Bad News

[Nemo1024]

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.

The reasonable rate would be somewhere where the trend was left off once the bubble run-up started, that is around $32 as it was at the end of February this year.

Currently I mine LTC and wait for ASICs to become "next day deliverables". Once that happens, the unit price of ASICs (price per GHs) would stabilise at a reasonable level and miners can again return to supporting Bitcoin network.

[1714709821]

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[1714709821]

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[transcoder]

For those moving off to LTC, difficulty is pushing 950 at the next retarget 

[Perseus353]

Aaandd.... we've jumped to over 26 M !

[Equate]

Aaandd.... we've jumped to over 26 M !

true

[bitcoinator]

If ASIC miners bought their devices for bitcoins then they probably measure ROI in bitcoins too, so they want to make profits denominated in bitcoins. And it could be a problem due to delays and increased difficulty. High margin mining will end soon and after that the price will raise. So I expect miners to hoard bitcoins while they can obtain them for cheap.

Probably many ASIC miners won't be mining at 2014 because they learned about hardware delivery delays and don't like high noise and heat. They would rather buy shares of mining companies that pay dividends in bitcoins. Big miners (companies) probably will be more efficient and they won't have to sell much bitcoins (as they will need them to pay out dividends).

Also, electricity bills with ASICs should be lower than with GPUs for individual miners (I don't think they bought many ASICs, they probably just replaced their GPU farms with ASICs of comparable value), so they have to sell less bitcoins to cover their electricity costs.

Miners are bitcoin optimisits, they invested into hardware. It is harder and harder to obtain bitcoins, so I don't think they want to sell all of their bitcoins as they mine them. And I don't believe many people got into debts to buy mining hardware. It is way too risky, only few gamblers would do it .

So raise of difficulty is a good news.