Difficulty.....It can't keep going up 30% each increase.

[BitCoin Operated Boy]

Well I have obviously tried and I may have missed something although I have been into btc for a while. There is still a lot to learn

If you criticize you should provide some hints for the source where to find more info in the subject to make it easier for me.

Critcizing without offering a solution has no value. It brings nothing

Why would you get involved in mining and not want to enlighten yourself, it isn't like the information is secreted away in the dark recesses of the net or impenetrable to mere mortals.

There's me thinking you were being sarcastic.. just goes to show.

Ask me a question if you're just wanting to make me do a test or head over to https://en.bitcoin.it/wiki/Main_Page for a starter.

I already asked you a question which you ignored.

You said "most basic understanding of how the mining/minting process works"

So if you think that I don't understand how it works you are welcome to explain it here what you think I don't understand and where did I make a mistake and why it is a mistake.
So far you hafve brought no coherent criticism. Just vagule criticised without explaining what is inccrect nad what I dont' know.

As I said crtiicism is pointless if not backed by coherent information.

OK we're at cross purposes, I never initially replied to you though you've clearly chosen to make it so. I have made no comment on anything you said before your reply steering the conversation to being about yourself. I'll refrain from further comment since we're clearly on a different page.

Yes that was my presumption as you posted your reply shortly under my post. Anyway you are right. It doesn't matter

[darcimer]

So what's your best guess at hashrate added to the network by March 31?

Code:

1 TH/s = 0.14 mil difficulty
1 PH/s = 140 mil difficulty
1 million difficulty = 7 TH/s
1 billion difficulty = 7 PH/s
1 trillion difficulty = 7 EH/s

10 phs? 25phs? 50? 75? Difficulty increases of 1.4bill, 3.5bill. 7bill, 10.5 bill respectively?

I've seen so-called "conservative" predictions of 5.5 billion difficulty thru end Q1 2014, which implies about 30 petahash.  And potential tapering at some point.  Sound reasonable or no?

[TheWoodser]

I just can't help but thinking that with the new larger machines coming out...that its gonna be a game of "Haves and Have Nots"

There can only be a certain supply of the fast machines, those machines will smoke check the average user, but they can't come out fast enough to flood the entire market.

[Moogle]

it only keeps going up as more mining power is added. if people stop adding rediculous amounts of power to the pool then the difficulty will drop. there were gentlemen's agreements proposed about things like this a while back. They go as far back as the transition from cpu to gpu.

https://bitcointalk.org/index.php?topic=12.msg54#msg54

[CoinCidental]

it only keeps going up as more mining power is added. if people stop adding rediculous amounts of power to the pool then the difficulty will drop. there were gentlemen's agreements proposed about things like this a while back. They go as far back as the transition from cpu to gpu.

https://bitcointalk.org/index.php?topic=12.msg54#msg54

you should tell this guy about the "gentlemans agreement "
by febuary he plans to have 15% of the hashing power  when he opens his new mining farms

http://ecreditdaily.com/2013/12/bitcoin-mining-iceland-hot-market-cooling-anytime/

[empoweoqwj]

it only keeps going up as more mining power is added. if people stop adding rediculous amounts of power to the pool then the difficulty will drop. there were gentlemen's agreements proposed about things like this a while back. They go as far back as the transition from cpu to gpu.

https://bitcointalk.org/index.php?topic=12.msg54#msg54

Gentlemen's agreements? We aren't in the 19th century any more. Be nice if we were, but the Queensbury rules no longer apply.

[piramida]

there were gentlemen's agreements proposed about things like this a while back. They go as far back as the transition from cpu to gpu.

https://bitcointalk.org/index.php?topic=12.msg54#msg54

satoshi may be a genius but he really misjudged human nature there not everyone is as unselfish as him. in fact, mostly everyone is not, such people are a rare exception. no gentlemen's agreement can ever work where money and more than two people are involved...

[empoweoqwj]

it only keeps going up as more mining power is added. if people stop adding rediculous amounts of power to the pool then the difficulty will drop. there were gentlemen's agreements proposed about things like this a while back. They go as far back as the transition from cpu to gpu.

https://bitcointalk.org/index.php?topic=12.msg54#msg54

you should tell this guy about the "gentlemans agreement "
by febuary he plans to have 15% of the hashing power  when he opens his new mining farms

http://ecreditdaily.com/2013/12/bitcoin-mining-iceland-hot-market-cooling-anytime/

Lots of miners plan to have 10% to 20% - it doesn't work out for any of them. Its called competition.

[CoinCidental]

it only keeps going up as more mining power is added. if people stop adding rediculous amounts of power to the pool then the difficulty will drop. there were gentlemen's agreements proposed about things like this a while back. They go as far back as the transition from cpu to gpu.

https://bitcointalk.org/index.php?topic=12.msg54#msg54

you should have a look at the mining facility  he has built already in iceland near the artic circle
its pretty ingenious ,he uses the  an air intake from the ice under the building to keep the machines cool
and he gets his power generated  from cheap natural sources as well

seems to be a smart guy and he plans to build more of these  in differnt parts of the world next  year and
already got the funding for a new one in texas opening in feb



you should tell this guy about the "gentlemans agreement "
by febuary he plans to have 15% of the hashing power  when he opens his new mining farms

http://ecreditdaily.com/2013/12/bitcoin-mining-iceland-hot-market-cooling-anytime/

Lots of miners plan to have 10% to 20% - it doesn't work out for any of them. Its called competition.

this dude is no ordinary miner
you should have a look at the mining facility  he has built already in iceland near the artic circle
its pretty ingenious ,he uses the  an air intake from the ice under the building to keep the machines cool
and he gets his power generated  from cheap natural sources as well

seems to be a smart guy and he plans to build more of these  in differnt parts of the world next  year and
already got the funding for a new one in texas opening in feb

[empoweoqwj]

it only keeps going up as more mining power is added. if people stop adding rediculous amounts of power to the pool then the difficulty will drop. there were gentlemen's agreements proposed about things like this a while back. They go as far back as the transition from cpu to gpu.

https://bitcointalk.org/index.php?topic=12.msg54#msg54

you should have a look at the mining facility  he has built already in iceland near the artic circle
its pretty ingenious ,he uses the  an air intake from the ice under the building to keep the machines cool
and he gets his power generated  from cheap natural sources as well

seems to be a smart guy and he plans to build more of these  in differnt parts of the world next  year and
already got the funding for a new one in texas opening in feb



you should tell this guy about the "gentlemans agreement "
by febuary he plans to have 15% of the hashing power  when he opens his new mining farms

http://ecreditdaily.com/2013/12/bitcoin-mining-iceland-hot-market-cooling-anytime/

Lots of miners plan to have 10% to 20% - it doesn't work out for any of them. Its called competition.

this dude is no ordinary miner
you should have a look at the mining facility  he has built already in iceland near the artic circle
its pretty ingenious ,he uses the  an air intake from the ice under the building to keep the machines cool
and he gets his power generated  from cheap natural sources as well

seems to be a smart guy and he plans to build more of these  in differnt parts of the world next  year and
already got the funding for a new one in texas opening in feb

Cool. But 10% to 20% will be *serious* money in 2014, however cold your native land

[CoinCidental]

it only keeps going up as more mining power is added. if people stop adding rediculous amounts of power to the pool then the difficulty will drop. there were gentlemen's agreements proposed about things like this a while back. They go as far back as the transition from cpu to gpu.

https://bitcointalk.org/index.php?topic=12.msg54#msg54

you should have a look at the mining facility  he has built already in iceland near the artic circle
its pretty ingenious ,he uses the  an air intake from the ice under the building to keep the machines cool
and he gets his power generated  from cheap natural sources as well

seems to be a smart guy and he plans to build more of these  in differnt parts of the world next  year and
already got the funding for a new one in texas opening in feb



you should tell this guy about the "gentlemans agreement "
by febuary he plans to have 15% of the hashing power  when he opens his new mining farms

http://ecreditdaily.com/2013/12/bitcoin-mining-iceland-hot-market-cooling-anytime/

Lots of miners plan to have 10% to 20% - it doesn't work out for any of them. Its called competition.

this dude is no ordinary miner
you should have a look at the mining facility  he has built already in iceland near the artic circle
its pretty ingenious ,he uses the  an air intake from the ice under the building to keep the machines cool
and he gets his power generated  from cheap natural sources as well

seems to be a smart guy and he plans to build more of these  in differnt parts of the world next  year and
already got the funding for a new one in texas opening in feb

Cool. But 10% to 20% will be *serious* money in 2014, however cold your native land

i know
*serious* money ,cant wait

[atc1]

If this eventually ends up at it's logical end,it'll mean that industrial miners will own a large amount of bitcoin and it'll lose it's appeal. As stated earlier in this thread,if a transition like basement-programmers being put out by large companies,won't bitcoin become inherently useless? I mean,people buy games and other goods and services which are made by corporates because of their addition to one's quality of life. What value does bitcoin have going for it?

[CoinCidental]

What value does bitcoin have going for it?

come on ,not this shit again
if you cant see the value  in the bitcoin network you should probably find another  forum to troll  on

[Moogle]

He may plan on having 15% of the networks hashing power but that will drop daily unless he keeps matching what other people are adding to it + 15%

[piramida]

If this eventually ends up at it's logical end,it'll mean that industrial miners will own a large amount of bitcoin and it'll lose it's appeal.

Do you think there is any appeal in mining bitcoins using CPU? It's either you mine it on your cpu and nobody else knows about it, or it becomes a multibillion dollar industry and you don't mine it on your CPU anymore. Can't have both. It is and always was an arms race where the fastest came first and the rest would have been much better off just buying coins with the money wasted on hardware.

[jojo69]

What value does bitcoin have going for it?

ummm

near instantaneous global transfer of value

no counterparty risk

decentralized transaction ledger secured by the most powerful computing effort ever achieved by humans

somewhat anonymous when used correctly

gee, I don't know...who would want that?   

[nairb131]

Yes that was my presumption as you posted your reply shortly under my post. Anyway you are right. It doesn't matter

Also as to where all the new rigs are coming from:
BITMAIN shipped out a thousand or two of their AntMiners, they are going to be shipping out even more USB miners
btmine has some new ones in a groupbuy
people are still making rigs with the chips they bought.
Bitfury has miners in stock
ASICMiner is doing their thing and constantly adding to their own farm.

[drewster]

Hehe.. that's actually kind of funny -- a cartel of sorts -- let's do like OPEC, and we'll all agree not to run more then 10 TH/s to make live easier for each other, and then we'll all cheat by selling our oil off-books .. er.., I mean running our extra hash through a separate pool from a different IP etc.. :-)  -- I'm in!!

it only keeps going up as more mining power is added. if people stop adding rediculous amounts of power to the pool then the difficulty will drop. there were gentlemen's agreements proposed about things like this a while back. They go as far back as the transition from cpu to gpu.

https://bitcointalk.org/index.php?topic=12.msg54#msg54

[empoweoqwj]

If this eventually ends up at it's logical end,it'll mean that industrial miners will own a large amount of bitcoin and it'll lose it's appeal. As stated earlier in this thread,if a transition like basement-programmers being put out by large companies,won't bitcoin become inherently useless? I mean,people buy games and other goods and services which are made by corporates because of their addition to one's quality of life. What value does bitcoin have going for it?

Not sure how you get from "How bitcoin is mined" to "what value does bitcoin have going for it?"

Its just the method of production. Consumers don't care where their coins came from. Neither do I really, as long as the network is protected. Do you know where your coins came from?

[porcupine87]

Just compare these two scenarios:

1. 1 million users, each one running bitfury's USB miner, electricity can be ignored, 2GH per user, that is 2000T hash power

2. A big mining farm, 1000 machines, 2TH each , same total hash power, but the electricity and cooling cost, together with rent of the hosting location etc will cost them a fortune to mine coins. If the difficulty is enough high, sooner or later they will be forced to shutdown due to cost higher than mining income (they can simply buy coin instead of mine)

However, if the mining farm sold those 1000 machines to many customers, they will easily collect enough coins through their sale. But the miners who receive those 1000 machines might not be able to mine that amount of coins during its life time. This has become the norm in ASIC mining era, almost no one have ever get their bitcoin investment back by purchasing ASIC mining rigs

So it is always better to sell the mining rigs to millions of users, and this will also increase the decentralization of the network

How uses one USB-slot all the time for an USB-Miner, to mine maybe 10Cents a day. And who's computer is running 24/7?