bitpop is a scam

I think one way to slow the growth is reduce the block reward from 25 coins to just 1 coin per block, there is no way the BTC price will jump 25 fold to compensate as more then half the coins are already mined so there is no shortage of supply, and no reason for that much fiat to enter the market.

I got a store credit yesterday from Minersource for my X1 order and bought some Zeus miners instead. Already got a USPS tracking number for the shipment

How did the bots go with the large GHS price crash earlier today?

The guy is clearly wrong, he claims the Bitcoin emission trend is decreasing. Then he quotes the nethash as 95PH/s yet it's already hit 145PH/s a week ago. Trying to compare Bitcoin mining with physical mining in the real world is obviously a stunt and an attempt to distract and uninformed reader. There is no relationship between the two processes other than they both use the word "mining'.

What he fails to grasp is the exponential growth in bitcoin mining power consumption.

There is no coinex support, you have most likely lost your funds. The site is a scam and you are a victim like the rest of us.

Its mostly waste heat, so that can have uses.

It always drops a couple of days after a diff increase and then climbs back up again. The net hash hit 145PH/s the other day, and that's without all the S3s that are soon to be on the market. It's already started to climb again https://blockchain.info/charts/hash-rate?timespan=180days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

And how long do you think it will be before the bitcoin mining network is up to many gigawatts of power consumption, with nethash growing by 60% each month?

If only MegaBigPower keeps up with their 50PH/s per mth. expansion plans, that will require a new nuclear power station every 18months.



http://www.coindesk.com/megabigpower-launches-global-franchisee-network-add-50phs-per-month-bitcoin-network/

Nonsense, the comparison between mining and the banking network is specious. You don't have to mine fiat the power consumption of the banking system is to provide the layer above the currency, the accounting, recording, lending, usury, and other services. Bitcoin still needs those infrastructures as well, it's just that it's not widely accepted so that part of the infrastructure is currently quite small, but growing every day. If Bitcoin becomes mainstream and adopted by banks and credit card providers, you wait and see how much total power is used then!

Sounds reasonable, it's is after all a specialized gekko fork for trading on cex.io.

This recent coindesk article on is interesting:

http://www.coindesk.com/microscope-economic-environmental-costs-bitcoin-mining/

I think the author is conservative, and the likely power consumption is way higher.


When you have projects like MegaBigPower wanting to add 50PH/s to the nethash each month, that's a new power station each year just for them.

http://www.coindesk.com/megabigpower-launches-global-franchisee-network-add-50phs-per-month-bitcoin-network/


At some point the exponential growth has to stop, if only by governments cracking down on the large scale energy wastage.

There is a vast difference between shipping and running a farm. 50Megawatts per month increase equates to a new power station each year.

That's good, Minersource have some interesting things to spend on.

It's because two 6 pin PCi-e connectors were not enough for the S1, some people had meltdowns, so they didn't want to make the same mistake with the S3. The 6pin connectors are supposed to be run at 75watts on video cards, and people were trying to push 200watts though them by overclocking their S1s.

I did the same thing earlier, Dan was very helpful, so I bought some of those little Zeus miners instead with the store credit.

I would be happy with a store credit too. I am sure MS have something worth buying that's actually shipping!

Within 90days there will be like 8-9 difficulty increases, so you want to factor that in. It could easily make it 180 days.  You would be looking at over 50bill diff in 90 days, and that's only assuming a conservative 50% increase each month.

At some point the US government is going to have to ban operations like this for environmental impact reasons. This scale of mining operation is just a massive waste of electricity. I am surprised the environmental lobby groups haven't picked up on massive Bitcoin mining farms already. The probably just don't understand what's going on.

I think you will find the exchange rate is not calculated but taken from some BTC/USD exchange. I would like to know what the rate is and how often it changes? The exchange rate they use should be transparent so people know what they are going to be charged.