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Author Topic: End of the Bitcoin Gold Rush?  (Read 1719 times)
The Script
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July 01, 2011, 05:21:38 AM
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Have we reached the end of the bitcoin mining gold rush where new people rush to get rigs set up for mining?  Is it still profitable for new individual miners to enter the market, or have we reached the point where most of the mining will be done by large, efficient mining operations?

Thoughts?
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mpfrank
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July 01, 2011, 06:02:53 AM
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Yes -- that is, until the exchange rate starts rising again.   Grin

Actually, I think it is still profitable for people who live in areas with cheap electricity.  That might change though, if botnets come to dominate the hashing power.

If all the sovereign non-cryptocurrencies will eventually collapse from hyperinflation, you can't afford *not* to invest in Bitcoin...  See my blog at http://minetopics.blogspot.com/ .

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fascistmuffin
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July 01, 2011, 06:42:26 AM
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The gold rush is certainly over until the next time the price spikes up. I think the new difficulty adjustment started to discourage new hardware purchases at the current market price. If price starts to grow again, mining speeds will increase by a large percent. Rinse and repeat.
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July 01, 2011, 07:28:57 AM
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Have we reached the end of the bitcoin mining gold rush where new people rush to get rigs set up for mining?  Is it still profitable for new individual miners to enter the market, or have we reached the point where most of the mining will be done by large, efficient mining operations?

Thoughts?

I though (hoped) so, but it seems network hashing power is raising again. Its still too early to determine a trend but its picking up again. Check bitcoinwatch.

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