new bitcoin difficulty to 263,358,983 and future profitability of mining - page 3.

lightfoot

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I fix broken miners. And make holes in teeth :-)

Quote from: Puppet on October 16, 2013, 10:26:51 AM

Ill grant the exception for electrical heating that lightfoot pointed out, but anyone heating electrically probably didnt do the math on that either.

Depends. My house is heated with radiant heat and a nice fireplace insert on the lower level. Top top level can get cool, so instead of running the radiant up there it's more economical to use an electric heater in the room I am in. Erupters do that well :-)

Just need to get them for free. Soon enough it will happen; I'm impressed with the number of BFL FPGAs popping up on Ebay.

Cluster2k

legendary

Activity: 1692

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Quote from: Leehoya on October 16, 2013, 05:00:29 AM

Goodbye BFL 5GH miners. Was about to buy cex.io ghashes but on a second thought, no.

If BFL 5Gh miners are paying US$1.20 per kWh for electricity, sure. Otherwise I suspect it's going to be profitable for quite a while longer than you imagine.

niothor

hero member

Activity: 826

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in defi we trust

Quote from: mogrith on October 16, 2013, 04:06:59 PM

Quote

"2, 3, 5 and 7 are the first four prime numbers."

"Maybe. We'll see."

Jesus.

1 isn't prime?

Nope:)

mogrith

legendary

Activity: 1470

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Use Coinbase Account almosanywhere with Shift card

Quote

"2, 3, 5 and 7 are the first four prime numbers."

"Maybe. We'll see."

Jesus.

1 isn't prime?

Nancarrow

hero member

Activity: 492

Merit: 503

Quote from: sLide. on October 16, 2013, 10:24:00 AM

Quote from: niothor on October 16, 2013, 10:05:51 AM

If in 3 minutes 3 people say you're doing it wrong , maybe you're really doing it the wrong way

Maybe. We'll see.

"2, 3, 5 and 7 are the first four prime numbers."

"Maybe. We'll see."

Jesus.

I will add that, apart from electric heating, there is one other reason one might wish to mine at a loss - to play one's part in securing the bitcoin network. If the electricity bill for the miner is sufficiently small (which it will be for a low-end asic, such as a USB miner or 1st gen AM blade, jalapeno, BFL single), one may wish to simply keep it going to contribute to the network hash rate. In that case one should view the electricity bill as a fee for participating in Bitcoin, and any mining proceeds as a partial subsidy or rebate on the fee. Anyway this is probably what I'll be doing with my 1st gen AM blade when the inevitable happens (which looks like Jan/Feb 2014 at the rate things are going).

Nancarrow

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Quote from: Mik on October 16, 2013, 01:43:44 PM

The thing is, that when all those miners begin to realize, that mining is absolutely NOT profitable anymore, but in contrary creates big losses, because you always will be too late when you receive your miner, BTC will also die, because nobody is hashing anymore!!!

That's the bug in the system Embarrassed

I have one word for you, just one word:

Equilibrium.

(though Buffer Overflow's is also a pretty good word)

Badonkadonk

hero member

Activity: 560

Merit: 500

Quote from: greyhawk on October 16, 2013, 01:53:34 PM

Quote from: sLide. on October 16, 2013, 09:51:35 AM

I've said this 100 times before. You shouldn't power off your miners ever. Even if you are running in the red. It's not about the immediate compensation. Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded. Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins. A total mass of BitCoins that can not be exceeded. You can't mine more after that. So keep your miners running until that day happens. Every fraction of a bitcoin you find, it will be worth something, someday. That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.

You know what runs on the same principle? The Christian faith.

oh god, you made my year! i love you! Cheesy

greyhawk

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Quote from: sLide. on October 16, 2013, 09:51:35 AM

I've said this 100 times before. You shouldn't power off your miners ever. Even if you are running in the red. It's not about the immediate compensation. Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded. Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins. A total mass of BitCoins that can not be exceeded. You can't mine more after that. So keep your miners running until that day happens. Every fraction of a bitcoin you find, it will be worth something, someday. That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.

You know what runs on the same principle? The Christian faith.

Buffer Overflow

legendary

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Quote from: Mik on October 16, 2013, 01:43:44 PM

The thing is, that when all those miners begin to realize, that mining is absolutely NOT profitable anymore, but in contrary creates big losses, because you always will be too late when you receive your miner, BTC will also die, because nobody is hashing anymore!!!

*facepalm*

Mik

newbie

Activity: 18

Merit: 0

The thing is, that when all those miners begin to realize, that mining is absolutely NOT profitable anymore, but in contrary creates big losses, because you always will be too late when you receive your miner, BTC will also die, because nobody is hashing anymore!!!

That's the bug in the system Embarrassed

hulk

sr. member

Activity: 392

Merit: 250

Quote from: vulgartrendkill on October 16, 2013, 08:25:47 AM

Quote from: corsaro on October 16, 2013, 08:22:27 AM

Quote from: vulgartrendkill on October 16, 2013, 08:19:00 AM

Quote from: corsaro on October 16, 2013, 08:15:11 AM

Quote

Agreed. With increased difficulty comes increased bitcoin price.

I think not. Every 10 days, are mined about 2450 blocks, for a total of 61,250 bitcoins; The whole bitcoin exctracted until now, are more then 11,000,000
a so small mined quantity every 10 days (61,250) cannot influence the bitcoin price considering on the market there are more then 11,000,000 bitcoins

I think I more pointing towards the increased demand for bitcoins being the deciding factor. I could be wrong, but I see btc going above £120 soon.

yes, you are right. It is the bitcoin demand, who regulates the price on the market. Mining activities, have a small influence on the price

The real question is, at which point do people start powering off their equipment because its just not worth it anymore because its too expensive compared to income.

Soon, I bet few more difficulty rise and USB eruptor can't even pay off its electricity charges although its only 2.5watt. But it counts...

sLide.

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Activity: 170

Merit: 100

Quote from: hulk on October 16, 2013, 10:31:41 AM

Quote from: sLide. on October 16, 2013, 09:51:35 AM

I've said this 100 times before. You shouldn't power off your miners ever. Even if you are running in the red. It's not about the immediate compensation. Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded. Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins. A total mass of BitCoins that can not be exceeded. You can't mine more after that. So keep your miners running until that day happens. Every fraction of a bitcoin you find, it will be worth something, someday. That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.

It's been the plan, the entire time that difficulty will increase at rapid rates when more & more people join, when ASIC becomes the norm and when whatever replaces that after. You just need to step back and see where you fit into the plan. This plan was set in motion some time ago, and it's unfolding beautifully.

Cool

Well, if you can't pay off your electricity. Why not just power off your miners and use the so call electricity bills to buy additional Bitcoin. Or even better just sell away those miners all together and put all of them into BTC.

If you do go this route, that's what I would do if I sold my mining equipment. Just reinvest what I pay in electric for them into additional bitcoins.

sLide.

full member

Activity: 170

Merit: 100

Quote from: Puppet on October 16, 2013, 10:26:51 AM

Quote from: sLide. on October 16, 2013, 10:24:00 AM

Maybe. We'll see.

Sounds like you wont.

Even if bitcoin goes x1000 you will think you made the right decision while anyone with a brain would have understood you could have bought more bitcoins than you mined with the same amount of dollars spent on electricity, and they would go x1000 just as well.

Ill grant the exception for electrical heating that lightfoot pointed out, but anyone heating electrically probably didnt do the math on that either.

You fatcat's need poor people , so I'll fill that role.

hulk

sr. member

Activity: 392

Merit: 250

Quote from: sLide. on October 16, 2013, 09:51:35 AM

I've said this 100 times before. You shouldn't power off your miners ever. Even if you are running in the red. It's not about the immediate compensation. Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded. Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins. A total mass of BitCoins that can not be exceeded. You can't mine more after that. So keep your miners running until that day happens. Every fraction of a bitcoin you find, it will be worth something, someday. That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.

It's been the plan, the entire time that difficulty will increase at rapid rates when more & more people join, when ASIC becomes the norm and when whatever replaces that after. You just need to step back and see where you fit into the plan. This plan was set in motion some time ago, and it's unfolding beautifully.

Cool

Well, if you can't pay off your electricity. Why not just power off your miners and use the so call electricity bills to buy additional Bitcoin. Or even better just sell away those miners all together and put all of them into BTC.

Puppet

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Activity: 980

Merit: 1040

Quote from: sLide. on October 16, 2013, 10:24:00 AM

Maybe. We'll see.

Sounds like you wont.

Even if bitcoin goes x1000 you will think you made the right decision while anyone with a brain would have understood you could have bought more bitcoins than you mined with the same amount of dollars spent on electricity, and they would go x1000 just as well.

Ill grant the exception for electrical heating that lightfoot pointed out, but anyone heating electrically probably didnt do the math on that either.

sLide.

full member

Activity: 170

Merit: 100

Quote from: niothor on October 16, 2013, 10:05:51 AM

Quote from: sLide. on October 16, 2013, 09:51:35 AM

I've said this 100 times before. You shouldn't power off your miners ever. Even if you are running in the red. It's not about the immediate compensation. Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded. Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins. A total mass of BitCoins that can not be exceeded. You can't mine more after that. So keep your miners running until that day happens. Every fraction of a bitcoin you find, it will be worth something, someday. That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.

It's been the plan, the entire time that difficulty will increase at rapid rates when more & more people join, when ASIC becomes the norm and when whatever replaces that after. You just need to step back and see where you fit into the plan. This plan was set in motion some time ago, and it's unfolding beautifully.

Cool

If in 3 minutes 3 people say you're doing it wrong , maybe you're really doing it the wrong way

Maybe. We'll see.

lightfoot

legendary

Activity: 3164

Merit: 2258

I fix broken miners. And make holes in teeth :-)

The correct way to look at one's 8gh jally or block erupters is as heating elements. It costs the same amount to run them as a 100 watt heater, and the heat output is pretty much the same.

So logically you're running a heater that can also make a tiny amount of money. As long as the equipment requires zero maintenance and it's cool outside there should be no problem. Now in the spring when the AC units come online it's stupid. Then you use them to heat water for your house.

As for being surprised, no trick there. Bitcoin is a perfect market, and as such it is impossible to make a long term profit on mining. I broke even on my device only because I paid for it in Jan, got it in end of August, and jacked it from 5gh to 7.5. Anyone who bought after me lost, and those slobs who didn't get their miners yet totally lost.

C

niothor

hero member

Activity: 826

Merit: 501

in defi we trust

Quote from: sLide. on October 16, 2013, 09:51:35 AM

I've said this 100 times before. You shouldn't power off your miners ever. Even if you are running in the red. It's not about the immediate compensation. Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded. Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins. A total mass of BitCoins that can not be exceeded. You can't mine more after that. So keep your miners running until that day happens. Every fraction of a bitcoin you find, it will be worth something, someday. That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.

It's been the plan, the entire time that difficulty will increase at rapid rates when more & more people join, when ASIC becomes the norm and when whatever replaces that after. You just need to step back and see where you fit into the plan. This plan was set in motion some time ago, and it's unfolding beautifully.

Cool

If in 3 minutes 3 people say you're doing it wrong , maybe you're really doing it the wrong way

Ekaros

hero member

Activity: 728

Merit: 500

Quote from: sLide. on October 16, 2013, 09:51:35 AM

I've said this 100 times before. You shouldn't power off your miners ever. Even if you are running in the red. It's not about the immediate compensation. Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded. Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins. A total mass of BitCoins that can not be exceeded. You can't mine more after that. So keep your miners running until that day happens. Every fraction of a bitcoin you find, it will be worth something, someday. That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.

It's been the plan, the entire time that difficulty will increase at rapid rates when more & more people join, when ASIC becomes the norm and when whatever replaces that after. You just need to step back and see where you fit into the plan. This plan was set in motion some time ago, and it's unfolding beautifully.

Cool

The correct move is to get what you can get for your hardware and then invest that to bitcoin.

I believe in most cases that would outpeform mining in long term...

niothor

hero member

Activity: 826

Merit: 501

in defi we trust

Quote from: sLide. on October 16, 2013, 09:51:35 AM

I've said this 100 times before. You shouldn't power off your miners ever. Even if you are running in the red. It's not about the immediate compensation. Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded. Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins. A total mass of BitCoins that can not be exceeded. You can't mine more after that. So keep your miners running until that day happens. Every fraction of a bitcoin you find, it will be worth something, someday. That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.

It's been the plan, the entire time that difficulty will increase at rapid rates when more & more people join, when ASIC becomes the norm and when whatever replaces that after. You just need to step back and see where you fit into the plan. This plan was set in motion some time ago, and it's unfolding beautifully.

Cool

Or rather with the money spent on the electricity bill buy bitcoins.

Topic: new bitcoin difficulty to 263,358,983 and future profitability of mining - page 3. (Read 13643 times)