Question about ASIC mining

[johndawl]

I'm from the UK so I'll have to post in £.

You can spend around £150 or something to get a little computer (Raspberry Pi or something) and an ASIC that can mine at 4.5GH/s; if the Bitcoin mining calculator is correct in a month that's around 18.84 Bitcoins.

At current exchange rates that's around £372.16 and the electricity costs wouldn't be that much, this seems too good to be true.

Are ASICs really going to mine this efficiently and if so will the Bitcoin market adjust to the mining changes?

[bam91]

That is only if you have an asic unit working for you now at the current difficulty. Once ASIC's hit the scene in mass force, and going by the speculation of a 700TH network, the difficulty will be upwards of 100Mill.

Formula taken from bitcoin.wiki

D * 2**32 / 600

DIfficulty*2^32/600= Network hashrate

Plug in the 700TH network hashrate that some have stated will be the hashrate post ASIC


700000000000000*600=420000000000000000

420000000000000000/2^32=97788870.334625244140625(New DIfficulty)

[johndawl]

That is only if you have an asic unit working for you now at the current difficulty. Once ASIC's hit the scene in mass force, and going by the speculation of a 700TH network, the difficulty will be upwards of 100Mill.

Oh right not as profitable as I thought, still profitable though right?

[greyhawk]

That is only if you have an asic unit working for you now at the current difficulty. Once ASIC's hit the scene in mass force, and going by the speculation of a 700TH network, the difficulty will be upwards of 100Mill.

Oh right not as profitable as I thought, still profitable though right?

Not really, no. Think cents a month if even.

[johndawl]

That is only if you have an asic unit working for you now at the current difficulty. Once ASIC's hit the scene in mass force, and going by the speculation of a 700TH network, the difficulty will be upwards of 100Mill.

Oh right not as profitable as I thought, still profitable though right?

Not really, no. Think cents a month if even.

According to the difficulty given before and http://www.alloscomp.com/bitcoin/calculator it'd be 0.7 bitcoins per mouth.

[greyhawk]

Factor in the impending crash of the bubble.

[johndawl]

Factor in the impending crash of the bubble.

What do you mean?

[freedmind]

Factor in the impending crash of the bubble.

What do you mean?

I think he means because so many people are mining, there will be more coins and thus less cost per coin. The explosion of miners will significantly decrease the value of the bitcoin. The bitcoin is growing in popularity though, so it could be more profitable so long as the demand continues to rise.

[Gabi]

Factor in the impending crash of the bubble.

What do you mean?

I think he means because so many people are mining, there will be more coins and thus less cost per coin. The explosion of miners will significantly decrease the value of the bitcoin. The bitcoin is growing in popularity though, so it could be more profitable so long as the demand continues to rise.

Tons of bullshit.

Are you trolling or what?

[teknic111]

Factor in the impending crash of the bubble.

What do you mean?

I think he means because so many people are mining, there will be more coins and thus less cost per coin. The explosion of miners will significantly decrease the value of the bitcoin. The bitcoin is growing in popularity though, so it could be more profitable so long as the demand continues to rise.

Tons of bullshit.

Are you trolling or what?

I think he's trolling!

[bam91]

A crash  is always possible, however i believe that around september, october the.price should stabilize at around $23.

[bam91]

If you want to see a nice return post asic, hope the price floats aroind $20 and you have a  rig that pumps out more than 200gs

[darkmethod]

I'm excited about the future of ASIC mining. And I have ordered a couple ASIC machines from Butterfly Labs. As for speculating future returns, overall it is more of an experiment for me. I didn't want to be left behind and I wanted to take part in the ASIC revolution first hand.

[freedmind]

Factor in the impending crash of the bubble.

What do you mean?

I think he means because so many people are mining, there will be more coins and thus less cost per coin. The explosion of miners will significantly decrease the value of the bitcoin. The bitcoin is growing in popularity though, so it could be more profitable so long as the demand continues to rise.

Tons of bullshit.

Are you trolling or what?

I think he's trolling!

I apologize for any bad info I have claimed to know about. I know way way too little about mining to butt in here and talk about bitcoins future.

I just just joined this forum because I have had a problem with bitinstant and my funds have disappeared.

I don't have enough knowledge of the bitcoin to make any predictions on its worth. I have the same question about how the bubble can be predicted.

[Evolvo]

If butterfly labs ever starts shipping we're going to see the difficulty and hash rate shoot up very quickly