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Author Topic: Golden Age of Mining  (Read 1718 times)
btcgolong
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August 10, 2011, 03:54:11 AM
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When was the "Golden Age" of mining?

During the history of bitcoin, when was the best time to mine? I know that only 50 BTCs are released about every 10 minutes, but I'm asking when was the best time YOU could have been the person to "win" them?

Has it been linear and always getting progressively harder (more work for less coins, so the first few early miners lucked out), or did something like the switch to GPU mining while bitcoin was relatively unknown offer those early GPU miners the best chance at scoring?

I'm not sure if the $$$ value should be included, but go ahead and include it if you think it matters, but lately that value was been all over the place.

I'd love to know when the overall best time to mine bitcoins was regardless of their value. I understand a new "golden age" might be around the corner...
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caish5
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August 10, 2011, 04:36:29 AM
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I'd have to say early June was the golden age. Difficulty was less than half of what it is now and prices were rocketing up to $30 per BTC.

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August 10, 2011, 04:40:07 AM
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Probably end of May 2011, right when the $ value of the BTC started to ramp up all stupid-like.  I know a lot of people will say 2009 or early 2010, but those periods, while you could mine hundreds of Bitcoins per day on a Core2Duo, weren't nearly as profitable as they are today even with the recent diminished exchange rate.

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August 10, 2011, 06:21:56 AM
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but those periods, while you could mine hundreds of Bitcoins per day on a Core2Duo, weren't nearly as profitable as they are today even with the recent diminished exchange rate.

They were if you hoarded your coins IMO

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August 10, 2011, 06:49:50 AM
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I'm wondering, what makes you think a new golden age may be around the corner?
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August 10, 2011, 07:10:27 AM
 #6

Quote
When was the "Golden Age" of mining?

I'd say that your question is incorrect. Why was?

My bet is that 2009-2013 will be in history books as the "Golden Age" of mining.

Sometimes people do not see the forest behind the trees, don't they?

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August 10, 2011, 09:36:27 AM
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Probably end of May 2011, right when the $ value of the BTC started to ramp up all stupid-like.  I know a lot of people will say 2009 or early 2010, but those periods, while you could mine hundreds of Bitcoins per day on a Core2Duo, weren't nearly as profitable as they are today even with the recent diminished exchange rate.

Hundreds of coins per day?

Even if that's only 10% true and you could make 50 coins per day I'm literally foaming with jealousy.

If anyone was clever enough just to keep all their coins, they could be millionaires by now Shocked
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August 10, 2011, 10:09:56 AM
 #8

Yap. Unless you can foresee the future.  Undecided

Probably end of May 2011, right when the $ value of the BTC started to ramp up all stupid-like.  I know a lot of people will say 2009 or early 2010, but those periods, while you could mine hundreds of Bitcoins per day on a Core2Duo, weren't nearly as profitable as they are today even with the recent diminished exchange rate.

Hundreds of coins per day?

Even if that's only 10% true and you could make 50 coins per day I'm literally foaming with jealousy.

If anyone was clever enough just to keep all their coins, they could be millionaires by now Shocked

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August 10, 2011, 10:40:24 AM
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im sure there are many miners that hoarded there coins,
and are now millionaires
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August 10, 2011, 11:47:05 AM
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And those miners are getting a lot of sleepless nights worrying about their wallet.dat file.

Must be a nightmare if you have $100k+ in bitcoins and it is all dependant on you keeping one 256bit private key secure.
What is more you have no real "Police" or "Courts" to help protect you (as they do not understand bitcoins).

Also you have the dilemma of sell or not!

Luckily I only have 1.62 bitcoins that I bought just to try the whole thing out - so I really do not care if someone finds out my private key!

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August 10, 2011, 12:23:08 PM
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And those miners are getting a lot of sleepless nights worrying about their wallet.dat file.

Must be a nightmare if you have $100k+ in bitcoins and it is all dependant on you keeping one 256bit private key secure.
What is more you have no real "Police" or "Courts" to help protect you (as they do not understand bitcoins).

Also you have the dilemma of sell or not!

Luckily I only have 1.62 bitcoins that I bought just to try the whole thing out - so I really do not care if someone finds out my private key!


I don't see why, it's very easy to create a completely secure offline wallet.

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August 10, 2011, 12:27:12 PM
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And those miners are getting a lot of sleepless nights worrying about their wallet.dat file.

Must be a nightmare if you have $100k+ in bitcoins and it is all dependant on you keeping one 256bit private key secure.
What is more you have no real "Police" or "Courts" to help protect you (as they do not understand bitcoins).

Also you have the dilemma of sell or not!

Luckily I only have 1.62 bitcoins that I bought just to try the whole thing out - so I really do not care if someone finds out my private key!

I think I'd be perfectly happy knowing I had a $100k wallet.dat and would not be losing any sleep over it at all Wink

Personally, I'd split the coins out over a few dozen wallet.dat files and keep them all on different USB drives in various places to reduce the risk of failure, loss or theft!

If I had $500k in bitcoins (at today's exchange rate), I'd sell maybe half and keep the rest, and buy gold bullion & real estate with the $250k. Diversification is key!
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August 10, 2011, 12:38:47 PM
 #13

When was the "Golden Age" of mining?

During the history of bitcoin, when was the best time to mine? I know that only 50 BTCs are released about every 10 minutes, but I'm asking when was the best time YOU could have been the person to "win" them?

Has it been linear and always getting progressively harder (more work for less coins, so the first few early miners lucked out), or did something like the switch to GPU mining while bitcoin was relatively unknown offer those early GPU miners the best chance at scoring?

I'm not sure if the $$$ value should be included, but go ahead and include it if you think it matters, but lately that value was been all over the place.

I'd love to know when the overall best time to mine bitcoins was regardless of their value. I understand a new "golden age" might be around the corner...

Hard to tell, because in the beginning could easily be mine, but the hardware did not have a value as accessible as today. The price of BTC at the beginning was too cents.
If I could turn back time, would have mined since 2009, and sold 90% of the coins on June 8, 2011, when the price of BTC exceeded U$ 30.

 Wink
Ten98
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August 10, 2011, 12:55:58 PM
 #14

Hard to tell, because in the beginning could easily be mine, but the hardware did not have a value as accessible as today. The price of BTC at the beginning was too cents.
If I could turn back time, would have mined since 2009, and sold 90% of the coins on June 8, 2011, when the price of BTC exceeded U$ 30.

 Wink

Imagine if you bought 10000 bitcoins between $0.02 and $0.10... Your <$1000 investement would be worth >$100'000 today :O

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August 10, 2011, 02:42:22 PM
 #15

Right now.. you can easily mine over 9000 (literally) satoshi per minute on a single half-decent GPU!
People will surely look back at this as a golden age of mining.

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August 10, 2011, 06:50:24 PM
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Makes me sad now
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August 11, 2011, 12:21:43 AM
 #17

the very first day
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August 11, 2011, 12:29:34 AM
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Right now.. you can easily mine over 9000 (literally) satoshi per minute on a single half-decent GPU!
People will surely look back at this as a golden age of mining.

Yeah, I'd say it'll still be a golden age at least until we hit the second cut in generation value to 12.5 BT/Block. By that point, the difficulty will probably be so high, it would no longer be profitable at all to mine.
Then again, that's the point of the difficulty. We'll reach equilibrium at some point...

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August 11, 2011, 01:10:29 AM
 #19

It's possible that if Bitcoins go through a bubble once the mining gets too hard, they might just flush the economy after a decade or so, and start over with new Bitcoins, kicking a silver age into gear. Then again I barely got through Econ, so I don't know if that is a viable options, or if vintage BitCoins would become collectible, or something.

EDIT: Of course, once we hit critical mass with mining, then a bunch of selling will go on, and things will happen. Either the First Bitcoin Depression, or a Golden Trading Age. Who knows.
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August 11, 2011, 02:08:22 AM
 #20

Hundreds of coins per day?

Even if that's only 10% true and you could make 50 coins per day I'm literally foaming with jealousy.

If anyone was clever enough just to keep all their coins, they could be millionaires by now Shocked
Why would you be jealous?  Back then Bitcoins were going for less than a half a cent each.  It was nowhere near as profitable back then as it is now.  Even at a "diminished" exchange rate of $6 per Bitcoin, mining is still WAY more profitable now than it was back then.  Remember, when you talk about mining profitability you have to assume current exchange rates, not exchange rates in the future.

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