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Author Topic: I'm not seeing miners leave in hordes...  (Read 10695 times)
molecular
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September 11, 2011, 08:18:20 AM
 #1

Looking at http://bitcoin.sipa.be/ I'm not seeing any signs of massive mining power outflux.

Many predicted a lot of miners would leave around $5, some quitting completely, some resorting to buying BTC at the lower prices.

It doesn't seem to me any of this is happening (yet?). The price has been around $5 for 2 days now.

Thoughts?

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pekv2
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September 11, 2011, 08:23:51 AM
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I don't know of anyone else, but even if BTC hit one dollar, I will still be mining, by the time I even get 20 BTC mined in one month, it'll be more than a dollar or more than 5 dollars.
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September 11, 2011, 10:46:30 AM
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I'm long, BTC :p
hi
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September 11, 2011, 10:47:39 AM
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deepbit has dropped to 4800 mh/s...I think a lot of people will get out now that BTC is worth 4.xx.
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September 11, 2011, 10:58:54 AM
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I think its going to take a bit longer for most miners to start unplugging... the price fluctuates so wildly that many i think keep hope that by the time it matter the price will have come up again. 

Then you have the ones who will keep mining regardless of the price just because they like to and are fascinated by bitcoin. 

But you do see an effect for sure on deepbits hashrate.  I find it most noticeable there. They are down ~800GH/s from normal.
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September 11, 2011, 10:59:39 AM
 #6

deepbit has dropped to 4800 mh/s...I think a lot of people will get out now that BTC is worth 4.xx.

Gh/s...
AngelusWebDesign
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September 13, 2011, 12:09:12 AM
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To the OP:

They're not leaving in hordes because they want to hoard all the video cards...
(See the spelling difference?)
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September 13, 2011, 12:13:12 AM
 #8

deepbit has dropped to 4800 mh/s...I think a lot of people will get out now that BTC is worth 4.xx.

Gh/s...

+1

And for the love of god, if you're not going to put significant values in the last couple digits, please use the next SI prefix up and call it 4.8 TH/s.

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September 13, 2011, 11:27:42 AM
 #9

Not getting out. My miner just keeps crashing and it takes me a day or two to notice.

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molecular
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September 13, 2011, 11:37:48 AM
 #10

To the OP:

They're not leaving in hordes because they want to hoard all the video cards...
(See the spelling difference?)

Ah, thanks. I'm not a native english speaker. Happy to learn Wink

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worldinacoin
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September 13, 2011, 11:49:42 AM
 #11

Nope I am in fact adding in my very first device that can be considered a "rig" though at 600 mhash/s it is really nothing compared to those done by the rest.
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September 13, 2011, 12:03:11 PM
 #12

Looking at http://bitcoin.sipa.be/ I'm not seeing any signs of massive mining power outflux.

Many predicted a lot of miners would leave around $5, some quitting completely, some resorting to buying BTC at the lower prices.

It doesn't seem to me any of this is happening (yet?). The price has been around $5 for 2 days now.

Thoughts?


It will take months for that to happen.

Firstly miners will think.. ..other miners will quit, so the price will rise. Secondly, it potentially doesn't affect them: just hoard whilst the price is low gambling on the price being higher in the future. It'll take months of low prices to kill mining..

..and then, theres people who have access to computers but don't pay the electricity bill. They will continue. I wonder how many are able to do that?

Steven Dobbs, co founder of thunderworks ltd
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September 13, 2011, 12:34:48 PM
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If hypothetically bitcoin fell to <$5 and stayed CONTINUALLY under $5 for 30 days (long enough for miners to get next electric bill) you likely would see some behavior change.

That's the key right there.  Most people will stick it out at least until the next power bill hits and maybe even for two bills, hoping to see a turnaround in price or drop in difficulty that will keep mining profitable.  There's definitely some people out there that will continue to mine regardless, but I bet some of the power goes dark after a while.  For example, I'm running 11 GH or so and it's costing about $500/month with a great .085 cents/kwh power rate.  If it gets unprofitable for me I'll still probably keep a GH or two running to help the network, but I can't afford to throw $400-$500 at it each month with no return for very long.
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September 13, 2011, 12:45:21 PM
 #14

I don't know of anyone else, but even if BTC hit one dollar, I will still be mining, by the time I even get 20 BTC mined in one month, it'll be more than a dollar or more than 5 dollars.

Out of curiosity, may I ask you why are you still mining even if buying bitcoin off the market costs less than the electricity needed to mine them? Should I assume that you don't pay for the electricity you use?

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September 13, 2011, 01:22:04 PM
 #15

I'm personally safe till just over the $3.00 range as far as electricity goes. Have another dollar wiggle room before I even start to consider it at all.
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September 13, 2011, 03:14:02 PM
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I must be mining at a cheaper rate than 90% of the forum users because I'm still profitable at $3/coin at these difficulty levels. I'm not sure why any of you would stop.

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molecular
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September 13, 2011, 03:24:58 PM
 #17

I must be mining at a cheaper rate than 90% of the forum users because I'm still profitable at $3/coin at these difficulty levels. I'm not sure why any of you would stop.

power cost in germany, for example, is 0.21 €/kWh = 0.29 $/kWh. I bet you pay less.

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September 13, 2011, 03:26:00 PM
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Yeah, I'm sorry for those of you mining in Europe. It might be better to maybe pay for mining "leases" in the US?

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September 13, 2011, 03:45:24 PM
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If hypothetically bitcoin fell to <$5 and stayed CONTINUALLY under $5 for 30 days (long enough for miners to get next electric bill) you likely would see some behavior change.

That's the key right there.  Most people will stick it out at least until the next power bill hits and maybe even for two bills, hoping to see a turnaround in price or drop in difficulty that will keep mining profitable.  There's definitely some people out there that will continue to mine regardless, but I bet some of the power goes dark after a while.  For example, I'm running 11 GH or so and it's costing about $500/month with a great .085 cents/kwh power rate.  If it gets unprofitable for me I'll still probably keep a GH or two running to help the network, but I can't afford to throw $400-$500 at it each month with no return for very long.

You mean you're not one of those Folding @ Home guys, whose idea of fun is to spend their extra money on hardware to crunch numbers?  Roll Eyes

I'm not such a (what's the most derogatory word for geek or nerd?) that I'd spend even $20 on electricity for some silly distributed computing project.
I'd rather take my wife out to dinner or ANYTHING I can actually enjoy. I guess I have a life...
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September 13, 2011, 03:50:01 PM
 #20

half the electric used for mining put into a more profitable venture. You can even recycle your parts lol look at the computer fan on the right lol



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