euskara (OP)
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June 30, 2013, 02:25:44 AM |
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Difficulty increased today to 21335329.114
Even harder to mine now...
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polrpaul
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Love the Bitcoin.
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June 30, 2013, 02:29:44 AM |
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Difficulty increased today to 21335329.114
Even harder to mine now...
Hehe, it's like age, highly unlikely to roll backward. But seriously, it's not that bad.. yet! LOL
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vokain
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June 30, 2013, 02:32:18 AM |
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Can't superimpose it in a scaled format, too lazy, but here's this ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fbitcoin.sipa.be%2Fspeed-small-lin.png&t=665&c=aq5scGLm6aUBsw) ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fbitcoincharts.com%2Fcharts%2Fchart.png%3Fwidth%3D939.777777671814%26m%3DmtgoxUSD%26SubmitButton%3DDraw%26r%3D60%26i%3D%26c%3D1%26s%3D2012-08-01%26e%3D2013-06-30%26Prev%3D%26Next%3D%26t%3DS%26b%3D%26a1%3D%26m1%3D10%26a2%3D%26m2%3D25%26x%3D0%26i1%3D%26i2%3D%26i3%3D%26i4%3D%26v%3D1%26cv%3D0%26ps%3D0%26l%3D0%26p%3D0%26&t=665&c=8MCFY7iZgwEIiQ)
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MineForeman.com
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June 30, 2013, 03:42:24 AM |
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You probably wont want to hear this... but it is actually good news! Believe it or not this whole mining thing that you are doing actually has another purpose apart from getting you your cut of the current 25 bitcoin block reward. Every time that the difficulty increases your actually making the bitcoins you have gain more value (perhaps not in monetary value yet, but defiantly in the value of its security) It was just over 6 months ago when someone with enough cash could destroy bitcoin for $15,000,000. It could still be done now, but not for as little as 15 million. Every time the difficulty jumps you are better off. Neil
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Eri
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June 30, 2013, 06:51:32 AM |
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Can't superimpose it in a scaled format, too lazy, but here's this ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fbitcoin.sipa.be%2Fspeed-small-lin.png&t=665&c=aq5scGLm6aUBsw) ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fbitcoincharts.com%2Fcharts%2Fchart.png%3Fwidth%3D939.777777671814%26m%3DmtgoxUSD%26SubmitButton%3DDraw%26r%3D60%26i%3D%26c%3D1%26s%3D2012-08-01%26e%3D2013-06-30%26Prev%3D%26Next%3D%26t%3DS%26b%3D%26a1%3D%26m1%3D10%26a2%3D%26m2%3D25%26x%3D0%26i1%3D%26i2%3D%26i3%3D%26i4%3D%26v%3D1%26cv%3D0%26ps%3D0%26l%3D0%26p%3D0%26&t=665&c=8MCFY7iZgwEIiQ) Whats your point? Im not seeing one.
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misterbigg
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June 30, 2013, 07:02:00 AM |
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So basically there is ZERO CORRELATION between difficulty and price. Quite at odds with the exclamations to the contrary.
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Eri
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June 30, 2013, 07:34:35 AM |
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So basically there is ZERO CORRELATION between difficulty and price. Quite at odds with the exclamations to the contrary.
That was my point ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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gillespies
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June 30, 2013, 08:02:04 AM |
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So basically there is ZERO CORRELATION between difficulty and price. Quite at odds with the exclamations to the contrary.
I totally agree!
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vokain
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June 30, 2013, 08:17:53 AM |
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So basically there is ZERO CORRELATION between difficulty and price. Quite at odds with the exclamations to the contrary.
zero correlation is simply incorrect. sample size is simply too small for it to match up on the last leg from april onward, give it time ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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malevolent
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June 30, 2013, 08:52:03 AM |
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So basically there is ZERO CORRELATION between difficulty and price. Quite at odds with the exclamations to the contrary.
There is. High price encourages people to buy/start their miners. Many of them didn't expect to receive their orders late when the difficulty was already high and they didn't take into consideration that the difficulty increase due to increased demand would be so huge. Even when unprofitable or barely profitable people will mine for some time waiting for a change in price (increase) or difficulty (decrease) that would make their mining more profitable or waiting until someone buys their miner(s). Difficulty adjusts itself to the price with a considerable time lag, one can see how it occurred in 2011.
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Signature space available for rent.
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Eri
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June 30, 2013, 09:21:33 AM |
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So basically there is ZERO CORRELATION between difficulty and price. Quite at odds with the exclamations to the contrary.
zero correlation is simply incorrect. sample size is simply too small for it to match up on the last leg from april onward, give it time ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Of the relationship difficulty has with price, it will certainly not rise and fall like the price.(thats the only reason i can think of as to why youd compare the two graphs) Even if you think the difficulty increase will drop their profits, that was to be expected even if things didnt pan out as expected for them personally. Even in the worst case profit wise, they should still be able to run them for less then the cost of power use, even if it takes years to pay off. Difficulty wont be dropping.
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Raize
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June 30, 2013, 05:04:12 PM |
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Difficulty adjusts itself to the price with a considerable time lag, one can see how it occurred in 2011.
Yes, it does. Here's a post I made in speculation about this about a year and a half ago: https://bitcointalk.org/index.php?topic=53949.0
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bitbryan
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July 03, 2013, 06:12:47 PM |
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what happens when the diff gets to the top of that chart. does it just keep going?
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"Life is a waterfall, we drink from the river then turn around and put up our walls"
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computerparts
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July 04, 2013, 11:26:52 PM |
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what happens when the diff gets to the top of that chart. does it just keep going?
It explodes
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jamesc760
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July 05, 2013, 01:47:33 PM |
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Looks to me like the higher the difficulty, the lower the btc value in US$. Probably because as the ASIC miners kick in, difficulty skyrockets; and these ASIC miners need cash to pay for their "investments" in hardware, so they dump their newly mined coins as fast as they can, thus flooding the market with new coins for sale, consequently the drop in btc value in US$.
So, YES, there's an INVERSE relationship between the difficulty and btc value.
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jspielberg
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July 05, 2013, 02:37:17 PM |
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Looks to me like the higher the difficulty, the lower the btc value in US$. Probably because as the ASIC miners kick in, difficulty skyrockets; and these ASIC miners need cash to pay for their "investments" in hardware, so they dump their newly mined coins as fast as they can, thus flooding the market with new coins for sale, consequently the drop in btc value in US$.
So, YES, there's an INVERSE relationship between the difficulty and btc value.
Actually no. What you are saying is that there is an inverse relationship between the (rising) price of mining hardware and the (sinking) price of BTC, because miners need to pay back the high cost of their digital drills. I would posit that the price drop has nothing to do with price of mining hardware at all. The amount of mining BTC entering the market each day is too small to have much impact. I am guessing at less than 2% of all daily traded coins are fresh BTC. I would guess that the price is dropping because a bunch of "investors" speculated that the price would just keep going up. It has now been a couple of months and they want their money to do something (other than go down), so they are getting out and putting it into the traditional markets which seem to be slowly on the mend (DOW near ATH). I would imagine this trend will continue until either the global traditional markets go into another tail spin, or the BTC markets enter another bubble.
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bitbryan
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July 06, 2013, 03:31:35 AM |
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what happens when the diff gets to the top of that chart. does it just keep going?
It explodes im going to have to say that you are totally right... looks like the currency is less valued and its going to stablize and make just as much money as fpga owners did in the day in wich they lived... USELESS!
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"Life is a waterfall, we drink from the river then turn around and put up our walls"
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polarhei
Sr. Member
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July 06, 2013, 04:11:46 AM |
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We all know this. The 20M difficulty lets people to switch to Other currency for the current mined bitcoin.
The next message is, when, the bitcoin exchange price raises back to a reasonable rate? Currently it is going down to USD 60 per BTC, I think.
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Syke
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July 06, 2013, 04:43:30 AM |
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Looks to me like the higher the difficulty, the lower the btc value in US$. Probably because as the ASIC miners kick in, difficulty skyrockets; and these ASIC miners need cash to pay for their "investments" in hardware, so they dump their newly mined coins as fast as they can, thus flooding the market with new coins for sale, consequently the drop in btc value in US$.
Roughly 3600 new coins are minted each day. Mt Gox trades about 150,000 coins each day. Miners cashing out is a very small portion of the market.
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Buy & Hold
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Eastwind
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July 08, 2013, 02:27:10 AM |
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Looks to me like the higher the difficulty, the lower the btc value in US$. Probably because as the ASIC miners kick in, difficulty skyrockets; and these ASIC miners need cash to pay for their "investments" in hardware, so they dump their newly mined coins as fast as they can, thus flooding the market with new coins for sale, consequently the drop in btc value in US$.
Roughly 3600 new coins are minted each day. Mt Gox trades about 150,000 coins each day. Miners cashing out is a very small portion of the market. But that extra 3600 could be the weight tip the balance. More efficient ASIC miner reduce the cost of mined BTC, so they can be sold for lower price but still profitable. For GPU miner with lower profit margin, they will reluctant to sell at today's low price.
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