Topic: STOP BUYING MINING HARDWARE - page 2. (Read 6088 times)
If people stop mining, bitcoin is dead.
Mining is not dead... I started with damn decent hash speeds when difficulty was 7 Billion... But now we HAVE entered the era of industrialized mining.
drop your 20 Peta hash in the arctic circle and pay peanuts for electricity... what is that you say? FEELS HOT INSIDE? It's cool bro open a fuckin window and... BOOM instant cooling lol
The only good news is a lot of companies are greedy so at least there will be competition in the Industrialized mining phase and no centralization due to the greed.
drop your 20 Peta hash in the arctic circle and pay peanuts for electricity... what is that you say? FEELS HOT INSIDE? It's cool bro open a fuckin window and... BOOM instant cooling lol
The only good news is a lot of companies are greedy so at least there will be competition in the Industrialized mining phase and no centralization due to the greed.
If Bitcoin mining doesn't exist then Bitcoin will not be so valuable as it will be exclusive to a small amount of people it would be probably stable at the current price.
So.. it really seems like altcoins is the best option for those who want to try (or continue) mining at home. And looks like it can be really profitable with high hashing power in hands ("for certain people", like klondike_bar said).
this thread is silly. mining can be profitable for certain people, but not everyone.
I started mining this time last year with a (~15BTC, paid in usd) bitfury, and shortly after Batch 1 (4.25) and Batch 2 (4.75) Antminer S1 products. They helped raise the capital to continue expansion.
now I have a small farm where the $2000 costs of wiring in 20kW, power supplies, PDUs, shelving, and power costs have been paid for entirely by the resale of hardware to $CAD, and I am currently running 8TH with roughly 20/24BTC from the initial hardware costs held in savings wallets.
at the current BTC prices and hardware prices though, it would be difficult for most equiment to return a profit unless your costs (power, space, and personal time) are under $0.10/kwh, unless you make some fairly liberal calculations about future BTC value and difficulty increases.
IMO difficulty is slowing down (remember the 8% and 3% only a few weeks ago), and with the low prices I think we could see a relative plateau very soon, with only 4-8%/jump until prices increase
I started mining this time last year with a (~15BTC, paid in usd) bitfury, and shortly after Batch 1 (4.25) and Batch 2 (4.75) Antminer S1 products. They helped raise the capital to continue expansion.
now I have a small farm where the $2000 costs of wiring in 20kW, power supplies, PDUs, shelving, and power costs have been paid for entirely by the resale of hardware to $CAD, and I am currently running 8TH with roughly 20/24BTC from the initial hardware costs held in savings wallets.
at the current BTC prices and hardware prices though, it would be difficult for most equiment to return a profit unless your costs (power, space, and personal time) are under $0.10/kwh, unless you make some fairly liberal calculations about future BTC value and difficulty increases.
IMO difficulty is slowing down (remember the 8% and 3% only a few weeks ago), and with the low prices I think we could see a relative plateau very soon, with only 4-8%/jump until prices increase
BTC mining can be profitable if someone of manufacturers will offer powerful hardware but with really good price. 
In fact, there is no such hardware at the moment.
To say truth, I would be happy much more if there will be powerful altcoin miners.
In fact, there is no such hardware at the moment. To say truth, I would be happy much more if there will be powerful altcoin miners.
Let see this circle:
1.let say ASIC creating chip
2.same asic creating miner
3.announcing miner(for preorder) or just to create HYIP
4.mining with miner as much as possible
5.once mining is barely profitable or near to ROI sale is announced
6.miner delivered start same life like in point 4.
7.end user loosing btc and see mining is not profitable in small scale.
And again new version of miner is announce and circle closed.
Mining at home is dead as hell. All btc was stolen for preorders or will be mined before miner will reach end user.
If you stop buying mining asics... the price will decrease .. 0.3 / 0.4 usd per ghs.. or maybe lower.
It's hard to be lower than their costs.If it's difficult to sell, they prefer to mine themself.
BTC mining can be profitable if someone of manufacturers will offer powerful hardware but with really good price. In fact, there is no such hardware at the moment.
To say truth, I would be happy much more if there will be powerful altcoin miners.
In fact, there is no such hardware at the moment. To say truth, I would be happy much more if there will be powerful altcoin miners.
If you stop buying mining asics... the price will decrease .. 0.3 / 0.4 usd per ghs.. or maybe lower.
True, BTC is a big players game.
Waiting while those have to stop, because of cost/revenue makes BTC again for the people.
The developers should have put a limit of 10 BTC per month per btc address, per IP and per userID on the netwrork. 90% of those companies would seek another venture.. Then, it was really for the masses..
Waiting while those have to stop, because of cost/revenue makes BTC again for the people.
The developers should have put a limit of 10 BTC per month per btc address, per IP and per userID on the netwrork. 90% of those companies would seek another venture.. Then, it was really for the masses..
Nonsense, bitcoin mining has never been for the "masses".
True, BTC is a big players game.
Waiting while those have to stop, because of cost/revenue makes BTC again for the people.
The developers should have put a limit of 10 BTC per month per btc address, per IP and per userID on the netwrork. 90% of those companies would seek another venture.. Then, it was really for the masses..
Waiting while those have to stop, because of cost/revenue makes BTC again for the people.
The developers should have put a limit of 10 BTC per month per btc address, per IP and per userID on the netwrork. 90% of those companies would seek another venture.. Then, it was really for the masses..
But what happens IF btc spikes to 1200us?
If its just a spike then it means nothing, but if BTC rises to $1200 via growth of the BTC economy, which means a general rise in price, then the big mining companies/manufacturers turned miners who have cheap power and financial resources will triple the size of their operations.
The answer is the same if BTC goes to $30,000, large manufacturers turned miners will multiply their facilities by 100 x to match, and the difficulty will follow as it always has done so.
There are big players now running this game, its over for those that do not have the same power rates as the big players do.
I'm gunna poke a stick into this beehive and run 
If you are a miner at any scale, like most jobs, you must do it better and cheaper than anyone else doing your same job if you want to come out on top. There is no system in the world that guarantees everyone will be a winner.
If you are a miner at any scale, like most jobs, you must do it better and cheaper than anyone else doing your same job if you want to come out on top. There is no system in the world that guarantees everyone will be a winner.
And I will buy some mining hardware once everyone stop.. Muhahha...
Why mine? When you can own BTC without the hassle and overhead?
That is where we are now.
Choose an ALT and get busy or buy BTC and hold.
You are coming from a mining-for-profit viewpoint, and you are absolutely right. Buy and hold is a good strategy, don't need to mine.That is where we are now.
Choose an ALT and get busy or buy BTC and hold.
I am looking at the integrity of the hashing network, where decentralised home miners can put a check on centralised farms. My point is, we do need reasonably cheap powerful home miners to keep the hashing network healthy.
Agreed. If you could do something where 1 billion people get a mining dongle and secured the network. Sure!
Something like a cryptocurrency with a delegated PoW algorithm [like BitSharesX] for instance...
Then stop buying hardware and start cloud mining for better deals! If you can't beat them, join them [...]
Could you give an example of an BTC cloud mining offer that you consider a good deal? [...]BTC cloud mining? no, I use LTC cloud mining myself and it is extremely profitable at LTCgear, they are selling 160Mhash for $850 if you pay in BTC and use the coupon code in my sig.
I have switched to scrypt mining about 4 months ago so I no longer keep track of all the SHA-256 mining deals.
Not trying to sell LTCgear but you could set your payout in BTC, the current ROI is 5-6 weeks there including the expected difficulty adjustments.
Maybe someone else on this forum could provide some info on SHA-56 cloud mining deals and which is currently the best.
Why mine? When you can own BTC without the hassle and overhead?
That is where we are now.
Choose an ALT and get busy or buy BTC and hold.
That is where we are now.
Choose an ALT and get busy or buy BTC and hold.
You are coming from a mining-for-profit viewpoint, and you are absolutely right. Buy and hold is a good strategy, don't need to mine.
I am looking at the integrity of the hashing network, where decentralised home miners can put a check on centralised farms. My point is, we do need reasonably cheap powerful home miners to keep the hashing network healthy.
+1
Agreed. If you could do something where 1 billion people get a mining dongle and secured the network. Sure sign me up!
Why mine? When you can own BTC without the hassle and overhead?
That is where we are now.
Choose an ALT and get busy or buy BTC and hold.
That is where we are now.
Choose an ALT and get busy or buy BTC and hold.
You are coming from a mining-for-profit viewpoint, and you are absolutely right. Buy and hold is a good strategy, don't need to mine.
I am looking at the integrity of the hashing network, where decentralised home miners can put a check on centralised farms. My point is, we do need reasonably cheap powerful home miners to keep the hashing network healthy.
Then stop buying hardware and start cloud mining for better deals! If you can't beat them, join them [...]
Could you give an example of an BTC cloud mining offer that you consider a good deal? [...]BTC cloud mining? no, I use LTC cloud mining myself and it is extremely profitable at LTCgear, they are selling 160Mhash for $850 if you pay in BTC and use the coupon code in my sig.
I have switched to scrypt mining about 4 months ago so I no longer keep track of all the SHA-256 mining deals.
Not trying to sell LTCgear but you could set your payout in BTC, the current ROI is 5-6 weeks there including the expected difficulty adjustments.
Maybe someone else on this forum could provide some info on SHA-56 cloud mining deals and which is currently the best.
Mining is marginally profitable because asics are too expensive. Can we have like opensourced asics? Right down to chip designs, pcbs, layout, so anyone can make their own asic at a reasonably low cost. Home miners globally will be able to complete with mining farms and we have a more decentralised network.
Nice idea, but it's totally impractical.
Home miners could compete still with the mining farms if only they'd choose the right companies to do business with, namely:
- Ones that don't discount for bulk sales
- Ones that actually want to keep their customers and view them as their primary income source, not mining
- Ones that will reinvest profits to make better products to keep their customers profitable.
- Ones that design mining system that can be easily upgraded to keep customers competitive at minimum cost.
- Ones that are content with a modest profit margin.
Huh?
That really doesn't describe any of them.
Given there is always discounts on bulk orders. Try it and see. ALWAYS.
There are a few that do want to keep customers but not mine but there are only what 1 or 2 that do that.
Again 1 or 2 maybe.
Upgrade? Nothing right now is worth upgrading unless you can pop chips into a generic socket... ooops you can't. Not yet anyhow.
LOL Modest profits? Most have been doing well but the market has changed from home market to massive farms so again economy of scale is first priority. The more you make the cheaper it is. Simple.
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Mining will continue to concentrate in fewer and fewer hands in places where cost of production and price of electricity is best. At this point Eastern Europe? USA? China?
Yes, there are some that say they don't (or won't) mine but the minute you start discounting for bulk sales, that's effectively what you are doing by proxy, the difference is that the supplier gets his profit up front from the bulk buyer rather than having to mine themselves (Don't you think it's peculiar why most rig suppliers ell in batches? It makes no commercial sense unless there are other factors at work)
You're also cheating your customers that pay full price - they provide larger margins and will also get hurt by higher hash rates.
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