BTC is no get rich quick scheme.
More hash rate is (edit): and will be added to the network until mining is only marginally profitable, ...
.... rigs or away from BTC (gpu miners).
tell this to friedcat who mine btc for 1.6 mil usd per week.
We just had a very short time window(disruptive tech window) in which mining with an asic was wildly profitable: that window is closing right now.
Please do not read the argument as "mining will be unprofitable" or "will be dead". The point is profits from mining will fall from today's levels to a marginally profitable level (Which is still profit).
Friedcats ASICminers and Avalon miners are within the said window. The window hasn't closed as of now.
The fact that Friedcat will not be earning 1.6 mil usd per week for-ever shows profits will equalize to a marginally profitable level, Market theory.
GPU mining moved to LTC
rigs or away from BTC, ... (gpu miners).
Same point. For
more profits had to move away from btc.
They could have continued on btc at the said lower profitable levels.
GPU miners have or will reach the marginally profitable level.
There will be profits to be made, which is essentially reward for supporting the network with hashrate.
Unlike todays 180 day ROI ASICs, in the long term
BTC is no get rich quick scheme.
and mining will return to marginally profitable levels even for ASICs.(It hits the GPus, FPGAs, the 1st gen ASIcs, then the 2nd and so on)
A clear argument can be made on the timeframe which this happens but i believe it is inevitable.
Bitcoin mining has a lonnnnnngggggg way to go before there is any significant difference in profitability between those with a low cost of electricity and everyone else.
A clear argument can be made on the timeframe for
ASICs when this happens but, i believe it is inevitable and not so far away .
Unfortunately electricity costs have have already hit GPUs on btc. GPUs had a run for approx (2009-2013) five years.
Now GPU rigs, sure -- miners should be packing it in pretty soon now, regardless of what they pay for electricity.
Forget moving to LTC for a sec ;even then, Should you really pack up a GPU BTC rig if you don't have to pay for electricity?(Only overheads come into expense)
As far as ASICs being profitable has to do with massive backlogs of hardware orders finally reaching customers. The capacity coming online could still be limited such that ASIC mining will still be quite profitable -- not like today's level, but profitable such that there is breakeven in under a year.
Current pricing schemes and ROIs are skewed due to the disruptive tech influence. For rigs to have ROIs under a year shouldn't todays short supply situation persist for the said duration? If the short supply persists for the current year the 1 year ROIs are the most likely scenario, but the short supply cannot exist for years to come. Isnt it just a matter of time before ASIC manufacturers truly can mass produce without order backlog?
