Bitcoin Forum

https://bitcointalk.org/index.php?topic=178336.msg9920970;topicseen#msg9920970

What about the thousands of slackers plugged into their parents basements?? Why are we still above 300$??

 ???

anyone can come here and claim any mining price.

For me it costs only $5/Bitcoin

In that price, the net value is way too low, so for the sake of mining, the price needs to rise up.

how much electricity to mint a peercoin?  ;D

I spent a lot of time doing the mining cost calculations just a week ago and the price of Bitcoin right now is around cost of production or lower for the average consumer with $10,000 or less to spend with average energy costs.  The ratio for energy costs compared to hardware costs is rising fast over time.  This means profits for hardware makers should be steadily decreasing as electricity becomes the main factor.  When I did the math a week ago, I'm pretty sure the electricty cost per coin was a lot higher than $100.

i don't remenber where, but i've read an article that say the price in electricity is more or less 170$/btc...

anyways we are still above 300$ becouse people are greedy :D

Does it cost that much?

I mine it for free.  ;D

The reality is that electricity is just one of the overhead cost. You haven't taken into account hardware depreciation or even breakdown including losses due to failure. With the current difficulty increasing, miners have no choice but to upgrade their hardware to maintain their operation and ensure that they continue to stay in business. And people eat too. Miners that maintain the hardware has to eat even if what they do is merely taking care of the machine. If the miner don't get at least $50 bucks a day, they might as well work on other jobs which pays even more. These are all the factors that need to take into consideration not just electricity

$113 electricity if you have a Cointerra Miner and pay $0.1 per kw/h.
On the other hand it takes three years to recuperate the hardware costs at current prices & hashrate. And this might never happen.

And, for instance I pay €0.2 per kw/h, which amounts to $0.24 and would leave me with 13 years to recuperate. (Again assuming prices and difficulty stays the same!)

what about other investment
like hardware cost?
its not only about electricity cost
if it was that easy and profitable then everyone was mining bitcoins

someone is mining with free electricity, using the old trick of magnet

My mining hardware paid for itself long ago and I pay for my own electric heat.

Mining in the winter heating season is therefore free for me, although the returns are miniscule.

It's like casting a single ballot against a sea of lobbyists. It's more about a sense of participation than making any significant difference.

1. Sell coin.
2. Throw away useless noisy gear.
3. Install oil/gas furnace.
4. Save money & live like a reasonable human being.

And pray for wisdom, my child!

  ~Rev FatherBob

1. I don't sell coins. I spend or hoard them.
2. I kinda like the sound of the fan revving up. It also serves as a conversation piece.
3. Oil? Gas? LOL Where do you live? I live downtown. I do however have a wood stove in my country place.
4 I already save money and live the life of Riley.

Also, please don't take the name of Bob in vain. You may be a minister, but I'm a pope. You're outranked.

http://i664.photobucket.com/albums/vv10/JimboToronto/atomicheadsaucercash.gif (http://s664.photobucket.com/user/JimboToronto/media/atomicheadsaucercash.gif.html)

oh really?
Then, I want to buy BTC50 from you.

Manhattan, NYC.  Oil heat & hot water, as is the case with most of NYC.  Which God-forsaken wilderness do you hail from, my child?

  ~Rev. FatherBob.

Those god-damned oil furnaces are STILL legal in NYC?! :D You may's well just get a barbecue oven, go collect as much plastic trash as you can find, and light it on fire in your house. You could pay off the mining hardware (mining revenues excluded) within a couple years if you switched from oil to electric mining. Mind successfully fucked, though.

Oil burning on 5th Ave.? Tanker trucks at the Empire State Building?

Wow, just wow. Do you use kerosene lamps too?

I guess we're just a bunch of luddites here in Toronto, stuck in the past with our hydroelectric and thermonuclear power.

Everything's up-to-date in Kansas New York City. They've gone about as far as they can go.

The Empire State building is heated with low-pressure steam, provided by ConEd steam generator plants:
"The New York City steam system is a district heating system which takes steam produced by steam generating stations and carries it under the streets of Manhattan to heat, cool, or supply power to high rise buildings and businesses."

The things a civilized city has under its streets:
http://s2.postimg.org/o5mda69w9/Capture.jpg

What ConEd uses to generate steam:
http://s15.postimg.org/fjkc6ktyz/Capture.jpg

The moar you know, my child, the moar you know :)

  ~Rev. FatherBob.

No wonder you stay poor and bitch about taxes, my children.  You sodomites heat your houses by buying thousands of dollars' worth of ASIC gear!  Why don't you just get a little potbelly stove & burn money in it?  That works about as well :D

Stay toasty, heathen!

  ~Rev. FatherBob

Confronted with their cluelessness, Bitcoiners fall into self-reflective silence :(

I do enjoy the effort put into creative writing by the anti bulltard cohort here, it's all rather droll.

I don't think so. 100$ in electricity is too low for bitcoin mining. Consume of bitcoin mining is very very high actually.. and many miner mine its bitcoin in the east of europe where electric price is cheap..

If you build your own miner, or somehow have one for free, and you get cheap electricity, then mining makes sense at the moment (I assume your figures are somewhat close to being right). But if you were to buy mining equipment you will probably not ROI at this price, so it's a bit irrelevant!

With free source of electric energy you can pay also 0$. But generally, if you pay electric bills, I think that 100$ is too cheap, considering also that you build your own miner.

Me too...
As Neo would have put it: "Hmm... upgrades!"

LOL. You guys :D

Hey guys: this isn't FUD or something. But did the blockchain just get slower? Everyone is talking about it at Cryptsy and even my wallet took longer than normal to sync. Has something significantly (if temporarily) changed?

The most recent blocks look normal.

Height   Age
335631   9 minutes
335630   14 minutes
335629   14 minutes
335628   25 minutes
335627   32 minutes
335626   38 minutes

These blocks might have caused the problem because there was over an hour between them.

335623 (Main Chain)   2014-12-24 03:20:18   Eligius   
335622 (Main Chain)   2014-12-24 02:16:02   BTCChina Pool   

I thought difficulty was dropping. An hour between blocks doesn't seem normal...?

This (very small) sample of (then) recent blocks is actually an indication of much faster blocks then expected. Only 6 blocks 'should' be found every hour and the last 6 blocks were found in ~40 minutes which means blocks were being found at a rate of ~20% faster then expected/normal.

It does appear that a massive amount of additional miners were brought online in the last ~18 hours as the short term hashrate has skyrocketed

I think i will remember this. I never spend much time in mining part of forum. I have in mind just that mining is not worth to do because of electricity costs.

Now i see that most costs is actually HW. So cheap electricity should not make so huge difference.


I wonder with oil prices drop. Did anywhere also electricity price reduced?

A very small % of electricity is generated with oil.  Here's a breakdown for US:

http://s17.postimg.org/u191mhv8v/Capture.jpg
http://www.eia.gov/tools/faqs/faq.cfm?id=427&t=3

Places where electricity is cheap are usually near hydroelectric power plants.

It makes the most sense to buy moderate amounts of miners at the retail level if you live in a cold part of the world, as you can position the miners near windows and other cold parts of your house to serve as a replacement to your heating. This allows you to essentially have free electricity during the cold parts of the year.

No it doesn't make sense.
If there weren't heat exchange systems which provide not only an heating efficiency in excess of 200% but also offer cooling and dehumidifying which also cost less then a mining rig that argument would actually make a just a little sense. And if it's so cold that these systems no longer work you'd be investing a lot more in insulation and probably have a natual gas line.
But there is also noise and uncertain viability of maintaining any profitability from mining all, not to mention the unreliability of the devices itself...

Places like New York and most of the northern US don't really get hot enough to really need air conditioning.

My point is not about the cost of the hardware, it is about the cost of electricity. If you are going to spend money on electricity on devices that will heat your house you might as well use devices that will mine bitcoin as long as these devices use the same amount of electricity that you would otherwise use.

Friend, I have taken time out of my busy schedule to author a full report on the economic costs of heating your house with oil vs. electricity, and have spent further time summarizing my team's findings in the most accessible way possible:

https://i.imgur.com/Tkg1ydm.png

LMAO

Yup, this sounds about right.

Heeeyyy, you mastered MS Paint!  Nice!
Now where the geniuses who heat with racks of turbojets ASICs be at?

You deleted your old post just to repost so you're the top post of the page using the default forum setting of 20 replies per page. I'm starting to think you may actually be paid. Well, I'm paid, but just to shill something in a signature space I've never used because it was convenient after I hosted it with another person's address to thank them for some non-tangible help a while back....... anyway... I'm trying to have a refined theological discussion with a fellow, so I'll have to ask you to please use the proper response formatting.

Why the rambling story about some laundry you pimp but never use, my new friend?
Why not take up something a touch more respectable & profitable, like panhandling?