Difficulty growth cannot continue indefinitely, because the network cannot be infinitely large.
Ok you are correct, but how many difficulties will it take before we reach an equilibrium? Only 60,000 mtgox accounts in existence. There are 330,000,000 people in the USA alone. I think there are plenty of unused GPU cycles out there, and the more media attention this garners, the more interested parties will fire up mining rigs. That doesn't even count the gaming systems for WoW or Secondlife or any of the millions of PC games that are out there that don't do anything all day while their owners are at work. All an owner needs to do is turn on guiminer and leave. We're not anywhere near the saturation point of the network. Yes, someday people will look back and consider US the early adopters. |
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Old news... its been up for the whole day so far......  And so has this thread, lol Hahaha +1 |
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I think the right answer is that there's a delay in reaction -- things don't happen instantaneously.
The Mt. Gox hack was only less than 3 days ago, for crying out loud! (I know, it seems like a LONG time ago...)
Someone could have ordered more mining hardware on Saturday, and wouldn't even HAVE IT YET -- nevermind be able to decide what to do with it now (mine with it, sell it, return it, etc.)
There's a bit of inertia/delayed reaction involved here.
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What happens?
A random stranger has a really good day, and you lose your coins.
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+1 Tradehill is awesome. They could use a few sophisticated features, like a display of current "Open Orders", etc. but they do have an API so others can create that. For now people can use http://mtgoxlive.com/ordersAnyhow, I've done trades with them, and it all went smoothly. You can send BTC in and out and the transfers are quite timely. I realize we can't "leave behind" Mt. Gox just yet -- we have to get our money and all -- but I think people should give TradeHill a try. You won't be disappointed. Matthew |
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A few days ago on here, someone was claiming to calculate the income of a 5830, and he calmly stated what a months' income would be -- based on 877K difficulty!
(Newsflash, bro: that difficulty level expires in LESS THAN TWO DAYS! Sorry to burst your bubble)
So you won't get more than 2 days income at this difficulty -- and then you can't count on 1.3M difficulty either, because that will only last 8 or 9 days...
Those monthly income projections are so stupid. That's why you have people wanting to sell/return their mining hardware -- when reality comes a-calling.
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Mt. Gox changed the message you see when you click your "Recovery request status" link: Once your account has been reviewed you will be sent an email advising how to access your Mt.Gox account.
We will begin sending out emails with instructions within the next 24 hours. If you do not receive the email after 24 hours (see above) please contact us so we can look into your claim request
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Has anyone received confirmation yet? Their latest announcement says that 10% of the accounts have been claimed. I think I was one of the first to file a claim, yet I have heard nothing from them.
Yes, I was one of the first as well. I was hitting refresh regularly yesterday morning -- it couldn't have been ready much before I discovered it. And I'm still waiting for an e-mail from them. |
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It's amazing that the mining hardware just keeps piling in --
Yes, but than again it is still profitable. I thought mining would be over by now, but it just does not want to give up. My 8 miners acquired 3.5 BTC in the last 22 hours. Even at $10 per BTC, that is $35. My electricity max per box (4 PCs), is roughly $1 for the day, therefore $4 in total. I reckon that a lot of the new miners are just people using equipment that they already had, maybe with a gfx card upgrade or two. They've watched and listened while someone they know has had their computers making money for them, and finally they have decided to give it a go. "Hell, even if it's just a few dollars, a few dollars a day pays for fuel  ", they may reason. I seem to have about the same mining income as you -- only I have 12 cards. All pretty efficient ones, too (5800 series). I run a pretty lean ship here. But my electricity cost is around 74 kW/h per day. I keep close tabs on my electricity usage. I regularly write down what the meter on the side of my house reads, so I'm familiar with my normal daily kW/h usage. I also own a Kill-a-Watt meter. I'm including the cost of extra air conditioning. I live in Texas, where we haven't had a cloudy day in weeks, and the temp hits 105 some days.I think some guys are reporting less cost, because they don't (or can't) count the cost of fans, A/C, etc. Anyhow, 74 kW/h comes out to $6.51. And that's a 8.8c per kW/h, which is certainly average if not cheaper than most. And that figure is super-accurate as well. I took my electric bill, subtracted the Statement Fee ($15.00), and divided what was left by the number of kW/h I used -- which equaled 8.8 cents. You're saying $1 each for 4 machines, which have enough graphics cards to produce 3.5 BTC/day? That's 3.3 GH/s. I think everyone needs to go back to the drawing board and double check how much they're REALLY spending on mining. You might be surprised. Matthew |
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while i'm always pro transparency i see it's the right of the owners of this forum to delete as many posts as they want. you are free to leave. in fact i hope there will grow competition as with just one forum only, there is quite some power to manipulate the market by just randomly going offline.
+1 We do need more than one Bitcoin forum. When a forum gets so big that they're basically telling people to "go away", and they start deleting posts left and right, with no consequent slowdown in signups, membership, or traffic -- that's tells ME (at least) that the market's now big enough for another forum. |
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There's a great one (Moody's) for Mt. Gox, but is there nothing of the sort for Tradehill?
Currently the main venue for trading Bitcoins?
Matthew
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That's D-Day -- when everyone either has paid for their mining hardware, or never will...
(When blocks net 25 BTC instead of 50)
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There are a lot of factors in play, yes, but we need to keep in mind that there's no direct pull on a BTC buyer to pay more because Joe Miner only makes 2 BTC/day today, whereas he made 4 BTC/day last week.
The SAME NUMBER OF BITCOINS are produced every week, regardless of how many miners participate in the bounty.
Print that out, put it on your wall. It cuts to the essence of this "difficulty" controversy.
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my circuit breaker is rated at 25amps.
How many amps will it be safe? I heard someone say 25 amp breaker doesn't mean it will handle 25amps continuously, rather, it means it can handle up to 25amps of instantaneous surge in power usage.
If by "safe" you mean "won't get tripped" then generally the I^n rating should be for continuous use. I'll assume that you've got at least 14awg on that circuit to be "safe" in the "won't burn my house down" sense of the term. ;-) Edit: To be on the safe side I'd go with #12 or #10 wireI personally ran a 6ga 240v line for my rigs...overkill until I hit 15 rigs but the cost was not much higher. Divide the wattage by 120 to see how many amps a given device is drawing. You want to keep it well under 15A -- especially for 24/7 use. You don't want your wires to get hot enough to start a fire... |
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It's amazing that the mining hardware just keeps piling in --
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Excellent idea -- if your employer will do it Of course, you'd have to convince your electric company, grocery store, etc... |
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I wish the media wouldn't be so negative on Bitcoin.
Maybe the Powers That Be control the media AND the money supply? An interesting idea, to say the least.
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Problem is, it doesn't matter how hard it is to mine them. There are just as many coins being created, whether 100 miners made them or 150. Why should people pay more for bitcoin just because more miners were necessary to create them?
Now the bitcoins themselves are more secure, the higher the difficulty level. So perhaps there IS some rationale to BTC price going up with difficulty...
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