so I guess more power to them.
They are strip mining as fast and as hard as they can. They are also selling as much gear as possible.
They see a ditch on the highway.
The 1/2 ing. So they are figuring make every fucking penny they can before the coins rewards drop.
I am willing to lose in a crash somewhat. But not more then 10k.
My limit in btc is 10k spread around . I have 4400 in gear and 10 coins at the moment.
If buy solar gets the 60kwatt array done I will add some more gear and run it with him..
