Will many miners have to stop mining at the end of the month?

legendary

Activity: 1288

Merit: 1087

Quote from: Gahs on August 03, 2016, 01:02:48 PM

Is it possible for the bitcoin difficulty to reduce? I thought difficulty always increases after each halving.

Pool miners will continue mining no matter what.

of course it is. there've been plenty of times when difficulty has fallen. it's not related to the halving, the same amount of coins arrive no matter what the difficulty is. the mining algorithm is designed to be flexible and responsive.

and whether someone continues to mine depends on their circumstances. some miners take the long view, others might not survive a few weeks in the red.

secone

hero member

Activity: 700

Merit: 501

I think so, when halving the number of reward blocks declined, and then bitcoin prices also declined. This makes the miners go bankrupt and not profitable at all, even if imposed they will experience a larger utility bills. so there is no other choice but to stop. but may alternatively, they could try to mine altcoin.

Gahs

sr. member

Activity: 294

Merit: 250

Minter

Is it possible for the bitcoin difficulty to reduce? I thought difficulty always increases after each halving.

Pool miners will continue mining no matter what.

unsoindovo

legendary

Activity: 1932

Merit: 1042

https://locktrip.com/?refId=40964

Quote from: rphk on July 21, 2016, 02:58:28 AM

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

you're forgetting a key variable.
difficulty.
your argument works if in next difficulty adjust, we will see it, fall down

tmfp

legendary

Activity: 1932

Merit: 1737

"Common rogue from Russia with a bare ass."

Quote from: Xialla on August 02, 2016, 09:15:16 AM

Quote from: Ryan Dugan on July 29, 2016, 05:27:08 PM

Bitcoin mining will be very difficult now for some time. Increase the difficullty constantly then it gets even worse and harder. Electricity price on the rise its a bad time to mine. Many big mine farms will take the lead. When you can mine alone is over now it has to be together or you must have much money.

Ryan, thanks a lot for your valuable input. I honestly hope, that it will be counted as regular post and paid as well, because I never read before such valuable and deep analysis. post more like this, please.

Lol, just put all Yobit sig carriers on ignore my friend...

arseaboy

hero member

Activity: 644

Merit: 500

miners will think now if they will continue or stop for a while btc price already been down. the cost of mining can't be sustain by the current value.

tomcat2

newbie

Activity: 28

Merit: 3

btc price took a dive today, interesting times ahead.

Xialla

legendary

Activity: 1036

Merit: 1000

/dev/null

Quote from: Ryan Dugan on July 29, 2016, 05:27:08 PM

Bitcoin mining will be very difficult now for some time. Increase the difficullty constantly then it gets even worse and harder. Electricity price on the rise its a bad time to mine. Many big mine farms will take the lead. When you can mine alone is over now it has to be together or you must have much money.

Ryan, thanks a lot for your valuable input. I honestly hope, that it will be counted as regular post and paid as well, because I never read before such valuable and deep analysis. post more like this, please.

Ryan Dugan

hero member

Activity: 924

Merit: 501

Bitcoin mining will be very difficult now for some time. Increase the difficullty constantly then it gets even worse and harder. Electricity price on the rise its a bad time to mine. Many big mine farms will take the lead. When you can mine alone is over now it has to be together or you must have much money.

Arnoldent

newbie

Activity: 64

Merit: 0

Quote from: Goms on July 25, 2016, 02:52:31 PM

There are those who will still continue mining, halving or no halving, some miners will still make profit - maybe in less amounts.

If you have S7, you will continue to mine. If you have S3 or S5, and electricity price is high, it is better to stop.

leowonderful

legendary

Activity: 1624

Merit: 1129

Bitcoin FTW!

Most of those on old miners who run at electricity rates of 0.1$/kwh will probably keep mining at a very small profit a day. I expect them to turn off pretty soon, though probably not at the end of this month, but near the end of the next. With the difficulty continuing to drop, they may last even longer, although it seems the S5s have started to drop out.

Goms

sr. member

Activity: 350

Merit: 250

There are those who will still continue mining, halving or no halving, some miners will still make profit - maybe in less amounts.

arseaboy

hero member

Activity: 644

Merit: 500

Quote from: Tupsu on July 24, 2016, 06:52:07 PM

Quote from: talks_cheep on July 24, 2016, 01:20:58 PM

You'll still mine, but only if you are:

1. getting free/low electricity,
2. a true believer in bitcoin ideology,
3. an ignorant fool who can't do simple math.

Did I forget to mention others?

I still mine.
0.3 BTC per day with S9 miners and 25 LTC per day with TITANs.

I'd sell off only LTC , and it covers me the price of miners electricity.

Recently I sold a larger amount of BTC, if the price was 1BTC=675-680 EURO . For that money I bought over 10x S9 miners . So surely I'm not the a true believer in bitcoin ideology and my electricity is not so cheap.

There will therefore be only the third option Grin

very indeed example btc mining for me is not profitable as it is before trying to mine some alt might give some profit but
alt mining is also dying since staking has been introduce so i think it is really on its icu stage for mining now a days.

Tupsu

legendary

Activity: 1218

Merit: 1003

Quote from: talks_cheep on July 24, 2016, 01:20:58 PM

You'll still mine, but only if you are:

1. getting free/low electricity,
2. a true believer in bitcoin ideology,
3. an ignorant fool who can't do simple math.

Did I forget to mention others?

I still mine.
0.3 BTC per day with S9 miners and 25 LTC per day with TITANs.

I'd sell off only LTC , and it covers me the price of miners electricity.

Recently I sold a larger amount of BTC, if the price was 1BTC=675-680 EURO . For that money I bought over 10x S9 miners . So surely I'm not the a true believer in bitcoin ideology and my electricity is not so cheap.

There will therefore be only the third option Grin

talks_cheep

legendary

Activity: 1036

Merit: 1000

You'll still mine, but only if you are:

1. getting free/low electricity,
2. a true believer in bitcoin ideology,
3. an ignorant fool who can't do simple math.

Did I forget to mention others?

helipotte

hero member

Activity: 650

Merit: 500

Pick and place? I need more coffee.

I still "mine". Just not Bitcoin. Wink

I stopped mining Bitcoin long ago.

ebookscreator

sr. member

Activity: 266

Merit: 250

You mean miners can not pay for their electricity bill thats why the price of bitcoin still not increasing?
I think the price of bitcoin is always depends in demand and supply.. not in miners..

Dahhi

full member

Activity: 238

Merit: 100

MERCATOX

A lot of solo miners will go down, but pool miners will survive.

ImHash

hero member

Activity: 924

Merit: 506

Only the small miners will have to stop mining while those big companies will continue no matter what even they will add to their power day by day imao.

mwizard

full member

Activity: 203

Merit: 100

Quote from: Shiroslullaby on July 21, 2016, 05:00:17 PM

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?!?!)

You have assumed miners are still using the same technology as last year.

You need to take into account that mining hardware is now far more energy efficient. The S9 is 5 or 6 times more energy efficient than last years S5. So the hash rate per unit of electricity is now far higher.

The hardware is 5 times faster and bitcoin has twice the value yet the hash rate is only three times higher. Even with the halving, running an S9 is more profitable now than an S5 12 months ago.

I would not look for mining to drive any price increase. Mining will follow any price change, not drive it.

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, 02:31:05 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, 02:20:44 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, 02:20:44 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? (Read 2077 times)