Bitcoin Forum

 :o :o :o

http://s4.postimg.org/403p5c0nx/za_Untitled.png (https://blockchain.info/charts/hash-rate)

Cool. For the first time I know how much mining I contribute to the whole picture.  ( 1 two- millionth hundred millionth! )

The next difficulty change could be more than %23 then, we will know in 18 hours time

Holy shit that's a lot  :o

what is this, 200 Peta Hash ?

Is there profit for antminer s3 miners given the price going down and hash rate going up?

The short answer?  .... No   :D

http://thebitcoinmovement.com/project/3702/
Small article on mining (incase you want to research it a little more)

God damn it! I quit! I'm pulling the plug. I am done.

I knew this day was coming soon, but I didn't expect it to arrive until 2015. Yuck!
In a few hours, the difficulty will be ~24 billion.
Did a huge farm just open up recently or something???

3 facilities just rolled out 10+ mega watts - CoinTerra is out of control tbh...

All I can say is wow. 200,000,000 GH/S thats crazy!

Too many mining farms are opening recently.

ASICMiner is rolling out a new farm with the purpose of pushing the competing farms into the red. It is a war of attrition now. Amateur miners are just collateral.

Yes, there was a quick jump to 200 PH/s. I guess with this rate we might see an Exahash soon (ish).
They have been for a while now. Amateurs/small miners can't survive in such a battle. When you look at the videos on youtube about the biggest mining farms, it's insane.
Something like this: https://www.youtube.com/watch?v=ELA91d_mx80

That's basically what every miner has been doing since 2011.

I guess chinese miners are both contributing to the decreasing btc price and the increase of hashing power. They can produce cheap chips (:D) and some areas have very low electricity costs so they are squeezing everything they can from the market while reducing profits for other parties with older gen miners who I think right now are still mining just because they understand what's going on and they know that quitting mining now is worse than waiting since new hardware is coming to the market and they will be cutted out for good. Others may be long-term holders but that's a game that doesn't really make sense in mining.

What matters is effeciency of miners and electricity costs. In this war, only one with free electricity can win, unfortunatelly not many have access to it and only in small quantity. You know, those paying flat monthly payment regardless of electricity usage...

Fucking Klondike  :o

Mining is slowly turning into a business day by day.

It'll only be a matter of time before individuals will be forced to turn their miners off and big companies will be building miners for their own good, not for the consumer market.

Most will be forced to turn to altcoins to fund their mining habits. Still, the altcoin section is not the most agreeable place on earth for some  ;D

 

I believe the first time I ever laid eyes on the network the difficulty was... around 12 million?!

Looks like PoS will be the winner after all!  ;D

I own a facility having a total of 27 Tera Hash which will be 0.000135 of all Network Hash!
Not Bad!

Bitcoin getting more centralized day by day.

Sure! ;)

not 200k for me ...

http://imagizer.imageshack.us/a/img908/866/ykNjAP.jpg
http://imageshack.com/a/img908/866/ykNjAP.jpg

and that is very good... for the future.  8)

Yes, it has been very fast.  It was at 12 million little more than a year ago.

The 24 billion we're about to hit is a bit of a milestone for me because I started mining ("generating") when the difficulty was just 24.

Too many problems with PoS, terrible distribution is the worst I think.

Look at Bitmark project so -> https://bitcointalk.org/index.php?topic=660544.0

Wow.

What makes you say that? The increase in gh/s?

WoW!  :o

200 000 000 GH/s is just amazing.Seems like small miners will get out of mining soon.  :P

You're definitely wrong.
How is making the rich richer going to help anyone? The difference between the rich and the poor is highly increased by PoS, while saving costs for maintaining the network.
Soon? You mean that small miners have been out for quite some time now. Just look at the guy in America who alone has 1 PH/s in 2 warehouses. Such numbers are insane.

I am afraid a few big mining operations will stop after the next increase, and then continue after the difficulty decreased again. that would result in a very slow period of bitcoin block generation for the next few weeks.  :-[

Just the beginning

woo hoooooooo that means cex.io is our master now

time to plug out small miners..:( last 3 diff change`s were too beautifull (5.30% ; 8.08% ; 3.08%)

Wow congrats! Hash Rate is the endorsement of crypto currencies. Bigger always means better.

Large farms can't pay there bills now!

How much longer can they survive?

200 freaking petahashes! Goodness gracious.

Oh man. I miss the CPU mining->GPU mining progression when seeing that hash rate spike and thought that was EPIC. Now we are going from 333MH/s ASICs to TH/s on a consumer level. Amazing progression.

Feel like the hash rate progression is the same as the internet speed progression. Dialup->DSL->Cable->Fiber to the home

The future is in PoS, there's too much energy wasted in PoW...

This was me when I saw the network speeds http://i.telegraph.co.uk/multimedia/archive/02647/baby_2647544b.jpg


(I have a mining operation which im relocating in two locations due to over heads)

Im sure that the guys who are in ROI with there rigs, are just investing and investing so then double to triple there ROI, the ones who started mining in the beginning are the ones who are gonna be left mining bitcoins

It is no longer a race of who can get the most hard ware... it is now... Who has access to the most cheap power... the hard ware will come.

Actually that is also true, thats why I been doing research on free energy,  was looking into a invention by skimmer who was able to use gravity power machine to output 10000 times the amount it gets.  Now imagine that, you power 10 th miners with this machine or alot more

The hashrate rising is a great healthy sign for bitcoins, maybe the value will rise soon.

The competition will eventually drive mining operations to use cheap renewable power sources and monetize on all that wasted heat by combing hashing with any other business that require heat. I wouldn't be surprised to see mining operations head towards cooler parts of the world because of this.

POS is vulnerable to additional attacks and unfairly benefits large stake holders so I don't see it as a viable competition against Bitcoin outside a possible sidechain/treechain performing certain tasks. POW greatest weaknesses are also its greatest strength. The "wasted electricity" is an additional security protection to deter an attack on the network. The "wasting of electricity" will drive greener and more innovative forms of conservation. The "wasted electricity" could be recovered as a heat byproduct.(  ASIC's are 99% efficient at converting electricity into heat). The capital investment of Asic's and electricity removes the high degree of capital re-distribution towards the wealthy as miners have narrow margins with POW and in POS forgers have high profit margins with their investments.

If you figure it out pm me for a reward lol :D 

There is a high possibility that this "Free energy" machine is a scam or the inventor is highly deluded. The laws of energy conservation must be observed. Before wasting any time talk to some skeptics or physicists who aren't associated with this invention or project to save yourself some grief.

Ok network seems to be secure, I can finally turn off my cpu miner.

lol - thanks for the laugh loved it - turn off the miner and leave it as a node :D

We need to just make it go towards something I think, nothing wrong with PoW as an idea, I'd say we need more stuff like CureCoin and Primecoin

I thought it would be years and years before we hit exohash, but it looks like that could happen in the next year or so.. this is just incredible..

When I was just getting into purchasing asics, yes, I preordered and waited a year. I did worse and best case scenarios, I never thought we would get to 1k per coin, but  i thought 1 petahash would be worse case scenario for the first year of asic mining..

If bitcoin hadn't hit 1k per coin and we were still 20 bucks or lower, Id still be in mining and most of early, lower budget guys would be making a nice living...

while I like the price being in the hundreds of dollars, I hate the fact that businesses with deep pockets seized the opportunity..

And, don't forget that KnC has three mega-Pharms in The Node Pole, each having ~7,000 fully-functional miners each.

What I don't understand is why would anyone would pay for cloud hashing? They don't control the miner so they aren't benefiting the network by decentralizing the hashing power and they would profit greater simply by buying Bitcoin directly.

Yeah it has become pretty gruesome - I had predicted mentally a hash speed of 400-500 Peta by December, all in the hands of 4-5 hardware giants.

a lot of them are ponzi schemes. PBmining has to be the most blatant ones out there. they claim to have close to 2ph but dont have one photo, but they magically keep climbing in hashing power, the more that is purchased the higher they go, its like they have an unlimted supply..

Gavin Anderson actually said that most of these types of miners are ponzis...I wish i had the link but i think its on his  blog..

Very cool milestone.  Hard to believe how much different the mining landscape was in year intervals going back from today.

I need to sharpen my pencil but I don't have time! These cheaters have no respect for those of us who are still using paper!

Whoa, 8 million USD of Bitcoin being mined per MONTH. Holy moly, that guy is gonna be RICH when btc hits the moon.

Well, just hashing BTC does bring in BTC in trade of energy.  I know there are some coins out here that actually use the hashrate. That makes the energy wasting quite less, as it actually brings some benefits with it.  For example, use the hashrate somehow to calculate really hard math calculations, or to found out of really heard math calculations appear to be working (as there still are some math calculations that no one has solved yet / can explain yet).  I'm sure there are more ways to spend the huge hashrate usefull.

200 000 000 Gh/s is really a lot. I'm afraid this will hit the difficulty hard to. However, maybe this is going to increase the price of BTC or does it work out somehow positive on the BTC.

You should probably read this: http://trilema.com/2014/the-woes-of-altcoin-or-why-there-is-no-such-thing-as-cryptocurrencies/

All of this power! It's the highest I've ever seen in any sort of thing which used computer power.

You can bet on whether the hash rate will exceed 1 exahash/second by the end of 2014. (http://bitbet.us/bet/713/btc-network-hashrate-will-exceed-1-exahash-s-before/)

We're at 0.2 exahash/second now. It took 5 months to get the last 5x increase in the hash rate. 1 exahash/second by the end of the year is possible, with 4.5 months to go.

Difficulty will go to the MOON!

No, that was from March 2014 and they filmed the segment in Feb.  Difficulty was around 7 or 8 billion during that time.  The "8 million a day" was during the 'gravy month' of december when it was over $1000 a bitcoin.   March was a different story.    Source: I worked there.

Greed makes people crazy.

Difficulty going up is not necessarily good for the bitcoin economy, the price of bitcoin or even bitcoin itself. The main thing that rising difficult is good for is manufactures of miners (as rising difficulty will generally mean they have had higher sales).

The danger of having difficulty too high is that if the cost of electricity to run a miner is close to the USD equivalent of BTC that a miner can produce then if the price of BTC were to fall and remain down for several months then miners might start to take their machines offline in mass. This would cause difficulty to sharply decrease, but before that would happen block confirmation times would slow substantially. 

Though there is some validity to your statements - you are assuming Moore's law wont kick in, which is actually happening right now with hard ware and electricity consumption of the hash as well - and necessity is also the mother of all invention, difficulty goes down... BTC goes up... miners come back online.. Satoshi thought this thing through to levels we haven't even looked at :)

And price keeps crashing
even in summer this happens is really bad news
We need a price increase in winter or this will get difficult

That's some hashin'

 :o  ;D  :D

Incredible
it looked that asics were all sold but they keep appearing
and hashrate goes to moon when price crash  :-\

Meh, just 0.2 EH/s.

In order for this to be true, difficulty would first need to decrease before old miners would be brought back online. Until that happens, the blockchain would suffer from slower confirmation (and block) times. The difficulty would also need to decrease enough to make up for the fact that the (hypothetical) price of bitcoin had decreased.

Not even 1 exahash? Wake me up next year.

lol this comment made me spit out my coffee

Difficulty adjustment occurs about once every two weeks. There would have to be a huge drop in hashrate in a two week period for confirmation times to be affected much.

That might happen when the block reward halves in 2016. Everyone knows that's coming. Some will exit mining at that point.

Only 0.00000002 yottahash nothing to get excited about really.

Did you even check a ROI calculator before you bought a miner?  There are several and should be your first stop.

I just saw the picture and wow!! 200 000 000 GH/S !!

Nominate for the dumbest garbage spilled of the month? year ?

 ::)

Gosh I remember when it was just a fraction of what it is now. How times have changed!!

This is making me (and I assume other small miners like me) very nervous about difficulty hikes.

Psshhh.. I'm not even mad anymore... Lost that emotion around 120 Petahash ago lol

haha, it's just make us realize that not worth if we mining with very small rig/hardware,
with that high difficulty ;D is useless
not get profits, even lose money :D

lol bro... 200 Thz is now considered small hardware... Where does that leave us... *stares at warehouse full of hardware* lol

welcome to the world of exahash! only the largest scale mines will be able to survive (and franchisees)

Yes, definitively starts time when you need to think if you can be effective with ASIC, I mean still profitable after electricity costs ? Obviously for the few who using eletricity to heat up room in winter, it mean their ASIC, even 1st gen can do the job instead.

Lol I'm sitting here the equator like.. "COME ON GLOBAL WARMING BRING SOME SNOW... LET ME RENT OUT THIS HARDWARE AS HEATING TO THE MASSES" (lol)

It's a shame that little miners are no longer profitable ...
Descentralised mining is at risk here ...

This is both good and bad as it's harder to mine, but the network is more stable. With Hashlets coming into play, though, mining might become rejuvenated.