new bitcoin difficulty to 263,358,983 and future profitability of mining

[hulk]

I've said this 100 times before.  You shouldn't power off your miners ever.  Even if you are running in the red.  It's not about the immediate compensation.  Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded.  Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins.  A total mass of BitCoins that can not be exceeded.  You can't mine more after that. So keep your miners running until that day happens.  Every fraction of a bitcoin you find, it will be worth something, someday.  That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.  

It's been the plan, the entire time that difficulty will increase at rapid rates when more & more people join, when ASIC becomes the norm and when whatever replaces that after.  You just need to step back and see where you fit into the plan.  This plan was set in motion some time ago, and it's unfolding beautifully.

 

Well, if you can't pay off your electricity. Why not just power off your miners and use the so call electricity bills to buy additional Bitcoin. Or even better just sell away those miners all together and put all of them into BTC.

[1715617874]

1715617874

[1715617874]

1715617874

[1715617874]

1715617874

[sLide.]

Maybe.  We'll see.

Sounds like you wont.

Even if bitcoin goes x1000 you will think you made the right decision while anyone with a brain would have understood you could have bought more bitcoins than you mined with the same amount of dollars spent on electricity, and they would go x1000 just as well.

Ill grant the exception for electrical heating that lightfoot pointed out, but anyone heating electrically probably didnt do the math on that either.

You fatcat's need poor people , so I'll fill that role.

[sLide.]

I've said this 100 times before.  You shouldn't power off your miners ever.  Even if you are running in the red.  It's not about the immediate compensation.  Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded.  Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins.  A total mass of BitCoins that can not be exceeded.  You can't mine more after that. So keep your miners running until that day happens.  Every fraction of a bitcoin you find, it will be worth something, someday.  That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.  

It's been the plan, the entire time that difficulty will increase at rapid rates when more & more people join, when ASIC becomes the norm and when whatever replaces that after.  You just need to step back and see where you fit into the plan.  This plan was set in motion some time ago, and it's unfolding beautifully.

 

Well, if you can't pay off your electricity. Why not just power off your miners and use the so call electricity bills to buy additional Bitcoin. Or even better just sell away those miners all together and put all of them into BTC.

If you do go this route, that's what I would do if I sold my mining equipment.  Just reinvest what I pay in electric for them into additional bitcoins.

[hulk]

Agreed.  With increased difficulty comes increased bitcoin price.

 

I think not. Every 10 days, are mined about 2450 blocks, for a total of 61,250 bitcoins; The whole bitcoin exctracted until now, are more then 11,000,000
a so small mined quantity every 10 days (61,250) cannot influence the bitcoin price considering on the market there are more then 11,000,000 bitcoins

I think I more pointing towards the increased demand for bitcoins being the deciding factor.  I could be wrong, but I see btc going above £120 soon.

yes, you are right. It is the bitcoin demand, who regulates the price on the market. Mining activities, have a small influence on the price

The real question is, at which point do people start powering off their equipment because its just not worth it anymore because its too expensive compared to income.

Soon, I bet few more difficulty rise and USB eruptor can't even pay off its electricity charges although its only 2.5watt. But it counts...

[Mik]

The thing is, that when all those miners begin to realize, that mining is absolutely NOT profitable anymore, but in contrary creates big losses, because you always will be too late when you receive your miner, BTC will also die, because nobody is hashing anymore!!!

That's the bug in the system  

[Buffer Overflow]

The thing is, that when all those miners begin to realize, that mining is absolutely NOT profitable anymore, but in contrary creates big losses, because you always will be too late when you receive your miner, BTC will also die, because nobody is hashing anymore!!!

*facepalm*

[greyhawk]

I've said this 100 times before.  You shouldn't power off your miners ever.  Even if you are running in the red.  It's not about the immediate compensation.  Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded.  Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins.  A total mass of BitCoins that can not be exceeded.  You can't mine more after that. So keep your miners running until that day happens.  Every fraction of a bitcoin you find, it will be worth something, someday.  That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.  

You know what runs on the same principle? The Christian faith.

[Badonkadonk]

I've said this 100 times before.  You shouldn't power off your miners ever.  Even if you are running in the red.  It's not about the immediate compensation.  Quotes like " It's not worth it to mine because you are losing money on the power," & " It's time to shut off my GPU's because it's not worth it" I believe you are thinking to narrowminded.  Yes you are right, you are not/cannot make money if you are running in the red, but in the end, there is a finite amount of bitcoins.  A total mass of BitCoins that can not be exceeded.  You can't mine more after that. So keep your miners running until that day happens.  Every fraction of a bitcoin you find, it will be worth something, someday.  That .0004 you are getting today, could be worth $100 dollars in 10 years once BitCoin has exhausted it's mining potential.  

You know what runs on the same principle? The Christian faith.

oh god, you made my year! i love you!

[Nancarrow]

The thing is, that when all those miners begin to realize, that mining is absolutely NOT profitable anymore, but in contrary creates big losses, because you always will be too late when you receive your miner, BTC will also die, because nobody is hashing anymore!!!

That's the bug in the system  

I have one word for you, just one word:

Equilibrium.

(though Buffer Overflow's is also a pretty good word)

[Nancarrow]

If in 3 minutes 3 people say you're doing it wrong , maybe you're really doing it the wrong way

Maybe.  We'll see.

"2, 3, 5 and 7 are the first four prime numbers."

"Maybe. We'll see."

Jesus.

I will add that, apart from electric heating, there is one other reason one might wish to mine at a loss - to play one's part in securing the bitcoin network. If the electricity bill for the miner is sufficiently small (which it will be for a low-end asic, such as a USB miner or 1st gen AM blade, jalapeno, BFL single), one may wish to simply keep it going to contribute to the network hash rate. In that case one should view the electricity bill as a fee for participating in Bitcoin, and any mining proceeds as a partial subsidy or rebate on the fee. Anyway this is probably what I'll be doing with my 1st gen AM blade when the inevitable happens (which looks like Jan/Feb 2014 at the rate things are going).

[mogrith]

"2, 3, 5 and 7 are the first four prime numbers."

"Maybe. We'll see."

Jesus.

1 isn't prime?

[niothor]

"2, 3, 5 and 7 are the first four prime numbers."

"Maybe. We'll see."

Jesus.

1 isn't prime?

Nope:)

[Cluster2k]

Goodbye BFL 5GH miners. Was about to buy cex.io ghashes but on a second thought, no.

If BFL 5Gh miners are paying US$1.20 per kWh for electricity, sure.  Otherwise I suspect it's going to be profitable for quite a while longer than you imagine.

[lightfoot]

Ill grant the exception for electrical heating that lightfoot pointed out, but anyone heating electrically probably didnt do the math on that either.

Depends. My house is heated with radiant heat and a nice fireplace insert on the lower level. Top top level can get cool, so instead of running the radiant up there it's more economical to use an electric heater in the room I am in. Erupters do that well :-)

Just need to get them for free. Soon enough it will happen; I'm impressed with the number of BFL FPGAs popping up on Ebay.

[lightfoot]

Goodbye BFL 5GH miners. Was about to buy cex.io ghashes but on a second thought, no.

If BFL 5Gh miners are paying US$1.20 per kWh for electricity, sure.  Otherwise I suspect it's going to be profitable for quite a while longer than you imagine.

It's looking like Jan/Feb is when the break even point will pass. I will probably then run the miner outside on the solar panels, but even that is a bit of a lose as I could grid-tie the power back for more money than bitcoin mined.

Never dull.

[mogrith]

"2, 3, 5 and 7 are the first four prime numbers."

"Maybe. We'll see."

Jesus.

1 isn't prime?

Nope:)

off topic so this will be my last comment on this


Why not? 1 is only evenly divisible by 1 and it's self (just happens to be one again)

[niothor]

"2, 3, 5 and 7 are the first four prime numbers."

"Maybe. We'll see."

Jesus.

1 isn't prime?

Nope:)

off topic so this will be my last comment on this


Why not? 1 is only evenly divisible by 1 and it's self (just happens to be one again)

Because any prime number by definition has to be bigger than 1.


A prime number (or a prime) is a natural number greater than 1 that has no positive divisors other than 1 and itself
http://en.wikipedia.org/wiki/Prime_number
there are also the others reason stated there

[ninjarobot]

Mining is becoming a fools game. I know, because I'm one of the fools.

[vulgartrendkill]

Mining is becoming a fools game. I know, because I'm one of the fools.

This.  Doesnt help that some ASIC manufacturers appear reticent to send miners out to customers thereby affecting potential ROI

[viboracecata]

Mining is becoming a fools game. I know, because I'm one of the fools.

 , Invidiuals should not be involved in this game from now and in the future.