Its surprising that the difficulty went down slightly for the last 2 days.
Is that because something is wrong with the mining farms. Or miners are mining other profitable coins we do not know? |
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I have a many thouands of kWh per month, I will start mining altcoins. Either Ethereum or Monero. Ethereum is more profitable at the moment.
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So the GPU mining can last at most 10 months. I wish it can last longer and distribute the Etherum more evenly.
If the PoS is not ready by then, it will extend the PoW mining. I think PoW mining gives more value to the coin. |
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Why you want a bitcoin bank, bitcoin is purposely made against banks.
You can gain interest by trading it against usd
I think it is not made against bank. It just means you can save money yourself. You can also transfer money easily. |
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Would it even be profitable due to the crash?
It is profitable for miners if the price is above $2.5. If the price drops further or the difficulty rises furhter, it is not profitable. |
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No there is no bitcoin bank, and its better if there is not.
Bitcoin is just for owning your money by yourself and nothing else.
If you want to buy a house or a car or other big purchase, where do you borrow if there is no bank? Are you going to borrow from friends or family? |
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I think bitcoin will prosper. It will more and more users. It is used by many people, the infrastrucutre is being built.
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Your Core frequency is quite high. There is no need for that to be too high, it is fine with 1050 MHz.
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1k kWh per month is very good. You can mine a lot of coin with that cheap rice. You will be very rich in the future.
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Ethereum mining is still profitable now. But it will not be if the difficulty rises too fast. Genesis mining has put more hash.
The difficulty is rising really quickly. It may be profitable today, but in one week it may not be the case. Starting the mining is something really costy, so having his investment back could be really hard, also, I doubt that Genenis Hash put any hash, and I think that it is just a kind of ponzi. For the 100 MH/s contract, it costs $4400. If I mine myself and pay the electricity of $0.1/kWH, my electricity bill is $700. I can sell the miner as well is I do not want to mine any more. So the Genesis mining can earn more than $3700 per 100 MH/s. That is very good profit to make for them if their electricity price is $0.1. I think their electricity cost is much lower. |
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Would like to join
Name: fricircled
Post count: 30
Rank: Junor. Member
Bitcoin address: 17BsSi78bnPmXFN7VzqPPoCtNn7Jxu2TcV
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Price fluctuation can be the most important reason for people not using bitcoins, as the price of bitcoin is too volatile that makes newbie to think twice before investing the money into it, and other reason is lack of knowledge of bitcoins.
I think nope. someone who already joined with bitcoin. of course have known this problem and I am sure they have understood and understand the fluctuations, so I thought fluctuation is not an important issue for the people stopping in using bitcoin For the people who just know the bitcoin, they will see the volatility of the price and think it is just a tool for speculation. |
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The bitcoin price will rise in 2016. That is due to many factors. The number one is the more adoption of bitcoin. The next is the halving.
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Maybe we should have 1Kb blocks to save the Internet.  It should be the other way around. People should use less Youtube or Netflix to let Bitcoin go faster. |
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the halving should have an opposite effect if my understanding how the bitcoin market is correct, basically the halving would mean less incoming new supply of coins leading to an increase of value of already existing coins. the halving might have a negative effect on miners and there numbers though.
If the price of bitcoin doubles, the net effect on the bitcoin will be neutral. If the difficulty rises as fast as recent ones, it will be bad for miners. |
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I think price stability important for mainstream usage
That is my thoughts as well. When the price is not stable, a merchant cannot price his goods with bitcoin and when he receive the bitcoin, he will have to convert it into fiat straight away. |
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If everyone is hyping the price in one direction then usually it goes the other way. I do not know what to think about. I guess that the halving advantage is already priced in. So we will only see strong price increasing if the economic situation is going worser or there are very good news around Bitcoin.
The halving is still 5 months away. I think the price in May will reflect the halving effect. Not now. |
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I think the bad publicity BTC had in the beginning is massively affecting the adoption, at a time BTC was being advertised as solely a criminal currency by the media, now the adoption is increasing but there are still traits of bad publicity in people's minds,
I seldom hear bitcoin being used in illegal trades now. Is it true that there is no big illegal market like Silkroad now? |
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I think its safe to say that 2016 will be a big year for bitcoin for 2 main reasons
1. Many fortune 500 companies and banks have recently invested in the cryptocurrency
There is no sign that large companies or banks are supporting Bitcoin. More the opposite. Banks are just looking at blockchain technology for their own use. It depends on the popularity of bitcoin. When bitcoin is widely adopted and is very popular, the banks will support it to make money. |
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With all else being equal the halving will put pressure on the miners to hold out for more return on their earnings. With the block reward going from 25 down to 12.5 and using current prices ~$375 BTC, their income would drop from $9,375/block (25*$375) down to $4697.50 (12.5*$375) if the price did not rise. Mining revenue is already running on razor thin margins, so a prolonged period of lower prices would force many miners to shut down. This coupled with the fact that the incoming dilution of fresh BTC is also going to decrease from approximately 6000 new BTC/day down to 3000 BTC/day, should combine to strengthen prices over the long term.
The only effect of the halving is that the fresh supply of bitcoin will reduce by halve. It needs less money to support the price. |
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