Bitcoin Breaks 4 PetaHashes

[ThePanCakeKid95]

I made a video discussing the math behind this rapid rise in hashrate and how it effects the market
Video: http://youtu.be/6T3H3uljU0k

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[johankahn]

Great and informative video, especially for the newbies. Good explanation why mining yourself is no longer profitable vs the cost of HW. Personal mining (Unless you've already had the HW Outlay) is just about dead

But there are so many other ways to get bitcoins on the current market. Trade coins, mine easier altcoins and trade for BTC, stock ventures etc... Mining is a secondary means of acquiring BTC for most.

Do you mind if I share this

Thanks

[ThePanCakeKid95]

No go ahead, I would love the views

[Minor Miner]

Why do you feel someone with a large mine has lower costs than you plugging in a miner at home?

[ThePanCakeKid95]

because its all about how much you own, just like factory farms can have more profit than a family farm at a higher rate

[Minor Miner]

because its all about how much you own, just like factory farms can have more profit than a family farm at a higher rate

Think it through a bit more.    It is cheaper to be someone running 4 avalons at home than 200 avalons.

[Barek]

Industry type operations typically have better rates for electricity, so it is not unreasonable to assume someone running a large operation to have lower costs per kWh than someone using electricity at home.

[Minor Miner]

Industry type operations typically have better rates for electricity, so it is not unreasonable to assume someone running a large operation to have lower costs per kWh than someone using electricity at home.

Yes, but at 700 BTC, electric does not matter.   Large operations have to follow laws and have employees and have to get rid of the heat and buy $1200 racks etc.   People can compete.

[BurtW]

Didn't it break 5PH , a few days ago?

Not quite yet.  Check out the filtered version of the hash rate chart here:

http://bitcoinwisdom.com/bitcoin/difficulty

(blue line, third roll over chart in the first box)

[Barek]

Yes, but at 700 BTC, electric does not matter.   Large operations have to follow laws and have employees and have to get rid of the heat and buy $1200 racks etc.   People can compete.

I thought electricity cost was pretty much the only variable. That and cooling costs in the summer. Cooling some warehouse type building should also be easier than a house you live in, since noise is not that critical. Then again, it's probably easier to use the heat for a person who mines at home.