Bitcoin Forum

I spent $15,000 & 10 BTC on a Jupiter 41 days ago.

Am I supposed to keep mining even though I'll be seeing red soon enough?
What are you miners doing to keep your spirits up?  I'm seeing my bill go up and my wallet go down right now.

Tumultuous times.  I am sure we'll see a bounce back, but the uncertainty makes it hard, especially when I don't exactly have cash to spare...

How are all the big miners handling this downswing?
Down sizing your hash rate?

Just be happy and keep hashin'

Everything has it's ups and down.

No need to hit any panic buttons.

Only fools spend that much money and coins on a miner. You've made your money back, right? So, go ahead and unplug your jupiter.

Hey now, no need to name-call.
I made my BTC back, but I haven't converted any of my mined BTC into fiat, something I am regretting deeply right now.
I might be able to crack even if I sell my Jupiter right now, but if difficulty stagnates, which I am predicting, then I will be making another poor decision.

Play it safe, or roll the dice.  I've rolled the dice and lost once... now what.
Damnit.

I predict bitcoin is going to fall for a few more weeks. Maybe they will rise again after christmas/new year but not for long till they drop again. BITCOIN will never be the same without those (cough) chinese people.

I think there're only two reasons to justify stop mining:

1) You can sell you mining hardware at BTC amount you think you will never mine in its life span.

or 2) Your electricity cost is higher than the price of BTC you mined and you decided to buy them instead.

Be glad the price is going down. It means fewer people will invest in hardware = lower difficulty = more coins for you. Then in 1-2 years when we soar above 5k, you'll be smiling again.

Pretty sure I've settled on selling SOME of my gear.  My high-hashers, I'm going to slowly let go.  Got around 1.2TH/s right now.  I'll bring it down to 250GH/s and go from there.
I imagine it'll take a while to sell my gear.  Craigslist is bloody awful these days.

This. Though 20nm KnC orders are set, so expect a difficulty hike in Q2/Q3 of 2014.

As for me, I'll be mining whatever happens. Mining is the backbone of the Bitcoin network. It's not the means to get you rich quick.
If you believe in Bitcoin having a future, then be a part of it by mining. If you want profit, then just buy and hold, or trade.

Don't worry about what's in the past. Just use your tools to mine coins and hold onto them for the long run. You have a nice mining rig that will work for you so use it. You'll be able to make your money back eventually. You might have made more money investing directly into BTC, but at least you're serving a valuable purpose by keeping the network secure.

Difficulty will at least triple in the next 6 months. Be ready for that!

I missed the boat on selling my gear it seems.  I waited about 2 difficulty changes too long.
Not the worst thing having to hold onto gear, but I would certainly like to unload it.  Now, to unload now or next difficulty change?  I'm not a huge risk-taker, so my gut tells me to just hold.

Take difficulty increase into account, and... try to sell quicker and higher :)

Are you joking? Your Jupiter is mining 0.23 BTC per day at current difficulty, which considering an exchange rate of $600 per BTC is roughly $140 dollars per day.

The electricity cost of running a Jupiter is between $2 and $3 per day depending on your rate. How can you say that you'll be seeing red soon? Running a Jupiter is still wildly profitable.

Anyhow, you paid too much - you won't break even on that.

Not sure why you would unplug it.  You're certainly covering the cost of your power... unless.. yes, you should unplug it, but don't resell it.  Throw it away.  Destroy your Jupiter, thus decreasing the overall network hash rate.  Thanks!

Difficulty will not be stagnating until about this time next year.

Unload in late May.  It will work out for you.

what are the power costs per day ?

Depends where you are.
I'm in NY & it's pricey to run dual Jupiters.  Ima probably think about selling in the near future here, miining at home really is becoming diffiicult.

start mining altcoins. there is a fair amount of profit in the right coins.

most of the "right" coins are scrypt though... not useful to those invested in bitcoin mining gear, right?

Confirmed.

... what is confirmed?