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

[hulk]

This sucks really bad, the huge jump is really unexpected. 40% increase!!! OMG!!!

[corsaro]

This sucks really bad, the huge jump is really unexpected. 40% increase!!! OMG!!!

exactly, 41.45% increase

we can reach 1 billion difficulty at beginning of December

[sLide.]

 

This is part of the self preservation in BitCoin.  

Think about it from this point of view.

As the difficultly moves up, the value of .01 ,.001 and so on increase's to a point of usefulness.  Trades/Purchases will use sub-bitcoin pieces instead of whole bitcoins.  We currently see that for many purchases now, but it's going to become a staple instead of  a small purchase.  

I think we can comfortable afford at the end a 100 Billion index difficultly point on bitcoin mining.  This will extend the lifespan of bitcoin and allow people to use it for far long than previously expected.  

[vulgartrendkill]

This is part of the self preservation in BitCoin.  

Think about it from this point of view.

As the difficultly moves up, the value of .01 ,.001 and so on increase's to a point of usefulness.  Trades/Purchases will use sub-bitcoin pieces instead of whole bitcoins.  We currently see that for many purchases now, but it's going to become a staple instead of  a small purchase.  

I think we can comfortable afford at the end a 100 Billion index difficultly point on bitcoin mining.  This will extend the lifespan of bitcoin and allow people to use it for far long than previously expected.  

Agreed.  With increased difficulty comes increased bitcoin price.  Those of us who mine might rue the day we spent x number of monies on a rig (me included), however, actually buying bitcoin and holding onto it continues to be a valid investment option.

[vulgartrendkill]

This sucks really bad, the huge jump is really unexpected. 40% increase!!! OMG!!!

exactly, 41.45% increase

we can reach 1 billion difficulty at beginning of December

I expected it to be at least that.  KNC, Bitfury etc etc continue to pump out units that are 400gh plus, and effectively price hobbyists like me out of the market. 

If I had 11k to splash around at this point, I would buy bitcoins, not a miner. 

[corsaro]

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) compared to the whole bitcoin quantity on the market (more then 11,000,000) has a small influence on bitcoin price

[vulgartrendkill]

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.

[corsaro]

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

[vulgartrendkill]

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.

[corsaro]

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.

In my personal opinion, people will not shut down their equipment, in short time, considering that there are alternative cryptocurrencies to be mined.
Consider that actually asiccoin, freicoin, terracoin and ppcoin are actively mined and exchanged. The more bitcoin difficulty goes up, the more profitable will become to mine alternative cryptocurrencies.
Bitcoin price is not directly and immediately connected to difficulty increase, so alternative cryptocurrencies will have their chances

[hulk]

Current Difficulty: 267,731,249
Next difficulty (estimate): 436,010,565 (+63%)

Good bye miners and pre-order miners. This is ridiculous.

[Buffer Overflow]

Current Difficulty: 267,731,249
Next difficulty (estimate): 436,010,565 (+63%)

Let's hope so. Good news indeed.

[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.

 

[Puppet]

I've said this 100 times before.

And Im sure 100 times people have called you buffoon, but you still dont understand it? If you are "mining in the red" it means you are paying more for your bitcoins in electricity than they cost when buying on an exchange or localbitcoins or wherever. There is absolutely zero reason to do that.

[niothor]

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.

 

Or rather with the money spent on the electricity bill buy bitcoins.

[Ekaros]

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.

 

The correct move is to get what you can get for your hardware and then invest that to bitcoin.

I believe in most cases that would outpeform mining in long term...

[niothor]

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.

 

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

[lightfoot]

The correct way to look at one's 8gh jally or block erupters is as heating elements. It costs the same amount to run them as a 100 watt heater, and the heat output is pretty much the same.

So logically you're running a heater that can also make a tiny amount of money. As long as the equipment requires zero maintenance and it's cool outside there should be no problem. Now in the spring when the AC units come online it's stupid. Then you use them to heat water for your house.

As for being surprised, no trick there. Bitcoin is a perfect market, and as such it is impossible to make a long term profit on mining. I broke even on my device only because I paid for it in Jan, got it in end of August, and jacked it from 5gh to 7.5. Anyone who bought after me lost, and those slobs who didn't get their miners yet totally lost.

C

[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.

 

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.

[Puppet]

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.