Bitcoin Breaks 2 Petahashes {GPU Mining Dead}

[c1010010]

While I knew we'd get here... I'm surprised at how soon, honestly.

Look at the pools these days... it is taking forever to mine a single block.

It seems to me, that if you are not currently in the game with a whole rack of ASICS... you won't want to commit.  The barrier to entry is just too damn high.

<SOMEONE MAKE THE APPROPRIATE IMAGE, PLS>

[ThePanCakeKid95]

Yea, I'm kinda hoping to see it level out soon, but who knows we will have to wait and see how this all plays out

[rpg]

Yea, I'm kinda hoping to see it level out soon, but who knows we will have to wait and see how this all plays out

as long as the mining profits - power cost is positive the hobby will continue. If you want to run it as a business you have to keep buying the latest and greatest, the hardware companies are thankful, paper weight companies maybe in trouble.

[ixne]

There's no reason why an increase in difficulty should result in centralization of mining. Difficulty will stabilize when electricity costs becomes prohibitive relative to mining profit. When that happens, the only important metric will be hashes/watt, not absolute hashing power - in other words, only the most efficient will be in the game, not the most powerful. When we get to that point, we might even see difficulty fall back somewhat as less efficient 1st and 2nd generation ASICs become unprofitable to operate.

[ThePanCakeKid95]

that's an interesting take on the issues, also I guess it has to do with how much better can we make these ASIC chips for mining