Bitcoin Breaks 2 Petahashes {GPU Mining Dead}

[ThePanCakeKid95]

Hey guys it's Jason and I'm back with another video. This time it is on how bitcoin has broken the 2 and yes I know now 3 Petahash mark.
Go check it out

http://youtu.be/2r2cmFrC8v0

[BitAddict]

Miners are not happy at all... this is getting completely crazy.

[ThePanCakeKid95]

I could see why GPU miners would be made but didn't the people buying ASIC's take this into account when they bought their ASIC's?

[arklan]

I could see why GPU miners would be made but didn't the people buying ASIC's take this into account when they bought their ASIC's?

To this degree? Maybe not. I expected a 100x increase from the pre ASIC levels. This is exceeding they with no sign of slowing.

[BitAddict]

I could see why GPU miners would be made but didn't the people buying ASIC's take this into account when they bought their ASIC's?

To this degree? Maybe not. I expected a 100x increase from the pre ASIC levels. This is exceeding they with no sign of slowing.

I guess no one expected this kind of grow.

[ThePanCakeKid95]

Yea, and I can see anyone who bought ASIC Boards even just 2 months ago are quickly losing the possibility of making ROI anytime soon now

[C.Steven]

Miners are not happy at all... this is getting completely crazy.

The situation looks not that bad if you use log-scale

[rpg]

Yea, and I can see anyone who bought ASIC Boards even just 2 months ago are quickly losing the possibility of making ROI anytime soon now

in percentage increase it will slow down to single digits soon and it may even turn negative on occasion. a 50 million increase is 25% at 200 million but only 10% at 500 million. That's why I'm now loading on gear from everyone that is dumping it if the price is right (read bargain). 

[ThePanCakeKid95]

lol yep I guess we will have to wait and see what happens

[BitcoinEXpress]

Miners are not happy at all... this is getting completely crazy.

The end result will be that mining will be in the hands of a few dozen big farms and Bitcoin will have become centralized by default.


~BCX~

[BitAddict]

Miners are not happy at all... this is getting completely crazy.

The end result will be that mining will be in the hands of a few dozen big farms and Bitcoin will have become centralized by default.


~BCX~

Hope we can do something to deal with that.

[BitcoinEXpress]

Miners are not happy at all... this is getting completely crazy.

The end result will be that mining will be in the hands of a few dozen big farms and Bitcoin will have become centralized by default.


~BCX~

Hope we can do something to deal with that.

Not likely as ASICs are very expensive to buy in large enough hash power to return ROI presently.

Looking at San Francisco Craigslist there are four 60 ghs BFL ASIC miners for sale cheap as people are dumping low hash power ASIC's. At today's BTC price and Difficulty it would take about 5-6 months to break even and as we all know, 5-6 months is a very long time in the crypto world.

Today that 60ghs will average about $20/day. If price remained steady (it won't) in 4 months or so when the diff will cross 1,000,000,000 that same 60 ghs produces about $5/day...

So all that will remain mining will be the diehards at a very small collective percentage and commercial farms, thus the centralization I spoke of.

Of course, all of this just opinion.

~BCX~

[Birdy]

The situation looks not that bad if you use log-scale

If you know how to read that, it does.
Even on the logscale, you can see the graph rising (aka not just keeping the upward trend, but going faster), that is crazy.

[BitAddict]

Miners are not happy at all... this is getting completely crazy.

The end result will be that mining will be in the hands of a few dozen big farms and Bitcoin will have become centralized by default.


~BCX~

Hope we can do something to deal with that.

Not likely as ASICs are very expensive to buy in large enough hash power to return ROI presently.

Looking at San Francisco Craigslist there are four 60 ghs BFL ASIC miners for sale cheap as people are dumping low hash power ASIC's. At today's BTC price and Difficulty it would take about 5-6 months to break even and as we all know, 5-6 months is a very long time in the crypto world.

Today that 60ghs will average about $20/day. If price remained steady (it won't) in 4 months or so when the diff will cross 1,000,000,000 that same 60 ghs produces about $5/day...

So all that will remain mining will be the diehards at a very small collective percentage and commercial farms, thus the centralization I spoke of.

Of course, all of this just opinion.

~BCX~

4 months to achieve 1,000M difficulty? I guess just in 2 month we will be there.

Like you, I think that this will be a problem if we can't solve the future mining centralization. But I also believe that we will find the way.

[BitcoinEXpress]

4 months to achieve 1,000M difficulty? I guess just in 2 month we will be there.

Like you, I think that this will be a problem if we can't solve the future mining centralization. But I also believe that we will find the way.

Yeah I was being optimistic....

A year from now that 600 ghs ASIC Miner that BFL has as vaporware for preorder will lucky to punch out .001 BTC/day.


~BCX~

[Buffer Overflow]

Miners are not happy at all... this is getting completely crazy.

That's like a car owner moaning about too many cars on the road, when infact they are adding to the congestion themselves.

[CurbsideProphet]

I could see why GPU miners would be made but didn't the people buying ASIC's take this into account when they bought their ASIC's?

To this degree? Maybe not. I expected a 100x increase from the pre ASIC levels. This is exceeding they with no sign of slowing.

It will slow when there are no longer profits to be made.  The system has and always will be supply and demand based.  Even though the curve looks exponential right now, I assure you, it will not last.  Many people were warning about the lack of profitability in ASIC miners, especially for those deeply buried on the wait list.

[BitcoinEXpress]

Look for those 10ghs blades to be sub $100 in the near future.


~BCX~

[crazy_rabbit]

Miners are not happy at all... this is getting completely crazy.

The end result will be that mining will be in the hands of a few dozen big farms and Bitcoin will have become centralized by default.


~BCX~

Of course, if the price keeps going up- dramatically going up, it might not be a problem for awhile yet. If asics can't be unloaded for a reasonable sum, people are likely to keep them going. Even if they sell them, someone will keep them going. I suspect.

[ThePanCakeKid95]

sounds like quite complex issue and one we should keep an eye on