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Author Topic: When will miners stop mining with the price keep dropping?  (Read 2732 times)
hmblm1245
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August 03, 2011, 04:08:55 PM
 #1

When will miners stop mining with the price keep dropping and the diff keep rising?
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kokjo
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August 03, 2011, 04:11:05 PM
 #2

NEVER!!!!! viva la bitcoin!

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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August 03, 2011, 04:12:16 PM
 #3

At 4 Dollars it starts to realy hurt Smiley
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August 03, 2011, 04:14:09 PM
 #4

Not anytime soon. Plus we getting more and more miners joining everyday. Cost $2 to produce a coin that is currently valued $11. Noone said mining would always be profitable. People would / will mine if the price is $5 and cost to make a coin would be $7.50

Why you asking? Or was it more of a rhetorical question ?
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August 03, 2011, 04:16:43 PM
 #5

At 4 Dollars it starts to realy hurt Smiley

+1

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AngelusWebDesign
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August 03, 2011, 04:17:19 PM
 #6

We each need to go find 5 people to introduce to Bitcoin.

Wouldn't we all like to see Bitcoins selling for more than $11.12?

And any of us with a business needs to promote Bitcoins to our customers. Certainly we need to advertise that we accept them.


Matthew

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August 03, 2011, 04:19:58 PM
 #7

Wow Angelus !!  Your mining rig isn't paid off yet ?! People are missing you in the other thread.
hmblm1245
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August 03, 2011, 04:21:19 PM
 #8

Theoretical question. its always interesting to get an idea of how many of us will continue mining even if the cost out weights return. Maybe the diff will go down but i still have not seen a block per hour change since the drastic 13 to 11usd slide.
AngelusWebDesign
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August 03, 2011, 04:37:48 PM
 #9

Make that $10.50 slide...
hmblm1245
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August 03, 2011, 04:39:58 PM
 #10

Should i even post a number while this slide keeps going? Smiley
Raize
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August 03, 2011, 05:08:49 PM
 #11

It will no longer be affordable to mine at around $5-$6 for me. I expect to see Bitcoin fall to ~$8 especially if the MyBitcoin.com guy is selling right now and using Tradehill to make off with the funds from all your online wallets. IMHO, part of the blame lies with a community willing to give an anonymous person that much power. My guess is anonymity is going to be dead in the Bitcoin community for quite some time, because anonymous = fraud right now.

Someone who has an account with Tradehill right now that was not selling Bitcoin prior to MyBitcoin.com going down is now selling. Tradehill will probably not reveal the name of the person, despite knowing full well it is the scammer. This is like the exact opposite of what happened with MtGox in February, where someone claimed they stole $60k from him, but it turns out he was a scammer that did not want to divulge his identity.

Let the witch hunt begin...

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August 03, 2011, 05:48:29 PM
 #12

why is the price tanking ?!?! ...is it because all the early adopters have now made their money and
pulled out, leaving the rest of us with an essentially worthless, useless idea for a currency ?! lol
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August 03, 2011, 05:49:01 PM
 #13

EIGHT FIFTY?  Is this a hack, or a sick joke?
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August 03, 2011, 05:49:26 PM
 #14

why is the price tanking ?!?! ...is it because all the early adopters have now made their money and
pulled out, leaving the rest of us with an essentially worthless, useless idea for a currency ?! lol
no its because noob are panic selling

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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August 03, 2011, 05:57:38 PM
 #15

why is the price tanking ?!?! ...is it because all the early adopters have now made their money and
pulled out, leaving the rest of us with an essentially worthless, useless idea for a currency ?! lol
no its because noob are panic selling
+1
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August 03, 2011, 08:20:17 PM
 #16

Volatility is the name of the game in this currency experiment and noone knows how it is going to end despite all the trolls, idealists and naysayers.
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August 03, 2011, 08:36:56 PM
 #17

My very minimum price per btc before I start losing money would be $3 per btc. That being said.. I am going to keep mining, regardless of electricity cost or price per bitcoin. I'm paying about $140 extra on my hydro bill due to mining, but I could care less.

Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.

My address -
1EM9HGg1SEa5Bux1rVEPxGqGSfNTTc9EkC
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August 03, 2011, 09:14:30 PM
 #18

I will not stop mining...I am hoping all you quit for a while so I can mine more with less  Wink

Striking it rich in Bitcoin is no longer an option...I do it for fun.
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August 03, 2011, 09:59:45 PM
 #19

I did the math and as long as prices stay above $3.50 and prices increase with difficulty, I will remain profitable.

So let people freak out over a price drop, my mining rig is still making money (albeit, less)  Tongue
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August 03, 2011, 10:08:45 PM
 #20

I will pull my two rigs offline at around $7.50 at current expected difficulty increase. Not worth it with the heat and my electricity prices and the headache of having a noisy relatively unusable room.

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