Huge ~40% Drop in Network Hashing Power (5/27/2011)

[SgtSpike]

What? Wait a minute. Are you saying that you control that hashing power? If so what are you running 1000 5970s?

He doesn't, lol.  People are just saying stuff to get attention, but they're all a bunch of liars.

The word is sarcasm. No need to be an ass.

How am I being an ass?

[Chucksta]

What? Wait a minute. Are you saying that you control that hashing power? If so what are you running 1000 5970s?

He doesn't, lol.  People are just saying stuff to get attention, but they're all a bunch of liars.

The word is sarcasm. No need to be an ass.

How am I being an ass?

I think this is a case of people not seeing when others are joking... not easy to tell when you are dealing with text.

Anyway, never mind being an ass, I reckon you're all arses, LOL

/slap me

[Sukrim]

Looks like more tahn just a short down-spike atm! 

Currently, we're below 3,5 TH/s.

Looks like we scared the noobs away! 

[SgtSpike]

AND, this is the first time I've seen the block average at bitcoincharts.com under 6/hr!

[Sukrim]

Time to play http://www.youtube.com/watch?v=f62pW0J2JsA in the background...

[rezin777]

AND, this is the first time I've seen the block average at bitcoincharts.com under 6/hr!

CRAY was testing their new supercomputer on the Bitcoin network and realized they were losing money because it has nVidia GPUs?  

[zale]

Lets hope the BTC value doesn't crash too much. slush's pools Hashrate dropped from 580Ghash/s to 520 (still 95Mhash per worker..wow) and MtGox vrom 8.8 to 8.1$ because everyone of those 50Mhash/s guys seems to sell their stuff.

[Isepick]

See, here in the US it is a 3 day holiday weekend. The Federal employees tasked with running the Fed's FPGA arrays simply turned them off and went home for the weekend. Don't worry, they'll come back to work on Tuesday, turn them back on, and catapult us to a 700K difficulty level.

[benjamindees]

See, here in the US it is a 3 day holiday weekend. The Federal employees tasked with running the Fed's FPGA arrays simply turned them off and went home for the weekend. Don't worry, they'll come back to work on Tuesday, turn them back on, and catapult us to a 700K difficulty level.

That can't possibly be right.  Federal employees are nowhere near competent enough to operate an FPGA.  They would have outsourced it to contractors who are probably working overtime eating Doritos at $300/hr.

[bcpokey]

On the upside I don't have to burn all my mining hardware for kindling to keep myself and my children warm at night now that I spent all our money on it and difficulty made me a poor man...

On the downside (a little more seriously) transactions are taking a lot longer now to process than before. An impatient man who is too cheap to add a transaction fee is saddened by this.

[mathx]

Mmmm, good point about the heat.  I have a friend in CA who is jealous of my mining, and he has a card that would do 100MH/s at least, but he won't mine because he said his room is already too hot.

Those of us who are adults can just go out and buy something to cool the room with, but some younger miners might not have that option available, and would just shut down the miners instead.

Adults like to lose money?

The only thing that determines profitability isnt how absolutely fast your rig is, but how fast your rig is compared to the total hash rate. Bitcoins increase in value relatively in step with difficulty of course, so you get more for more difficult coins. What matters is your chance of being the one to find it/being part of a pool that does.

The more people that drop off, the better it is for all miners, regardless of difficulty. In fact, mtgox might even show value vs other currencies increasing for BTC because its so hard to generate more - the money supply just slowed down, value goes up. And on top of that your chances just increased because people left - best time to mine, evar. But please dont, cuz Im mining right now. Let you know when Im done kthxbai.

[Vladimir]

AND, this is the first time I've seen the block average at bitcoincharts.com under 6/hr!

CRAY was testing their new supercomputer on the Bitcoin network and realized they were losing money because it has nVidia GPUs?  

LOL! thank you for this one.

[Vladimir]

It got up to 86 here in New Hampshire the past few days. It's HOT.

Suddenly, mining operation in UK where average temperature is 10 C and rarely lover that 0 C in the winter plus lots of cold winds does not sounds as such a bad idea.

[commlinx]

I got scammed by this too, recently I bought one of the cheap ASIC miners on ebay that worked great for a day or two then I got an e-mail it would stop working at block 127225 unless I paid a further $1000 per core for an unlock code. I refused the extortion and guess many others were the same. At 45 Ghash/s for 16 cores it might have been worthwhile but I couldn't be sure I wouldn't be scammed again at some future block count

huh?

yes, please elaborate...

Nevermind the guy had his ebay and Paypal account suspended. I offered one of my mates who breaks DRM and copy protection for The Scene 500BTC if he could crack the problem. He'd never heard of Bitcoins before but loves that sort of challenge and was keen learn more about Bitcoin as well. He disassembled the client and found the unlock code was just a simple XOR type thing between the cutoff block and a static block in the code, along with a simple CRC32 check to validate the code and a few seconds time delay to make brute-forcing impractical.

Anyway just firing it all back up now that I've got the miner back from him, so soon hashrate should be back up to normal .

[dikidera]

Well, it was originally 1,8THash/s when i joined a month ago.

[borito4]

aaaaand its on its way up again