The biggest difficulty jump I have ever seen

[wobber]

The real hike is coming when they ship 2 THs ASIC

When this will happen?

[BitcoinHeroes]

The real hike is coming when they ship 2 THs ASIC

It would be 10 TH/s ASIC after that, the technology just keep getting better

[DeathAndTaxes]

The real hike is coming when they ship 2 THs ASIC

It would be 10 TH/s ASIC after that, the technology just keep getting better

Probably not.  We will be at 28nm a while.  ASIC Miners didn't get better faster due to Moore's law it simply was designers "jumping ahead" to smaller processing nodes.  28nm is as economical as it gets in 2013/2014.   It will be a while before 22/20nm is cost effective.

At 28nm it looks like from three different vendors you are looking at ~0.7J /GH at the wall.  So 2 TH/s is probably around 1400W.  US 15A outlet is rated for 1440W continual load.  Now you may say in Nowhereistan the standard outlet is 240V, 33.8A but mining is perfectly parallel.  It makes little sense to sell a 2 TH/s and 4 TH/s unit you can just sell 2 TH/s units and sell some people 1 and other people 2. 

 

[theonewhowaskazu]

I think there will continue to be large difficulty jumps, not because of more efficient asics, but because existing 28nm chips will get lowered in price by a lot. The huge cost of making these chips is upfront. Actually producing the chip is quite cheap comparatively. While these asics will be the most effective for a while, the hardware companies will try to milk it for all its worth by slowly lowering its price. This means all of a sudden there are a ton more people purchasing. Finally when a more efficient asic comes out I expect the 28 nm ones to be producing only marginally more Bitcoin than their electricity cost.

[nexus99]

Sad to see that big drop in BTC production. 100 GH/S really is the entry point these days. 1 BTC per day is like 1200 GH/s.

[Perseus353]

To be honest, it's not as bad as I thought it might be.

If you follow the trends of the network, a 45-50% jump in hashrate and difficulty was to be expected, but if the size of the network grows this much, the drop in revenue wasn't as much as I thought it would be.


I've been mining with my new Jupiter for a week now. Performance has been fluctuating 480-550 Gh/s over the past week, with daily take varying 0.81-1.1 BTC per 24h (average 1.0 per day) -- depending on performance, pool luck (BTC guild) etc.

I expected a 50% rise to mean a 30-35% drop in revenue down to about 0.6-0.7 BTC per day, but it's been better than that. Even though the the network jumped as much as it did, the daily take on the Jupiter is still 0.75-0.85.

[high110]

Why doesn't DIFFICULTY affects price? Any TL;DR?

Supply remains the same regardless of changes in difficulty.   New production remains the same regardless of difficulty.

Now price does affect supply.  When price goes up miners profits (in USD) increase and their electrical costs denominated in BTC decrease.  This fuels more hardware purchases and difficulty rises.  If prices falls then marginal miners (least efficient gear and higher energy cost) get squeezed and eventually turn off rigs so difficulty declines until price rises enough that they are profitable again .... and the cycle goes on.

But it's perception of the increase in mining gear prices and Hash that has an indirect effect on prices that drives up the value.  Most small time miners will mine when prices drop to 5 dollars.  I think it's actually the big miners that stop...since they care about profitability.  I think there are a lot of people that mine as a hobby. Not saying you're wrong...your economics sounds pretty impressive...just that there is an effect on increase/decrease difficulty. 

[rampalija]

man when they launch new ASICs the difficultiy will increase faster and faster!

[waltermot321]

100%, which incur few month from now..

[DeathAndTaxes]

To be honest, it's not as bad as I thought it might be.

If you follow the trends of the network, a 45-50% jump in hashrate and difficulty was to be expected, but if the size of the network grows


I've been mining with my new Jupiter for a week now. Performance has been fluctuating 480-550 Gh/s over the past week, with daily take varying 0.81-1.1 BTC per 24h (average 1.0 per day) -- depending on performance, pool luck (BTC guild) etc.

I expected a 50% rise to mean a 30-35% drop in revenue down to about 0.6-0.7 BTC per day, but it's been better than that. Even though the the network jumped as much as it did, the daily take on the Jupiter is still 0.75-0.85.

Your revenue is based on difficulty.  Until difficulty adjusts of course you will make the same revenue.  If difficulty adjusts up 50% then you will make 1/1.50 = 66% of what you were making before.

[amencon]

Sad to see that big drop in BTC production. 100 GH/S really is the entry point these days. 1 BTC per day is like 1200 GH/s.

100 GH/S is meaningless as an "entry point" figure.

[Perseus353]

To be honest, it's not as bad as I thought it might be.

If you follow the trends of the network, a 45-50% jump in hashrate and difficulty was to be expected, but if the size of the network grows


I've been mining with my new Jupiter for a week now. Performance has been fluctuating 480-550 Gh/s over the past week, with daily take varying 0.81-1.1 BTC per 24h (average 1.0 per day) -- depending on performance, pool luck (BTC guild) etc.

I expected a 50% rise to mean a 30-35% drop in revenue down to about 0.6-0.7 BTC per day, but it's been better than that. Even though the the network jumped as much as it did, the daily take on the Jupiter is still 0.75-0.85.

Your revenue is based on difficulty.  Until difficulty adjusts of course you will make the same revenue.  If difficulty adjusts up 50% then you will make 1/1.50 = 66% of what you were making before.

I know, that's what I was expecting, but it turned out better than that. It could be pool luck, but it was 0.9-1.0 btc per day average in the past week, and I expected it to drop to 0.65 -- but it's been better than that, to my surprise  0.75-0.85 per day.

[DeathAndTaxes]

Luck, improved firmware, you rig was underperforming on the prior difficulty period.  In the long run your reward for a given amount of hashpower is 1:1 inversely tied to difficulty.

[rampalija]

i dont see it is profitable to buy any ASIC miners now, only if u have free power suply

[sheebang]

i dont see it is profitable to buy any ASIC miners now, only if u have free power suply

Even if you have free power you may be tempted to do something more profitable with it than mining. Not getting payment for electricity isn't funny.

[high110]

I think if you make the hardware, then it's profitable =) Wish I knew how to make it!

[waltermot321]

i dont see it is profitable to buy any ASIC miners now, only if u have free power suply

Even if you have free power you may be tempted to do something more profitable with it than mining. Not getting payment for electricity isn't funny.

I think mining is the most profitable for free electricity, maybe baking cakes too...

[dree12]

i dont see it is profitable to buy any ASIC miners now, only if u have free power suply

Even if you have free power you may be tempted to do something more profitable with it than mining. Not getting payment for electricity isn't funny.

I think mining is the most profitable for free electricity, maybe baking cakes too...

The way things are now, buying a miner will be a loss even with free electricity and no miner wear whatsoever. Difficulty grows exponentially and the profit from a miner will never reach the cost of the miner.

[waltermot321]

i dont see it is profitable to buy any ASIC miners now, only if u have free power suply

Even if you have free power you may be tempted to do something more profitable with it than mining. Not getting payment for electricity isn't funny.

I think mining is the most profitable for free electricity, maybe baking cakes too...

The way things are now, buying a miner will be a loss even with free electricity and no miner wear whatsoever. Difficulty grows exponentially and the profit from a miner will never reach the cost of the miner.

Wait until the difficulty increase to a level where electricity is the main problem. Buying 2TH/s with free electricity might be the clear winner...

[petersiddle98]

i dont see it is profitable to buy any ASIC miners now, only if u have free power suply

If you have free electricity, don't go for ASIC. Go for primecoin..