I mine as a Hobby. I and others like me will be the last miners standing. I have no intentions of turning my miners off, ever, regardless of cost.  |
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That's what I'm saying...
There is no way to mine in the present day.
Let's put an example, even if you had 100Terrahash, you will die in just three months. The thing is that the difficulty rises very fast at 22% per month and bitcoin exchange rate is going down to 520 US dollar per 1 bitcoin.
The value of bitcoin should rise at 22% average per month. Otherwise, not even the pros will mine. There is no point on mining.
And....on the other hand....the exchange companies will not trade any bitcoins as people will not invest at all considering that bitcoin is going down every day....
We are just a few days away from the DEATH of Bitcoin as we know it.
Bye bye Bitcoin.....
P.S. the only way to solve it is to reduce way down the difficulty again going to 2B or 3B the most.
I disagree. First, the size of your mine does not matter. The cost of the power used per Gh/s is a better measure. All the size of your farm does is increase your total gain or loss. You still are either gaining or losing. There is no correlation between difficulty and BTC price. Any that people see is very loose and probably rationalized. Whether or not BTCs are bought and sold on exchanges is irrelevant unless you are looking at your mining as a fiat making endeavor. If your are, then yeah, turn off your machines and leave Bitcoin to the bitcoiners. We are not anywhere near the death of bitcoin. There will always be Hobbyist who will keep it on life support. As people who believe what you say turn off their machines, difficulty will go down. Bitcoin is only dieing to the people trying to get rich off it. |
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I have set up local mining with 6x Antminer U1 on bitcoin, hoping for the lottery ticket to come out.
Can I do something to lower the CPU usage ?
You can mine solo with cgminer on Antminer U1s directly to bitcoind which uses a lot less CPU without needing any pool software. Would he get enough feedback to determine that it is acually working correctly? |
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Plugging the miner into the pi instead of a powered HUB was a bad idea. I can't say for sure, but i wouldn't be surprised if you cooked you pi.
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*woof*  |
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Кидалы, майнил сутки с 400 GH начислили копейки..... 0.008
Позорники на копейках наживаются....надеюсь ты разбогатеешь и купишь себе совесть...подонок
Внимание для русскоязычных - пул кидает !!!
That's easy for you to say. |
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Just a reminder, ROI is Return On Investment. It does not mean Profit or Break Even. Your Return On Investment can be less than your original investment.
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CPU mining is a lost cause. It should cost you more for the electricity than you will make. Sorry
Ok , thanks, and can you guide me that which type of mining is better , and how much it could costs to buy the simple hardware for mining, If you are mining for fun, pick up some USB ASICs to start. If you are planning on making free money. well... good luck with that.  |
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I just read the OP and it occurred to me that the poster doesn't know the meaning of the word "profit".  |
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CPU mining is a lost cause. It should cost you more for the electricity than you will make. Sorry
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ghash is now only 21% but what is more interesting is what is this unknown that is 31% of the network now  Really, you don't know what that is. It is a combining of all the different miners that the site has no difinitive identification for. |
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Appears all but dead - look at date of OP...
Uh, why would you say that? It's still running and working fine. I can say that I have not solved a block on it. Which should be no surprise since I'm only pointing 10Ghs at it. But it is NOT dead. Sam I stand corrected... Oh just sit down.  |
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I have wondered about this as well. It seems to me that the decrease in the number of blocks being hashed could cause a backup in transactions being processed. Probably not currently, but in the future when there are more transactions being done.
I'd like to see the difficulty adjusted every 1024 blocks for downward adjustments and the upward adjustment period left as is. This just feels right to me.
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Hi there, I'm getting interested in buying (some) Casascius coins. BUT... there is something that worries me, I have been thinking to post this or not, but I just go for it.
Because the coins are not being made anymore, and there are only so many around. You would say the price will go up because they are original and getting more rare. But what if somebody sends a small amount of mbtc to the public adress of one of the coins, then it's not original anymore! You could say, Ok but now it has even more BTC value, but it's also not the same anymore as Mike Caldwell made them and sold them in that way, would that not be negative for the value.
Let's say I have a coin made by Casascius in perfect condition, and I have a second coin just made after the first one but it has a scratch on it. Then you would say the second coin is less valuable because of the scratch. But now I have a coin with exactly 1BTC, and the second is 1.0000001BTC (or something). Would you say the one with 1 BTC is more valuable or the other with the extra mBTC?
I would like it to stay in the way, like Mike Caldwell made them but thats just my opinion. What's your thought about this?
Thanks
You are looking at it in two different way. the first is the Collectable Value, which would be for the physical coin based on it's condition. The second is it's monetary value, which is how many BTCs it is worth. The two values rarely are ever related or equal. |
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Someone flushed the toilet with all our blocks floating in it.  It wil get better, sooner or later.  |
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Of course we all know that ROI does not mean break even.  |
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Can you explain what pool jumping is?
Is it when someone sees a pool has good luck with finding blocks so they jump to that pool hoping the luck continues?
Thanks in advance for any explanations.
That is the simplest explanation. they leave when the luck is bad and come back when the think it is going to be good. I'm sure that there are more complicated ways of calculating when to stay and go. In the end, they are trying to maximize gains by playing the system. I doubt that what the get is all that worthwhile. but they probably think it is. Like how gamblers always talk about their big wins and forget about their losses. |
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Okay... thats the noobness showing through! lol.
What I mean is (and maybe I'm getting this all confused) is if you look at the statistics page it usually shows several blocks that are being validated and have X number of confirmations left. Is that what my miners are hashing on or do I have that all wrong?
I think I am just misunderstanding how it all works...
You are pretty much misunderstanding. Confirmation numbers have to do with Orphans and such. Once a block is found it is announced to the network. when a block is built off of that one, that is one confirmation. When a block is built off that one, that is a second confirmation. it is a chain. if two miners find the same block before either is confirmed, the one with the most confirmations wins and the other is orphaned. Pools usually consider 100 - 120 confirmations as confirmed beyond a doubt. Merchants are usually content with about 6. That would be 6 blocks found after the block that their transaction is in. Every block has part of the previous block as input. |
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Greetings All,
Forgive the noobness but I am new to all of this. It is my understanding that every time a new block is found all of the workers in my account switch to the new block. Is that correct? or do they continue to mine shares from all open blocks? Is it possible to stay mining the same block until its confirmed? Whats the best way to manage my miners?
Thanks everyone!
Brandon
There is no such thing as "all open blocks". Once a block is found all miners move on to the next one. I'm not sure what you mean by "manage my miners", but i suspect is there isn't a way. |
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