Four days to the halving. Who's giving up on mining?

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

Quote from: Gahs on July 15, 2016, 05:51:20 AM

No one.

Miners will just get smarter.

They will mine altcoins and exchange them for bitcoins.

I am not sure there are miners that can mine bitcoins and certain altcoins as well. If there were, it would be fabulous!

This.

Peercoin was occasionally above the profitability of BTC, and the day the halving came, difficulty exploded. The profitability of PPC is still above BTC, but the difficulty is actually starting to go down. Note that almost everybody with old miners have begun to do this or leave altogether, which is why the hashrate's going down. Not everybody is completely shutting down, hashrate has simply moved elsewhere.

Gahs

sr. member

Activity: 294

Merit: 250

Minter

No one.

Miners will just get smarter.

They will mine altcoins and exchange them for bitcoins.

I am not sure there are miners that can mine bitcoins and certain altcoins as well. If there were, it would be fabulous!

Gohs

full member

Activity: 149

Merit: 100

send &receive money instantly with no hidden cost

This might mean that btc miners will close shop and go mine some budding altcoin like XRP or dodgecoin till those ones become less profitable.

This could also mean that the amount of btc in circulation will not change much and the price will be relatively stable for a long while... not bad for the economy.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Every time we halve we go through this. Roll Eyes

Mining will always settle on the smallest profitable fee. It might not be as much what some miners want, but it is all they are going to get.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: Dadiansun on July 08, 2016, 09:53:17 AM

Quote from: Xircom on July 06, 2016, 08:00:36 AM

Either you are in long term on the BTC game or you are out. BTC is a comercial game being runned by Chinese. You need to spend at least 50-100K on new generation gear every half a year to follow up on the farms in China, but you will never be as big becasue of power prices.

If the Chinese do not see this and react, it will evntual be the death of BTC because of centralisation, but kick me if the Chinese hasnt already seen that in the mirror.

The Bitmain CEO said 30-40% of the miners are exported. So there will be less concentration in the future.

Do you have the source on this one? Also what was date out of curiosity? I have not see Bitmain talk about sells numbers much so would be interesting to read this.

The problem with less concentration is the same places have low electricity price for the most part. That does not change on having low electricity so I don't see a big surge in less concentrated but I would be happy to be wrong.

Dadiansun

newbie

Activity: 27

Merit: 0

Quote from: Xircom on July 06, 2016, 08:00:36 AM

Either you are in long term on the BTC game or you are out. BTC is a comercial game being runned by Chinese. You need to spend at least 50-100K on new generation gear every half a year to follow up on the farms in China, but you will never be as big becasue of power prices.

If the Chinese do not see this and react, it will evntual be the death of BTC because of centralisation, but kick me if the Chinese hasnt already seen that in the mirror.

The Bitmain CEO said 30-40% of the miners are exported. So there will be less concentration in the future.

Xircom

legendary

Activity: 938

Merit: 1000

For sure the BTC price is too high at the moment. The Halving has an effect short term, but the real price of BTC will be around 450-500 $
If we look at the BTC Price most of 2015, we has a price range going from 220,- $ to 280,-$ and that price range survived almost a year and the diff increase was almost flat.
After halving we will see the price settle in that area of 500-550 $ (is my guess) and go from there until next hype or Halving with some small bumps on the road.
Either you are in long term on the BTC game or you are out. BTC is a comercial game being runned by Chinese. You need to spend at least 50-100K on new generation gear every half a year to follow up on the farms in China, but you will never be as big becasue of power prices.

If the Chinese do not see this and react, it will evntual be the death of BTC because of centralisation, but kick me if the Chinese hasnt already seen that in the mirror.

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

Well, for starters, the price of bitcoin is WAY too low, we'll be seeing smaller profits than we were expecting, and it looks like BTC won't rise like we thought, but instead stagnate near 700. Looks like difficulty will drop quite a bit, and hashrate will drop as well when the S7's and Avalons don't make anything. There's nothing to push the increase of bitcoin besides the halving itself, and some people will keep pushing until they see the negative roi in their face.

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

No, I amn't giving up on mining. I will mine while I am earning something. I would just keep my antminers running. I think that after block reward, many people will sell their bitcoin and price will get down, so I think giving up on mining isn't good if you earn at least something.

Cuidler

sr. member

Activity: 294

Merit: 250

Quote from: helloeverybody on July 06, 2016, 01:40:40 AM

Before stopping any of your miners its worth bearing in mind that the last halving it took something like a couple of months before we actually got a price increase, It may be the same this time around as well. If not then surely miners could still be run with the speculative view that bitcoin will rise in price in the future?

Maybe home miners who dont care about operational costs because this electricity cost represent very small amount in the home budget anyway, but those who tread mining as a business and running many mining units must be in profit because they must pay big electricity operational costs, and it would make more sence to speculate by buying Bitcoins at exchange instead and pay for the Bitcoin less this way.

But one or two weeks mining at loss might be the max before switching off for such miners, so I dont expect much switching off first few blocks right after the halving, it takes time to react. But waiting many months at operational loss is not very likely to happen.

helloeverybody

legendary

Activity: 1008

Merit: 1000

★YoBit.Net★ 350+ Coins Exchange & Dice

Before stopping any of your miners its worth bearing in mind that the last halving it took something like a couple of months before we actually got a price increase, It may be the same this time around as well. If not then surely miners could still be run with the speculative view that bitcoin will rise in price in the future?

gbBit

member

Activity: 84

Merit: 10

Quote from: philipma1957 on July 05, 2016, 06:47:39 AM

Quote from: Daifotis on July 05, 2016, 05:02:37 AM

Quote from: bomberb17 on July 05, 2016, 04:59:09 AM

Those with 'free' electricity will continue mining for ever.
Those with paid electricity will shut their miners down if its less efficient than a S7.

Do you think with just a free electricity, mining is just as easy as what you think?

How about the maintenance? how many rigs they have? Current mining difficulty? Place or location?

Asics run fairly easy and trouble free.

A simple downclock of freq allows for longer running with less burnouts.

Here is an s-9 batch 4 clock is 462 not 600

I ran an s-7 batch 2 on a downclock in a 2 cent- 3 cent power setup for 9 months it needed 2 restarts in 9 months.
Since it was in a place that needed the heat it was pretty close to maintenance free.
It cost 15 usd a month to run it at 2 cent and 22.50 to run it at 3 cent.

Many people have setups like this 1 or 2 machines at 0 or no cost to run and they can use the heat the gear makes.

I have a S3 mining on "free to me" electricity and I'm thinking of getting a S9 and and down-clocking it as Phil mentions here due to the amount mined after halving will be so insignificant.

ZedZedNova

sr. member

Activity: 475

Merit: 265

Ooh La La, C'est Zoom!

Quote from: unholycactus on July 05, 2016, 05:33:21 PM

Unless your miners are so inefficient that they have trouble reaching the minimum payout of your pool, I would just keep them running.

This is when lottery mining kicks in, although I would't want to be lottery mining with a 1,500 watt miner, unless you use the heat from the lottery miner to heat your room/house/whatever.

Cheers,

- zed

unholycactus

legendary

Activity: 1078

Merit: 1024

Quote from: Daifotis on July 05, 2016, 05:02:37 AM

Quote from: bomberb17 on July 05, 2016, 04:59:09 AM

Those with 'free' electricity will continue mining for ever.
Those with paid electricity will shut their miners down if its less efficient than a S7.

Do you think with just a free electricity, mining is just as easy as what you think?

How about the maintenance? how many rigs they have? Current mining difficulty? Place or location?

Just like philipma said, if you only have a few miners, once they are set up it's not much trouble. So people will indeed continue to mine.
Unless your miners are so inefficient that they have trouble reaching the minimum payout of your pool, I would just keep them running.

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

Quote from: Daifotis on July 05, 2016, 05:02:37 AM

Quote from: bomberb17 on July 05, 2016, 04:59:09 AM

Those with 'free' electricity will continue mining for ever.
Those with paid electricity will shut their miners down if its less efficient than a S7.

Do you think with just a free electricity, mining is just as easy as what you think?

How about the maintenance? how many rigs they have? Current mining difficulty? Place or location?

Asics run fairly easy and trouble free.

A simple downclock of freq allows for longer running with less burnouts.

Here is an s-9 batch 4 clock is 462 not 600

I ran an s-7 batch 2 on a downclock in a 2 cent- 3 cent power setup for 9 months it needed 2 restarts in 9 months.
Since it was in a place that needed the heat it was pretty close to maintenance free.
It cost 15 usd a month to run it at 2 cent and 22.50 to run it at 3 cent.

Many people have setups like this 1 or 2 machines at 0 or no cost to run and they can use the heat the gear makes.

Daifotis

newbie

Activity: 49

Merit: 0

Quote from: bomberb17 on July 05, 2016, 04:59:09 AM

Those with 'free' electricity will continue mining for ever.
Those with paid electricity will shut their miners down if its less efficient than a S7.

Do you think with just a free electricity, mining is just as easy as what you think?

How about the maintenance? how many rigs they have? Current mining difficulty? Place or location?

bomberb17

hero member

Activity: 773

Merit: 528

Those with 'free' electricity will continue mining for ever.
Those with paid electricity will shut their miners down if its less efficient than a S7.

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

12.50

6.25 in four years

3.125 in eight years

1.6125 in twelve years

0.80625 in sixteen years

0.403125 in twenty years

0.2016125 in twentyfour years. I will be eighty three years old

0.10080625 in twenty eight years. I will be eighty seven years old

It will be interesting if some one digs up this thread and posts to it in the further future. Say 12 years from now.

If btc is still doing well I would think coins will be 10000 or more.

alh

legendary

Activity: 1846

Merit: 1052

Quote from: Posum578 on July 04, 2016, 05:25:51 PM

If only halving dorm 25 to 12.5 make miners quit from mining
What will happen if block reward already 0 and miner only get from transaction fee, is there will be no miners?

Price wouldn low, because only miners whoo will decide to sell i and ofcourse they will not sell it for low price

Just to be clear, the BTC "reward" per block won't fall to less than 1 BTC for about 16 YEARS. It's not clear to me if it gets to zero ever, it might just continue to shrink to near nothing, but NOT actually zero. I don't completely understand the really "way out" scenarios, but it will certainly become insignificant (or irrelevant) long before then. I'll be long dead by then, as I expect many folks on here will.

Posum578

sr. member

Activity: 336

Merit: 250

If only halving dorm 25 to 12.5 make miners quit from mining
What will happen if block reward already 0 and miner only get from transaction fee, is there will be no miners?

Price wouldn low, because only miners whoo will decide to sell i and ofcourse they will not sell it for low price

Topic: Four days to the halving. Who's giving up on mining? (Read 2327 times)