Do you think people pulling out of mining is good for Bitcoin?

[techsavver]

Do you think people pulling out of mining is good for Bitcoin, as the ASIC manufacturers dump their hashrate and bleed GPU miners out of profitability?

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[DeathAndTaxes]

Do you think people pulling out of mining is good for Bitcoin, as the ASIC manufacturers dump their hashrate and bleed GPU miners out of profitability?

Was it good when CPU miners were forced out in mass as people started GPU mining, first single cards, then optimized rigs, then entire rooms worth of rigs?

ASICs are coming.  Buy ASICs or don't the network needs "someone" to secure it, it doesn't necessarily need you (or any particular individual).

[techsavver]

Miners are the working class of Bitcoin. ASIC miners are the greedy 1%.

[DeathAndTaxes]

Miners are the working class of Bitcoin. ASIC miners are the greedy 1%.

CPU miners basically said the same thing when GPU mining hit the scene and utterly destroyed what one could do with a CPU.  Not only were they faster but you could stack 3,4,5,6 even 8 GPU into one rig.  Now that is greedy compared to the limited output of a single high cost CPU.

The 1% aren't mining.  To be in the 1% means you are a hundred millionaire if not a billionaire.   

Still buy a low end ASIC, problem solved.  The reality though is most ASIC pre-orderers will likely loose money.  Way too much prebought capacity chasing the same amount of coins.  Not everyone but a lot of them.  If you think it is easy money then buy an ASIC. 

[Akka]

Miners are the working class of Bitcoin. ASIC miners are the greedy 1%.

The working class are all the vendors and developers that actually do something with BTC.

Miners are more like the bouncers of BTC.

And it doesn't matter if they use GPUs, ASICs or Windmills to do their work.

They have to secure the network, and that's all.

*Disclosure: I don't mine

[ElectricMucus]

In a gold rush money is in the shovels, cash only.
nuff said

[AliceWonder]

GPU mining consumes a lot of power and really requires a tower.

ASIC mining can be done with just a USB hub and a low power PC, I suspect even a smart phone could do it.

I welcome ASIC mining, the tree hugger in me finds it lest wasteful of our natural resources.

[jackthebeanstalk]

Yes I think so, it is so difficult to mine nowadays, might as well buy

[Pokerfan]

I will buy ASICs the say way I bought GPUs. I see no difference. In the end, bitcoin gets more secure - that is what matters.

[AliceWonder]

I've been thinking about buying this:

http://www.amazon.com/computers-accessories/dp/B007ZWFKX8

and then buying one ASIC a month. Not to profit, just because I can and it would help distribute the mining. Hell maybe even set up bitcoin foundation as recipient.

GPU mining is something I can't do. My air conditioner in summer doesn't keep up, the extra heat from a box full of GPUs and the power supply to feed them I just can't do.

ASIC mining is something I can do.

GPU mining took the ability for many common people to mine away, ASIC is giving it back.
I don't need a power consuming tower and cards to do ASIC mining.

[ElectricMucus]

I've been thinking about buying this:

http://www.amazon.com/computers-accessories/dp/B007ZWFKX8

and then buying one ASIC a month. Not to profit, just because I can and it would help distribute the mining. Hell maybe even set up bitcoin foundation as recipient.

GPU mining is something I can't do. My air conditioner in summer doesn't keep up, the extra heat from a box full of GPUs and the power supply to feed them I just can't do.

ASIC mining is something I can do.

GPU mining took the ability for many common people to mine away, ASIC is giving it back.
I don't need a power consuming tower and cards to do ASIC mining.

In the long run the power consumption and generated heat will be as much as with GPU mining, as everybody will be stacking up chips.

[DannyHamilton]

Do you think people pulling out of mining is good for Bitcoin
- snip -

Yes.

[desired_username]

I've been thinking about buying this:

http://www.amazon.com/computers-accessories/dp/B007ZWFKX8

and then buying one ASIC a month. Not to profit, just because I can and it would help distribute the mining. Hell maybe even set up bitcoin foundation as recipient.

GPU mining is something I can't do. My air conditioner in summer doesn't keep up, the extra heat from a box full of GPUs and the power supply to feed them I just can't do.

ASIC mining is something I can do.

GPU mining took the ability for many common people to mine away, ASIC is giving it back.
I don't need a power consuming tower and cards to do ASIC mining.

In the long run the power consumption and generated heat will be as much as with GPU mining, as everybody will be stacking up chips.

Only the ones willing to risk huge amount of money and time will "stack up chips".

My power budget is 1000W. I don't want and will not run more. There are many people who do this as a hobby / passion and are not necessarily bothered by income / ROI.

Also, when GPUs where mainstream, it wasn't more profitable at all, only the ones who kept most of their mined coins (~1 year) got amazing profits. it's gambling at the end of the day.

[AliceWonder]

In the long run the power consumption and generated heat will be as much as with GPU mining, as everybody will be stacking up chips.

No because you don't need a PC with a bunch PCI-E slots to plug them into.
Professional miners may have huge arrays of them but people like me won't. I can be happy with the graphics integrated into my CPU and run a few ASICs without needing a dedicated video card at all. That wasn't an option for people like me before. It is now.

[sublime5447]

I will buy ASICs the say way I bought GPUs. I see no difference. In the end, bitcoin gets more secure - that is what matters.

Are you blind? You see no differences? There are so many.... You can only mine btc with asic that is a fing huge difference, you cant buy asics at tiger direct, only a couple companies make asics... despite what people would like to believe it is totally different, you have taken a network that can be supported by anyone with a PC and turned it into a network or a couple hundred heavy asic miners. Asics have undoubtedly centralized and consolidated mining operations.   

[AliceWonder]

I will buy ASICs the say way I bought GPUs. I see no difference. In the end, bitcoin gets more secure - that is what matters.

Are you blind? You see no differences? There are so many.... You can only mine btc with asic that is a fing huge difference, you cant buy asics at tiger direct, only a couple companies make asics... despite what people would like to believe it is totally different, you have taken a network that can be supported by anyone with a PC and turned it into a network or a couple hundred heavy asic miners. Asics have undoubtedly centralized and consolidated mining operations.   

I doubt any single entity has even 5% of the hash power let alone 10% and even 10% would still not be centralized.

I may not be able to buy from Tiger Direct but that doesn't matter, Tiger Direct is a distributor, not a manufacturer.
nVidia and ATI are the only two major GPU manufacturers, how many hands it can pass through before it gets to me doesn't really matter.

Your typical person can still buy ASICs even if it isn't in a Tiger Direct catalog.

[grue]

ITT: people who are mad because their GPU mining rigs are being marginalized by ASICs. Also, http://dustcoin.com/.

[jarhed]

Do you think people pulling out of mining is good for Bitcoin, as the ASIC manufacturers dump their hashrate and bleed GPU miners out of profitability?

Was it good when CPU miners were forced out in mass as people started GPU mining, first single cards, then optimized rigs, then entire rooms worth of rigs?

ASICs are coming.  Buy ASICs or don't the network needs "someone" to secure it, it doesn't necessarily need you (or any particular individual).

Interesting, very interesting.
Now I know where I stand with my ASIC. I want MORE!!!! There's only MORE.

[Lauda]

ITT: people who are mad because their GPU mining rigs are being marginalized by ASICs. Also, http://dustcoin.com/.

or http://www.coinchoose.com/
and enjoy mining at 5x profitability of BTC 

[Pokerfan]

I will buy ASICs the say way I bought GPUs. I see no difference. In the end, bitcoin gets more secure - that is what matters.

You see no differences? There are so many.... You can only mine btc with asic that is a fing huge difference, you cant buy asics at tiger direct, only a couple companies make asics... despite what people would like to believe it is totally different, you have taken a network that can be supported by anyone with a PC and turned it into a network or a couple hundred heavy asic miners. Asics have undoubtedly centralized and consolidated mining operations.   

This is what I did with GPU mining:
Spend USD on GPUs, mine bitcoin, spend more USD on electricity.

This is what I will do with ASIC mining:
Spend USD on ASICs, mine bitcoin, spend more USD on electricity.