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Author Topic: What do you think is the near future of bitcoin mining ??  (Read 1091 times)
farmarjack
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July 25, 2013, 10:11:54 PM
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What do you think is the near future of bitcoin  mining ??
As of my perspective of view the bitcoin will die when dhe difficulty rise above any profit unles the code for hashing will be in some way modified to allow further profitable mining.
When you look back what was the exchange rate for btc befor fpga came in the game ? A few bucks per btc. It was nearly not worth to mine and spend the money for electricity.But the reward for succesfully hashed block was 50btc and everyone was able to buy couple of GPUs and start mining. Ofcourse who wanted the real big money than he needed to make real investment . Asa same as it is now with that diferents that when u desided to mining in biger scale with gpus u just went to the next store an bough some of gpus.
Today when u deside to doo mining in bigher scale u need pre order equipoment u will get at best in 90 days and u r happy that you got it or at worst case scenario u get scamed and the seller runs with you money and you never see them again.
So at thees days it is more risky than it was a year ago.
. Now for next four years we have 25btc for succesfully calculated block .But the exchange rate rised at his highest point nearly to 200 bucks per btc (saw it somewere but cant find a reliable source for the highest rate) anyway the exchange rate waries now at 90-100 bucks per btc.And thhis was caused by asic technology entered the mining. It was again profitable to mine btc. At the begining the manifackturers where seling th e mashines for dollars only . But affter they realized that if they realy want to make profit and sell their produckt th ey need to use btc . They realized that when ppl will need btcoin then there will be also demand for mashines that can mine btc with high profitability and then for ppl  need to buy the new asics to stay profitable or even get rich . But as more asic mashines r added to the computin power of all units in to system, the difficulty rise above and byond the scale . There r lot of prediction out there that says that with all the power that is going to be deployed to the system by wariouse well known manufackturers and some new and some diy projeckts the difficulty will explode the scale.
The manufackturers r now seling mashines with significant profit so they have room to lover theyr prices for the future or just sell more powerful mashines for the same price.
But there will be an end , some prediction say that to the end of 2014 or even earlier the difficulty rise so high than not even the pools can get any profit out of the mining.
So maybe then we will need a new eqiwalent to wat bitcoin is now.
That prob means new mashines or to reset btc to point zero as this is or bether sed this was in the history the way how to save economy befor the selfdestuction.
What is the next step in technology to succefuly continue the btc ´mining.
When asics reatch their limits do we return back to fpga ? The fpga as known can use nearly any algorytm without changing hardware .Where todays asics miners can only be used to hash bitcoin.
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July 26, 2013, 12:17:38 AM
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What do you think is the near future of bitcoin  mining ??
As of my perspective of view the bitcoin will die when dhe difficulty rise above any profit unles the code for hashing will be in some way modified to allow further profitable mining.
When you look back what was the exchange rate for btc befor fpga came in the game ? A few bucks per btc. It was nearly not worth to mine and spend the money for electricity.But the reward for succesfully hashed block was 50btc and everyone was able to buy couple of GPUs and start mining. Ofcourse who wanted the real big money than he needed to make real investment . Asa same as it is now with that diferents that when u desided to mining in biger scale with gpus u just went to the next store an bough some of gpus.
Today when u deside to doo mining in bigher scale u need pre order equipoment u will get at best in 90 days and u r happy that you got it or at worst case scenario u get scamed and the seller runs with you money and you never see them again.
So at thees days it is more risky than it was a year ago.
. Now for next four years we have 25btc for succesfully calculated block .But the exchange rate rised at his highest point nearly to 200 bucks per btc (saw it somewere but cant find a reliable source for the highest rate) anyway the exchange rate waries now at 90-100 bucks per btc.And thhis was caused by asic technology entered the mining. It was again profitable to mine btc. At the begining the manifackturers where seling th e mashines for dollars only . But affter they realized that if they realy want to make profit and sell their produckt th ey need to use btc . They realized that when ppl will need btcoin then there will be also demand for mashines that can mine btc with high profitability and then for ppl  need to buy the new asics to stay profitable or even get rich . But as more asic mashines r added to the computin power of all units in to system, the difficulty rise above and byond the scale . There r lot of prediction out there that says that with all the power that is going to be deployed to the system by wariouse well known manufackturers and some new and some diy projeckts the difficulty will explode the scale.
The manufackturers r now seling mashines with significant profit so they have room to lover theyr prices for the future or just sell more powerful mashines for the same price.
But there will be an end , some prediction say that to the end of 2014 or even earlier the difficulty rise so high than not even the pools can get any profit out of the mining.
So maybe then we will need a new eqiwalent to wat bitcoin is now.
That prob means new mashines or to reset btc to point zero as this is or bether sed this was in the history the way how to save economy befor the selfdestuction.
What is the next step in technology to succefuly continue the btc ´mining.
When asics reatch their limits do we return back to fpga ? The fpga as known can use nearly any algorytm without changing hardware .Where todays asics miners can only be used to hash bitcoin.


I say that altcoin mining is way better than bitcoin mining because GPUs can be used for many things and it does not require such a huge investment
Matumaru
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October 02, 2013, 01:41:38 PM
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I would say various facts that might happen:

- Will become a proffesional environment. Only the miners that had upgraded before 2014, to something better than 100GH would have an oportunity to cover expenses.

- TH/s will rule the system, leaving any Erupter blade obsolete and as a hobby

- GPU/FPGA miners will definetly move to LTC and other CryptoCurr mining, leaving some free space on BTC and helping to reduce the diff rise.

- Silicon tape production will increase exponentially (Asiatic manufacturer rise), improving technology and reducing costs, but selling only more than 2TH/s machines.

- Old miners will sell their old stuff (Jalapenos, erupters, etc...) making a fortune on ebay auctions from newbies that heard about "bitcoin mining" and want to start right now.

- The actual pool systems will fail near March '14, when the could not manage more than 1PH/s. Pools that had fixed this will be the only ones to remain.

- Bitcoin price will continue raise up to 200$ because of the BTC stock by users, creating a cathatrophic fall down of the price when the sell everything. As in any other stock market, few people will benefit of this and purchase directly from market BTC at 70$

- Bitcoin may reduce the block to 10 BTC in order to avoid inflation because of mining results.

- In 3rd quarter of 2014, mining will be totally "not for newbies", as long as they don't have 3000$ to start.

As other user pointed many of this factors depends on Prisioner's Dilemma, but others can be pretty much expected.

What do you think about?
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October 02, 2013, 01:49:00 PM
 #4

Big companies will mine BTC on ASICs.
hulk
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October 02, 2013, 01:51:46 PM
 #5

Big company that produce can mass produce ASIC and look for a place that is cheapest in electricity will win the battle!!!

MoneyGod
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October 02, 2013, 01:53:19 PM
 #6

Big company that produce can mass produce ASIC and look for a place that is cheapest in electricity will win the battle!!!

who would be the first

wearepoor
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October 02, 2013, 01:55:16 PM
 #7

Big company that produce can mass produce ASIC and look for a place that is cheapest in electricity will win the battle!!!

Not necessary, I need to generate heat in winter anyway, so I may mine to do it.

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b!z
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October 02, 2013, 01:56:50 PM
 #8

Big company that produce can mass produce ASIC and look for a place that is cheapest in electricity will win the battle!!!

who would be the first

It's already happening, there are big ASIC pools http://ghash.io/
MoneyGod
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October 02, 2013, 02:03:20 PM
 #9

Big company that produce can mass produce ASIC and look for a place that is cheapest in electricity will win the battle!!!

who would be the first

It's already happening, there are big ASIC pools http://ghash.io/

if I am not wrong its your own site is this right ?? Cheesy

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October 02, 2013, 02:06:21 PM
 #10

Big company that produce can mass produce ASIC and look for a place that is cheapest in electricity will win the battle!!!

who would be the first

It's already happening, there are big ASIC pools http://ghash.io/

if I am not wrong its your own site is this right ?? Cheesy

No, it is not mine. I wish it was. Wink
Matumaru
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October 02, 2013, 03:05:54 PM
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Nice to see a 200+ TH/s ... let's see when we got used with PH/s, Eh/s, Zh/s...

Tell you guys... in 6 months, we all will be talking in different measures. New Vocabulary.

This remind me so much to the storage techonology evolution when unconciously we changed from Kilobytes, Megabytes, Gigabytes...
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October 02, 2013, 09:25:57 PM
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What do you think is the near future of bitcoin  mining ??
As of my perspective of view the bitcoin will die when dhe difficulty rise above any profit unles the code for hashing will be in some way modified to allow further profitable mining. ...

Bitcoin won't "die" just because it is unprofitable for some miners to mine. If the difficulty rises to the point where some  miners stop mining, then the difficulty will fall (because some miners stop mining). The result is an equilibrium where the value of bitcoin limits the difficulty. This point was reached in 2012 when GPU mining prevailed. It will happen again with ASIC mining.

The question of ability of small miners to mine depends on the cost of the equipment, the cost of mining and the difficulty. If the manufacturers can sell low-powered mining equipment at a price that allows small miners to profit, then they will. Sales of the USB miners showed that there is a very high demand for low-powered equipment, so I think that there will be manufacturers that will try to supply those miners.

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October 02, 2013, 11:50:44 PM
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Nice to see a 200+ TH/s ... let's see when we got used with PH/s, Eh/s, Zh/s...

Tell you guys... in 6 months, we all will be talking in different measures. New Vocabulary.

This remind me so much to the storage techonology evolution when unconciously we changed from Kilobytes, Megabytes, Gigabytes...


I dont believe next year Eh/s will be used. But PH/s obviously yes.

Will be fun when the low cost devices start to measure in TH/s

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cowandtea
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October 07, 2013, 05:05:04 AM
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At one point, company would be selling ASIC by the PH/S. TH/S is too low Tongue

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October 07, 2013, 06:30:57 AM
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I say that altcoin mining is way better than bitcoin mining because GPUs can be used for many things and it does not require such a huge investment

This pre-supposes that the altcoin actually has any value. 
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October 07, 2013, 06:37:17 AM
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Perhaps at some point in the future high-difficulty time, we might see ASICs being rented out to brute force stolen password hashes  Undecided  as an alternate revenue stream
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October 07, 2013, 10:43:00 AM
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I say that altcoin mining is way better than bitcoin mining because GPUs can be used for many things and it does not require such a huge investment

This pre-supposes that the altcoin actually has any value. 

if people will pay for them, then it is safe to assume they have value.
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