Difficulty jumps 28%

[Slipage]

Bfl will be refusing all refunds soon as people finally wake up and realise it won't make money when they get it, and no resell value. Buy sell btc is all the average person will be able to do apart from alt coins

When the hype has arrived it's normally to late , only early adopters are winning and the ones selling into the hype.

So many people are going to get burnt with pre orders

[azw409]

I think the only way that Bitcoin will survive and remain democratic is to optionally allow miners to use scrypt as well as SHA256 with appropriate difficulty. Otherwise all mining will be done on ASICs by a handful of people and companies.

Offering the choice means that you can use either GPU's (with scrypt) which are commonly available or ASIC's (with SHA256) which are still limited to an elite few. This way the most people still have stake and the ASIC arms race doesn't assure the destruction democracy.

[Slipage]

Wow we still talking about gpus considering asic's will be obsolete by 2014.

Keep up with the pace, the storm has started and its going to get hell of allot worst

[OnkelPaul]

Wow we still talking about gpus considering asic's will be obsolete by 2014.

Why do you think ASICs will be obsolete in 2014?
Currently I don't see a technology that could replace them (of course newer ASICs that are built with denser structures will provide some more bang for the buck).

The next technology that could in theory make ASICs obsolete are quantum computers. But I don't see them around the corner, at least not models that could hash Bitcoin blocks.

Of course there will be many people who bought ASICs and realize that they will never get enough ROI.

Onkel Paul

[MooC Tals]

At this difficulty growth, all those guys paying over 4BTC/Ghs in the Auction section will never make back their investment.

First owner of Avalon and BFL equipment can still make some decent profit -- if their machine ships.

I guess BFL is trying to ship jala's out now because soon no one will buy them.

Look at the projected difficulty and put it in a calculator and it just dropped from 17 dollars a day to 14.
 
Bitcoin does not look like its gonna stop climbing for a while. Here look

[Xian01]

Wow we still talking about gpus considering asic's will be obsolete by 2014.

 LOLWUT ?! Please explain your reasoning for this statement.

[Slipage]

My bad meant current generation ASIC's

[daemondazz]

My bad meant current generation ASIC's

Current generation ASICs are like a 8086 (or lower), still LOTS of growth room in them!

[bitmateco]

so some 'elite' ppl who have accses to avalon are printing money and shitting on thousands of gpu miner while we see our gpus go worthless and its even worthless to buy asics couse its too expensive and most of the time you wont even get it shipped anytime soon.

sounds fishy indeed

illuminati took over btc!

[bitmateco]

also its winter here and my gpus are heating my room as they mine so i dont have to use my electric heater!

take that illuminati lol XDD

[rograz]

Current generation ASICs are like a 8086 (or lower), still LOTS of growth room in them!

hah, we are looking at a order of magnitude yes but don't compare early 80s tech with early 2000s tech (Avalon) and BFL on their 65nm is more 2005 era, BFL failed on power consumption but they are still a pointer to possible performance density for that node. You are looking at around 2x the density per full node shrink so you have 45 nm/32 nm left and then you are suddenly at 22 nm  and bleeding edge tech.

[azw409]

illuminati took over btc!

I think we all know who these people are: Templars or even worse those damn Atlanteans from the lost continent. There can be no doubt about this.

[grosskate]

I ve asked a refund of my BFL 5gh. By the time i ll get it the difficulty will be too high to make profit with it. Right now it would make sense. But in 6months ot more from now... absolutely not.

[FloridaBear]

Looks like we are on target for 19.2M difficulty in a couple days...that would be a 23% increase from the current 15.6M. I think these 20+% jumps are the new "normal" for the next few months. As ASIC shipping becomes more "linear," the percent increases may gradually drop after 6 months or so, but it's going to be brutal for awhile.

[Crindon]

I ve asked a refund of my BFL 5gh. By the time i ll get it the difficulty will be too high to make profit with it. Right now it would make sense. But in 6months ot more from now... absolutely not.

Me too. I got a refund for a little single. Difficulty will be 1 billion by the time I receive it.

[Crindon]

Looks like we are on target for 19.2M difficulty in a couple days...that would be a 23% increase from the current 15.6M. I think these 20+% jumps are the new "normal" for the next few months. As ASIC shipping becomes more "linear," the percent increases may gradually drop after 6 months or so, but it's going to be brutal for awhile.

The rate of increase should drop after December 2013.

[navigator]

You guys underestimate how long an ASIC can last after ROI. After I make back ROI in USD($1333), I will only be paying for electricity. Being conservative, say I get 60gh/s @ 300 watts. And I pay on average $0.07 cents per kw/h. The single will cost about $15/month in electricity. At $100/btc, difficulty could jump 300 times the next estimate(19mil) to around 5.7billion before I'm negative. That's a lot of petahashes.

[4mherewego]

You guys underestimate how long an ASIC can last after ROI. After I make back ROI in USD($1333), I will only be paying for electricity. Being conservative, say I get 60gh/s @ 300 watts. And I pay on average $0.07 cents per kw/h. The single will cost about $15/month in electricity. At $100/btc, difficulty could jump 300 times the next estimate(19mil) to around 5.7billion before I'm negative. That's a lot of petahashes.

You need to change your perspective from USD-centric to BTC-centric.
That way you'll realize, that while your machine paid in USD, it lost in BTC. [You could've profited more if you just bought the BTC for USD]

http://en.wikipedia.org/wiki/Sunk_costs

[batman, not crabman]

Personally, I paid for my asic in $ (which I converted to BTC) so I don't care if I earn the BTC back or not, only the $.
If I had paid in BTC (say I earned through mining) then it would be a different story.

[FloridaBear]

Personally, I paid for my asic in $ (which I converted to BTC) so I don't care if I earn the BTC back or not, only the $.
If I had paid in BTC (say I earned through mining) then it would be a different story.

I see this a lot, and I think it's kind of a fallacy: You made the decision to buy when BTC was a certain price, and the math told you that you would make back more BTC than you invested. Effectively, you gave up that amount of $ that you could have invested in BTC alone. If you don't earn back the BTC from the miner that you paid on it, it is a worse investment than just buying the BTC in the first place.