tarmi
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December 23, 2014, 01:50:45 AM |
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you can call bs, but I get similar numbers - about 100~120 $ for 1 btc.
hardware cost excluded, but most hardware is working for months already. hell, i got bitfury gear which is more than 1 year old and still mining with profit.
So why is hashing rate dropping then? maybe some noobs didnt do their homework and have expensive electricity. I dont care really. Expensive electricity and/or expensive hardware(imported stuff with taxes) and/or taxes. How much left after taxes. If you ever bother with them at all. no taxes for btc here.
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Sitarow
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December 23, 2014, 02:00:21 AM |
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you can call bs, but I get similar numbers - about 100~120 $ for 1 btc.
hardware cost excluded, but most hardware is working for months already. hell, i got bitfury gear which is more than 1 year old and still mining with profit.
So why is hashing rate dropping then? If you factor in the lower variance when the network difficulty is dropping then anyone who pays more then $0.14 per KWH and has the hardware paid off is making at most 12% profit not including any other overhead. Reality. https://docs.google.com/spreadsheet/ccc?key=0AmeuPljmUNHCdEpqX2RmMDFwemJyLURVUWFtZ3J3aGc&usp=sharing
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ChartBuddy
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December 23, 2014, 02:00:29 AM |
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shmadz
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December 23, 2014, 02:07:50 AM |
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Another thing to take note of (apart from it's Christmas) is the difficulty chart. It went down 4% and the trend is still ''down''. It seems we somehow found a way to an equilibrium. https://blockchain.info/el/charts/difficultyIt's obvious that bitcoin miners are minting at very low % of profit. The bigger ones try to hold as much as they can to seel in "pumps" like the one that we've seen before. The others just shut-off their rigs to don't pay more in electricity than what they really earn. Could be interesting to have the testimonial of some miners and know if they hold or sell all their minted btc's ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) I often hear "only large industrial size mining farms can be profitable" This sentiment gets repeated until it is largely accepted as "fact". But a home miner does not need to lease a large factory space or airplane hangar, and in the winter the electricity is effectively free. So I think the small miners can still compete by virtue of having lower overhead costs. As an example, my cost right now is approximately $100 per bitcoin mined, and I don't sell any. Other miners please feel free to chime in... $100 per coin including your hardware costs? Yeah, hardware costs were recovered long ago.
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NotLambchop
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December 23, 2014, 02:16:06 AM |
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... Yeah, hardware costs were recovered long ago.
And that's why, when you drop by the hardware section, all you see is happy miners stacking cheddar. No complaints about losing their "investment" due to manufacturers like HashFast, KNC, BFL, VirtualMining, etc., etc., etc. Good story, brah ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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BlindMayorBitcorn
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December 23, 2014, 02:20:05 AM |
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... Yeah, hardware costs were recovered long ago.
And that's why, when you drop by the hardware section, all you see is happy miners stacking cheddar. No complaints about losing their "investment" due to manufacturers like HashFast, KNC, BFL, VirtualMining, etc., etc., etc. Good story, brah ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Can you make 100$ btc too??
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Fatman3001
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December 23, 2014, 02:22:39 AM |
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It looks like bitmains antpool is exploding with new mining farms based on their new antminer s5. I guess we will get a difficulty increase after all.
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criptix
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December 23, 2014, 02:23:48 AM |
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so we now at bitcoin mining cost of 100$ from miners need to dump 3600 coins asap everyday to cover their cost? ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif)
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shmadz
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December 23, 2014, 02:31:19 AM |
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Re: mining. I think a lot of people were figuring their profit loss based on calculators that assumed the exponential increase in difficulty would continue forever. Also, I think calculating the cost/profit/loss of a mining rig should not take into account fiat conversion and should be done purely in bitcoin. The early batch of Neptune miners were available for around 11 to 12 bitcoins each for existing customers of KNC. At that price I was fairly confident that I would be able to mine at least that much back within 6 months of receiving the hardware... of course that is all highly dependant on when you receive hardware, difficulty, etc... many variables... much risk. I've been mining since 2011 and I plan to continue mining until I move somewhere where it's not -20 degrees outside for 6 months out of the year ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
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Fatman3001
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December 23, 2014, 02:32:12 AM |
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so we now at bitcoin mining cost of 100$ from miners need to dump 3600 coins asap everyday to cover their cost? ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) $100 is just electricity. Large mining farms have other overhead costs and often the cost of capital to worry about as well. If they did their maths at $600 and were expecting $850-$1200, they be dumping like a mofo.
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BlindMayorBitcorn
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December 23, 2014, 02:33:58 AM |
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so we now at bitcoin mining cost of 100$ from miners need to dump 3600 coins asap everyday to cover their cost? ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) $100 is just electricity. Large mining farms have other overhead costs and often the cost of capital to worry about as well. If they did their maths at $600 and were expecting $850-$1200, they be dumping like a mofo. What overhead? via Imgflip Meme Maker
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NotLambchop
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December 23, 2014, 02:40:51 AM |
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so we now at bitcoin mining cost of 100$ from miners need to dump 3600 coins asap everyday to cover their cost? ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) $100 is just electricity. ... That's why I agree with Elwar--there's a much greater profit margin for small miners vs megamines. Can megamines buy gear with mom's credit card & set it up in mom's basement (where electricity is free)? Hell no!
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babaquara
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December 23, 2014, 02:51:03 AM |
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where the $100/BTC mining guy lives?
In China/Vietnam, or any other almost free country?
Or the $100 are to bribe the police and the energy company about the energy fraud he is doing?
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BlindMayorBitcorn
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December 23, 2014, 02:56:39 AM |
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so we now at bitcoin mining cost of 100$ from miners need to dump 3600 coins asap everyday to cover their cost? ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) $100 is just electricity. ... That's why I agree with Elwar--there's a much greater profit margin for small miners vs megamines. Can megamines buy gear with mom's credit card & set it up in mom's basement (where electricity is free)? Hell no! How is NotLambChop so consistently right and everybody above Hero has him on ignore. I think we are the have-nots here, folks ![Undecided](https://bitcointalk.org/Smileys/default/undecided.gif)
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ChartBuddy
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December 23, 2014, 03:00:29 AM |
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ticoti
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December 23, 2014, 03:26:13 AM |
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it looks that we have entered into a momentary lateral market
the one who bought the 10k was trying to get this up but I think this is going to the floor after the lateral market finishes
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explorer
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December 23, 2014, 03:30:47 AM |
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it looks that we have entered into a momentary lateral market
the one who bought the 10k was trying to get this up but I think this is going to the floor after the lateral market finishes
Its starting to look positive. Stupid dinosaur banking... 3-5 days to transfer money ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) It would be faster by Pony Express. I think its time to catch the next dip, if my money ever reaches the exchange.
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fewcoins
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December 23, 2014, 03:53:39 AM |
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It looks like bitmains antpool is exploding with new mining farms based on their new antminer s5. I guess we will get a difficulty increase after all.
When?! Looks like we keep going down down down... hopefully the price doesn't!!!
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ChartBuddy
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December 23, 2014, 04:00:29 AM |
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