What the heck just happened to the hashrate?

[AndersAA]

Would anyone care to speculate on how the hash rate suddenly jumped to 20PH? What the heck just came online?

[tokyoghetto]

todays shipment of Antminers

[Zeal0t]

Brace yourself, this years ASIC shipments are rolling out.

[iglasses]

Pre ordered miners that the buyers will not see for months are in 'testing' mode.

[Sonny]

Pre ordered miners that the buyers will not see for months are in 'testing' mode.

The manufactures need to do "extensive" testing until the units are stable enough / until mining with those units is no longer profitable

[ujka]

Would anyone care to speculate on how the hash rate suddenly jumped to 20PH? What the heck just came online?

I was asking same question months ago, until some smart ppl explained not to look at hourly estimates. It's variance. Otherwise, you can right now ask 'what the heck just came offline' - as bitcoin.sipa.be 8-hour chart is showing 13ph/s.

[dth123]

bitcoin difficulty  and hash rate will double every 45 days.
look at the bitcoin difficulty and hash rate predictions at this page .

http://www.vnbitcoin.org/bitcoincalculator.php

[Sonny]

Would anyone care to speculate on how the hash rate suddenly jumped to 20PH? What the heck just came online?

I was asking same question months ago, until some smart ppl explained not to look at hourly estimates. It's variance.

Exactly.

We don't really know how much hashrate are there mining bitcoin at this moment.
What we can do, is to check the number of blocks found in a certain period (say, 8 hours or 3 days) and estimate the network hashrate.
The shorter the period, the more the variance.

After all, block finding is a random process. We can have 6 blocks in an hour, or no block in 2 hours, but the variance should cancel out (more or less) if we observe the situation over a longer period of time.

[jayc89]

All these preordered units will be worthless when they actually arrive. Unfortunate for the newbie miners, that ship has sailed.

[zimmah]

it can't double every 45 days forever.

[Trongersoll]

All these preordered units will be worthless when they actually arrive. Unfortunate for the newbie miners, that ship has sailed.

This is not true. You do not know what the difficulty or exchange rate will be at any given time in the future. You are guessing and presenting your guess as fact.

[Newmine]

All these preordered units will be worthless when they actually arrive. Unfortunate for the newbie miners, that ship has sailed.

This is not true. You do not know what the difficulty or exchange rate will be at any given time in the future. You are guessing and presenting your guess as fact.

It is true.

I was considering buying about 75GH/s for about $900 off ebay. If I received them today and mined with them into May I would only be able to get about .74 BTC if difficulty continued to rise at ~23% each 9-10 days. By May 4th difficulty will be just over 20billion. If price stayed the same, I would earn  ~$625 in BTC. This means I would be $275 in the whole and that is not including pool fees exchange fees and most importantly, electricity.

But you say what if BTC goes to $10,00 by May? Well I will have accumulated $7400 minus the $900 on equip plus electricity and fees. Thus netting me just over ~$6300.

Now let's look at what would happen if I spent that $900 on BTC today. I could buy about 1.15 BTC today for $900. If BTC went up to $10,000, my BTC would be worth $11,500. I spent $900 so I would net over $10500 in profit.

Now let say I want to buy a 2TH/s miner from Black Arrow that I won't get until May. The price tag is $5900. At the expected difficulty over 20 billion I would be able to mine .049 BTC per day. It would take 10 days to mine 1/2 a BTC and then the difficulty would adjust against me.  I would lose money if the price stayed the same. If it went to $10k, I would make my money back after 2 weeks of mining. But if I bought $5900 in BTC today, ~7.5 BTC and it goes to $10k  I would profit $69,000 by May.

Mining is not profitable on BTC. Unless you are one of the ASIC mining developer. Then you can stay ahead of the curve by doing the preorder garbage they do.

I do believe it is still possible to profit mining new coins.

[Sonny]

I was considering buying about 75GH/s for about $900 off ebay...

But you say what if BTC goes to $10,00 by May? Well I will have accumulated $7400 minus the $900 on equip plus electricity and fees. Thus netting me just over ~$6300.

What if you buy bitcoin with your $900 budget now, you can get ~1.2 bitcoin (~$750 on bitstamp atm).
And if BTC goes to $10,000 (your $10,00 was a typo it seems), you will get yourself $12,000 (much better than 6500 minus electricity fee).


No offense, but if your mining profitability comes from the expected uprising bitcoin price, then you should just buy btc directly and forget about mining.


And don't take me wrong, mining is fun and I really enjoy my experience with mining.

Unless you are one of the ASIC mining developer. Then you can stay ahead of the curve by doing the preorder garbage they do.

I do believe it is still possible to profit mining new coins.

Yup, it is very profitable to sell (or scam ) pre-orders, and mining scrypt-based coins is still profitable now.

[cz_miner]

Would anyone care to speculate on how the hash rate suddenly jumped to 20PH? What the heck just came online?

Hashrate jumps up dramatically right after difficulty change. Watch first 2-4 hours after the difficulty adjustment. You'll see that sometimes rate rises higher then 50% for a short period of time.
Last time i saw 22PThashes. Sounds crazy.

[Nagle]

This happened.

That's a custom-built Bitcoin mining facility in Hong Kong, with tens of thousand of liquid-cooled ASIC chips.

[BitcoinBarrel]

Rule #1 Don't get into Bitcoin mining to make a profit 

[klondike_bar]

Rule #1 Don't get into Bitcoin mining to make a profit 

you're doing it wrong then

most of my equipment has paid for itself and funded growth. I went from 25GH on a bitfury starter kit to 1.65TH predominantly antminers

[empoweoqwj]

This happened.

That's a custom-built Bitcoin mining facility in Hong Kong, with tens of thousand of liquid-cooled ASIC chips.

If only that were true. ASICMINER hasn't even done a tapeout of their new chips yet.

[Operatr]

This happened.

That's a custom-built Bitcoin mining facility in Hong Kong, with tens of thousand of liquid-cooled ASIC chips.

If only that were true. ASICMINER hasn't even done a tapeout of their new chips yet.

They already deployed this using V2 Blades...

[mcleo]

Is it just me, or is the hashrate starting to stagnate a little bit?