When will miners stop mining with the price keep dropping?

kirax

member

Activity: 77

Merit: 10

Quote from: Bitcoin_Silver_Supply on August 03, 2011, 05:45:49 PM

You poor Americans. A bitcoin miner is a net temperature benefit for at least 7 months of the year in Soviet Canuckistan.

Yeah, as soon as this devil heat "summer" season ends, I will turn my mining rigs so the fans blow out of my basement, instead of out of the basement window, and go "Furnace? What furnace?"

Caffarius

newbie

Activity: 21

Merit: 0

Quote from: Bitcoin_Silver_Supply on August 03, 2011, 05:45:49 PM

You poor Americans. A bitcoin miner is a net temperature benefit for at least 7 months of the year in Soviet Canuckistan.

I'm looking forward to not having to use my heat at all this winter.

I'll break even with my personal rigs at the $3 point, but I like the idea enough that I'll probably keep 800 Mhash/s at least up even if it goes below $1.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

This will cause global warming and noise polution, what is that cost?

Bitcoin_Silver_Supply

sr. member

Activity: 258

Merit: 250

You poor Americans. A bitcoin miner is a net temperature benefit for at least 7 months of the year in Soviet Canuckistan.

lemonginger

full member

Activity: 210

Merit: 100

firstbits: 121vnq

I will pull my two rigs offline at around $7.50 at current expected difficulty increase. Not worth it with the heat and my electricity prices and the headache of having a noisy relatively unusable room.

wndrbr3d

hero member

Activity: 914

Merit: 500

I did the math and as long as prices stay above $3.50 and prices increase with difficulty, I will remain profitable.

So let people freak out over a price drop, my mining rig is still making money (albeit, less) Tongue

ManOfKnight

full member

Activity: 243

Merit: 100

I will not stop mining...I am hoping all you quit for a while so I can mine more with less Wink

SmokeAndMirrors

full member

Activity: 168

Merit: 100

My very minimum price per btc before I start losing money would be $3 per btc. That being said.. I am going to keep mining, regardless of electricity cost or price per bitcoin. I'm paying about $140 extra on my hydro bill due to mining, but I could care less.

Bitcoin_Silver_Supply

sr. member

Activity: 258

Merit: 250

Volatility is the name of the game in this currency experiment and noone knows how it is going to end despite all the trolls, idealists and naysayers.

mike678

full member

Activity: 182

Merit: 100

Quote from: kokjo on August 03, 2011, 12:49:26 PM

Quote from: onis_uk on August 03, 2011, 12:48:29 PM

why is the price tanking ?!?! ...is it because all the early adopters have now made their money and
pulled out, leaving the rest of us with an essentially worthless, useless idea for a currency ?! lol

no its because noob are panic selling

+1

kokjo

legendary

Activity: 1050

Merit: 1000

You are WRONG!

Quote from: onis_uk on August 03, 2011, 12:48:29 PM

why is the price tanking ?!?! ...is it because all the early adopters have now made their money and
pulled out, leaving the rest of us with an essentially worthless, useless idea for a currency ?! lol

no its because noob are panic selling

AngelusWebDesign

sr. member

Activity: 392

Merit: 250

EIGHT FIFTY? Is this a hack, or a sick joke?

onis_uk

full member

Activity: 131

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why is the price tanking ?!?! ...is it because all the early adopters have now made their money and
pulled out, leaving the rest of us with an essentially worthless, useless idea for a currency ?! lol

Raize

donator

Activity: 1419

Merit: 1015

It will no longer be affordable to mine at around $5-$6 for me. I expect to see Bitcoin fall to ~$8 especially if the MyBitcoin.com guy is selling right now and using Tradehill to make off with the funds from all your online wallets. IMHO, part of the blame lies with a community willing to give an anonymous person that much power. My guess is anonymity is going to be dead in the Bitcoin community for quite some time, because anonymous = fraud right now.

Someone who has an account with Tradehill right now that was not selling Bitcoin prior to MyBitcoin.com going down is now selling. Tradehill will probably not reveal the name of the person, despite knowing full well it is the scammer. This is like the exact opposite of what happened with MtGox in February, where someone claimed they stole $60k from him, but it turns out he was a scammer that did not want to divulge his identity.

Let the witch hunt begin...

hmblm1245

hero member

Activity: 628

Merit: 500

Should i even post a number while this slide keeps going?

AngelusWebDesign

sr. member

Activity: 392

Merit: 250

Make that $10.50 slide...

hmblm1245

hero member

Activity: 628

Merit: 500

Theoretical question. its always interesting to get an idea of how many of us will continue mining even if the cost out weights return. Maybe the diff will go down but i still have not seen a block per hour change since the drastic 13 to 11usd slide.

skyhigh

full member

Activity: 142

Merit: 100

Wow Angelus !! Your mining rig isn't paid off yet ?! People are missing you in the other thread.

AngelusWebDesign

sr. member

Activity: 392

Merit: 250

We each need to go find 5 people to introduce to Bitcoin.

Wouldn't we all like to see Bitcoins selling for more than $11.12?

And any of us with a business needs to promote Bitcoins to our customers. Certainly we need to advertise that we accept them.

Matthew

OgNasty

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Activity: 4760

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Leading Crypto Sports Betting & Casino Platform

Quote from: ThePok on August 03, 2011, 11:12:16 AM

At 4 Dollars it starts to realy hurt

+1

skyhigh

full member

Activity: 142

Merit: 100

Not anytime soon. Plus we getting more and more miners joining everyday. Cost $2 to produce a coin that is currently valued $11. Noone said mining would always be profitable. People would / will mine if the price is $5 and cost to make a coin would be $7.50

Why you asking? Or was it more of a rhetorical question ?

ThePok

full member

Activity: 131

Merit: 100

At 4 Dollars it starts to realy hurt

kokjo

legendary

Activity: 1050

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You are WRONG!

NEVER!!!!! viva la bitcoin!

hmblm1245

hero member

Activity: 628

Merit: 500

When will miners stop mining with the price keep dropping and the diff keep rising?

Topic: When will miners stop mining with the price keep dropping? (Read 3070 times)