No ASIC anywhere will ever be idle. If it does not recoup electricity costs, they will just sell them to someone who can mine for free at work. They will never go offline, and the diff will never drop again.
When GPU's were usable, it could drop because the cards could be retasked. Not so with asics.
Topic: Now that Bitcoin prices just plummeted,what will happen to difficulty adjustment - page 2. (Read 4141 times)
December 18, 2013, 08:39:06 AM
December 18, 2013, 08:19:35 AM
There are those who mine for present value, and those who mine for future value. As long as people are mining for a future value they have in their head, they will not stop mining. To them, if they think the price is $10,000 per coin, they will keep mining until their cost is higher than that
December 18, 2013, 08:05:44 AM
With ordered miners i don't expect much changes. But with lots off people that got a few 5 ghz miners or 10 20 if all those people turn them off earlyer then it has effect. A buddy off mine is already seeing effect in mining.
Want to watch the same effect go back to the gpu age when a btc was 30$ i thought and dropped to almost 6$ for a few months. Then the hash power slowed down temporary.
Want to watch the same effect go back to the gpu age when a btc was 30$ i thought and dropped to almost 6$ for a few months. Then the hash power slowed down temporary.
December 18, 2013, 08:00:49 AM
Try not to get too emotional.
I'm interested in how things work. Hypothetically what about a huge crash, from like $1000 down to $50 or something. That would force a lot of a miners off.
I'm interested in how things work. Hypothetically what about a huge crash, from like $1000 down to $50 or something. That would force a lot of a miners off.
December 18, 2013, 07:45:24 AM
Oh god, "frozen blockchain state" are you fucking kidding me?
This crash is no bigger or different than April...did the difficulty or mining stop then?
Cut it out with the "running around like a chicken with your head cut off" routine and think a bit.
My miners will be running 24/7 until the cost efficiency is negative...and then I will mine some more.
No one is turning off their ASIC because of this crash. I don't care what the price is, my only goal as a miner is to obtain more XBT so when it goes back up....and as inevitably as the tide it will...I am holding as much as I can get my hands on.
This crash is no bigger or different than April...did the difficulty or mining stop then?
Cut it out with the "running around like a chicken with your head cut off" routine and think a bit.
My miners will be running 24/7 until the cost efficiency is negative...and then I will mine some more.
No one is turning off their ASIC because of this crash. I don't care what the price is, my only goal as a miner is to obtain more XBT so when it goes back up....and as inevitably as the tide it will...I am holding as much as I can get my hands on.
December 18, 2013, 07:34:47 AM
Unless I'm mistaken, if the price drops enough that it makes it untenable to mine, then miners will pull the plug. The difficulty won't drop until the 2000 blocks are found. If mining slows, then that could take a long time at the higher difficulty. It could take a long time for transactions to confirm. This may be an unintended attack on the Bitcoin network.
This is what I was wondering. This could potentially put us in a frozen blockchain state...
A solution could be to have the blockchain re-adjust after 2016 blocks OR after 2 weeks, whichever is sooner. Wouldn't that solve the problem? This would at least allow the blockchain to unfreeze itself. Has this already been suggested?
December 18, 2013, 07:18:28 AM
Unless I'm mistaken, if the price drops enough that it makes it untenable to mine, then miners will pull the plug. The difficulty won't drop until the 2000 blocks are found. If mining slows, then that could take a long time at the higher difficulty. It could take a long time for transactions to confirm. This may be an unintended attack on the Bitcoin network.
December 18, 2013, 07:16:11 AM
Unless the electricity to run the miners costs more than the BTC they generate, people will run them.
legendary
Activity: 1862
Merit: 1011
Reverse engineer from time to time
December 18, 2013, 07:11:07 AM
Now that Bitcoin prices just plummeted, what will happen to difficulty adjustment?
Per http://bitcoindifficulty.com it is currently at 908 million and predicted to hit 1 billion difficulty.
Because of the massive Bitcoin price decrease won't many miners stop mining? And won't this mean less hash rate, but a super high difficulty?
How quickly does Bitcoin adjust for something like this crash?
Most people ordered their miners before the price skyrocketed. I am sure they will mine and the difficulty wouldn't drop. Per http://bitcoindifficulty.com it is currently at 908 million and predicted to hit 1 billion difficulty.
Because of the massive Bitcoin price decrease won't many miners stop mining? And won't this mean less hash rate, but a super high difficulty?
How quickly does Bitcoin adjust for something like this crash?
December 18, 2013, 07:05:58 AM
Now that Bitcoin prices just plummeted, what will happen to difficulty adjustment?
Per http://bitcoindifficulty.com it is currently at 908 million and predicted to hit 1 billion difficulty.
Because of the massive Bitcoin price decrease won't many miners stop mining? And won't this mean less hash rate, but a super high difficulty?
How quickly does Bitcoin adjust for something like this crash?
Per http://bitcoindifficulty.com it is currently at 908 million and predicted to hit 1 billion difficulty.
Because of the massive Bitcoin price decrease won't many miners stop mining? And won't this mean less hash rate, but a super high difficulty?
How quickly does Bitcoin adjust for something like this crash?
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