cloverme
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December 30, 2014, 02:24:34 AM |
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i just want to say that all the miners are ruining bitcoin just like how the federal reserve ruined the dollar.
Well, technically I think it was Congress in 1933 and then Nixon in '71.... Either way, bitcoin is much better. I think mining is what led to bitcoin being a success and gaining greater popularity. However, the great ASIC race kind of ruined things too :|
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btckold24
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December 30, 2014, 03:11:21 AM |
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well its going to be more difficult to mine them so I would have to think its going to go up.
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Raize
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December 30, 2014, 10:57:52 PM |
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I'd trust the dollar if new ones were printed at a predictable and measured rate, too. They aren't though, and that's the reason why Bitcoin is a better store of value over a longer period of time, regardless of how bad it has been over the last year.
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alh
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December 31, 2014, 02:19:54 AM |
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I expect the "reward halving" to have a significant, negative impact on large mining operations. Another way to phrase this is "income halving" (in terms of bitcoins). Virtually everything that goes into a mining operation is priced in fiat (USD for me). That means electricity, hardware, staff salaries, cooling and so forth. Unless bitcoin doubles in value, a large operation will likely lose half it's "income", and have zero reduction in it's cost of operation. Show that to any large industrial operation (e.g. auto manufacturer), and they will all say it's time to do something drastic (e.g. close plants, lay off folks, etc).
I don't see how a large bitcoin mining operation can avoid this, unless they start to "wind down" in some way prior to "reward halving".
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ensano
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December 31, 2014, 04:47:02 AM |
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I expect the "reward halving" to have a significant, negative impact on large mining operations. Another way to phrase this is "income halving" (in terms of bitcoins). Virtually everything that goes into a mining operation is priced in fiat (USD for me). That means electricity, hardware, staff salaries, cooling and so forth. Unless bitcoin doubles in value, a large operation will likely lose half it's "income", and have zero reduction in it's cost of operation. Show that to any large industrial operation (e.g. auto manufacturer), and they will all say it's time to do something drastic (e.g. close plants, lay off folks, etc).
I don't see how a large bitcoin mining operation can avoid this, unless they start to "wind down" in some way prior to "reward halving".
it would be beautiful to see the global harshrate plummet and difficulty along with it.
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picolo
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December 31, 2014, 11:16:37 AM |
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I expect the "reward halving" to have a significant, negative impact on large mining operations. Another way to phrase this is "income halving" (in terms of bitcoins). Virtually everything that goes into a mining operation is priced in fiat (USD for me). That means electricity, hardware, staff salaries, cooling and so forth. Unless bitcoin doubles in value, a large operation will likely lose half it's "income", and have zero reduction in it's cost of operation. Show that to any large industrial operation (e.g. auto manufacturer), and they will all say it's time to do something drastic (e.g. close plants, lay off folks, etc).
I don't see how a large bitcoin mining operation can avoid this, unless they start to "wind down" in some way prior to "reward halving".
it would be beautiful to see the global harshrate plummet and difficulty along with it. Or price to rise. When you have a lot of GHS it is always great to see the difficulty going down ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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BTCXE
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December 31, 2014, 11:28:06 AM |
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I expect the "reward halving" to have a significant, negative impact on large mining operations. Another way to phrase this is "income halving" (in terms of bitcoins). Virtually everything that goes into a mining operation is priced in fiat (USD for me). That means electricity, hardware, staff salaries, cooling and so forth. Unless bitcoin doubles in value, a large operation will likely lose half it's "income", and have zero reduction in it's cost of operation. Show that to any large industrial operation (e.g. auto manufacturer), and they will all say it's time to do something drastic (e.g. close plants, lay off folks, etc).
I don't see how a large bitcoin mining operation can avoid this, unless they start to "wind down" in some way prior to "reward halving".
it would be beautiful to see the global harshrate plummet and difficulty along with it. however, what is more likely to happen: a) small miners switch off their euipment, hashrate and difficulty down b) miners sell their gear to consortiums who can still make money based on economies of scale
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calci
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December 31, 2014, 11:29:02 AM |
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I'd trust the dollar if new ones were printed at a predictable and measured rate, too. They aren't though, and that's the reason why Bitcoin is a better store of value over a longer period of time, regardless of how bad it has been over the last year.
I guesss thats one big advantage bitcoin has to it . Can't be printed in excess and there is always a count to it. There aren't any fake coins as well.
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ensano
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December 31, 2014, 04:39:44 PM |
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I expect the "reward halving" to have a significant, negative impact on large mining operations. Another way to phrase this is "income halving" (in terms of bitcoins). Virtually everything that goes into a mining operation is priced in fiat (USD for me). That means electricity, hardware, staff salaries, cooling and so forth. Unless bitcoin doubles in value, a large operation will likely lose half it's "income", and have zero reduction in it's cost of operation. Show that to any large industrial operation (e.g. auto manufacturer), and they will all say it's time to do something drastic (e.g. close plants, lay off folks, etc).
I don't see how a large bitcoin mining operation can avoid this, unless they start to "wind down" in some way prior to "reward halving".
it would be beautiful to see the global harshrate plummet and difficulty along with it. Or price to rise. When you have a lot of GHS it is always great to see the difficulty going down ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) no no, price needs to drop. If the price rises more big investors will see it as profitable to set up large mining operations with high end equipment that will just push the at-home mining further out of the picture. Now if the price dropped to $150 today we'd see a few PHs worth of machines shut down tomorrow. Then the difficulty would drop and someone with 2 antminer S1s in their closet will finally have a reason to turn them back on
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redsn0w
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December 31, 2014, 10:50:45 PM |
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In the beginning : the mining was only for support the network , but now it is only a question of money. I really would like to see what will happen before~after the next halving ( at the end of 2016).
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charlieSeen
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January 01, 2015, 02:49:41 AM |
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I expect the "reward halving" to have a significant, negative impact on large mining operations. Another way to phrase this is "income halving" (in terms of bitcoins). Virtually everything that goes into a mining operation is priced in fiat (USD for me). That means electricity, hardware, staff salaries, cooling and so forth. Unless bitcoin doubles in value, a large operation will likely lose half it's "income", and have zero reduction in it's cost of operation. Show that to any large industrial operation (e.g. auto manufacturer), and they will all say it's time to do something drastic (e.g. close plants, lay off folks, etc).
I don't see how a large bitcoin mining operation can avoid this, unless they start to "wind down" in some way prior to "reward halving".
it would be beautiful to see the global harshrate plummet and difficulty along with it. The block subsidy halving is not going to be any kind of surprise. People who are considering to buy an additional (or first) miner are gong to take the upcoming reduced block subsidy into consideration. I would think we will start to see the consequences of the lower block reward early this year (2015) as many miners will not expect to ROI for at least a year under good conditions
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