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Author Topic: Anybody else getting slaughtered by this latest difficulty?  (Read 9444 times)
bitcoinminer
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June 27, 2011, 01:10:58 AM
 #1

I'm getting anywhere from 1/3rd to 1/4 the BTC/day out of my rig since the last increase... I know they say that difficulty doesn't relate to the price directly, but I think it needs to start Smiley  $15/BTC isn't going to cut it for long...

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
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June 27, 2011, 01:21:15 AM
 #2

Then don't sell them if you believe they are undervalued.

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June 27, 2011, 01:56:36 AM
 #3

Income dropped to under 10 bitcoins per day for the first time on my farm but it still far exceeds the price of electricity.
Don't see a reason to stop until about 6-8M difficulty.

When income is less than a bitcoin per day at current prices then I'd say it's not worth it.

But if you run a small cluster then yes, there is no sense in selling at current prices unless you really need the USD. The obvious thing to do is to wait for a bump to $20-$30+.

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June 27, 2011, 02:08:09 AM
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First time I'm seeing less than 6 blocks an hour, according to Bitcoin charts :O

It's better to be pissed off, than to be pissed on.
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Clipse
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June 27, 2011, 02:12:44 AM
 #5

Ive decided to go on strike aswell with regards to selling at these prices.

Im only selling atm to cover electricity bills.

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June 27, 2011, 02:31:41 AM
 #6

Ive decided to go on strike aswell with regards to selling at these prices.

Im only selling atm to cover electricity bills.

Im not even selling them for that... im not going to unless price is in the $25+ range.

As for the comment about blocks/hr, there's 2 sites I watch, bitcoin charts gives 5.69/hr, and bitcoin watch gives 6.17/hr. Either way, Its nice to see it somewhat steady for a little while.
bitcoinminer
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June 27, 2011, 02:44:20 AM
 #7

Yeah, not selling either... just stockpiling, but was doing better before this most recent increase, even with previous ones.  Might be time to add another PC or two.

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
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June 27, 2011, 03:27:56 AM
 #8

Income dropped to under 10 bitcoins per day for the first time on my farm but it still far exceeds the price of electricity.
Don't see a reason to stop until about 6-8M difficulty.

When income is less than a bitcoin per day at current prices then I'd say it's not worth it.

But if you run a small cluster then yes, there is no sense in selling at current prices unless you really need the USD. The obvious thing to do is to wait for a bump to $20-$30+.

Damn, you must have a nice little farm set up.

My main concern is that the people buying bitcoin don't value them in the same way as we, the miners, do. To a daytrader, it doesn't matter what the difficulty is as long as they can sell high and buy low.
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June 27, 2011, 03:44:23 AM
 #9

I have a little text file I've been maintaining for the past several difficulty increases.
Each of these days represents a different difficulty level:

670 Mh/s =    

1.39 BTC (6/6/11 12:30 AM)
1.07 BTC (6/7/11 9:00 AM)
0.691 BTC (6/15/11 9:00 AM)
0.438 BTC (6/24/11 7:00 AM)

So 670 Mh/s brought in 1.39 BTC a day at the beginning of June, but currently brings in .438/day.
This is NOT EVEN ONE FULL MONTH.

See why you can't trust those "monthly income calculators"?
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June 27, 2011, 03:46:05 AM
 #10

Income dropped to under 10 bitcoins per day for the first time on my farm but it still far exceeds the price of electricity.
Don't see a reason to stop until about 6-8M difficulty.

When income is less than a bitcoin per day at current prices then I'd say it's not worth it.

But if you run a small cluster then yes, there is no sense in selling at current prices unless you really need the USD. The obvious thing to do is to wait for a bump to $20-$30+.

Damn, you must have a nice little farm set up.

My main concern is that the people buying bitcoin don't value them in the same way as we, the miners, do. To a daytrader, it doesn't matter what the difficulty is as long as they can sell high and buy low.

I sometimes wonder if these low selloffs which usually happen with <50BTC isnt from people begging for donations then simply trying to fill their sell as fast as possible.

Thus, Stop giving to beggers Smiley

...In the land of the stale, the man with one share is king... >> Clipse

We pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
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June 27, 2011, 03:52:08 AM
 #11

I have a little text file I've been maintaining for the past several difficulty increases.
Each of these days represents a different difficulty level:

670 Mh/s =    

1.39 BTC (6/6/11 12:30 AM)
1.07 BTC (6/7/11 9:00 AM)
0.691 BTC (6/15/11 9:00 AM)
0.438 BTC (6/24/11 7:00 AM)

So 670 Mh/s brought in 1.39 BTC a day at the beginning of June, but currently brings in .438/day.
This is NOT EVEN ONE FULL MONTH.

See why you can't trust those "monthly income calculators"?


Because choosing 9 hours before a difficulty change as your starting BTC value really makes sense as a timeline?

The start of the 1.39 BTC cycle was 5/26, so that was more or less a month. That aside though, this was a big and painful growth period for miners to be sure. Pity the foos who were buying rigs in the middle.

With the steadying of difficulty however it's possible if they stick it out they'll recoup though. Keep those fingers crossed lil buddies.
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June 27, 2011, 04:30:17 AM
 #12

Income dropped to under 10 bitcoins per day for the first time on my farm

that's about 20x 6990, you must have the night shift at a game development company!  Shocked
lacedwithkerosene
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June 27, 2011, 07:43:56 AM
 #13

Condolences, miners.  Just wrote a story about this @ http://www.bitcoinminingaccidents.com/?p=335

Sannyasi
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June 27, 2011, 08:01:16 AM
 #14

i have faith everything will balance out.... the only reason that I can think why it wouldn't is if new technology is introduced or used for mining- like the move from CPU's to GPU's..... until a big jump in production like that happens i suspect they will always balance out in the end.

 that is just speculation though- as is most any predictions regardimg the future.....*

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June 27, 2011, 08:42:10 AM
 #15

i'm looking at 0.000x rewards per session at the given difficulty.

always had very limited GPU power, but for myself, it's not profitable anymore at the current rate, so i'm stopping my mining.

But as the poster above me said, it might balance out sooner or later.
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June 27, 2011, 09:28:08 AM
 #16

Then don't sell them if you believe they are undervalued.
If lots of people think like that it means that a large amount of bitcoins that people really want to sell is piling up. When you give up waiting the price will crash.
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June 27, 2011, 09:47:02 AM
 #17

And when the price crashes, people like me will buy the crap out of BTC while it's low. I can' only pray for another major crash because I'll finally have the funds to take advantage of it.

Anyways, I was getting like .40 BTC a day and now I'm getting like .25.


People should quit worrying. I can predict the future and it tells me that the value of BTC will skyrocket. I'm only speculating in order to make short term profits but more than half of my BTC are staying in a secure place as I wait for this event to fully unfold. People should really ignore the value and difficulty for now and just consider it an investment. Why were people mining from 2009 to March of this year when the BTC was only worth pennies? Just wait. When what I say comes true, I'll be on easy street before the feds have a chance to jump on this and cause any disruptions.

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June 27, 2011, 01:31:40 PM
 #18

A fool and his money are soon parted.
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June 27, 2011, 02:50:59 PM
 #19

Then don't sell them if you believe they are undervalued.
If lots of people think like that it means that a large amount of bitcoins that people really want to sell is piling up. When you give up waiting the price will crash.

Indeed.  Bitcoin's value requires a constant infusion of new market participants.  If people become disillusioned with mining and bitcoin fails to find a real use, the hoarders waiting for a better price will be waiting for Godot.  If enough people come to the conclusion that 'this is as good as it gets' in regards to BTC's price, it's a downward spiral from there.  Sellers attract more sellers as BTCs are dumped onto fewer and fewer buyers.  Speculators may cherish this buying opportunity but there comes a time when even the strongest believer in a commodity must wonder if they're going to be stuck holding the bag.

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June 27, 2011, 02:55:03 PM
 #20

Condolences, miners.  Just wrote a story about this @ http://www.bitcoinminingaccidents.com/?p=335
Another hilarious post  Grin

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