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Author Topic: New Difficulty - 57% Increase. 1 GH/s = .656 BTC  (Read 12471 times)
AngelusWebDesign
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June 24, 2011, 02:31:22 PM
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Mining just got a LOT less profitable.

1 GH/s used to bring in 1.146 BTC per day. Now it brings 0.656 BTC/day.

BTC are currently trading for $15.50.

So a guy with a 1GH/s rig went from making $17.76/day to making $10.16/day.

Both figures are gross profit, not net profit (after electricity taken out). I used Deepbit's estimator for these income figures; for proportional pools, multiply figures by 1.07. For proportional pools with 0% fee, multiply by 1.10.

Daily income for 5830's is now 0.167 BTC, or $2.60.
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Reckman
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June 24, 2011, 02:56:39 PM
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Qq
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June 24, 2011, 03:01:54 PM
 #3

Mining just got a LOT less profitable.

1 GH/s used to bring in 1.146 BTC per day. Now it brings 0.656 BTC/day.

BTC are currently trading for $15.50.

So a guy with a 1GH/s rig went from making $17.76/day to making $10.16/day.

Both figures are gross profit, not net profit (after electricity taken out). I used Deepbit's estimator for these income figures; for proportional pools, multiply figures by 1.07. For proportional pools with 0% fee, multiply by 1.10.

Daily income for 5830's is now 0.167 BTC, or $2.60.

5 more 30-50% increases by the end of August and that 1GH rig is only making 0.08 BTC/day.

We will likely see a 7.0M difficulty by the end of August.

New miners, before dropping tons of money, please calculate carefully that difficulties only last 9-10 days, not months.

Without a 10-fold increase in BTC value, the 10-fold increase in difficulty will kick me right out~

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June 24, 2011, 03:05:13 PM
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It was really a big jump but what can we do?

Remember Charlie Sheen's words: I have one speed. I have one gear. GO!

 Cheesy Cheesy

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Litt
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June 24, 2011, 03:08:26 PM
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nvm made a mistake  Grin
talldude
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June 24, 2011, 03:32:47 PM
 #6

Mining just got a LOT less profitable.

1 GH/s used to bring in 1.146 BTC per day. Now it brings 0.656 BTC/day.

BTC are currently trading for $15.50.

So a guy with a 1GH/s rig went from making $17.76/day to making $10.16/day.

Both figures are gross profit, not net profit (after electricity taken out). I used Deepbit's estimator for these income figures; for proportional pools, multiply figures by 1.07. For proportional pools with 0% fee, multiply by 1.10.

Daily income for 5830's is now 0.167 BTC, or $2.60.

I don't know what math you use, but by my math 1.146 BTC / 1.57 = 0.73 BTC, unless I'm missing something...



tehcodez
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June 24, 2011, 03:36:15 PM
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Mining just got a LOT less profitable.

1 GH/s used to bring in 1.146 BTC per day. Now it brings 0.656 BTC/day.

BTC are currently trading for $15.50.

So a guy with a 1GH/s rig went from making $17.76/day to making $10.16/day.

Both figures are gross profit, not net profit (after electricity taken out). I used Deepbit's estimator for these income figures; for proportional pools, multiply figures by 1.07. For proportional pools with 0% fee, multiply by 1.10.

Daily income for 5830's is now 0.167 BTC, or $2.60.

The sky is falling! The sky is falling!

Angelus, just sell us your gear and stop.
AngelusWebDesign
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June 24, 2011, 03:38:35 PM
 #8

Mining just got a LOT less profitable.

1 GH/s used to bring in 1.146 BTC per day. Now it brings 0.656 BTC/day.

BTC are currently trading for $15.50.

So a guy with a 1GH/s rig went from making $17.76/day to making $10.16/day.

Both figures are gross profit, not net profit (after electricity taken out). I used Deepbit's estimator for these income figures; for proportional pools, multiply figures by 1.07. For proportional pools with 0% fee, multiply by 1.10.

Daily income for 5830's is now 0.167 BTC, or $2.60.

I don't know what math you use, but by my math 1.146 BTC / 1.57 = 0.73 BTC, unless I'm missing something...


You have to have the right equation.
michaelmclees
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June 24, 2011, 03:41:53 PM
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I think that at any difficulty, mining will tend to be just a little more profitable than simply buying.  Just like mining for gold is just a little more profitable than simply buying gold.  I expect exchange prices to reflect this in time.
AngelusWebDesign
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June 24, 2011, 03:42:19 PM
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Mining just got a LOT less profitable.

1 GH/s used to bring in 1.146 BTC per day. Now it brings 0.656 BTC/day.

BTC are currently trading for $15.50.

So a guy with a 1GH/s rig went from making $17.76/day to making $10.16/day.

Both figures are gross profit, not net profit (after electricity taken out). I used Deepbit's estimator for these income figures; for proportional pools, multiply figures by 1.07. For proportional pools with 0% fee, multiply by 1.10.

Daily income for 5830's is now 0.167 BTC, or $2.60.

The sky is falling! The sky is falling!

Angelus, just sell us your gear and stop.

You like to blame the news reporter, just because the world is a dangerous place.

Go ahead and put your head back in the sand -- I won't be competing for that particular hole in the ground. While you're at it, feel free to buy some overpriced video cards from eBay or the Selling forum here. "Bitcoin is going TO DA MOON! If anyone says anything negative, I plug my ears and say 'Lalalalalalalalala...'"

I'm the voice of reason. No wonder so many people here don't like me  Wink
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June 24, 2011, 03:48:47 PM
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I don't know what math you use, but by my math 1.146 BTC / 1.57 = 0.73 BTC, unless I'm missing something...


A 50% increase in difficulty is a 1/3 reduction of mining speed.

You have to divide the difference between difficulty A and Difficulty B by Difficulty A and then multiply that by the mining-rate in Difficulty A to get the mining rate in Difficulty B

(1.379-0.877)/0.877 *1.146 = Your answer. (0.65)

I really hope people who are throwing money at mining are capable of 5th grade math

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AngelusWebDesign
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June 24, 2011, 04:00:55 PM
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I really can't wait until Mt. Gox re-opens.

Yeah, there might be a selloff, but if there's any recovery in the price of BTC it can't happen until this Mt. Gox incident gets put behind us.

Only after Mt. Gox is operational for a while (without any more hacks or shutdowns) can Bitcoin's reputation recover. It's in the sewer right now.

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June 24, 2011, 04:25:34 PM
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Is it ironic that you eagerly wait for MtGox opening, while you have "Trade Hill -- The best way to convert Bitcoins to US Dollars and more!" notice (with a referral) in your signature?  Wink

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AngelusWebDesign
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June 24, 2011, 04:35:01 PM
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There's nothing contradictory or hypocritical about it --

I personally have some money tied up in Mt. Gox, plus a bunch of other people do as well. You can't just write off Mt. Gox like they don't matter, even if you hate them.

The fact of the matter is: around 65-80% of the money in the Bitcoin ecosystem (money people have put in, plus bitcoins in daily circulation) is tied up at Mt. Gox. That money can't bring the price of Bitcoins up, or down. It's stuck in limbo until Mt. Gox re-opens.

And there's nothing wrong with Tradehill. They have a lot more volume now than they did a week ago. They could use a better "market view" -- certainly a way to view open orders -- but they strike me as more professional than Mt. Gox.
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June 24, 2011, 04:51:29 PM
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There's nothing contradictory or hypocritical about it --

I personally have some money tied up in Mt. Gox, plus a bunch of other people do as well. You can't just write off Mt. Gox like they don't matter, even if you hate them.

The fact of the matter is: around 65-80% of the money in the Bitcoin ecosystem (money people have put in, plus bitcoins in daily circulation) is tied up at Mt. Gox. That money can't bring the price of Bitcoins up, or down. It's stuck in limbo until Mt. Gox re-opens.

And there's nothing wrong with Tradehill. They have a lot more volume now than they did a week ago. They could use a better "market view" -- certainly a way to view open orders -- but they strike me as more professional than Mt. Gox.


Nothing wrong as long as you live within the USA. Tradehill's transfer fees are OTT. I'm opting for Bitcoin7.
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June 24, 2011, 04:54:29 PM
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Conspiracy Theory: Do you still think Mt. Gox got hacked?

 Grin

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June 24, 2011, 04:58:46 PM
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There's nothing contradictory or hypocritical about it --

I personally have some money tied up in Mt. Gox, plus a bunch of other people do as well. You can't just write off Mt. Gox like they don't matter, even if you hate them.

The fact of the matter is: around 65-80% of the money in the Bitcoin ecosystem (money people have put in, plus bitcoins in daily circulation) is tied up at Mt. Gox. That money can't bring the price of Bitcoins up, or down. It's stuck in limbo until Mt. Gox re-opens.

And there's nothing wrong with Tradehill. They have a lot more volume now than they did a week ago. They could use a better "market view" -- certainly a way to view open orders -- but they strike me as more professional than Mt. Gox.


Nothing wrong as long as you live within the USA. Tradehill's transfer fees are OTT. I'm opting for Bitcoin7.

you can buy/sell bitcoins here: http://t.co/JpxbxqZ or here: http://www.tradehill.com/?r=TH-R11112

Tarma
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June 24, 2011, 05:06:13 PM
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Wow I'm definitely not gonna buy those 2 5830's then...

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Chucksta
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June 24, 2011, 05:37:20 PM
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Conspiracy Theory: Do you still think Mt. Gox got hacked?

 Grin

Yeah, by TradeHill supporters  Shocked
AngelusWebDesign
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June 24, 2011, 05:38:51 PM
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There's nothing contradictory or hypocritical about it --

I personally have some money tied up in Mt. Gox, plus a bunch of other people do as well. You can't just write off Mt. Gox like they don't matter, even if you hate them.

The fact of the matter is: around 65-80% of the money in the Bitcoin ecosystem (money people have put in, plus bitcoins in daily circulation) is tied up at Mt. Gox. That money can't bring the price of Bitcoins up, or down. It's stuck in limbo until Mt. Gox re-opens.

And there's nothing wrong with Tradehill. They have a lot more volume now than they did a week ago. They could use a better "market view" -- certainly a way to view open orders -- but they strike me as more professional than Mt. Gox.


Nothing wrong as long as you live within the USA. Tradehill's transfer fees are OTT. I'm opting for Bitcoin7.

you can buy/sell bitcoins here: http://t.co/JpxbxqZ or here: http://www.tradehill.com/?r=TH-R11524

Don't you mean

http://www.tradehill.com/?r=TH-R11524
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