Topic: The end is nigh (Read 9406 times)

I edited it few days ago.

Added.

I think a lot of people will be mining Bitcoins for fun too in the future, it may well get too ridiculous for a lot of people if they want to profit from it but I think that's a good thing because then Bitcoin will be used as a currency more than a way to get rich from exchange rates.

I may switch to solo mining with my GPUs and take a chance before the ASICs go online.

The only thing that would cause a crash is people panicking over the value possibly dropping.

Take out the stupid humans who scream and yell about a crash and shout "SELL BEFORE THEY'RE WORTHLESS" at everyone, and the value should stabilize at ~$10-15.

Supply and demand applies to BitCoins.
What happens to supply and demand if everyone is trying to sell?
Supply goes up, demand goes down.
Just like how the value went from $10 to $12 while everyone was saying to buy and hold.
Less coins going into the market, more coming out, higher value.

$0.14 here and block halving worries me.  I might have to just end up buying coins soon.

Where's the "Until it's not longer profitable" Option?

You should edit the poll and run it again!

I voted "until asic's arrival", but that's not entirely accurate -- I plan to move gpu mining to LTC

Oh my, my ancient thread was resurrected.
 I've fixed february price to actual and reset the counter.

That is freaking hilarious! It all makes sense now.

Dude this thread is from FEBRUARY. That's why it was dead, and that's why the poll makes no sense now.

I breakeven about $8.40 if the price falls below that I'm out.  

I'm just running a couple of 5830's 24x7 when they're not used for gaming (so I'm ignoring equipment cost).

$0.15 kWh 340W 520MH/s

http://bitcoinx.com/profit/index.php

We're converting the cost of electricity into bitcoins so know your kWh and W and MH/s or you could be losing money.

You need to start your poll much higher than $3, more like $10 me thinks!

Just buy the coins, if you believe in the protocol, and it's uneconomical to mine.

this thread was from february... lol

Cheap electricity here, $0.075/KWh  and even if mining came unprofitable, I'll continue, as I've faith in the protocol to become widely used some day !

 
No, I did SETI@home for free until I discovered bitcoins.  So I'll keep mining these since it has great potential... better, IMO, than chasing green tiny men in rocket ships.

it's an open community. It would be fixed, and faith restored

What if the price is $0.01 because a flaw has been found, or an event occured which in another way has compromised the integrity of bitcoins?

It's much harder to determine break-even when you add A/C into the mix.  That's the part I'm having trouble with.  Multiple window A/C units throughout the house, along with miners, and the best way for me to determine actual costs is just to compare electric bills this year with last year.  I think I determined that it was costing me around $300 in electricity for 1.8 GH/s last summer... now I'm down to 1.4 GH/s, after dropping a card and lowering overclocks.  Maybe $225 in electricity required now.  To cover that, I'd need to make 1.7 BTC/day at current prices.  1.4 GH/s only makes me 1.0 BTC/day right now.  So.... if I have to turn on the A/C, I'll be turning off my miners first.

True.  It would be more accurate to say price ALONE is just as irrelevant as difficulty alone.


While there isn't a  1:1 correlation and there is a lag between movement in price and movement in difficulty as a miner it is still price/difficulty that determines you profitability.


So much better poll would be what price/difficulty will you be forced to quick.

Converting units it is sometimes easier to look at USD per day per GH/s since it takes both price & difficulty into account but is more tangible.  "If I have 1 GH/s I get x".

Bitcoinx makes some nice charts.  I wish it was in USD per GH/s instead of 100MH/s but just multiply by 10.



It is easy to determine your breakeven.

Operating Cost per Day per GH/s = 24*(Electrical rate)/(MH per W)

So if you have $0.10 per kWh and an efficient rig of say 2.5 MH/W then operating cost = 24*(0.10)/2.5 = $0.98

It costs about $0.98 per GH to operate.  Divided by 10 for the chart above it is ~$0.10.  If the green line drops below $0.10 you would be operating in the red.

Now lets look at a high cost low efficiency miner.  $0.28 per kWh and 1.7 MH/W.  Operating costs are 24*(0.28)/1.7 = $3.95 per GH.

On the chart above it would be drawing a horizontal line at ~$0.40.  Everything below that was operating in the red.

BTW the $0.10 & 2.5MH/W is my farm so Bitcoins are selling at roughly 300% of my electrical costs.  To be at breakeven price would need to fall to 1/3rd of today, difficulty rise to 300% of today or some combination. 

   And the irrelevant part is...