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Soon all these miners will exit! NOBODY said mining would be profitable
Just about EVERYONE has mentioned mining and profit in the same sentence. |
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Also possible that SN has been killed years ago and his email account was compromised since then. Years later they tried to hide their tracks by acting like SN was still alive at that time, when they posted "I am not Dorian Nakamoto". They didn't extract the PGP key from SN, so they weren't able to sign the message as a proof, but at least it looks kinda legit using his p2pf account to post this. 6 month later they make up a story about an idiot hacker who is trying to make money with the identity of SN, because he somehow hacked satoshin@gmx.com and even was able to send emails to long time members of bitcointalk.org and others as a proof that Nakamotos email account has indeed been compromised. Hacker makes a screenshot of the incoming folder of SN email account and states that "Satoshi Nakamoto is still alive and his identity is going to be revealed after the payment of 25 BTC" He fails to get the big money (only 1.5 BTC) and even was doxxed by greaterninja another bitcoitalk.org hero member. Hacker then vanishes. with his knowledge of who is SN and his gmx account gets finally closed. This makes a good movie... I like it!  Or the Cuckoo's Egg from many years ago: http://books.google.com/books/about/CUCKOO_S_EGG.html?id=0q1_5QkqV8EC |
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Could be the real Satoshi anonymizing himself even more attempting to make people believe that the current Satoshi isn't him.
I can't think of any plausible reason for a hacker to take over Satoshi's email and not do any kind of damage. The writing style and jokes are at a juvenile level. This is not typical of a hacker who could have done a lot of damage or gained massive amounts of money.
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Right now, there's two main things keeping the price fairly low:
a) $1.5 million in new coins being generated every day.
b) High merchant adoption, but none of the merchants hold bitcoin, and instantly transfer into fiat instead.
However, what's the newest service in the bitcoin industry that's starting to come out en-masse? That's right, payroll services! Even BitPay is getting in on the game, and so are companies in countries around the world. What we're now beginning to see if employees requesting their bosses to signup for these payroll services, so they can be paid in bitcoin instead of fiat. Assuming this gains decent adoption, that's a whole lot more BTC being bought every month, and the price should sky rocket.
$1.5 million is nothing when you consider the entire world is part of the crypto currency ecosystem. I agree with your 2nd point. Merchants who do not hold their BTC will keep the exchange rate low. I believe that merchants are not going to take a gamble. They price their products at the current exchange rate. And as soon as they get paid, they are cashing out so they are still making the same amount of money as fiat. They make their profit from the products they sell, not from risky currency exchange investments. |
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Making money is a good incentive for people to stay in the game.
But to throw money away only to justify that you are helping the crypto currency movement is absurd.
Why bother mining if you know that every day your machine is on, you are losing money.
Example: Your machine makes 1 BTC every week on average. After considering electricity and hardware costs (calculated in BTC), you are netting 0.8 BTC
If you buy some BTC through an exchange, you have not lost anything unless the exchange rate goes down. This is a far better option for someone who has faith in the future of BTC and want to hold the BTC they mine/buy.
Example: You buy 1 BTC every week. You still have that 1 BTC without spending money on electricity or hardware.
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In 5 days, the estimated difficulty increase has already gone from ~29,829,000,000 to ~35,259,000,000. At the current increasing rate of network hash power, in 5 more days, it's likely to hit 40,000,000,000.
This is really pushing the little guys out of business. Even with the most powerful and efficient miners, there is virtually no way to make a profit unless electricity is free and mining hardware is free. You'd expect with such extreme network hash power that BTC value should have skyrocketed to $1000 USD or more. But instead, it's remained somewhat steady around $500. And now, it's dropping closer to $400. How can this be profitable for anyone, even the huge mega farms?
It reached somewhere $390 a few hours ago. substitute OMG for OMFG!  It went even lower than that, to 376, somebody said. I think the only thing left to say is: Game over. Game over dude! |
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In 5 days, the estimated difficulty increase has already gone from ~29,829,000,000 to ~35,259,000,000. At the current increasing rate of network hash power, in 5 more days, it's likely to hit 40,000,000,000.
This is really pushing the little guys out of business. Even with the most powerful and efficient miners, there is virtually no way to make a profit unless electricity is free and mining hardware is free. You'd expect with such extreme network hash power that BTC value should have skyrocketed to $1000 USD or more. But instead, it's remained somewhat steady around $500. And now, it's dropping closer to $400. How can this be profitable for anyone, even the huge mega farms?
It reached somewhere $390 a few hours ago. substitute OMG for OMFG! |
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There is some truth to that claim, although not through that particular website. Paypal is integrating Bitcoins via some kind of API to a new service called BrainTree. I briefly looked at it while I was implementing a Paypal IPN service last week. I didn't have time to read about it much since I was too busy. I'm sure if you log in to Paypal and look up BrainTree or the look through the Paypal developers area, there should be something about that. So yeah, my mum just got an email from Moneywise with the title "Paypal now accepts Bitcoins- 3000% growth in 4 years"  I got her to forward me the email, to which the only thing I saw about Paypal was Bitcoin is independent, requiring no banks or intermediary. It is completely decentralized and free from government control. Bitcoin will rival major currencies and e-commerce businesses, such as Paypal, as an internet currency and payment vehicle. So basically , they lied lol (unless I'm missing something?) Here is the email http://info.moneywise.co.uk/HM?a=ENX7CqtxJO8v8SA9MOA-hxbnGHxKVL1SP_cStGb5lw8W0bBhOG5mpqVsje_HheD2wV2rThere are some buttons which say "click here for more information ", they take you to this page "Bitcoin Investment guide" http://www.investormailinglists.com/lp/bitcoininvestment/120714/lp.php?listID=TPG120814At first I thought "scam?" but apparently not! (well Moneywise are quite well known and trusted). It does seem strange this email got sent out today during the mass dumpage , but hey surely this is good advertisement right? (or is it?) I hope the links work btw. Hmmm, that 2nd link has quite a bit of BS in it .... 1 out of the 3 accept btc.  Edit: Sending Moneywise an email to find out why they choose to speak shit. Edit: Searched their number 0203 455 0146 and found this http://www.alternativesolutionsinc.co.uk/landing/hollywood_film/thankyou.html "Invest in major Hollywood Box Office films" , so scam it is. Time for a beer. |
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In 5 days, the estimated difficulty increase has already gone from ~29,829,000,000 to ~35,259,000,000. At the current increasing rate of network hash power, in 5 more days, it's likely to hit 40,000,000,000.
This is really pushing the little guys out of business. Even with the most powerful and efficient miners, there is virtually no way to make a profit unless electricity is free and mining hardware is free. You'd expect with such extreme network hash power that BTC value should have skyrocketed to $1000 USD or more. But instead, it's remained somewhat steady around $500. And now, it's dropping closer to $400. How can this be profitable for anyone, even the huge mega farms?
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A list like this posted on the forum would be out of date almost immediately because the value of BTC changes almost every minute and the difficulty changes every 10 days. Although the list appears to be static, it changes every hour based on the BTC exchange rate and difficulty. Why no make a list of specs on the forum itself rather than posting the link,would come handy for newbies like us
Let's see if he makes it dynamic and adds a hook in somewhere using a API It is dynamic. It's been dynamic from the start. |
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A list like this posted on the forum would be out of date almost immediately because the value of BTC changes almost every minute and the difficulty changes every 10 days. Although the list appears to be static, it changes every hour based on the BTC exchange rate and difficulty. Why no make a list of specs on the forum itself rather than posting the link,would come handy for newbies like us
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All of these calculators are estimates since it's impossible to give an exact prediction. Pool fees, luck, etc. are usually never considered. When people make this calculators, do they actually think about the pool they're mining in or something? or just give it out as an estimate?
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I'm looking over Cex.io's pricing structure, even if you get the GH/s free, you still end up making LESS than what they charge in maintenance fees.
I just unplugged all of my remaining mining rigs because it's no longer profitable. I'm just glad that I'm getting out now instead of dumping more fiat on more mining hardware that won't make a profit. I'm taking some huge losses, but I'm not about to throw away good money after bad.
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God damn it! I quit! I'm pulling the plug. I am done.
I knew this day was coming soon, but I didn't expect it to arrive until 2015. Yuck!
In a few hours, the difficulty will be ~24 billion.
Did a huge farm just open up recently or something???
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Re: the picture above. That is exactly what I'm thinking. Vertical mount so the air flows from bottom to top.
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By secretly mining, I mean they can create a false front, say a company called "Bit-tech X" and funnel all its earnings through other channels.
And if a gov't were to do this, they wouldn't buy mining rigs from an existing manufacturer. They'd probably build their own using military engineers and such.
If a new whale all of a sudden appears one day, taking 20% of the networks hashing power (such as one of those "unknown" miners), what would it mean?
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Has anyone considered what might happen if a government with money and technology were to build their own large scale mining farms?
They could secretly mine tons of bitcoins and sell them on the market and manipulate the value. Or they can render the entire bitcoin network inoperable due to various attacks or manipulations.
There are lots of government that can do this, and maybe some of them are already.
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If you're talking about what your expected return is per each GH/s mining power, it's about 2 cents (USD) per GH/s per day currently.
That will change next week when the difficulty goes up again, like it has every week. The exchange rate has been pretty stable at around $570-$600 per BTC.
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On average, you should be getting about 0.011 BTC every 24 hours on an S3 @ 440GH/s. Since your test period is only 5 hours, there is a high level of variance. That is, you can be very lucky, or very unlucky. (Think of flipping a coin 5 times. You could get 4 heads and 1 tails. But if you flip the coin 1 million times, it'll be about 50/50).
If you let it run continuously for a week, you'll see that your return will level to around 0.011 BTC, which is approx $6.85 per day at today's exchange rate.
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If anyone sees that I made a mistake in any of the specs, please send me a message so that I can correct it.
Cheers
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