Intersting statistics on mining and profitability

picolo

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Quote from: puzzel.me on November 10, 2014, 08:46:43 AM

Quote from: johny08 on November 10, 2014, 07:27:45 AM

nov 2013 was a very special time to get rich. profitability is now down and difficulty will decrease slightly until next Asics generation coming out middle 2015. Then its again time to reinvest.

mining depends a lot on price of bitcoin, and so mining can still be profitable if btc orice goes up. Be optimistic, mining can also be profitable if you have free electricity(yes, some people do).

You need to have the hardware at a cheap price and cheap or free electricity but you want to make a BTC profit not only a USD profit that is smaller that the USD profit you would have made if you bought bitcoins

jdany

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Inspired

If it should repeat, I'll be thoroughly convinced that I don't know enough about this industry to play here.

vm_mpn

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Quote from: goozman96 on November 13, 2014, 12:45:37 PM

Correct me if I'm wrong, but I thought the price of Bitcoin was hovering in the ~$1000 region in November 2013, not $340 Huh

Yes, closer to the end of November... Would you believe that BTC price closed at $421.25 November 13, 2013, exactly one year ago? It would take another two weeks to reach $1k mark.

goozman96

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Correct me if I'm wrong, but I thought the price of Bitcoin was hovering in the ~$1000 region in November 2013, not $340 Huh

jdany

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Inspired

Since July, I think the low price of BTC helped squeeze another month or two out of mining.
Miners should be thankful for the BTC price.

mavericklm

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no we dont! the difficulty will go up to much!

Etanllah

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These are some pretty cool stats. We will need the bitcoin price to get back to the $500+ range. Things were much better back then

puzzel.me

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Quote from: johny08 on November 10, 2014, 07:27:45 AM

nov 2013 was a very special time to get rich. profitability is now down and difficulty will decrease slightly until next Asics generation coming out middle 2015. Then its again time to reinvest.

mining depends a lot on price of bitcoin, and so mining can still be profitable if btc orice goes up. Be optimistic, mining can also be profitable if you have free electricity(yes, some people do).

johny08

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nov 2013 was a very special time to get rich. profitability is now down and difficulty will decrease slightly until next Asics generation coming out middle 2015. Then its again time to reinvest.

vm_mpn

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This is a bit raw as statistics but should be close enough as a historical reference:

October 2013 KnC Jupiters started to ship: As you can see difficulty was still low enough for 580 GH/s+ miners to mint over 1.5 BTC / day
Bitcoin price was heading from $200 to over $1200 (would get there in less than 2 month):

Around a month later, November 2013 difficulty jumped up x3 with Bitcoin price hovering around $340

where 1TH/s miner would still yield you close to one coin a day. Those early KnC Jupiters would pay for themselves by now and were becoming money printing machines.

Today, a year later, you would need around 80TH/s miner to mint 1 BTC and consuming over 40KW of electricity per day with over $20,000 invested in hardware.

NOTE: A Big Thanks to https://bitcoinwisdom.com/bitcoin/difficulty and their wonderful stats and graphs.

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