Bitcoin Forum

With the new difficulty combined with today's CRAPTASTIC prices hovering in the high 11.9's compared to the last difficulty and prices around 14 i'm losing about $100 per day. Are you guys selling or hoarding? This shit is giving me heartburn lately.

You pay over $100 per day in electricity costs?

Cheers,
Kermee

I was making say $210.00 per day at $14.50 and the old difficulty and now at $11.75 and the new difficulty say i'm making $110.00 per day

Hoarding? Did you really mean to use that word?

So you're not losing anything, you're simply earning less. There is a very, very large difference.

Why is this happening?

http://www.youtube.com/watch?v=bpBP9dALcWw

If you're excluding electricity costs, you were mining 14.5 btc per day at the old 1690906 difficulty level at about 24.4 GH/s.  At the new difficulty level of 1888786, you're making about 13 btc per day and at $11.75 per btc, that's a hair over $150 USD per day.

11.7% jump in difficulty... 19% drop in BTC to USD value...

Just ride it out.  You must of had a relatively large investment in mining hardware.

Cheers,
Kermee

Are your rigs paid off? If so, $110 a day profit still ain't too bad. But I see the suck if you were making a lot more before.

I like the way you put that. it gave me a warm fuzzy and calmed me a little. heh

I am. appreciate it. just feels better to talk it out sometimes.

MINERS STOP SELLING.

I pay zero electricity and am still making satisfactory returns with very modest means. Asides those with high power costs, I'm not sure why people are in panic mode over this increase.

most people seem to go into panic mode after every increase, as if they didn't expect it to happen or something. WHAT DID YOU EXPECT TO HAPPEN?!

LOL.  I am still making a few bucks a day until it drops below $4...

Exactly. I get the impression a lot of miners jump in thinking Bitcoin is a magical retirement plan free of volatility and gradually diminishing returns. Then, after maxing their credit cards and discovering that mining is just a modest means of paying off a reasonable amount of hardware investment, they lose their minds.

If you're in mining to sell everyday at market value, I don't think you have a proper time horizon in mind.   If you're required to sell to pay bills... that's a different story.

With so many "fishy" things going on (to me anyway) ... I'm sure alot of people are losing money. I'm one of them; or at least going to be one of them. But ... no regrets. I have learned alot about bitcoin, linux, etc. I have 2 powerful gaming cards that I can use for gaming.

But the "fishy" things:
1) Mybitcoin.com with its recent "receivership" announcement. I can only be glad I only have like 0.02 btc in there.
2) I have moved my miners away from btcguild.com recently. The statistics and the bitcoin I'm getting just doesn't measure up to what I was getting anymore even with the difficulty change. After their "delay" in announcing block found; all in the name preventing hopping, their pool luck seems to have "diminished" tremendously. Can't help but wonder, if you can "delay" announcing, can you "forgot" to announce?

What's that youtube video about? I didn't even know US is blocking contents on the web. But when I click on the link, it says this content is from SME and that it's not available in my country.

I haven't really been following the Mybitcoin.com incident too closely. Can anyone tell me the specifics of whats going on because I don't feel like sifting through the panic posts and misinformation.

This is what I assumed happened. The site holds your bitcoins and it's suppose to keep them safe? A hacker got in and stole everything. Is this what happened or is it something completely different?

Also I'm not sure why people trust there bitcoins with other people and services. The more bitcoins in one place the larger the target is to steal them. Thats why people attempt to rob banks. At least with banks if the robbers get away with the money its federally insured you wont get that guarantee with bitcoins.

Check out my youtube page if you are in europe they block my page that teaches people about silver.

http://youtube.com/user/daivncij15

$100

if you cannot tell the difference between loss and lower profit margin, then u shouldn't be mining.
A decrease in profit margin simply means u make less money, not losing money.