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Author Topic: Will home mining become a myth in 2016 ?  (Read 2443 times)
GermanGiant
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December 23, 2015, 08:10:23 PM
 #1

The way bitcoin difficulty is jumping up, do you think any new entrant will be able to mine profitably from home ?

https://bitcoinwisdom.com/bitcoin/difficulty

I think, mining will belong to server firms. People interested in mining would be forced to opt in cloud mining.

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December 23, 2015, 08:12:50 PM
 #2

Of course, it could be considered a myth right now, because it is almost impossible to even break even with the cost of the miner.

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December 23, 2015, 09:23:10 PM
 #3

The way bitcoin difficulty is jumping up, do you think any new entrant will be able to mine profitably from home ?

https://bitcoinwisdom.com/bitcoin/difficulty

I think, mining will belong to server firms. People interested in mining would be forced to opt in cloud mining.

So should I spend btc on your cloud mining site in your signature?

Or should I cloud mine with hashnest?

Or should I host with lee's site in China?

I could always buy and hold coins.

Better yet I can mine in the winter this year with some s-7's and avalon 6's sell them in April and  and the hold coins. 

Then buy new gear in sept 2016 just in time for the fall of 2016 use the gear from  Oct to April sell it  and hold the coins.
Then buy new gear in Sept 2017 just in time for the fall of 2017 use the gear from Oct to April set it and hold the coins.

My point is there are many ways to play.  Home mining will not die in the winter months as the heat is a second value of mining.

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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December 23, 2015, 10:42:02 PM
 #4

Profitable home mining may become a myth, but home mining won't die. If it did, Bitcoin would slowly die, since the real believers of Bitcoin are the home miners and hobbyists, students and researchers. These are the people that actually give Bitcoin value.

The farms in China and the investors behind them know very little about the bitcoin ecosystem by comparison, and they do things and act in a manner that is actually harmful to the future of bitcoin (decentralisation, SPV mining, mining empty blocks, pump and dump, monopoly of control of hardware, and harm to the environment, money laundering, ponzi schemes, and mining with customer pre-orders). They are very much in it for the short term, trying to milk as much money as possible from it so that they can divest into other technology areas once they have killed the bitcoin cow.

Home miners were mining before Bitcoin had any real value, and they will still be mining at crazy difficulty without any hope of profit provided the network is healthy. Home miners stopping in droves would be a very VERY bad sign, since it would mean that the people who understand the technology the most and are the most die hard supporters of Satoshi's vision, have lost faith in the network. That would be far far worse IMO than any crazy high difficulty level or electricity cost.
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December 23, 2015, 11:32:51 PM
 #5

The way bitcoin difficulty is jumping up, do you think any new entrant will be able to mine profitably from home ?

https://bitcoinwisdom.com/bitcoin/difficulty

I think, mining will belong to server firms. People interested in mining would be forced to opt in cloud mining.

So should I spend btc on your cloud mining site in your signature?

Or should I cloud mine with hashnest?

Or should I host with lee's site in China?

I could always buy and hold coins.

Better yet I can mine in the winter this year with some s-7's and avalon 6's sell them in April and  and the hold coins.  

Then buy new gear in sept 2016 just in time for the fall of 2016 use the gear from  Oct to April sell it  and hold the coins.
Then buy new gear in Sept 2017 just in time for the fall of 2017 use the gear from Oct to April set it and hold the coins.

My point is there are many ways to play.  Home mining will not die in the winter months as the heat is a second value of mining.

Trust me don't even waste your time.  When I had the Bit-X mining sig... he enjoyed bashing me over and over.  Ask him for hardware... he will give you a blockchain payment... that's it.  He removed sig for a bit I think trying to get rid of feedback, but added sig back.

Your advice on hashnest is pretty good...  

I still like to mine at home, as long as it's feasible I will keep doing it.
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December 24, 2015, 12:24:18 AM
 #6

Every market has its ups/downs so I am finding some these recent mining defeatist posts kind of boring.

BTC will go up in value as the commerce options grow and the public awareness that follows.

Just the other day I was chuckling how recently black Friday is being greatly affected by Amazon.
I've been using their services for many years but the collective is just getting it now.... And when they get crypto independence I believe your position as a miner, transaction processor, alt coin trader, etc will be light years ahead of the oblivious greater collective.

One more thing.
I plan to mine for investing, not pay my immediate bills.
So I don't fret if xyz are petahash dominant. I fret if I can't get any coins.
Its the greater investments that take patience and accumulation.

Just some thoughts... Roll Eyes
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December 24, 2015, 06:10:03 AM
 #7

OP cloud mining website feels of sketchiness.  I can't even find a maintenance fee anywhere.

But no home mining won't die off anytime soon as long as we can still buy current miners.  A lot of home miners pay less in electric than any cloud mining or hosting service maintenance fee.  So in that respect the home miners can withstand a harder market than big guys who have employees to pay and building upkeep.
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December 24, 2015, 07:41:18 AM
 #8

home mining is already a myth if you don't have the same electricity as there is in those big farm

those farms can sustain the halving, so with the same bills cost you would also
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December 24, 2015, 03:48:18 PM
 #9

With current miners, home mining for a profit is pretty much dead unless you have crazy cheap electric.

 **HOWEVER**

 The 14/16nm full custom miner generation should be enough more efficient, and will STAY the "most efficient" long enough, that home mining should become viable again for many folks and we might even enter what will turn out to be the REAL golden age (or at least the silver age) of home mining around mid-2016.
 Having 3+ YEARS to turn a positive ROI on a miner is something that we've never seen before (with a few exceptions involving free or VERY VERY VERY cheap electric).


 Even the big farms with very very cheap electric are going to take a noticeable hit from the halfing - but the odds are good that most of those farm are already upgrading or have already upgraded their gear to newer efficient gear that will still be profitable after the halfing.

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December 24, 2015, 10:32:57 PM
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home mining is already a myth if you don't have the same electricity as there is in those big farm

those farms can sustain the halving, so with the same bills cost you would also

The only thing is we have no idea what difficulty and value will be around having.    We have had a decent jump from 230 or so for longest time to current 450.  So we are experiencing a jump up in value.

One thing I need to know is value at having.  It is true these mega farms have every single advantage.  But I hope home miners with decent electricity can keep mining, I will do it until it's not feasible.
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December 24, 2015, 10:56:14 PM
 #11

home mining is already a myth if you don't have the same electricity as there is in those big farm

those farms can sustain the halving, so with the same bills cost you would also

The only thing is we have no idea what difficulty and value will be around having.    We have had a decent jump from 230 or so for longest time to current 450.  So we are experiencing a jump up in value.

One thing I need to know is value at having.  It is true these mega farms have every single advantage.  But I hope home miners with decent electricity can keep mining, I will do it until it's not feasible.

For the mega farm to have every advantage they need to have a way to use the heat.

Many big farms have an issue with heat they treat it as a waste product.


I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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December 25, 2015, 07:07:38 AM
 #12

home mining is already a myth if you don't have the same electricity as there is in those big farm

those farms can sustain the halving, so with the same bills cost you would also

The only thing is we have no idea what difficulty and value will be around having.    We have had a decent jump from 230 or so for longest time to current 450.  So we are experiencing a jump up in value.

One thing I need to know is value at having.  It is true these mega farms have every single advantage.  But I hope home miners with decent electricity can keep mining, I will do it until it's not feasible.

For the mega farm to have every advantage they need to have a way to use the heat.

Many big farms have an issue with heat they treat it as a waste product.


They are making so much they have a luxory as using it as waste.  They so far have not had to use heat for anything, and they remain profitable.

I don't think any of the mega farms will be switching over to using the heat anytime soon.  But I could be wrong on that.
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December 25, 2015, 07:43:59 AM
 #13

home mining is already a myth if you don't have the same electricity as there is in those big farm

those farms can sustain the halving, so with the same bills cost you would also

The only thing is we have no idea what difficulty and value will be around having.    We have had a decent jump from 230 or so for longest time to current 450.  So we are experiencing a jump up in value.

One thing I need to know is value at having.  It is true these mega farms have every single advantage.  But I hope home miners with decent electricity can keep mining, I will do it until it's not feasible.

For the mega farm to have every advantage they need to have a way to use the heat.

Many big farms have an issue with heat they treat it as a waste product.



with a thermoelectric device, you can convert at least one portion of your heat in power again, this way they should another plus on their already cheaper electricity
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December 25, 2015, 08:10:11 AM
 #14

 Well for folk like me with big ass home asics (scrypt or sha-256) it kinda depends on electricity price..how low can you go.

I'm in Midwest USA..under Xcel Energy ( a multi-state electric utility) Look at the back of your Xcel bill if you have one (ask your own other util about this as well..they are NOT advertised) and  you will see a 'deep' discount if your electric is used as your primary mode of heating home

the thread below (story) shows how I fell into this with a customer rep on another manner and the Xcel customer rep toggled such as legit

even thou...I told her ..main reason for my 225 month elec increase from the previous year was due to 'server equip' in the basement

I offered to be around for an inspection (figure wtf they would go ..heh....nice try buddy and laugh) it never came to that just went thru

here is the link to the thread....post your results there ..with whoever your electric utility is...but it is the honest truth with my 2500 watts of miners in a 3 bedroom house w/o furnace use it is 68F and 62F 2nd floor and 64 upstairs.....so ..as I went thru this with the rep.....the MAJORITY of my heat is coming from electric (yeah I know going thru the titan scrypt miners first..but hey ....if that is the way the rep wanted to go with it I was not gonna argue)

anyway check it out was like 4.5c kwh or so savings or in my case 115 bucks a month ...add to the fact my monthly 'budget plan' gas heat bill went down 45 bucks a month..that is a savings of 160 bucks a month for 5 months (winter think it is 5 months almost) and the other 7 months 45 bucks savings

my point on posting to your thread here is I VERY WELL COULD HOME MINE WITH CURRENT OR USED EQUIP (at least scrypt maybe) due to the 'halving' of btc in 2016 and increase in price..in conjunction with the above program thru my electric utility! Smiley

I mean it went from 13.7c kwh  to 9.27c kwh.....


so anyway ....some of us with equip that has ROI'd already...(big ass scrypt etc) ....others with cheap electric like 5c kwh or below ..like in Oregon State....maybe a deal on some 'used equip (prob scrypt the way btc diff looks to go up) ....next fall...and viola ...

According to my figures if BTC was to hit say 500 usd..and LTC was to keep say around its historical 0.01 ltc to btc ratio ($5 say) ....I would be like at
120 bucks over electric ...with the above util trick ..next winter ...so what the hell Smiley

w/o the above decrease from 13.7c kwh to 9.27c kwh in the winter under a 'next year i plan to mine plan' I'd be like 60-80 bucks under ..what I spent on electric ...so would be a definate no go...and that was figuring that 'difficulty' for LTC doubled

anyway something to keep in mind .here is the link for those trying to still home mine ..my electric decrease story/whatever

https://bitcointalk.org/index.php?topic=1296558.msg13344012#msg13344012


worse that can happen is you keep your old electric rate in the winter..the hard part for me is say around april/may 2016 my price for electric goes back up
from 9.27c kwh to 13.7c kwh...that is gonna really really hurt...but again with the btc halving ..perhaps price of btc/ltc will come back big time...and a person could still be mining (at least in the winter) in the 2016-2017 winter season...

but likely only if i can stay in the above program mentioned in the link above I tripped over (again if you are Xcel Elec Utility customer it is listed on the back of the bill ....rate for if electric is your main source of heating......you just tell the rep such...if you have a well insulated house you probably are golden ..I have a large 3 bedroom worked for me

when the miners go away...i will simply tell them ..that it is now gas again (with a call) ..my only question is CAN I keep something going that makes sense (more crypto then elec spent) by next winter say

anyway ...was a big deal for me......check it out with your local electric utility and post your results in the above thread

so anyway home mining may be dead...but maybe with a bit of 'scampering' you can postpone it till 2017 ...er maybe?

















 

 

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December 25, 2015, 08:50:59 AM
 #15

They might just end up mining altcoins for BTC. I do think this is profitable i saw some threads about this lately.

The way bitcoin difficulty is jumping up, do you think any new entrant will be able to mine profitably from home ?

https://bitcoinwisdom.com/bitcoin/difficulty

I think, mining will belong to server firms. People interested in mining would be forced to opt in cloud mining.

NOT CLOUD MINING! they are all scam not worth the try as you can't get your roi for a year. its a waste. forgive me for that i can see you have your couldmining in your signature but really, I've read enough already and I should say ALL are scam.

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December 25, 2015, 07:28:12 PM
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They might just end up mining altcoins for BTC. I do think this is profitable i saw some threads about this lately.

The way bitcoin difficulty is jumping up, do you think any new entrant will be able to mine profitably from home ?

https://bitcoinwisdom.com/bitcoin/difficulty

I think, mining will belong to server firms. People interested in mining would be forced to opt in cloud mining.

NOT CLOUD MINING! they are all scam not worth the try as you can't get your roi for a year. its a waste. forgive me for that i can see you have your couldmining in your signature but really, I've read enough already and I should say ALL are scam.

Look at hashnest for eample.  They are not all scams, but most are sadly.  But your right if you have a signature for one ... give it even more research.

But you really cannot lump them all into one.   Difficulty is still high but not as scary high as last week.
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December 26, 2015, 11:49:14 AM
 #17

They might just end up mining altcoins for BTC. I do think this is profitable i saw some threads about this lately.

The way bitcoin difficulty is jumping up, do you think any new entrant will be able to mine profitably from home ?

https://bitcoinwisdom.com/bitcoin/difficulty

I think, mining will belong to server firms. People interested in mining would be forced to opt in cloud mining.

NOT CLOUD MINING! they are all scam not worth the try as you can't get your roi for a year. its a waste. forgive me for that i can see you have your couldmining in your signature but really, I've read enough already and I should say ALL are scam.

You should not put all the balls into one court as each has its own colors...
Cloud mining is not a scam, I have tried many and only few proved to be good ones, but there are genuine sites paying for your money...
So, it's not a valid argument if you say all are scams...

@OP,
No, mining from home will still be profitable as technology is the name of upgrades, and we, the home miners will also be able to buy those hi-fi upgraded versions of these mining giants with which these farms are earning much more and taking the difficulty to the sky...

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December 26, 2015, 09:11:51 PM
 #18

It could be an utopia, if the current miners are not profitable at 0.05 per KWh.
0.05 Is very low, perhaps the lowest price for 99% of the miners. If they can't mine with profit, yeah it will be the end for home miners...

Let's hope it never comes to that.

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December 27, 2015, 01:38:11 AM
 #19

It could be an utopia, if the current miners are not profitable at 0.05 per KWh.
0.05 Is very low, perhaps the lowest price for 99% of the miners. If they can't mine with profit, yeah it will be the end for home miners...

Let's hope it never comes to that.

Who gave you info current miners are not profitable at .05?  I think you have some really bad info?

Did you calculate it or can you point to where it came from?  Current gen is still profitable unless crazy electricity.
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December 27, 2015, 05:10:40 PM
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It could be an utopia, if the current miners are not profitable at 0.05 per KWh.
0.05 Is very low, perhaps the lowest price for 99% of the miners. If they can't mine with profit, yeah it will be the end for home miners...

Let's hope it never comes to that.

Who gave you info current miners are not profitable at .05?  I think you have some really bad info?

Did you calculate it or can you point to where it came from?  Current gen is still profitable unless crazy electricity.

No it was a question/statement, meaning IF the current miners are not profitable anymore we will see the that home miners are forced to stop with bitcoin mining.
I know we will see next-generation miners in feb/march and this information applies to those batch of miners.

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