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Plugging in the numbers, it's $12/day revenue, $9 profit at 9 cents power.
Assume they ship 3k units, which increase difficulty by 25% over a month, revenue down to $9/day, profit $6/day. Seems like a 100 day payback investment, but whatsminer DCR shipping in 60 days.
Nah this will get wrecked.
Maybe after December, only the whatsminer miner can make profit due to the high efficiency. |
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yes this is a chance to buy coins, after a lot of negative news about cryptocurrency, cause prices to fall. this is a normal market cycle. where prices will fall, and will recover when negative news has disappeared. there we can profit.
I bought some Bitcoin, ETH, BCH in the past few weeks increasing my holding. |
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Nope, spend that amount of money with several 1060s or an 1070 instead, a lot better performance.
That is right. The 1050 is too low and not future proof. |
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There is always a good chance existing in this mining of crypto currencies.Right now I am mining Monero coin and I am really pleased with the results.But we have to be carefully while choosing which alt coin to be mined.
At present, XMR, ZEC and ETH are similar in mining profits. |
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When bitcoin starts to be controlled and taxed, it can lead to a stable price and a loss of demand for many users. It is mainly used only because of anonymity and high price growth.
For some users, they can use the anonymous coins such as Monero or ZCash. But I think majority will still use bitcoin. |
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Search the forums, these threads have been popping up since GPU mining began in 2011/2012. At first it was Bitcoin mining, then Litecoin, Dogecoin, etc, etc. Now its Ethereum, Zcash, and many others. Tomorrow it will most likely be coins we haven't even heard about yet.
Sometimes the profitability does drop to where mining margins are squeaky thin, but I believe the entire period has been profitable for those willing to keep their options open and move to the next coin when needed. There are of course no guarantees, but I suspect a year from now we will still be seeing these posts. The other thing to keep in mind is that unlike many other investments, most GPU based mining equipment holds good resale value for the gamer market. If you get even 50% ROI on your mining investment, worse case is you can recoup the other half on eBay.
The best strategy is to buy quality parts with good resale values, look for the most power efficient cards and search the forums on how to optimize your rig for the best power/hashrate you can get. For most people the electrical costs will be the deciding factor for their eventual breakeven point, so the more you can hedge your setups in favor of higher hashes per watt, the longer you can withstand a downtrend.
That is right. There will be new coins to mine when the old coins are not so profitable. |
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if i am not mistaken the correct phrase is regulated. because bitcoin is a legal currency but there are no rules set for businesses to use them. so i assume that if that day comes there will a big growth for bitcoin in adoption and as a result in price.
How about, bitcoin become an official accepted payment That won't happen any time soon Whatever it is if bitcoin is spread widely and many countries legalized/regulated about bitcoin payment will have big impact for bitcoin world and mass adoption, higher demand would bring us to what we are waiting for all this time. What is more encouraging than if you have a lot of bitcoin and easily spend it which has highest price than any currency in the world.  On the other hand, Bitcoin may not yet be ready for that kind of adoption, namely, a run-away adoption as I would call it and which is what you seem to mean. Right now, it is already overstretched to process the number of transactions that hit the Bitcoin network daily. So would it be able to process twice as many transactions if we see the adoption rates hitting the sky thanks to, say, some government choosing it as an "officially accepted payment" (a purely hypothetical assumption)? I guess the answer is a definite no Yes, this will never happen. The government does not want to completely change the economic system. They and so profitable. For the poor people, the current system is bad. Their wealth is removed gradually by the inflation now. |
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I think it will be a legal currency worldwide.
It will attract people to try use bitcoin, some merchant will adopt bitcoin, it will be mass. and I think the price movement have more more stable.
The first thing that will happen if bitcoin become a legal currency is it will be used by many, there will be a mass adoption, depending on how it was being described by media and those that has it, a positive publicity will make it prosper, I hope that it is the first thing that happen, but if those news is being toppled by a negative one, bitcoin will not die, but for sure, it will be stagnant. If bitcoin will be legalized as a currency, it would easily be adopted by many people around the globe. And for sure because of the benefits people gained from using it, it could have a positive publicity and many would be encouraged to use bitcoin for good. I think media will give positive news about bitcoin since many of it's users has gained good profit from it and many has make bitcoin their business. That is right. If the bitcoin is adopted in one country, many country will follow suit. the price will go higher. |
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Then the competition for all of us will going to be tough enough as that is going to add a lot of users if this is going to be implemented. And for sure many people are going to start up businesses with bitcoins so if making bitcoin is going to be a legal currency to a country then that is going to boost the whole bitcoin industry.
Bitcoin is legal in most countries... As I understand it from what the OP meant to say in the opening post, he was referring to Bitcoin as a legal tender, with which you can legally pay (or collect, for that matter) taxes and duties. Given that, Bitcoin is nowhere near this, not in a single country (if we don't consider some pseudo "states" like Sealand). The Russian government was going to officially recognize it as a "foreign currency", though... But this still doesn't cut it as a legal tender The bitcoin might not be the legal tender. But if a government can accpet it as a tax payment, that is excellent. |
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99.21875% will be mined in 20 years time. If electricity isn't very cheap by then and/or if bitcoin isn't worth hundreds of thousands of dollars, it's hard to imagine anybody wanting to mine then. How will transactions then be verified?
I think there is always a solution. Does bitcoin community has developers with ability to change code and submit new feautres? If yes, that's a number one resolution. Otherwise i heard switching to POS(Proof-of-Stake) system will give node runners a reward for approving transactions. The solution has been there right from the start, and there is no need to change anything in the code just because the cap of 21M coins will be hit one day. Mining will not stop due to no more coins to be mined. Miners will profit from transaction fees, and they are already profiting from them right now (up to a few percentages of mining reward)... In short, this problem is essentially nonexistent I still see a potential problem in that in order for miners to be kept interested, mining fees will have to rise significantly to offset the loss of new coin generation rewards they currently earn, and at the point where fees are significant enough to keep the network properly decentralized, will using bitcoin in any capacity be cost-competitive? Micro-transactions are something that bitcoin has a huge advantage over the traditional banking system, but it seems to me micro-transactions will become impossible in the future with the rise in mining fees that will accompany the loss of new coin generation rewards. The mining transaction fee has to increase, but the price of the bitcoin should also increase to attract more miners. |
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I didn't realize this before, but indeed, it makes sense. So we're stuck with small blocks because miners are short sighted focussing on todays income only.
Mining hardware becomes obsolete very fast, caused by an increase in difficulty. This is an extra reason for miners not to think ahead much.
I used to think Satoshi covered all major parts of Bitcoin, but this may be something he didn't anticipate.
Satoshi is not a god while humans are known to make mistakes including failure to account for something important. I think Satoshi's main omission was that he didn't provide a solution to the problem of having a final say despite the opinion of the majority. Most open-source projects have somebody called BDFL ("benevolent dictator for life") who retains the final say in possible disputes over the future of the project. Satoshi himself could be such a figure but he seems to have lost aspirations for Bitcoin (provided he is still alive in the first place)... Democracy if applied for real doesn't work, but meritocracy is not without its drawbacks either I think the biggest misktake he made was to set a hard limit of the block size. He should set a adaptive limit. |
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transaction costs will be the only source of income for miners. to keep the miners alive throughout the world should use digital currencies as the main medium of exchange, so it is likely that transaction costs will rise due to increased demand for the transaction.
The problems is the block size is quite full at the moment. It cannot support more transactions, so people will not use bitcoin. It's not quite that full yet; a normal transaction will usually be processed within one or two blocks, and backups in transactions usually only happen after a hashrate drop or a big gap in blocktime, and those are usually fixed very quickly; it won't drive people away, but transactions are arguably more secure in Bitcoin than most other payment systems. Of course, there will always be more BIPs that can increase block size or whatever we'll need in the future; either way, what needs fixing will eventually be fixed. Sometimes if there is a big gap in the block time, there will be a big hold up in the mempool. If the block size is 2MB, the problem will be less severe. It doesn't last forever, and it's usually fixed by a quick succession of blocks after the blockgap. Things like this naturally happen, and blocksize is good where it is now- payments get confirmed relatively quickly. Like I said, improvements will be made when they are actually needed, which will be decided by mining hashpower or bips(AFAIK). The last time we tried to expand blocksize, it didn't work so well. Most of the time, the mempool size is over 2MB. So you have to pay higher fee to compete to be processed earlier. |
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Increasing the block size would evidently decrease fees since there will be less competition between the senders of funds for the inclusion of their transactions in the newly found block, which consists in increasing the fee size (the higher the fee, the faster the TX will be included in one of the new blocks). Miners surely won't like that...
Thereby, the block size is not to be expected to get increased any time soon
You're talking about peanuts. With increased capacity comes increase in usage and types of usage making the system more valuable. Do you really believe that increased capacity can somehow lead to an increase in usage? If it were so (simple logic), why had it not been done already (I mean the block size increase) given that miners are interested in "making the system more valuable" as no one else out there? This is not a rocket science or quantum mechanics to get a clue at what's going on... In short, you are putting the cart before the horse If there is no increased capacity, there will be fewer people using the bitcoin. For example, the Ethereum is very fast, so there are more people using it. |
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20years = 5times the Bitcoin block would go into halving.
1st Halving: 6.25BTC per block
2nd Halving: 3.125BTC per block
3rd Havling: 1.567BTC per block
4th Halving: 0.783BTC per block
5th Halving: 0.391BTC per block (seems really sad at this point)
I plan to finish my dealing with bitcoin within this four year period before the next halving happens. Unless Bitcoin would be really valuable by then.
that is must be really hard for miners rip to those who have alot of bitcoins miners wait it is possible to gain money somehow? In 12 to 16 years, most of the miner's income will be from the transaction fees. the block reward will be less relevant. |
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Im pretty sure into 20 years bitcoin will reach atleast 2000dollars, and the fees will be enought to keep the miners active, as already been said the mining will be over around 2100. Thats something the core should start worrying about, as this will be a problem on the short time.
In 20 years, the bitcoin price will be at least $200,000. the mining fee will be larger than the block reward. |
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In 20 years, there might be between 20 to 100 million people using the bitcoin regularly. It will become a reserve currency.
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