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Author Topic: Has anyone unplugged their miners?  (Read 29806 times)
Skaterdiejosh
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March 04, 2014, 07:05:26 PM
 #21

At least bitcoin is back up to about 700$ !! The only problem I see is the difficulty has been going up way to fast for what bitcoin is worth. Eventually this could be a problem if bitcoin prices stay low too long. I guess the difficulty would go down if bitcoin really crashed bad like down under 250$.. Then there would be a huge drop in bitcoin mining power as everyone stops mining because of electricity cost. Then if theres a huge sale off would the network be able to handle it with half the amount of hashing power ?  Some people try to say that bitcoin price is in no way affected by bitcoin difficulty !! I find that hard to believe and this is one of the main factors that should keep bitcoin price increasing over  time with the increase in difficulty ...

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designfail
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March 04, 2014, 09:17:56 PM
 #22

At least bitcoin is back up to about 700$ !! The only problem I see is the difficulty has been going up way to fast for what bitcoin is worth. Eventually this could be a problem if bitcoin prices stay low too long. I guess the difficulty would go down if bitcoin really crashed bad like down under 250$.. Then there would be a huge drop in bitcoin mining power as everyone stops mining because of electricity cost. Then if theres a huge sale off would the network be able to handle it with half the amount of hashing power ?  Some people try to say that bitcoin price is in no way affected by bitcoin difficulty !! I find that hard to believe and this is one of the main factors that should keep bitcoin price increasing over  time with the increase in difficulty ...

You could upgrade your house with 4kWt solar panel and keep mining. The electricity cost from the grid will be rising while the one from solar panel is locked for years. It is pricey, yes, but in a long run it pays off.
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March 13, 2014, 05:42:14 PM
 #23

Antminers are down to BTC0.996, now  Shocked

Decentralize EVERYTHING!
Skaterdiejosh
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March 13, 2014, 05:50:58 PM
 #24

At least bitcoin is back up to about 700$ !! The only problem I see is the difficulty has been going up way to fast for what bitcoin is worth. Eventually this could be a problem if bitcoin prices stay low too long. I guess the difficulty would go down if bitcoin really crashed bad like down under 250$.. Then there would be a huge drop in bitcoin mining power as everyone stops mining because of electricity cost. Then if theres a huge sale off would the network be able to handle it with half the amount of hashing power ?  Some people try to say that bitcoin price is in no way affected by bitcoin difficulty !! I find that hard to believe and this is one of the main factors that should keep bitcoin price increasing over  time with the increase in difficulty ...

You could upgrade your house with 4kWt solar panel and keep mining. The electricity cost from the grid will be rising while the one from solar panel is locked for years. It is pricey, yes, but in a long run it pays off.



That's exactly what im planning to do. In about a year ill have my 401k loan paid off then im taking more money out to put a 6000 watt solar system on my house Smiley

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verdun2003
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March 13, 2014, 08:18:19 PM
 #25

Scrypt mining is still very profitable compared to any investment out ther - sure, it was more than 5x more profitable in dec but hey, an investment with an ROI of less than a year is good in my book. Then, you'll still have people saying that difficulty will increase and it won't be profitable to do GPU mining. That's what people said with SHA-256, and came scrypt. That's what people said mid 2013 and came the bubble.


joeventura
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March 14, 2014, 01:08:54 PM
 #26

My scrypt miner is still going strong, great ROI compared to my savings account Wink

Now there is a newbie that speaks the truth!!

Mining is still very profitable, you just have to do it differently.

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Francecrypto
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March 14, 2014, 04:36:47 PM
 #27

By the way how do you guys mine scrypt efficiently right now? Is it even possible with a good personal computer to be profitable?

designfail
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March 14, 2014, 05:56:18 PM
 #28

By the way how do you guys mine scrypt efficiently right now? Is it even possible with a good personal computer to be profitable?

Macbook pro, 2.7Ghz i7 mines litecoin at 20-40KH. Not worth it
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March 15, 2014, 03:02:35 PM
 #29

By the way how do you guys mine scrypt efficiently right now? Is it even possible with a good personal computer to be profitable?

Macbook pro, 2.7Ghz i7 mines litecoin at 20-40KH. Not worth it

no body mine using notebook... why would you?

Carl Quesadilla
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March 15, 2014, 09:17:43 PM
 #30

By the way how do you guys mining black efficiently right now? Is it even possible with a good personal computer to be profitable?

u can always use Digital Ocean.  they have Xeon's with 384mb of cache.  in Singapore  Shocked
uteroulin
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March 16, 2014, 07:41:06 PM
 #31

By the way how do you guys mine scrypt efficiently right now? Is it even possible with a good personal computer to be profitable?

Macbook pro, 2.7Ghz i7 mines litecoin at 20-40KH. Not worth it

no body mine using notebook... why would you?

Well yeah , haven't heard before that people use notebook to mine coins.
it is good with a PC but it should be something like Lenovo IdeaCentre B520
pdawg
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March 16, 2014, 07:48:09 PM
 #32

I think the recent drop in diff jumps are directly linked to BTC price.  I have decided to keep my S1's hashing for another month because of the small diff increases.  Mind you I am mining for long term hodling Smiley

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March 17, 2014, 02:12:08 AM
 #33

Bitcoin will NOT exist in 2015 unless price is increased to the $1200 area.
Bullshit!

Mining doesn't need to be profitable for mining (or Bitcoin) to exist.

But yes, i have unplugged some miners.
I have unplugged my GPU-Miners months ago (GPUs collecting dust now),
I have unplugged my FPGA-Miners months ago (FPGAs collecting dust now),
I have even unplugged some ASIC-Miners already (and the rest will probably follow with the next difficulty-step).
nlsupernova
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March 25, 2014, 01:31:38 AM
 #34

I think the recent drop in diff jumps are directly linked to BTC price.  I have decided to keep my S1's hashing for another month because of the small diff increases.  Mind you I am mining for long term hodling Smiley

The slowing down of diff growth has more to do with reaching the limit of asic effecienty then btc prices. New mining chips wont ever again have the insane performance gains per year as we have seen last year. Every new chip that comes now wil have a smaller and smaller boost in performance. We went from 10 ghs to 2ths machines in one year. Thats 200 times faster. A year from now we wont be anywhere near 400 or 500ths machines. Breaking 50 probably is allready a chalenge.

Im sure diff increases will be well under 10% consistantly in q4, no matter btc value.

botolo86
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March 25, 2014, 03:59:11 AM
 #35

Also, the idea of bitcoin going off the cliff is wrong, because the more people unplug their miners, the lower the difficulty becomes and it will then go back to a level where mining gets back to profitability.
go4nature
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March 25, 2014, 11:14:01 AM
 #36

Only way to mining profitable is btc should reach minimum $1000. Otherwise many miners will shutdown their mining activities.

cliffhanger35
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March 25, 2014, 05:48:32 PM
 #37

Gpu's have low profitability now but maybe more coins will be developed/forked on Scrypt-N, keccak etc.

We will see how this develops. Already lots of cheap Gpu's are for sale on markets.
designfail
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March 26, 2014, 12:06:32 AM
 #38

Only way to mining profitable is btc should reach minimum $1000. Otherwise many miners will shutdown their mining activities.

"should reach minimum $1000" which means lots of Asic cubes (30Gh/s) will be wiped off from dust and plugged in -> difficulty rapidly increases -> lots of mining equipment become useless again -> price drops again to it's self-regulated level.
sergio
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March 26, 2014, 08:16:09 AM
 #39

if miners shutdown then bitcoin becomes profitable again.

I am sure some mine for profit, and other because of profit and the spirit of supporting the bitcoin revolution.
And there is a difference, if you mine for profit as soon as mining becomes unprofitable you stop mining.

If you believe in the bitcoin revolution it is possible to continue mining at a small loss since eventually you believe that the reward will be huge not only monetarily but by having participated in the creation of a free currency for the people by the people and you believe in the future price of bitcoin.

Many of you may believe that bitcoin has reached its peak, I believe bitcoin has a huge potential for growth but it will not be easy.

Bitcoin will go over 4 stages.

1. being ignored. 2009, 2010
2. being mocked. 2011, 2012
3. being attacked. 2013, 2014
4. we win.

stage 3 is taking place now, and since a monetary system it is something huge, it could go on till 2015.
if we do not get though stage 3 bitcoin could  suffer (actually us), but I think by 2016 the situation will be clearly defined and we will have won by then expect the bitcoin price to be in  5 digits.

So even if mining at a loss, remember you are supporting a financial revolution and if the revolution is successful you will have your reward.

From a technical point, when buying a miner buy one that is energy efficient so that you do not have to mine at a loss, as of now I would consider any miner that uses less than 1 Watt/GHs to be good for sha256 since even though your hash rate is low if your electric bill is low the miner is still profitable.

The mining farms first to shutdown will be the ones that use around 10 watts/GHs or more.








vnvizow
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March 26, 2014, 11:51:23 AM
 #40

Unplugged a year ago, was mining for fun anyways but it was fun while it lasted  Grin
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