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Author Topic: Bitcoin mining will never pay off with GPUs for dedicated miners.  (Read 11874 times)
Hook^
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June 19, 2011, 04:04:34 AM
 #41


There wasn't very many when I started...and since more than one thread was started for the same thing in the same day it seems odd.

As does some noob who supposedly dumps 10k into mining only to decide that he was stupid.
I actually just copied this bitcoin mining thread from the newbies section, since I couldn't post in the mining section earlier.  I haven't created any other threads since.  This swisher guy really likes following me around.  Grin
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Swishercutter
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June 19, 2011, 04:05:47 AM
 #42


There wasn't very many when I started...and since more than one thread was started for the same thing in the same day it seems odd.

As does some noob who supposedly dumps 10k into mining only to decide that he was stupid.
I actually just copied this bitcoin mining thread from the newbies section, since I couldn't post in the mining section earlier.  I haven't created any other threads since.  This swisher guy really likes following me around.  Grin

Everyone needs a hobby...keeps me away from refreshing mtgox and miner status.
beeph
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June 19, 2011, 04:07:13 AM
 #43


There wasn't very many when I started...and since more than one thread was started for the same thing in the same day it seems odd.

As does some noob who supposedly dumps 10k into mining only to decide that he was stupid.
I actually just copied this bitcoin mining thread from the newbies section, since I couldn't post in the mining section earlier.  I haven't created any other threads since.  This swisher guy really likes following me around.  Grin

Everyone needs a hobby...keeps me away from refreshing mtgox and miner status.


*cough* VIRGIN *cough*

Hook^
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June 19, 2011, 04:09:37 AM
 #44


There wasn't very many when I started...and since more than one thread was started for the same thing in the same day it seems odd.

As does some noob who supposedly dumps 10k into mining only to decide that he was stupid.
I actually just copied this bitcoin mining thread from the newbies section, since I couldn't post in the mining section earlier.  I haven't created any other threads since.  This swisher guy really likes following me around.  Grin

Everyone needs a hobby...keeps me away from refreshing mtgox and miner status.


*cough* VIRGIN *cough*

Hey, if Swisher is a girl, you may like that.
Hook^
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June 19, 2011, 04:12:21 AM
 #45


There wasn't very many when I started...and since more than one thread was started for the same thing in the same day it seems odd.

As does some noob who supposedly dumps 10k into mining only to decide that he was stupid.
I actually just copied this bitcoin mining thread from the newbies section, since I couldn't post in the mining section earlier.  I haven't created any other threads since.  This swisher guy really likes following me around.  Grin

Everyone needs a hobby...keeps me away from refreshing mtgox and miner status.


*cough* VIRGIN *cough*

Actually, every time I see SwisherCutter, I think of someone taking a urinal cake (Swisher Co.) and chopping it up with a razor blade.
Swishercutter
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June 19, 2011, 04:13:00 AM
 #46


There wasn't very many when I started...and since more than one thread was started for the same thing in the same day it seems odd.

As does some noob who supposedly dumps 10k into mining only to decide that he was stupid.
I actually just copied this bitcoin mining thread from the newbies section, since I couldn't post in the mining section earlier.  I haven't created any other threads since.  This swisher guy really likes following me around.  Grin

Everyone needs a hobby...keeps me away from refreshing mtgox and miner status.


*cough* VIRGIN *cough*

Hey, if Swisher is a girl, you may like that.

Lol
Swishercutter
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June 19, 2011, 04:34:59 AM
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Hmmm...interesting.  Somehow I really doubt you are the hookup.
hugolp
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June 19, 2011, 05:01:40 AM
 #48

Some people might say that the exchange rate of bitcoins may go up to compensate.  That may or may not be true.  But if it is, it would make more economic sense to buy bitcoins now and take the gain, rather than buying hardware to generate them.

The exchange rate of bitcoins will go up. The value of bitcoins is in the hands of the miners for the most part. If they have to raise the cost of bitcoins in order to make a profit after paying their hydro, then it will go up. Nobody in the right mind would sit here, watching how bitcoins has grown since one year ago and figure that it's a bad move to mine.

The same topics were probably mentioned by the first 100 or so people mining after 10000 more people jumped on board and brought up difficulty. Now those guys are the ones who don't have to work for a living.

It depends on the demand for bitcoins as well. If the demand is weak, the price wont go up no matter what the miners do.
Hook^
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June 19, 2011, 05:05:44 AM
 #49

It depends on the demand for bitcoins as well. If the demand is weak, the price wont go up no matter what the miners do.
That is the ultimate arbiter of prices, demand for bitcoins.

I just wish I had enough $$$ to be the first with the ASIC.  You could have every bitcoin made for the next year with that.
Cluster2k
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June 19, 2011, 10:16:14 AM
 #50

The same topics were probably mentioned by the first 100 or so people mining after 10000 more people jumped on board and brought up difficulty. Now those guys are the ones who don't have to work for a living.

The only people rolling in cash are those that started mining in 2009 or 2010.  People keep repeating the mantra that increased difficulty will lead to increased BTC/USD exchange rates, but recently we saw that trend broken.  Difficulty is up 100% yet the price remains the same.  Speculators and those very few people actually using bitcoin don't care how much hardware costs, or the price of electricity.  They never had to pay those costs.  If no one ever created another bitcoin from here on in the market would still be very well supplied.

Do not send bitcoins to me: 16b8s7pBJ9rUmsExNW25qD5VUqVqRPZuXu
100% solar powered bitcoin generation
lmlbs
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June 19, 2011, 10:35:43 AM
 #51

Wow...starting multiple threads stating the same crap now.

Everyone, read all posts related to this troll before forming opinions.

But he is USEFUL - the less people will get into mining, the better for those that will.

Now, another thing to think about - different locations on Earth have different electricity costs. Mine is about 1/2 of the US right now.

Then think about solar and wind power. Yes, if we were not all enslaved by the Govts., then we could just sell the electricity in the open market, but with millions of regulations and high entry cost - it's not as easy as Bitcoin mining way to convert electricity into some personal power (a.k.a. money).

Third point - it's just FUN. People are playing on the stock market in a WAY more hostile environment, geared to cheat and rid small players of their money. Bitcoin scene is very refreshing after THAT. And, yes, investing $15,000 you don't have is probably not a good idea, but investing $1000 certainly is (just think about all these loosing tens of thousands of USD on futures and Forex).
lmlbs
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June 19, 2011, 11:05:41 AM
 #52

The thing about price and difficulty...

There is no shortage of BTC...and even if there was...there are just as many BTC being made regardless of the difficulty, they are just split among more people.

What does affect the price of BTC is when the miners decide they have had enough of this now and cash out, which will happen more often as difficulty increases.

But's are't reasonable miners constantly cashing out while they grow their mining farm?
Yeti
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June 19, 2011, 11:28:20 AM
 #53

Not necessarily. I will not cash out below $20. Sure, mining AND investing is an even higher gamble, but it also makes it more phun(tm)!

1YetiaXeuRzX9QJoQNUW84oX2EiXnHgp3 or http://payb.tc/yeti

Since Bitcoin Randomizer is dead, join the Bitcoin Pyramid (referrer id #203)! Be quick, be on top! Instant payout as soon as one of your referrals deposits!
jalidi
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June 19, 2011, 01:35:28 PM
 #54

I have to admit that all of this was just an excuse for me to build a new gaming PC. Smiley

I spent about 1500 USD for a system with a Trifire of 6970's and there's just no way I'll ever break even on it since I only started mining like a week ago and I have like 6 BTC to show for it so far. If I were to sell it on the exchange, I'd get like 90 USD for that, lol. Almost covers the Blu-Ray burner I picked out.

I'll let it grind through the whole summer but I do not expect to pull out more than 50 BTC when all's said and done before the difficulty gets cranked so high that it becomes weeks between BTCs even with pooled mining. Maybe someday they'll trade for 40 USD and I'll break even on the system if I choose to cash in but they can just as easily go to 0 USD, too.

I am the proud miner of 20 BTC since June 9/2011!
Minting with 3x6970 (1.2 GHash/sec-x86 win7 guiminer)
Help my mighty pile of coinage grow: 1KseGadiZnuFoHoYkQJpFSwoVHWCs54e3
Litt
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June 19, 2011, 04:20:37 PM
 #55

I have to admit that all of this was just an excuse for me to build a new gaming PC. Smiley

I spent about 1500 USD for a system with a Trifire of 6970's and there's just no way I'll ever break even on it since I only started mining like a week ago and I have like 6 BTC to show for it so far. If I were to sell it on the exchange, I'd get like 90 USD for that, lol. Almost covers the Blu-Ray burner I picked out.

I'll let it grind through the whole summer but I do not expect to pull out more than 50 BTC when all's said and done before the difficulty gets cranked so high that it becomes weeks between BTCs even with pooled mining. Maybe someday they'll trade for 40 USD and I'll break even on the system if I choose to cash in but they can just as easily go to 0 USD, too.

Finally a person who has a pretty clear perspective of his own situation without clouding it with self reassuring lies. Right now at current exchange rate there is no possible way to recover your cost or even expect to mine more btc than you would if you purchased instead. If you are one of those people that keep telling yourself that this isn't the case because you are a miner, you will most certainly be in the loss in the coming months in you decided to jump in now. Just consider it more of a discounted gaming machine if you will at best. I wouldn't expect to recover cost at this junction.

Price increase, as much as people like to believe, is not in any way directly related to difficulty increase. One does not raise to lower the other simply because of it's changing values. It has moved in sync somewhat in the recent past to mask or make it appear so, but our recent 100% jump in diff didn't do a thing to price. In fact it dropped considerably after the speculative initial news reporting of Bitcoin from major media channels caused a major hike in price. None of this was in any way done by the difficulty increase and it won't matter in the future if general speculations of bitcoin will influence price in similar fashion and it will.
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