The future of mining bitcoins for profit?

unholycactus

legendary

Activity: 1078

Merit: 1024

Quote from: edric on September 06, 2015, 08:50:12 PM

Quote from: unholycactus on September 06, 2015, 05:58:10 PM

Quote from: edric on September 06, 2015, 01:56:49 PM

Quote from: unholycactus on September 06, 2015, 01:54:38 PM

Quote from: edric on September 06, 2015, 01:46:59 PM

What about the halving coming up? How is that going to affect the profitability of mining?

It's something everyone can see coming, meaning rational people will adapt slowly before it hits.
Price may rise, difficultly might go down, more efficient/cheaper hardware is being developed.

So is it a bad time to buy old hardware? Do you think the value of S3's for example are about to plummet?

S3's are getting very old. If your electricity is free or very cheap, anything can be good though. I still mine with my S1.

Thanks, do you think if I buy some used S3s right now they will last for another year or two? Will they still be worth anything?

Nobody can tell for sure, mining difficulty is speculative.
The problem with miners like S3s and S1s is that it's really hard to absorb the shipping cost when it's time to resell.
I definitely wouldn't go over a year for a S3.

edric

hero member

Activity: 546

Merit: 501

Quote from: unholycactus on September 06, 2015, 05:58:10 PM

Quote from: edric on September 06, 2015, 01:56:49 PM

Quote from: unholycactus on September 06, 2015, 01:54:38 PM

Quote from: edric on September 06, 2015, 01:46:59 PM

What about the halving coming up? How is that going to affect the profitability of mining?

It's something everyone can see coming, meaning rational people will adapt slowly before it hits.
Price may rise, difficultly might go down, more efficient/cheaper hardware is being developed.

So is it a bad time to buy old hardware? Do you think the value of S3's for example are about to plummet?

S3's are getting very old. If your electricity is free or very cheap, anything can be good though. I still mine with my S1.

Thanks, do you think if I buy some used S3s right now they will last for another year or two? Will they still be worth anything?

unholycactus

legendary

Activity: 1078

Merit: 1024

Quote from: edric on September 06, 2015, 01:56:49 PM

Quote from: unholycactus on September 06, 2015, 01:54:38 PM

Quote from: edric on September 06, 2015, 01:46:59 PM

What about the halving coming up? How is that going to affect the profitability of mining?

It's something everyone can see coming, meaning rational people will adapt slowly before it hits.
Price may rise, difficultly might go down, more efficient/cheaper hardware is being developed.

So is it a bad time to buy old hardware? Do you think the value of S3's for example are about to plummet?

S3's are getting very old. If your electricity is free or very cheap, anything can be good though. I still mine with my S1.

Dalkore

legendary

Activity: 1330

Merit: 1026

Mining since 2010 & Hosting since 2012

Quote from: Tupsu on September 06, 2015, 04:23:09 AM

Quote from: philipma1957 on September 05, 2015, 10:28:22 PM

Quote from: SPECJEDI on September 05, 2015, 06:32:25 PM

Hey everyone,
I'm a little confused on this subject. Bitcoins are limited and about half or a little bit more have been found already. I'm confused on the part when all bitcoins have been found what happens next? Will there still be a way to profit bitcoins by mining? Or is there something I'm not getting right? Let me know, Thanks guys.

you will most likely be dead. why worry?

the reason i wrote this is every 2-3 years blocks 1/2
so
50 two 1/2 years

25 two 1/2 years

12.5 two 1/2 years so five years in

6.75 two 1/2 years

3.375 two 1/2 years ten years in

i think we last into 2105 or more

i will not be around and most others will be gone.

why worry?

Is this a joke ?

https://en.bitcoin.it/wiki/Controlled_supply

This is not a joke, but a valuable feature of Bitcoin.

edric

hero member

Activity: 546

Merit: 501

Quote from: unholycactus on September 06, 2015, 01:54:38 PM

Quote from: edric on September 06, 2015, 01:46:59 PM

What about the halving coming up? How is that going to affect the profitability of mining?

It's something everyone can see coming, meaning rational people will adapt slowly before it hits.
Price may rise, difficultly might go down, more efficient/cheaper hardware is being developed.

So is it a bad time to buy old hardware? Do you think the value of S3's for example are about to plummet?

unholycactus

legendary

Activity: 1078

Merit: 1024

Quote from: edric on September 06, 2015, 01:46:59 PM

What about the halving coming up? How is that going to affect the profitability of mining?

It's something everyone can see coming, meaning rational people will adapt slowly before it hits.
Price may rise, difficultly might go down, more efficient/cheaper hardware is being developed.

edric

hero member

Activity: 546

Merit: 501

What about the halving coming up? How is that going to affect the profitability of mining?

Tupsu

legendary

Activity: 1218

Merit: 1003

Quote from: philipma1957 on September 05, 2015, 10:28:22 PM

Quote from: SPECJEDI on September 05, 2015, 06:32:25 PM

Hey everyone,
I'm a little confused on this subject. Bitcoins are limited and about half or a little bit more have been found already. I'm confused on the part when all bitcoins have been found what happens next? Will there still be a way to profit bitcoins by mining? Or is there something I'm not getting right? Let me know, Thanks guys.

you will most likely be dead. why worry?

the reason i wrote this is every 2-3 years blocks 1/2
so
50 two 1/2 years

25 two 1/2 years

12.5 two 1/2 years so five years in

6.75 two 1/2 years

3.375 two 1/2 years ten years in

i think we last into 2105 or more

i will not be around and most others will be gone.

why worry?

Is this a joke ?

https://en.bitcoin.it/wiki/Controlled_supply

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

Quote from: SPECJEDI on September 05, 2015, 06:32:25 PM

Hey everyone,
I'm a little confused on this subject. Bitcoins are limited and about half or a little bit more have been found already. I'm confused on the part when all bitcoins have been found what happens next? Will there still be a way to profit bitcoins by mining? Or is there something I'm not getting right? Let me know, Thanks guys.

you will most likely be dead. why worry?

the reason i wrote this is every 2-3 years blocks 1/2
so
50 two 1/2 years

25 two 1/2 years

12.5 two 1/2 years so five years in

6.75 two 1/2 years

3.375 two 1/2 years ten years in

i think we last into 2105 or more

i will not be around and most others will be gone.

why worry?

TheRealSteve

hero member

Activity: 686

Merit: 500

FUN > ROI

No need to get all defensive slash offensive - just asking you to make use of the same liberties you have to do a little bit of reading first. Asking that is a freedom also afforded to me. Far too often questions get asked that have been answered a multitude of times over, often to great detail and in simple or technical terms - sometimes answered even within the same thread that the question has been asked in not but a few pages back. The internet offers us a wealth of knowledge at our fingertips if only we bothered to make use of it - instead of effectively letting others duplicate the effort over and over again, sometimes yielding a lesser answer that does nothing but add to the pile. Thanks for your consideration.

As for your question, see GermanGiant's answer. Or muyuu's answer or bitcoin_bagholder's answer or deepceleron's answer or blueadept's answer or Elwar's answer pointing to gadman2's answer or tarrant_01's answer or naphto's answer or newIndia's answer or dashingriddler's answer or rjk's answer or Light's answer or Pentium 100's answer] or ...

TheRealSteve

hero member

Activity: 686

Merit: 500

FUN > ROI

In your choice of search engine, type: what happens after all bitcoin
Then read a few dozen answers to this question ranging from the technically detailed to the economically 'insightful' to the explain-like-I'm-5.
No need to have a few dozen + 1.

GermanGiant

hero member

Activity: 784

Merit: 501

Bitcoins are not found. Blocks are found by miners. And when a miner finds a block, he gets rewarded in two way...
a. Block reward, which is 25 BTC now and will be 12.5 BTC by middle of 2016
b. Collection from Tx fee

As Tx vloume increases with increased adoption, Tx fee is supposed to compensate miners for lowering subsidy. Alternatively, if FIAT value of bitcoin goes up, that would compensate miners as well. Hence decreasing block reward wont affect mining activity. Hence, your Tx will always be confirmed and bitcoin will always prevail.

SPECJEDI

newbie

Activity: 16

Merit: 0

Hey everyone,
I'm a little confused on this subject. Bitcoins are limited and about half or a little bit more have been found already. I'm confused on the part when all bitcoins have been found what happens next? Will there still be a way to profit bitcoins by mining? Or is there something I'm not getting right? Let me know, Thanks guys.

Topic: The future of mining bitcoins for profit? (Read 1170 times)