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Author Topic: Miners calling it quits?  (Read 4746 times)
FlipPro
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July 06, 2011, 04:16:18 AM
 #21

Good for him, mining is a way for me to get more bitcoins, and guess what, I NEED MORE BITCOINS!!

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MtRev
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July 06, 2011, 04:18:39 AM
 #22

Many from the states will quit, but there are still countries like China who is and will keep profiting from mining for a long while.

My question is, what would happen when mining eventually stops? What would become of BitCoin? Would it still be functional? I don't fully understand how this works.

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July 06, 2011, 04:26:03 AM
 #23

Many from the states will quit, but there are still countries like China who is and will keep profiting from mining for a long while.

My question is, what would happen when mining eventually stops? What would become of BitCoin? Would it still be functional? I don't fully understand how this works.

No, if mining stopped, then bitcoin would be worthless.  Mining is what verifies transactions.

I drink it up!
DamienBlack
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July 06, 2011, 04:28:52 AM
 #24

Many from the states will quit, but there are still countries like China who is and will keep profiting from mining for a long while.

My question is, what would happen when mining eventually stops? What would become of BitCoin? Would it still be functional? I don't fully understand how this works.

If mining stopped completely there would be no bitcoin. Bitcoin is the mining. But even one person on a cpu could continue to mine. And my guess is that even if bitcoin fails completely, there will be a few people that keep mining for the next few decades.

I mean, I know people who's tamagotchi is still alive.

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Tx2000
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July 06, 2011, 04:31:24 AM
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I mean, I know people who's tamagotchi is still alive.

lol for real?  Isn't that one of those monochrome keychain type mini-game where you keep raise some sort of virtual pet?  I remember my younger cousins having those ages ago.
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July 06, 2011, 04:32:02 AM
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I mean, I know people who's tamagotchi is still alive.

LOL!!

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Jaime Frontero
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July 06, 2011, 04:56:51 AM
 #27

oh please.

you've got a brand new board with 40 new threads - 38 of which have been started by the board owner, and all of which appear to be somewhat negative (despite their titles.  read them.).  those 40 threads have garnered precisely 11 replies.

i don't recognize the names of the other posters.  presumably folks register at different sites using a NIC they've always used:  i always do.  don't you?

and this is cited by the OP as some kind of valid source?

Quote
Miners calling it quits?

seriously?

well, you asked for my thoughts.  those are them...
fortismilites
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July 06, 2011, 05:25:50 AM
 #28

I plan on mining until mining doesn't pay anything at all. I even plan on purchasing 2 6990s to throw in my main computer for it, then building a second computer as a miner. Why? cause bit coins allow you to freely trade on the net. I could buy my next graphics card from some guy in Europe, where he may be able to get it cheaper there than in the US, and not have to worry about money exchanges. All that needs to be done is to professionalize it a little, then it will skyrocket.

I mean, I know people who's tamagotchi is still alive.

Damn really? I had one of those when I was in third grade, it died in a week, how the hell do you keep it alive this entire time?
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July 06, 2011, 05:30:14 AM
 #29


I mean, I know people who's tamagotchi is still alive.

Damn really? I had one of those when I was in third grade, it died in a week, how the hell do you keep it alive this entire time?

they have a reset button.

my daughter thought i had supernatural powers...
gjy4ygfds
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July 06, 2011, 06:34:15 AM
 #30

If mining stopped completely there would be no bitcoin. Bitcoin is the mining. But even one person on a cpu could continue to mine. And my guess is that even if bitcoin fails completely, there will be a few people that keep mining for the next few decades.
Right, only one miner is actually needed. With less people mining, the difficulty drops accordingly. The only way for bitcoin to die with >=1 miners still active would be if every single other person mining stopped at once, and that remaining person couldn't ever finish enough blocks to trigger the difficulty to drop. The idea of which is of course rather absurd.
The Script
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July 06, 2011, 10:59:42 AM
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I mean, I know people who's tamagotchi is still alive.

Damn really? I had one of those when I was in third grade, it died in a week, how the hell do you keep it alive this entire time?

they have a reset button.

my daughter thought i had supernatural powers...

^^  Awesome.  Way better than dealing with dead gold fish...
Klestin
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July 06, 2011, 03:06:52 PM
 #32

Pfft.  Quit.  There is no such quit.  I am mining on my i7 920, my 5850, my Gameboy Advance, my Terratec Aureon 7.1 (7.1 channels of hashing power!!11!) Universe and on my T-Mobile G1 smartphone.

Push it to the limit.

Amateur!

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July 06, 2011, 03:28:33 PM
 #33

*YAWN* . This little germ-bag is MUCH slower. I expect he'll find a block for me before I am 90. I plan to add more miners soon. I run a daycare. Is this going to get me in trouble? Please respond!



dentldir
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July 06, 2011, 05:11:54 PM
 #34

According to the naysayers, the difficulty was supposed to sky rocket to 7 million, the price was supposed to crash, and large institutions were supposed to have taken over mining completely.  None of these things have happened yet.  As a matter of fact, I woke up last night to find another 10% of my rig had already paid for itself.

So the hardware investment is a essentially a call option that exercises itself slowly over time.  You can sell that option anytime when you liquidate the hardware and take the depreciation (ala time decay).  There is a small premium to rollover the option from power bill to power bill (measured in kW).  So to me, mining is a low risk way of going long Bitcoin and establishing a core position to execute a trade plan around.

I don't expect to see linear motion in either price or difficulty, which makes it even more compelling for me.  Plus, had I never done this, how would I know which pins are the sense pins on a PCI-e 1x connector or that the Fermi instruction set doesn't have a rotate instruction? Learning alone is worth the price of admission for me.  I certainly lost a lot more learning how to trade options on securities and real currencies, for sure.


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Eri
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July 06, 2011, 10:57:32 PM
 #35

Many from the states will quit, but there are still countries like China who is and will keep profiting from mining for a long while.

My question is, what would happen when mining eventually stops? What would become of BitCoin? Would it still be functional? I don't fully understand how this works.


mining will never stop. when transactions are put into a block the fees go to it as well, the person that mined the block gets the transaction fees as well as the current 50 BTC each one produces. so even when the btc produced reaches 0, they will still have transaction fees and likely those fees will be higher and their will be more of them, something similar to giving a waitress a tip. "want your transaction verified sometime soon? give a bigger tip to guarantee it." so no need to worry. not 100% on this but i don't think there is a limit on the number of transactions a block can hold, it just makes the data size for the block bigger.
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July 07, 2011, 08:55:05 AM
 #36

Wow that brings back memories! I remember play this tank game with my uncle's commodore back in the days.

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The Script
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July 14, 2011, 06:37:03 AM
 #37

*YAWN* . This little germ-bag is MUCH slower. I expect he'll find a block for me before I am 90. I plan to add more miners soon. I run a daycare. Is this going to get me in trouble? Please respond!





What's his hash rate?  Or more specifically: what's the hash rate per dollar?  I might be interested in picking up a few to add to my mining operation.  PM me with details.
ctoon6
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July 14, 2011, 06:53:00 AM
 #38

how hard is it to make free transactions now? what client will allow me to do this?

DamienBlack
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July 14, 2011, 07:06:32 AM
 #39

how hard is it to make free transactions now? what client will allow me to do this?

Any client lets you make free transactions, as long as it larger than 0.01 bitcoins.

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Gabi
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July 14, 2011, 02:10:07 PM
 #40

Of course, many miners will call it quits. Profitability MUST fall in any competitive industry over time until the rate of profit mirrors the capital costs and risks associated with continued operations. Given the fact that some people can mine without paying electric costs, I expect them to be the long-term miners.

The "amateur miner with his video game gpu" is a temporary phenomenon. If BTC prices skyrocket again, this process is drawn out further, but it must return to average profit rates of business.
Remember that videogamers buy the GPU to play, mining is an extra. While miners buy their GPU to mine.

So gamers have to calculate only electricity used by mining in their expenses (because they would have a good gpu, bitcoin or not).
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