I will say it's easier to find the hardware. Newegg isnt selling out of its cards as fast.(you see a few people bitten by this, expecting to turn over cards immediately for a profit)
lots of big rig sales in the market here in the forums.
Cards on ebay arent going for a premium anymore, and all the ads mention bitcoin and hash rates.
I believe a lot of people have already quit mining, but that their hardware is now in use by new miners who heard all the quick rich stories. The only reason why growth is flat is the new people are matching the old people leaving and optimization of the mining software.
the nice thing though, is if growth actually starts to decline we will see difficulty decreases. Right now it can go either way on the next difficulty change, and if it goes up it will be even smaller than the last time which wasnt much.
Probably didnt help but it isnt as profitable as it was, it isnt as easy as it was, but prices can change and so can difficulty
Topic: Is Mining REALLY worth it? - page 2. (Read 4592 times)
Honestly, I plan on flipping rigs after 30 days. The hardware has made me money, the depreciation on the hardware is just about nil over a month period from purchase price, and there will always be someone looking to buy up end computer parts a few dollars lower than retail if they can.
Also you gotta know when to expect newer hardware to enter the market. End of july and into mid august would be the WORST time to invest in mining cards due to AMD's next Gen cards coming out.
Alternatively, we don't know how well nVidia's cards will perform also, though I think both cams are running a die shrink of their current generation (40nm to 28nm.)
By that time, If I were to speculate... 5830's will flood the market as soon as we get to see what the HD7850 and HD7870 can do, and for a decent dollar at that.
I know I'll have sold the two 5830's I have before then end of august and hold onto cash for those guys, even if they're $300 a pop.
Also you gotta know when to expect newer hardware to enter the market. End of july and into mid august would be the WORST time to invest in mining cards due to AMD's next Gen cards coming out.
Alternatively, we don't know how well nVidia's cards will perform also, though I think both cams are running a die shrink of their current generation (40nm to 28nm.)
By that time, If I were to speculate... 5830's will flood the market as soon as we get to see what the HD7850 and HD7870 can do, and for a decent dollar at that.
I know I'll have sold the two 5830's I have before then end of august and hold onto cash for those guys, even if they're $300 a pop.
Only dedicated mining rigs are worth the effort
You would get more BTC by just buying BTC with the money required to build a rig (its lifetime ROI, hardware depreciation etc) from all the calculations I'v ever seen. Could you please provide one that proves otherwise (non static difficulty guestemation if possible) as I would find this very interesting, and have yet to see one (maybe I'v just been unlucky in that regard)
Currently I run two dedicated mining rigs 2,5GHash combined.
The miners are located at my office with the luxury of an electricity flatrate.
With the current exchange rate of 15.- USD/Btc it will take several month for me to reach the break-even with my investment into hardware.
If I had to pay for elektricity of the rigs things would be even worse.
All in all I will earn money some day. And the hardware - which makes for an excellent gaming rig - is paid for.
Even if do not count in the time it took to build and setup the rigs bitcoin mining is still some sort of a gamble.
Also the mining rigs need to be actively monitored.
So if you want to start mining only for the money you need to bring patience.
Only dedicated mining rigs are worth the effort. You will never make real money with your home computer and a single graphics card.
The miners are located at my office with the luxury of an electricity flatrate.
With the current exchange rate of 15.- USD/Btc it will take several month for me to reach the break-even with my investment into hardware.
If I had to pay for elektricity of the rigs things would be even worse.
All in all I will earn money some day. And the hardware - which makes for an excellent gaming rig - is paid for.
Even if do not count in the time it took to build and setup the rigs bitcoin mining is still some sort of a gamble.
Also the mining rigs need to be actively monitored.
So if you want to start mining only for the money you need to bring patience.
Only dedicated mining rigs are worth the effort. You will never make real money with your home computer and a single graphics card.
I am also mining just with my existing equipment as profitability is too low to justify new hw investments. I think that in fewweeks a lot of people will notice this and stop mining as it will be a net loss unless you have free electricity. Even now growth rate of mining is flattening... so next few weeks wil show us whether to mine or stop.
If the growth rate is flattening, it only follows that anyone currently turning a profit will continue to do so as the difficulty will not increase. Your logic is flawed, and power is essentially subsidized by the government. I need to see difficulty quadruple or the value drop 75% to get near the 'unprofitable' mark, and that is factoring in Tier 3 energy costs.
How many TH/s are you pushing out of curiousity?
Personally I think most people have only one or two mid range cards (many with much less), and feel its a waste of time having a computer on 24/7 - mining all week for $30 (£19 here), never mind much less. Iv got a 6990 and am about to pack it in (have started switching it off during the day). I mean it's profitable, but not worth it in my opinion - unless your pushing some major hashes.
From a standpoint of what my time is worth; its been a negative investment
I am also mining just with my existing equipment as profitability is too low to justify new hw investments. I think that in fewweeks a lot of people will notice this and stop mining as it will be a net loss unless you have free electricity. Even now growth rate of mining is flattening... so next few weeks wil show us whether to mine or stop.
If the growth rate is flattening, it only follows that anyone currently turning a profit will continue to do so as the difficulty will not increase. Your logic is flawed, and power is essentially subsidized by the government. I need to see difficulty quadruple or the value drop 75% to get near the 'unprofitable' mark, and that is factoring in Tier 3 energy costs.
I am also mining just with my existing equipment as profitability is too low to justify new hw investments. I think that in fewweeks a lot of people will notice this and stop mining as it will be a net loss unless you have free electricity. Even now growth rate of mining is flattening... so next few weeks wil show us whether to mine or stop.
The price is NOT tied to the difficulty. The two are only remotely related, and if you're telling yourself otherwise, you're joking.
The amount of bitcoins being traded in the entire economy is related to the price, and still only loosely. When the difficulty increases, less coins are generated - but it's only a drop in the bucket compared to the amount that already exist.
There are things called lagging indicators, and leading indicators - look them up. Difficulty is a distant lagging indicator, at best. Price at this point is determined by speculation and utility.
The amount of bitcoins being traded in the entire economy is related to the price, and still only loosely. When the difficulty increases, less coins are generated - but it's only a drop in the bucket compared to the amount that already exist.
There are things called lagging indicators, and leading indicators - look them up. Difficulty is a distant lagging indicator, at best. Price at this point is determined by speculation and utility.
I see people post videos on youtube about how they paid off thier equiptment in the first month, and i see the uploaded date in youtube saying it was just 1 month ago.... Right now, I have about the same specs as that guy, and I don't see me paying this equiptment off for at LEAST 4 months if not more as the Diff level increases.
1.) The guy posted, and had well over 300 BitCoings for 1 month of mining..
2.) He showed the Mt. Gox website at $28 per Bitcoin.
I know this doesn't exist anymore... Just really discouraged today i guess... Wanted to get everyones input on the future of mining.
1.) The guy posted, and had well over 300 BitCoings for 1 month of mining..
2.) He showed the Mt. Gox website at $28 per Bitcoin.
I know this doesn't exist anymore... Just really discouraged today i guess... Wanted to get everyones input on the future of mining.
what is the real value of a bit coin
aid2action
I see people post videos on youtube about how they paid off thier equiptment in the first month, and i see the uploaded date in youtube saying it was just 1 month ago.... Right now, I have about the same specs as that guy, and I don't see me paying this equiptment off for at LEAST 4 months if not more as the Diff level increases.
1.) The guy posted, and had well over 300 BitCoings for 1 month of mining..
2.) He showed the Mt. Gox website at $28 per Bitcoin.
I know this doesn't exist anymore... Just really discouraged today i guess... Wanted to get everyones input on the future of mining.
I know how you feel. I put together my rigs right after the last difficulty increase that made mining profitability decrease significantly. Oh well, I never thought I'd make a significant amount of money on this hobby anyway. 1.) The guy posted, and had well over 300 BitCoings for 1 month of mining..
2.) He showed the Mt. Gox website at $28 per Bitcoin.
I know this doesn't exist anymore... Just really discouraged today i guess... Wanted to get everyones input on the future of mining.
I lose money by mining, but I still do it anyway because I find it gratifying. I'm certainly not investing in specific pieces of equipment to do it either. For me it's much easier to sell products and services instead since mining a single coin for me takes over a week now.
I'm currently mining at a little over 1 Gh/s and it just feel's discouraging i guess.. I'm trying to think of products/services I can provide for people willing to pay in BitCoin. I guess I shouldn't put all of my eggs in one basket (mining)...
Over 1Gh/s? Think about us poor folk who can only manage to mine at 1/5 of that
I'm currently mining at a little over 1 Gh/s and it just feel's discouraging i guess.. I'm trying to think of products/services I can provide for people willing to pay in BitCoin. I guess I shouldn't put all of my eggs in one basket (mining)...
As a hobby and a participant of something bigger = Yes!
Hobbies are expensive sometimes. 
I am able to use some facilities (room, electricity, AC) from the firm where I work (IT), they are aware that I stock some "experiments" but that doesn't bother them a bit. I consider it as an extra bonus. Other than that, I wouldn't recommend investing in a rig right now. The electricity consumer prices where I live are simply outrageous!
That's what I thought, and that's why I'm confused as to why so many people keep getting into mining with it seemingly being a net loss at the moment.
I don't think that many people are as concerned with long term results as with short term profit, and short term profit wise it doesn't seem like the best choice to mine.
I don't think that many people are as concerned with long term results as with short term profit, and short term profit wise it doesn't seem like the best choice to mine.
Number of miners increase, difficulty increases 
Christ, difficulty already at 156 while the price stays the same
Is the system designed to go up in difficulty along with price or with the amount of mining going on?
Because if the amount of miners is what changes difficulty it doesn't seem logical that so many new people get into mining with the difficulty spiraling upwards as it is.
I'd imagine mining right now for any individual is a net-loss, all things considered.
Is the system designed to go up in difficulty along with price or with the amount of mining going on?
Because if the amount of miners is what changes difficulty it doesn't seem logical that so many new people get into mining with the difficulty spiraling upwards as it is.
I'd imagine mining right now for any individual is a net-loss, all things considered.
No, difficulty can drop. Miners strive for an average of 6 blocks solved per hour.
EDIT: reading your post more carefully: the system is designed to go up in difficulty with the amount of mining going on.
Mining success depends on the current difficulty rate.
My understanding is that miners do a check every two weeks on how many blocks were solved, and adjusts the difficulty to reach a consistent rate of six blocks per hour. Mining can be worthwhile when either the price of btc are high or the difficulty is low.
My understanding is that miners do a check every two weeks on how many blocks were solved, and adjusts the difficulty to reach a consistent rate of six blocks per hour. Mining can be worthwhile when either the price of btc are high or the difficulty is low.
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