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Author Topic: Next Difficulty in 23 blocks  (Read 2960 times)
_s3v3n_
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June 24, 2011, 02:11:48 PM
 #21

Shocking but true.

1242.5 MH/s = 0.84 BTC/day

Sweeeeeeeetttttttttttttt!!!!!

Bring it up more@!!!!!!!!

RDD RjBUYX75fvQ1yeSDJPkuB5wU35etvZ9JES
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June 24, 2011, 02:28:04 PM
 #22

Damn, I'm down to 0.3 bitcoins per day now. After the next difficulty increase, mining won't be worth it to me unless the price goes up to AT LEAST $25. But maybe I'll keep mining a while longer anyway, and just hold for a while.

hugolp
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June 24, 2011, 02:37:56 PM
 #23

1379223.4296725

yeeehah! Grin
 
Higher is better.... Right??

 Grin

It doesnt matter how high it is.
The higher the difficulty, the higher the price.
The lower the difficulty, the lower the price.


Fjordbit:

"
If the rate of difficulty change goes above this amount (36.2%) and all other things stay equal, then it will stop making sense to purchase systems and instead it makes more sense to buy bitcoins. This will drive up the price of bitcoins, lowering the btc per MH/s cost for a mining rig. It is possible the difficulty could fall if people come offline, but this is doubtful as it will still make sense to run an existing system.

If the rate of difficulty change goes below this point and all other things stay equal, then it will stop making sense to buy bitcoins and instead it makes more sense to buy a system. With more people coming online, this will push up the difficulty level.

If the exchange rate of usd to btc goes up and all other things stay equal, then the btc cost of MH/s goes down, and it makes more sense to mine than buy. With more people coming online, this will push up the difficulty level.

If the exchange rate of usd to btc goes down and all other things stay equal, then the btc cost of MH/s goes down, and it makes more sense to buy than mine. This will slow the difficulty rate.

If the dollar cost of a mining rig goes down, it makes more sense to mine than buy. This could have the effect of lowering the btc exchange rate or increasing difficulty or both.

"

http://forum.bitcoin.org/index.php?topic=20219.0

This is not exactly true. Mining is the supply of bitcoins, but you are leaving aside the demand. If for some reason people stopped demanding bitcoins, difficulty could go up and price down for a while. Obviously this would discourabe miners and its expected that some stopped mining, thus bringing the difficulty down.

But its silly and dangerous to believe that because difficultry go up price will go up. If difficulty goes up, suppy will be reduced. The price will depend on how demand reacts.
Sannyasi
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June 24, 2011, 02:40:59 PM
 #24

i mine and trade as well

1DxP5iL6hN5Gd3cwmDz9uFSntW8ALBQaGK

http://gamerkeys.net/common/home.htm <- the best place to get games!

my portfoio: http://windowsofamind.com
Oldminer
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June 24, 2011, 03:35:55 PM
 #25

Here we go!

OMGWTFBBQ, who has fired up their FPGA Farm??!!

This ^^

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
Tip me BTC: 1FBmoYijXVizfYk25CpiN8Eds9J6YiRDaX
Departure
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June 24, 2011, 04:47:27 PM
 #26

Quote
This is not exactly true. Mining is the supply of bitcoins, but you are leaving aside the demand. If for some reason people stopped demanding bitcoins, difficulty could go up and price down for a while. Obviously this would discourabe miners and its expected that some stopped mining, thus bringing the difficulty down.

But its silly and dangerous to believe that because difficultry go up price will go up. If difficulty goes up, suppy will be reduced. The price will depend on how demand reacts.

Wrong supply is never reduced... it is always the same amount of coins per hour, doesn't matter if you have 1 miner@ 1 MH/s or 20,0000 miners@ 200 GH/s it will always produce the same amount of bits coins on per hour(on advarage over the difficulty period), the only thing that changes is the difficulty based on how fast these block are being done(aka how many GH/s for total network) which also mean how many people mining these. you are correct about demand.. this is what determines the value of bitcoin nothing else, because your cost of mining goes up it doesn't do nothing to the value of bitcoin if there is no demand for it... $38 per coin came from a the media frenzy(silk road) nothing more, don't assume it will go back upto those prices again any time soon... At the moment there is more supply than demand, the worst thing is is supply never goes down as the bitcoin will always be in circulation and it not a consumable.

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June 24, 2011, 05:02:50 PM
 #27

Damn, I'm down to 0.3 bitcoins per day now. After the next difficulty increase, mining won't be worth it to me unless the price goes up to AT LEAST $25. But maybe I'll keep mining a while longer anyway, and just hold for a while.
It seems to be going up about a dollar every 3 days or so.  So who knows?

Mousepotato
agaumoney
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June 24, 2011, 05:15:16 PM
 #28

the worst thing is is supply never goes down as the bitcoin will always be in circulation and it not a consumable.

Wallets get lost.  Accidents happen.  Supply is decreased.  Maybe it will be less of a problem in the future.  Maybe.
finnthecelt
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June 24, 2011, 05:19:26 PM
 #29

Damn, I'm down to 0.3 bitcoins per day now. After the next difficulty increase, mining won't be worth it to me unless the price goes up to AT LEAST $25. But maybe I'll keep mining a while longer anyway, and just hold for a while.

I think VERY soon it becomes a matter of faith. This Mt. Gox situation is preventing the true (if you can call it that) price discovery. It's interesting that the difficulty rises while trading is limited amongst all the exhcanges. Oh what will happen? What indeed?
hugolp
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June 24, 2011, 05:28:32 PM
 #30

Wrong supply is never reduced... it is always the same amount of coins per hour, doesn't matter if you have 1 miner@ 1 MH/s or 20,0000 miners@ 200 GH/s it will always produce the same amount of bits coins on per hour(on advarage over the difficulty period),

But it does change because difficulty changes every half month (+-4 days...), so if suddenly a lot of people is mining like is happening now there will be temporarely an increase of production and probably and increase of supply (assuming the same ratio of miners that sell). When the difficulty adjusts and miners stop investing in more hardware then the supply stabilizes (reduces from the frenzy).

There is a temporary increase of supply if a lot of people starts mining.
WesleyK
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June 24, 2011, 10:47:12 PM
 #31

1379223.4296725

yeeehah! Grin
 
Higher is better.... Right??

 Grin

It doesnt matter how high it is.
The higher the difficulty, the higher the price.
The lower the difficulty, the lower the price.


Fjordbit:

"
If the rate of difficulty change goes above this amount (36.2%) and all other things stay equal, then it will stop making sense to purchase systems and instead it makes more sense to buy bitcoins. This will drive up the price of bitcoins, lowering the btc per MH/s cost for a mining rig. It is possible the difficulty could fall if people come offline, but this is doubtful as it will still make sense to run an existing system.

If the rate of difficulty change goes below this point and all other things stay equal, then it will stop making sense to buy bitcoins and instead it makes more sense to buy a system. With more people coming online, this will push up the difficulty level.

If the exchange rate of usd to btc goes up and all other things stay equal, then the btc cost of MH/s goes down, and it makes more sense to mine than buy. With more people coming online, this will push up the difficulty level.

If the exchange rate of usd to btc goes down and all other things stay equal, then the btc cost of MH/s goes down, and it makes more sense to buy than mine. This will slow the difficulty rate.

If the dollar cost of a mining rig goes down, it makes more sense to mine than buy. This could have the effect of lowering the btc exchange rate or increasing difficulty or both.

"

http://forum.bitcoin.org/index.php?topic=20219.0

Hmm, i can't totally agree with that.
Price drives up difficulty, difficulty does not drive up price.
We have seen this when the prices were 30$+, bitcoin had a lot of media attention since then and we saw a huge increase in total network speed, thus driving up difficulty fast. If the prices stay low for a while, the total network speed will slowly increase, and the difficulty will increase slowly.

Edit: Something else:
Arent we supposed to see a huge increase in network speed and like over 90,000 topics about it since the difficulty change? Did bitcoincharts change something to fix this "bug"?
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