Bitcoin Forum
December 08, 2016, 12:23:14 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: 54% difficulty increase in 3 days  (Read 6253 times)
pennytrader
Sr. Member
****
Offline Offline

Activity: 253


View Profile
June 22, 2011, 04:46:06 AM
 #1

Are you ready? Just wondering what would be the difficulty jump after that...

please donate to 1P3m2resGCP2o2sFX324DP1mfqHgGPA8BL
1481156594
Hero Member
*
Offline Offline

Posts: 1481156594

View Profile Personal Message (Offline)

Ignore
1481156594
Reply with quote  #2

1481156594
Report to moderator
1481156594
Hero Member
*
Offline Offline

Posts: 1481156594

View Profile Personal Message (Offline)

Ignore
1481156594
Reply with quote  #2

1481156594
Report to moderator
1481156594
Hero Member
*
Offline Offline

Posts: 1481156594

View Profile Personal Message (Offline)

Ignore
1481156594
Reply with quote  #2

1481156594
Report to moderator
The block chain is the main innovation of Bitcoin. It is the first distributed timestamping system.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481156594
Hero Member
*
Offline Offline

Posts: 1481156594

View Profile Personal Message (Offline)

Ignore
1481156594
Reply with quote  #2

1481156594
Report to moderator
1481156594
Hero Member
*
Offline Offline

Posts: 1481156594

View Profile Personal Message (Offline)

Ignore
1481156594
Reply with quote  #2

1481156594
Report to moderator
1481156594
Hero Member
*
Offline Offline

Posts: 1481156594

View Profile Personal Message (Offline)

Ignore
1481156594
Reply with quote  #2

1481156594
Report to moderator
d.james
Sr. Member
****
Offline Offline

Activity: 280

Firstbits: 12pqwk


View Profile
June 22, 2011, 04:52:38 AM
 #2

about 250% firm.

You can not roll a BitCoin, but you can rollback some. Cheesy
Roll me back: 1NxMkvbYn8o7kKCWPsnWR4FDvH7L9TJqGG
AngelusWebDesign
Sr. Member
****
Offline Offline

Activity: 392


View Profile
June 22, 2011, 05:54:04 AM
 #3

It's amazing that the mining hardware just keeps piling in --

Chucksta
Full Member
***
Offline Offline

Activity: 168



View Profile
June 22, 2011, 07:01:54 AM
 #4

It's amazing that the mining hardware just keeps piling in --



Yes, but than again it is still profitable. I thought mining would be over by now, but it just does not want to give up.

My 8 miners acquired 3.5 BTC in the last 22 hours. Even at $10 per BTC, that is $35. My electricity max per box (4 PCs), is roughly $1 for the day, therefore $4 in total.

I reckon that a lot of the new miners are just people using equipment that they already had, maybe with a gfx card upgrade or two. They've watched and listened while someone they know has had their computers making money for them, and finally they have decided to give it a go. "Hell, even if it's just a few dollars, a few dollars a day pays for fuel Smiley ", they may reason.

Fjordbit
Hero Member
*****
Offline Offline

Activity: 588

firstbits.com/1kznfw


View Profile WWW
June 22, 2011, 07:39:20 AM
 #5

Are you ready? Just wondering what would be the difficulty jump after that...

How do you find this out?

I found this page, but it shows just a 43.3% increase
jasonk
Full Member
***
Offline Offline

Activity: 154


View Profile
June 22, 2011, 08:55:27 AM
 #6

Yea totally not cool.  I'm shocked that the network is growing at this rate considering the drop in coin prices + mt gox has been down.......  INSANE!

Like my post?  Consider giving me a tip! =)

1HSj4CoNarcJ2B8Mi2EY6AtDWkUemYTWkQ
no_alone
Member
**
Offline Offline

Activity: 84


View Profile
June 22, 2011, 10:40:24 AM
 #7

Yahhh its crazy.
We still at stable 50% increase each difficulty jump.

Mine only when pc is IDLE totally indivisible...
http://forum.bitcoin.org/index.php?topic=9851.0
Mine on family computer without disturbing them

Donation : 1GjpJnLU8zdfEHW7FoCx2UUosJgc9prXN4
BtcNmcMiner
Jr. Member
*
Offline Offline

Activity: 42


View Profile
June 22, 2011, 11:40:29 AM
 #8

It's amazing that the mining hardware just keeps piling in --




I reckon that a lot of the new miners are just people using equipment that they already had, maybe with a gfx card upgrade or two. They've watched and listened while someone they know has had their computers making money for them, and finally they have decided to give it a go. "Hell, even if it's just a few dollars, a few dollars a day pays for fuel Smiley ", they may reason.


That's how I got into it. I'm mining on a PC that I built in February because my old one was about 3 years old and getting dated. The hardware was just sitting there running 24/7 anyways when I stumbled into bitcoins and I decided it was worth it to give it a go. So far my mining proceds have paid for an added video card so even if I stop now I'm still ahead.

Discount Contract Available!: http://forum.bitcoin.org/index.php?topic=27549.0

http://www.gbvault.com/images/banner_1.jpg
 10% off with Promo Code #9044
Cluster2k
Legendary
*
Offline Offline

Activity: 1512


View Profile
June 22, 2011, 02:47:42 PM
 #9

It's amazing that the mining hardware just keeps piling in --

Yes, but than again it is still profitable. I thought mining would be over by now, but it just does not want to give up.

My 8 miners acquired 3.5 BTC in the last 22 hours. Even at $10 per BTC, that is $35. My electricity max per box (4 PCs), is roughly $1 for the day, therefore $4 in total.

My stats are that I'm earning $17 a day (taking into account currency conversions and MtGox fees) but power costs $5 per day (measured, not just estimated from parts specs).  Not everyone pays a few cents per kilowatt like US/Canadian citizens seem to do.  With a 50% difficulty increase that'll be $12 per day but still burning $5 in power.  Does it make sense to have $1000 of hardware producing less than $5 a day?  (Don't forget taxes must be paid on income).  Bitcoin's USD$ value did not increase at all in the last two difficulty increases, and there is no evidence this trend is about to change.  MtGox's little adventure is unlikely to have a stimulating effect on speculators either.

I have a feeling many bitcoin users are piling in without giving regard to the cost of power (and the cost of cooling where required).  Pretty soon they'll be thinking "free cash!" while spending $1.10 to make $1.

Do not send bitcoins to me: 16b8s7pBJ9rUmsExNW25qD5VUqVqRPZuXu
100% solar powered bitcoin generation
[Coins!]
Member
**
Offline Offline

Activity: 112



View Profile
June 22, 2011, 03:27:21 PM
 #10

Yes, but than again it is still profitable. I thought mining would be over by now, but it just does not want to give up.

My 8 miners acquired 3.5 BTC in the last 22 hours. Even at $10 per BTC, that is $35. My electricity max per box (4 PCs), is roughly $1 for the day, therefore $4 in total.

I reckon that a lot of the new miners are just people using equipment that they already had, maybe with a gfx card upgrade or two. They've watched and listened while someone they know has had their computers making money for them, and finally they have decided to give it a go. "Hell, even if it's just a few dollars, a few dollars a day pays for fuel Smiley ", they may reason.

Profitable compared to electricity, but... how much did those 8 miners cost you to set up? What is your ROI for the next 6 difficulty increases if they're all 50%, and all happen in 9-12 days?

Like my post? Consider donating: 1ENPBz6zZa1maehG48PaYzYhPjodN1NkTF
http://oneminuteslow.com/bitcoin/100-20.png
AngelusWebDesign
Sr. Member
****
Offline Offline

Activity: 392


View Profile
June 22, 2011, 03:41:02 PM
 #11

It's amazing that the mining hardware just keeps piling in --



Yes, but than again it is still profitable. I thought mining would be over by now, but it just does not want to give up.

My 8 miners acquired 3.5 BTC in the last 22 hours. Even at $10 per BTC, that is $35. My electricity max per box (4 PCs), is roughly $1 for the day, therefore $4 in total.

I reckon that a lot of the new miners are just people using equipment that they already had, maybe with a gfx card upgrade or two. They've watched and listened while someone they know has had their computers making money for them, and finally they have decided to give it a go. "Hell, even if it's just a few dollars, a few dollars a day pays for fuel Smiley ", they may reason.



I seem to have about the same mining income as you -- only I have 12 cards.  All pretty efficient ones, too (5800 series). I run a pretty lean ship here.  But my electricity cost is around 74 kW/h per day. I keep close tabs on my electricity usage. I regularly write down what the meter on the side of my house reads, so I'm familiar with my normal daily kW/h usage.  I also own a Kill-a-Watt meter.

I'm including the cost of extra air conditioning. I live in Texas, where we haven't had a cloudy day in weeks, and the temp hits 105 some days.

I think some guys are reporting less cost, because they don't (or can't) count the cost of fans, A/C, etc.

Anyhow, 74 kW/h comes out to $6.51. And that's a 8.8c per kW/h, which is certainly average if not cheaper than most. And that figure is super-accurate as well. I took my electric bill, subtracted the Statement Fee ($15.00), and divided what was left by the number of kW/h I used -- which equaled 8.8 cents.

You're saying $1 each for 4 machines, which have enough graphics cards to produce 3.5 BTC/day? That's 3.3 GH/s.

I think everyone needs to go back to the drawing board and double check how much they're REALLY spending on mining. You might be surprised.

Matthew
rograz
Hero Member
*****
Offline Offline

Activity: 575


View Profile
June 22, 2011, 03:48:13 PM
 #12

Yea totally not cool.  I'm shocked that the network is growing at this rate considering the drop in coin prices + mt gox has been down.......  INSANE!

Still delayed reaction to the surge up to 30$/BTC imo, we might see a decline in growth reflecting current events in about 2 weeks time.
borito4
Member
**
Offline Offline

Activity: 87


View Profile
June 22, 2011, 04:37:13 PM
 #13

It's amazing that the mining hardware just keeps piling in --



Yes, but than again it is still profitable. I thought mining would be over by now, but it just does not want to give up.

My 8 miners acquired 3.5 BTC in the last 22 hours. Even at $10 per BTC, that is $35. My electricity max per box (4 PCs), is roughly $1 for the day, therefore $4 in total.

I reckon that a lot of the new miners are just people using equipment that they already had, maybe with a gfx card upgrade or two. They've watched and listened while someone they know has had their computers making money for them, and finally they have decided to give it a go. "Hell, even if it's just a few dollars, a few dollars a day pays for fuel Smiley ", they may reason.



I seem to have about the same mining income as you -- only I have 12 cards.  All pretty efficient ones, too (5800 series). I run a pretty lean ship here.  But my electricity cost is around 74 kW/h per day. I keep close tabs on my electricity usage. I regularly write down what the meter on the side of my house reads, so I'm familiar with my normal daily kW/h usage.  I also own a Kill-a-Watt meter.

I'm including the cost of extra air conditioning. I live in Texas, where we haven't had a cloudy day in weeks, and the temp hits 105 some days.

I think some guys are reporting less cost, because they don't (or can't) count the cost of fans, A/C, etc.

Anyhow, 74 kW/h comes out to $6.51. And that's a 8.8c per kW/h, which is certainly average if not cheaper than most. And that figure is super-accurate as well. I took my electric bill, subtracted the Statement Fee ($15.00), and divided what was left by the number of kW/h I used -- which equaled 8.8 cents.

You're saying $1 each for 4 machines, which have enough graphics cards to produce 3.5 BTC/day? That's 3.3 GH/s.

I think everyone needs to go back to the drawing board and double check how much they're REALLY spending on mining. You might be surprised.

Matthew


Im also mining in texas... and I have 0 AC costs. Running my cards in the garage yields ~5c higher temps than running them inside, only added cost is my 4 box fans @ 75w each. My 4 rigs @8.5c/KwH are using ~5.25 in cost per day, while putting out ~2.5g/hash. Each rig is pulling down around 500-750W, Unclocking the memory to ~340 helped cut the machine usage by almost 100W per box.

http://fxnet.bitlex.org/?ref=1141
1C2AUjVqnY4TMC9D7ZGQ4aPurbLrLz2q2g
Zman0101
Member
**
Offline Offline

Activity: 98


View Profile
June 22, 2011, 04:48:42 PM
 #14

I'm doing 3200 mega hash and my rigs cost me $250 a month on electricity.
Synaesthesia
Member
**
Offline Offline

Activity: 86


View Profile
June 22, 2011, 04:56:37 PM
 #15

Difficulty growth cannot continue indefinitely, because the network cannot be infinitely large.

I deal in Bitcoins: 1ANtpQH5UKKYrd9619VSSibL76uzjZGH1D
Zman0101
Member
**
Offline Offline

Activity: 98


View Profile
June 22, 2011, 05:01:30 PM
 #16

I agree. If the price of the coin goes up... Its an even balance but, who knows.
Synaesthesia
Member
**
Offline Offline

Activity: 86


View Profile
June 22, 2011, 05:04:39 PM
 #17

Wonder what difficulty we will eventually stabilize at? And sometime in the future payout will decrease to 25BTC per block too. You gotta think that it will just push up the value.

I deal in Bitcoins: 1ANtpQH5UKKYrd9619VSSibL76uzjZGH1D
AngelusWebDesign
Sr. Member
****
Offline Offline

Activity: 392


View Profile
June 22, 2011, 05:06:34 PM
 #18

I think the right answer is that there's a delay in reaction -- things don't happen instantaneously.

The Mt. Gox hack was only less than 3 days ago, for crying out loud! (I know, it seems like a LONG time ago...)

Someone could have ordered more mining hardware on Saturday, and wouldn't even HAVE IT YET -- nevermind be able to decide what to do with it now (mine with it, sell it, return it, etc.)

There's a bit of inertia/delayed reaction involved here.
tsvekric
Sr. Member
****
Offline Offline

Activity: 246


View Profile
June 22, 2011, 05:09:49 PM
 #19

Wonder what difficulty we will eventually stabilize at? And sometime in the future payout will decrease to 25BTC per block too. You gotta think that it will just push up the value.

Yeah, it should push up the value (or rather, not push down on the value as much) because the supply of bitcoins will be increasing at a slower rate.
However, it's not like bitcoins will double over night on that day - yet mining will be (about) half as profitable.  Difficulty will definitely fall (price determines difficulty)
[Coins!]
Member
**
Offline Offline

Activity: 112



View Profile
June 22, 2011, 05:19:36 PM
 #20

Difficulty growth cannot continue indefinitely, because the network cannot be infinitely large.

Ok you are correct, but how many difficulties will it take before we reach an equilibrium?

Only 60,000 mtgox accounts in existence.  There are 330,000,000 people in the USA alone.  

I think there are plenty of unused GPU cycles out there, and the more media attention this garners, the more interested parties will fire up mining rigs.  That doesn't even count the gaming systems for WoW or Secondlife or any of the millions of PC games that are out there that don't do anything all day while their owners are at work.   All an owner needs to do is turn on guiminer and leave.

We're not anywhere near the saturation point of the network.

Like my post? Consider donating: 1ENPBz6zZa1maehG48PaYzYhPjodN1NkTF
http://oneminuteslow.com/bitcoin/100-20.png
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!