Will many miners have to stop mining at the end of the month? - page 2.

Shiroslullaby

sr. member

Activity: 434

Merit: 250

Currently miners are getting 1/8th the coins they did a year ago for the same hash rate.
But BTC has doubled in price.
Even so, that would mean that Bitcoins are still only at a quarter of their value,
and we should see prices increase to around 4x their current rate, or just above $2500? Grin

(Obviously this won't happen, but it does mean prices have to increase eventually, right?!?!)

jermwerty

sr. member

Activity: 472

Merit: 250

Quote from: NorrisK on July 21, 2016, 01:31:05 AM

I read a while ago that the revnue of miners has already increased significantly due to the price rise in the beginning of the year.

If mining was profitable at 200-300 usd with older hardware, it definately is still profitable at 600+ usd, with newer hardware even if the rewards are halved.

Small miners may not run anymore, but big ones in low power cost areas will still run quite profitably.

No offense, but you guys have no idea what you are talking about because you ignore the DIFFICULTY modifier.

Difficulty has gone up 4x in the past year! - PLUS now the halving! So you get 1/8th the BTC now than you got 1 year ago for the same hashrate.

So when we say "miners were mining when it was half the price", YES, but they also made 8x more coins!

rphk

full member

Activity: 210

Merit: 100

As mentioned above minors may not stop mining , because earlier bitcoin was around $200 , but no wit is around $650 ,which is still profitable compared old record

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: Lion87346 on July 21, 2016, 01:20:44 AM

A lot of people are saying that if the price doesn't go up before the end of the month that many people will not be able to pay their electric bill because of the Bitcoin halving. Just wondering what you guys think about this.

nobody is saying that except those who want to spread FUD about bitcoin and cause panic in the market to buy cheaper coins for themselves.

miners are earning a lot more than they need to make profit. for the most part of last year (Jan-Oct 2015) miners were receiving 25BTC for each block they mined which was (*$220=) 5,500
http://bitcoincharts.com/charts/bitstampUSD#rg730zczsg2015-01-01zeg2015-10-31ztgSzm1g10zm2g25zv

and now they are receiving 12.5BTC which is worth (*670=) 8,375

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: Lion87346 on July 21, 2016, 01:20:44 AM

A lot of people are saying that if the price doesn't go up before the end of the month that many people will not be able to pay their electric bill because of the Bitcoin halving. Just wondering what you guys think about this.

people whose saying that the price wouldn't rise up are those people who have no investment on bitcoin. Just be patient even though price remains its price maybe it would rise next month. Miners would stop probably if they would not gain profit anymore due to many factors electric bill,maintenance.

NorrisK

legendary

Activity: 1946

Merit: 1007

I read a while ago that the revnue of miners has already increased significantly due to the price rise in the beginning of the year.

If mining was profitable at 200-300 usd with older hardware, it definately is still profitable at 600+ usd, with newer hardware even if the rewards are halved.

Small miners may not run anymore, but big ones in low power cost areas will still run quite profitably.

Indrawan77

hero member

Activity: 1274

Merit: 516

Well i think so, miners is the first one going to be impacted by the bitcoin halving, many of theiners already stop even before the halving because they afraid cannot cover the electricity bill for mining, but up until now the effect is still not that severe

Lion87346

newbie

Activity: 5

Merit: 0

Topic: Will many miners have to stop mining at the end of the month? - page 2. (Read 2114 times)