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Author Topic: How long will we be able to mine?  (Read 2963 times)
l33
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June 22, 2011, 05:12:39 PM
 #1

I am look for a kind of set date when minning will stop... anyone know or have idea?

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“People who say it can not be done should not interrupt those who are doing it.”
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adalov
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June 22, 2011, 05:16:40 PM
 #2

Mining doesn't stop for a few decades. However, the benefits from it will decrease substantially over the next few years. This is also dependent on things like the amount of users mining, number of people using bitcoins, etc and how that may vary over time.

http://bitcoinpyramid.com/r/228

17PJZHfGpa9EBPW8nFmWjmehyzwBpKKyM2
talldude
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June 22, 2011, 05:22:46 PM
 #3

Non-dedicated mining will become unprofitable this year, given the current rate of hash rate increase.
compro01
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June 22, 2011, 05:33:37 PM
 #4

mining will happen forever.  it's a fundamental part of how bitcoin functions.  as the subsidy (the 50 BTC reward per block) falls in the long term, transaction fees will become an important part of rewarding miners.

as for how long it will be profitable near-term. my 6870, at current prices and electric rates, will remain profitable until the difficulty hits roughly 5 million.
MertinTerm
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June 22, 2011, 05:46:13 PM
 #5

I was thinking though, what about the future GPUs coming out? Surely with the way technology has progressed thus far, within a few years we will have GPUs pumping out 10x the current output of any current day top of line cards.

I whole-heartedly believe that unless you have any dedicated, full-fledged multi network mining rigs, you aren't going to make any decent profit in the future.

Sadly though, my knowledge over the subject is trivial compared to many other memebrs. I could just be spewing pure BS.
l33
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June 22, 2011, 08:13:42 PM
 #6

I am thinking of getting 10 (maybe 20) box with 4 5750. Sounds like i can still get my money bck an more.

-- l33 --
“People who say it can not be done should not interrupt those who are doing it.”
minor_miner
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June 22, 2011, 08:27:36 PM
 #7

I am thinking of getting 10 (maybe 20) box with 4 5750. Sounds like i can still get my money bck an more.

But you know that the average difficulty increase has been about 50% the last weeks?

So expect 50% less return every 9 days.

I planned to buy a mining rig up to a few hours ago, but am damn unsure now as I know the numbers.
Tronlet
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June 22, 2011, 08:33:25 PM
 #8

Mining will go on forever, however new blocks will stop being created somewhere around 2130, if my memory serves. (Actually 2140, just checked)

The transaction fees are currently virtually unnecessary, but when Bitcoin becomes more popular and/or the blocks grow in number, transactions will slow down. But, you can include a voluntary transaction fee that will make miners want to process your transaction due to its value, and that will speed up your transaction. Miners will receive transaction fees, though no new blocks will be created.

That is of course assuming the world as we know it is still around in 2140, for all we know both USD and BTC will have been abolished and our minds will be uploaded into a hive network. Tongue

l33
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June 22, 2011, 08:35:19 PM
 #9

Yeah, I have seen that. I think most people will drop out because of that. So us true miners will have to fight for it.

-- l33 --
“People who say it can not be done should not interrupt those who are doing it.”
minor_miner
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June 22, 2011, 08:38:28 PM
 #10

Yeah, I have seen that. I think most people will drop out because of that. So us true miners will have to fight for it.

Yes, but they will have to prepare to fight with people who pay 0.05$ per kWh, which I'm clearly not paying in Europe.. not even close Sad
l33
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June 22, 2011, 08:40:55 PM
 #11

I am looking into Colocation. Power is payed for. 

-- l33 --
“People who say it can not be done should not interrupt those who are doing it.”
cothoms
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June 22, 2011, 08:42:15 PM
 #12

l33, you may want to find some of the bitcoin calculators out there to determine your breakeven point.  you might be surprised, especially if you are building these systems from scratch.  

Not a miner.  An investor, speculator, and enthusiast.
l33
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June 22, 2011, 08:49:44 PM
 #13

I have the servers just need videocards.

-- l33 --
“People who say it can not be done should not interrupt those who are doing it.”
l33
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June 22, 2011, 08:50:16 PM
 #14

Do you all know of any good calculators?

-- l33 --
“People who say it can not be done should not interrupt those who are doing it.”
minor_miner
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June 22, 2011, 08:52:00 PM
 #15

http://www.alloscomp.com/bitcoin/calculator.php

It's laggy as hell, though.
Archatos
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June 22, 2011, 09:00:24 PM
 #16

Mining will go on forever, however new blocks will stop being created somewhere around 2130, if my memory serves. (Actually 2140, just checked)
So that is when the 21,000,000th bitcoin is generated?

Though, from what I'm seeing, the speed of which blocks are generated will depend on the available hardware? So how would it be possible to calculate this, considering we have no idea what power hardware will have in the future. Even predicting the power of hardware a couple of years ahead is close to impossible.
luizeba
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June 22, 2011, 09:05:01 PM
 #17

I was thinking though, what about the future GPUs coming out? Surely with the way technology has progressed thus far, within a few years we will have GPUs pumping out 10x the current output of any current day top of line cards.

That's true.

In 1 year, the GPUs will be really stronger than today
l33
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June 23, 2011, 01:26:15 AM
 #18

Right...stronger GPUs but harder Bitcoins.  Huh

-- l33 --
“People who say it can not be done should not interrupt those who are doing it.”
tehcodez
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June 23, 2011, 01:28:11 AM
 #19

GPUs...so 2010...
l33
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June 23, 2011, 01:30:43 AM
 #20

GPUs...so 2010...

I dont get it.

-- l33 --
“People who say it can not be done should not interrupt those who are doing it.”
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