LTC! 1,000,714 kH/s!!!!!

[crazy_rabbit]

We're 1,000,714 kH/s Network Hash Rate for LTC!

We big time now boyzzzz!

[crazy_rabbit]

Now it's 1,011,236 kH/s!!!! Still RISING!

[crazy_rabbit]

1,022,084 kH/s :-)

[-ck]

I really wouldn't celebrate... all the GPU btc mining escapees will blow your difficulty out of the water killing your mining profit margins. Difficulty is supposed to parallel price. Price does not go up just because miners are driving difficulty up.

[crazy_rabbit]

I really wouldn't celebrate... all the GPU btc mining escapees will blow your difficulty out of the water killing your mining profit margins. Difficulty is supposed to parallel price. Price does not go up just because miners are driving difficulty up.

Well there are quite a few people who were looking forward to this happening in the past, so have already mined a lot. More people mining also means more people invested in LTC being a success so more people possibly building services to use the coins they mine. And a stronger network. All positive things. I suspect many are probably dumping for BTC, but thats fine. Cycle of Coin life.

[crazy_rabbit]

1,150,595 KH/s

[almwaysa]

At the current moment we passed 1,173.104

[crazy_rabbit]

1,195,949 kH/s

[FuzzyBear]

BTC network was ~30GHash

now 24,616.6692 so 24.6GHash ..... wonder where the hashes have gone

[BCMan]

BTC network was ~30GHash

now 24,616.6692 so 24.6GHash ..... wonder where the hashes have gone

http://bitcoincharts.com/
Network total - 29.940 Thash/s . What decrease are you talking about?

[FuzzyBear]

BTC network was ~30GHash

now 24,616.6692 so 24.6GHash ..... wonder where the hashes have gone

http://bitcoincharts.com/
Network total - 29.940 Thash/s . What decrease are you talking about?

ok sorry i was looking on https://vircurex.com there it says the network is now 22THash

[crazy_rabbit]

Now: 1,442,507

Next Diff: 50

[tacotime]

I really wouldn't celebrate... all the GPU btc mining escapees will blow your difficulty out of the water killing your mining profit margins. Difficulty is supposed to parallel price. Price does not go up just because miners are driving difficulty up.

While this is true, I think GPU miners have lost some faith in BTC because of  ASIC delays and an ever rising difficulty (which may be related). In any case, it seems unlikely to me that enhanced adoption by miners will result in decreased prices.

[smoothie]

All those new miners only care about BTC...watch out for selling...doesn't look like much BTC is on the buy order side. 

[pekv2]

Wow, highest I've ever seen it.

Network Hash Rate   1,173,026 kH/s
Next Difficulty Estimate   41.03240424
High: 0.0068 BTC

And highest I've seen ltc/btc price with btc being at 12.45.

Good stuff.

[mitty]

I decided to switch my gpu rig to litecoin just to try it last night (after the reward half it's currently not profitable for me to mine BTC) and I've been hanging around #13 on ozcoin's "top 30 hashrates" table.  I find it amusing since I'm only running 1x5850, 3x5850 and for whatever reason the 5850 is stuck underclocked so my mining power isn't anything special.  I'm mining at about 900khash/sec, which is apparently about 1/1000th of the total LTC network hash power.  Seems like LTC is still pretty small despite the BTC block reward halving. 

[FuzzyBear]

All those new miners only care about BTC...watch out for selling...doesn't look like much BTC is on the buy order side. 

Yeah i'd expect the LTC price to drop once the new miners look to cash out ... will be a good time to buy

[dust]

All those new miners only care about BTC...watch out for selling...doesn't look like much BTC is on the buy order side. 

I'm glad you now concur with my previous speculation smoothie! 

I predict the price of LTC will tank when ASICs arrive and GPU miners switch to litecoin.  It will be similar to when the merged mining of NMC started and bitcoin miners who acquired NMC just sold immediately, pushing the price down.  Currently, most people who mine LTC care about litecoin and hold some, but after ASICs hit, there will be many miners who are just looking for revenues in BTC or USD and will sell their mined litecoins immediately.

The only chance of a boost to litecoin price is if ASICs somehow destabilized the bitcoin network and there are credible risks of a 51% attack.

Litecoin isn't merge mined with bitcoin. Nuff said to debunk your speculation.

[smoothie]

All those new miners only care about BTC...watch out for selling...doesn't look like much BTC is on the buy order side.  

I'm glad you now concur with my previous speculation smoothie!  

I predict the price of LTC will tank when ASICs arrive and GPU miners switch to litecoin.  It will be similar to when the merged mining of NMC started and bitcoin miners who acquired NMC just sold immediately, pushing the price down.  Currently, most people who mine LTC care about litecoin and hold some, but after ASICs hit, there will be many miners who are just looking for revenues in BTC or USD and will sell their mined litecoins immediately.

The only chance of a boost to litecoin price is if ASICs somehow destabilized the bitcoin network and there are credible risks of a 51% attack.

Litecoin isn't merge mined with bitcoin. Nuff said to debunk your speculation.

LOL your point only spoke of ASICs, not bitcoin halving. My point was due to the halving, not the arrival of ASICs, which aren't here yet.

Nice try, but you did not get me on this one.

Keep practicing oh little one.  

[-ck]

I really wouldn't celebrate... all the GPU btc mining escapees will blow your difficulty out of the water killing your mining profit margins. Difficulty is supposed to parallel price. Price does not go up just because miners are driving difficulty up.

And as expected, difficulty has now been driven past the point of profitability in no time