Bitcoin Forum

When will miners stop mining with the price keep dropping and the diff keep rising?

NEVER!!!!! viva la bitcoin!

At 4 Dollars it starts to realy hurt :)

Not anytime soon. Plus we getting more and more miners joining everyday. Cost $2 to produce a coin that is currently valued $11. Noone said mining would always be profitable. People would / will mine if the price is $5 and cost to make a coin would be $7.50

Why you asking? Or was it more of a rhetorical question ?

+1

We each need to go find 5 people to introduce to Bitcoin.

Wouldn't we all like to see Bitcoins selling for more than $11.12?

And any of us with a business needs to promote Bitcoins to our customers. Certainly we need to advertise that we accept them.


Matthew

Wow Angelus !!  Your mining rig isn't paid off yet ?! People are missing you in the other thread.

Theoretical question. its always interesting to get an idea of how many of us will continue mining even if the cost out weights return. Maybe the diff will go down but i still have not seen a block per hour change since the drastic 13 to 11usd slide.

Make that $10.50 slide...

Should i even post a number while this slide keeps going? :)

It will no longer be affordable to mine at around $5-$6 for me. I expect to see Bitcoin fall to ~$8 especially if the MyBitcoin.com guy is selling right now and using Tradehill to make off with the funds from all your online wallets. IMHO, part of the blame lies with a community willing to give an anonymous person that much power. My guess is anonymity is going to be dead in the Bitcoin community for quite some time, because anonymous = fraud right now.

Someone who has an account with Tradehill right now that was not selling Bitcoin prior to MyBitcoin.com going down is now selling. Tradehill will probably not reveal the name of the person, despite knowing full well it is the scammer. This is like the exact opposite of what happened with MtGox in February, where someone claimed they stole $60k from him, but it turns out he was a scammer that did not want to divulge his identity.

Let the witch hunt begin...

why is the price tanking ?!?! ...is it because all the early adopters have now made their money and
pulled out, leaving the rest of us with an essentially worthless, useless idea for a currency ?! lol

EIGHT FIFTY?  Is this a hack, or a sick joke?

no its because noob are panic selling

+1

Volatility is the name of the game in this currency experiment and noone knows how it is going to end despite all the trolls, idealists and naysayers.

My very minimum price per btc before I start losing money would be $3 per btc. That being said.. I am going to keep mining, regardless of electricity cost or price per bitcoin. I'm paying about $140 extra on my hydro bill due to mining, but I could care less.

I will not stop mining...I am hoping all you quit for a while so I can mine more with less  ;)

I did the math and as long as prices stay above $3.50 and prices increase with difficulty, I will remain profitable.

So let people freak out over a price drop, my mining rig is still making money (albeit, less)  :P

I will pull my two rigs offline at around $7.50 at current expected difficulty increase. Not worth it with the heat and my electricity prices and the headache of having a noisy relatively unusable room.

You poor Americans. A bitcoin miner is a net temperature benefit for at least 7 months of the year in Soviet Canuckistan.

This will cause global warming and noise polution, what is that cost?

I'm looking forward to not having to use my heat at all this winter.

I'll break even with my personal rigs at the $3 point, but I like the idea enough that I'll probably keep 800 Mhash/s at least up even if it goes below $1.

Yeah, as soon as this devil heat "summer" season ends, I will turn my mining rigs so the fans blow out of my basement, instead of out of the basement window, and go "Furnace? What furnace?"