New Difficulty - 57% Increase. 1 GH/s = .656 BTC

[Litt]

I gotta love the amount the spam Tradehill adds to the community forum by using it's members. I never liked their approach from the beginning because of this and won't ever set foot on their website thanks to the sheer volume of junk information they add to the internet. I'm sure I'm alone on this seeing how greed seems to be the prime motivator for all posts here nowadays. Everyone spams the link, but I doubt many even use their own accounts.

[_s3v3n_]

Conspiracy Theory: Do you still think Mt. Gox got hacked?

 

Yeah, by TradeHill supporters 

A coincidence perhaps? Just a couple of days after Tradehill started its full operation.

[saqwe]

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!

 

yeah LOL! 

he also said iam not bi-polar iam bi-winnning 

[teflone]

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.

Yeah!!! man its all I hear, doom and gloom from you
God, no one wants to hear your opinions on the scale you think

[talldude]

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

You are incorrect. Your method multiplies 57% by the current payout - this would mean that we now get 57% of the blocks we did before in a given time period. This means the mining rate is (1/0.57)-1 = 75% slower, which conincides with a 75% increase in difficulty.

Here is the correct calculation:

average time = difficulty * 2**32 / hashrate (straight from bitcoin wiki)

Hashrate is constant, only variable is difficulty. So in calculating increase in time per block for a difficulty we can simplify this to:

delta (avg. time) = delta (difficulty)

If difficulty is 57% more, then average time per block is 57% more. So if it took 1 day to get a block before, now it takes 1.57 days. Thus, your payout per day is now 1 block / 1.57 days or .636 blocks/day. Or in our case, payout was 1.146 BTC per day, it is now 1.146/1.57 = 0.73 BTC per day.

In the future it'd be good if you didn't insult before you knew you were right...

[Teej]

Good lord the th link/referral spam is (expletive) annoying.

Due to that, I wouldn't use TH if they paid me. 

Sod off with the referral links already.

[Chucksta]

Good lord the th link/referral spam is (expletive) annoying.

Due to that, I wouldn't use TH if they paid me. 

Sod off with the referral links already.

+1

And double that expletive from me

[bcpokey]

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  

I don't think of you as the voice of reason, I think of you as that little kid that keeps harping on the same thing over and over and over. And it's annoying.

Yes, difficulty increased, we've known that it would for days, you've been going on and on about it for days, did we really need ANOTHER thread from you?

To try to inject something interesting into the carcass of a horse that has been dead but people keep beating on it for no apparent reason... Hash rate has flat lined and slightly decreased since difficulty jump it seems. I wonder if some people were squeezing the last drops of miner juice out of their rigs before returning them after the jump. Will be interesting to see if this trend continues or not.

[Teej]

On topic...I could've sworn I posted this earlier.

talldude is 100% correct, although the math is harder than it needs to be.

Oldincome* ( olddifficulty / newdifficulty ) = newincome

It really is that simple.

1.146 * (877226 / 1379223) = 0.7289 to the proper number of significant figures...or rounding nicely to 0.73.

It really is that easy.  

Coincidentally enough, 1Gh/s would get you .66 over at deepbit with their PPS and its extra fees.

[AngelusWebDesign]

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  

I don't think of you as the voice of reason, I think of you as that little kid that keeps harping on the same thing over and over and over. And it's annoying.

Except that, to me, you're the little kid. You're probably younger than me.

[tehcodez]

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  

I don't think of you as the voice of reason, I think of you as that little kid that keeps harping on the same thing over and over and over. And it's annoying.

Except that, to me, you're the little kid. You're probably younger than me.

Really? Really?

75% of these replies directly criticize you and/or your "logic/lackofmeaningfulopinion," and you return with "I know you are but what am I."

Nice, kid/bra/troll/Matthew.


lolololololololol

[bcpokey]

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  

I don't think of you as the voice of reason, I think of you as that little kid that keeps harping on the same thing over and over and over. And it's annoying.

Except that, to me, you're the little kid. You're probably younger than me.

Real age does not matter, only apparent age. I am indeed probably younger than you, yet I have the decency at my tender young age to not spam up a message board with repeated attempts at driving down a market for my own selfish reasons, insulting those who disagree with my faulty assertions and generally expecting that my opinions are so incredibly important.

I will repeat the following though:

AngeliusWebDesign
Total Posts:   340 posts
Total Topics Started:   50 topic

You're doing a tiny bit better, almost up to 7 posts per topic started, but that's still an abysmal number. 7:1 post:topic ratio means you consider your opinions incredibly important, and really when they're so tedious and repetitive, they're not. When you're a normal contributing member of the forums you notice I don't say anything, but when your 3rd topic about difficulty jumps (p.s. I made a prediction in a thread last night that this thread would appear, so thanks for that confirmation at least) and 5830s and whatever appears it grates on regular users.

[jalidi]

Boy, this Difficulty sure came fast. The network is eating up about 250 blocks a day... and there's only 2016 blocks, so yeah we're at eight days now. It'll go to a week pretty soon at the rate people are expanding the network, and soon it'll only be days in-between.

I've been doing pooled mining on Slush since the first week of June, first at 380 Mhash/sec and then later up to 1 Ghash/sec, and I've only acquired 11 BTC... which trading at today's prices wouldn't even cover a decent steak dinner with expensive bottle of wine. But I'll stick with it for another two difficulties, at least until it drops below a quarter BTC a day. I'm hoping to finish with at least 50 BTC but that's looking pretty slim at this point so I'll probably speculate up the rest.

[Sannyasi]

im still getting the same payouts as before the increase..... guess i can't complain.

i'm still learning much about bitcoin so forgive my ignorance but is there some kind of lag on when the difficulty kicks in or am I just lucky or something? don't want to count on this staying this way if it's not going to.

[Grouver (BtcBalance)]

Lets hope the prices are gonna get higher and higher so miners will not vanish.
There will never be a equilibrium between mining and buying/selling.
One of the two will always be better off.

[AngelusWebDesign]

Please elaborate.

How much were you making yesterday, and how much have you made in the past 10 hours or so?

Luck plays into it ("variance") but you will tend to get less -- +/- 2.0 BTC a day, instead of += 3.5 BTC/day like yesterday.

[Sannyasi]

just realized, I was looking at my average share per block solved. i am getting the same shares- but the blocks are just taking longer to solve on average so i guess it is a bit slower.

I have faith that the market will balance out, while mining might not be as profitable or even a loss right now I suspect that the balance will nullify any short term losses..... At least that's what I hope!

[micucci1127]

I know this question might sound like a n00b just got let loose from the newbie pen on the forum, but do you think the general trend for BTC value will increase overtime as the difficulty increases? I'm not talking short term, im talking 1-2 years from now.

And won't these BTC value increases compensate for the increased mining difficulty?

Jim

[enmaku]

You have to have the right equation.

OR you could just go to http://www.alloscomp.com/bitcoin/calculator.php and punch "1000" into the MH/s box...
0.73 BTC/day right now btw.

[PcChip]

If difficulty is 57% more, then average time per block is 57% more. So if it took 1 day to get a block before, now it takes 1.57 days. Thus, your payout per day is now 1 block / 1.57 days or .636 blocks/day. Or in our case, payout was 1.146 BTC per day, it is now 1.146/1.57 = 0.73 BTC per day.

In the future it'd be good if you didn't insult before you knew you were right...

Not getting into the debate over whether the multiple topics or negative attitude is correct or not, I do have to defend his math, as he clearly states at the end "multiply by 1.1 for a 0% fee proportional share pool" which gets you up to the 0.73 that everyone else calculated.  He just went the roundabout way of saying it, showing the lowest possible outcome (PPS, deepbit)