We are entering BTM era

[johnyj]

With more ane more people entering the mining bussiness and mass shipment of ASIC devices, soon average miner will get only 0.1 or 0.01 bitcoin per day (3600 coins per day shared between hundreds of thousands of miners), getting one single BTC per day will become impossible for normal casual miners

And the default counting unit of BTC will change to mBTC (BTM), for easy counting and integer calculation

http://ow.ly/i/2zeoR/original

[tutkarz]

BTM? why not XBT? 1XBT = 100 satoshi. And its ISO name also.

[andrewsg]

With more ane more people entering the mining bussiness and mass shipment of ASIC devices, soon average miner will get only 0.1 or 0.01 bitcoin per day (3600 coins per day shared between hundreds of thousands of miners), getting one single BTC per day will become impossible for normal casual miners

And the default counting unit of BTC will change to mBTC (BTM), for easy counting and integer calculation

Wrong. First of all what the average miner gets is not relevant, what is relevant is that the unit of measure is practical vs prices of things. The only thing that can encourage a switch to smaller denominations is BTC getting seriously more expensive in USD terms.

Also, more and more people are not entering the mining business, quite the opposite, more and more people are exiting the mining business.

[mmitech]

I did quit mining a couple of months ago when it became unprofitable for me to mine ( I pay 0.25$/KWH), I still have only 9 cards mining LTC @ 6000 KH/s (which were bought to mine LTC at the first place ), I couldn't get an ASIC , simply because I was questioning the delivery time, and the legit of the technology and the company's involved (BFL and AVALON) I thought that I made a mistake by not ordering when AVALON started shipping, but when I wanted to order from the 3rd Batch the price was already extremely high at the time (BTC price bubble), which was unacceptable for me.

- I did bid on ASICMINER blades but when the bids passed 30 BTC for 12 GH/s I just stopped, and I still believe that I made the right choice.

- I was bitching about the company's involved with ASIC technology and their policy, and the way how they treat their customers and I am still unhappy and bitching about it, But it is not up to me to decide, when allot of people do accept these condition and have no problem to get humiliated and shitted on the face for what.... just to get an ASIC which supposedly will mine a shit load of BTC the first month than you threw it because it will become worthless.

sorry I went off subject but this is why BTC price will not raise that much, because there will be always a miner who own a better and faster ASIC who will be happy with few penny's of profit just to pay off his investment ASAP. and these kind of people will be always here because the want to get rich between a day and a night and also their will be always a newer ASIC that will hash faster and consume less power but cost much much more money.


Plus BTC price is not related that much to mining, if there will be no buyers and allot of sellers regardless how hard is to make 1 BTC, the price will be falling and miners will start questioning the profitability of their investment.