gallery2000 (OP)
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May 06, 2014, 01:50:23 AM Last edit: May 08, 2014, 01:49:59 PM by gallery2000 |
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Would it still be profitable if bitcoin goes down to $1 a bitcoin?
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gallery2000 (OP)
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May 06, 2014, 01:56:11 AM |
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I think suddenly mining bitcoin will be profitable again because all the deep pocket players would belly up and declared bankruptcy.
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saurabh
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May 06, 2014, 04:12:02 AM |
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I don't think it will be profitable at all if it goes down to $1...
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Digital Currency is the future
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IamCANADIAN013
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May 06, 2014, 05:49:03 AM |
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How could mining possibly be profitable if bitcoin was $1? I don't understand how it's even profitable at today's price. Much cheaper just to buy and sell coins at this point.
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alh
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May 06, 2014, 05:58:16 AM |
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At $1/Bitcoin, mining would nearly cease. You can't pay the electric bill when Bitcoin is a miniscule value. The ASIC vendors would see their orders dry up very rapidly. The whole landscape would change dramatically.
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TinyBBC
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May 06, 2014, 07:35:59 AM |
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Only God knows, but this is basically not happen, so do not worry too much about this issue
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MY twitter is Bangel (@Bangel19)
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TinyBBC
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May 06, 2014, 07:36:56 AM |
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Only God knows, but this is basically not happen, so do not worry too much about this issue。
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MY twitter is Bangel (@Bangel19)
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freedomno1
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Learning the troll avoidance button :)
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May 06, 2014, 07:39:18 AM |
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Well if the difficulty goes down relative to the price or electricity is free
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Believing in Bitcoins and it's ability to change the world
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bbxx
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May 08, 2014, 10:01:46 AM |
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we would wait few months for the next block then
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ChuckBuck
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May 08, 2014, 12:28:17 PM |
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Hells no!
Difficulty still in the billions, and electricity costs sky high for expensive miners.
$1 value of Bitcoin would not pay the bills or mining costs.
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BSIG
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Vintage4X4
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May 09, 2014, 04:19:55 AM |
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Only way to find out who truly believe in crypto against the ones in it for the money.
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Vintage4X4
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sgk
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!! HODL !!
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May 09, 2014, 04:21:08 AM |
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If BTC goes down to $1, mining hardware would be dirt-cheap. You would probably find a block with a USB erupter.
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Bitcoin++
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May 09, 2014, 08:28:40 AM |
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Even if BTC drops to $200 many miners would go bust. It will also happen if BTC remain <$500 and difficulty continues to increase. Only those with cheap electricity and efficient hardware will survive.
Your Antminer S1 will be good for heating and for decoration but not much more.
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harkonnen
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May 09, 2014, 09:31:03 AM |
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I think suddenly mining bitcoin will be profitable again because all the deep pocket players would belly up and declared bankruptcy.
"deep pocket players" might declare bankruptcy, but they will last longer than you. If bitcoin goes down to $1, ants like you and me will lose, and deep pockets will win.
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Nagle
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May 09, 2014, 05:35:55 PM |
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"Deep pocket players" might declare bankruptcy, but they will last longer than you. Not necessarily. They may be leveraged, operating on borrowed money.
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Soros Shorts
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May 09, 2014, 10:00:59 PM |
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I think suddenly mining bitcoin will be profitable again because all the deep pocket players would belly up and declared bankruptcy.
"deep pocket players" might declare bankruptcy, but they will last longer than you. If bitcoin goes down to $1, ants like you and me will lose, and deep pockets will win. "Deep pocket" is relative to the size of the mining operation. My discretionary income can support the operating costs of my small my mining operation indefinitely. I will continue to throw money down the toilet if I felt that it would be beneficial to do for the long term.
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fattypig
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May 10, 2014, 02:23:26 AM |
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Would it still be profitable if bitcoin goes down to $1 a bitcoin?
Yes cause everybody in the world would shut down their mining rig. After the difficulty adjusted the difficulty would be 0. So instants mine.
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nuff
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May 11, 2014, 01:06:42 PM |
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Would it still be profitable if bitcoin goes down to $1 a bitcoin?
Yes cause everybody in the world would shut down their mining rig. After the difficulty adjusted the difficulty would be 0. So instants mine. This is what makes Bitcoin so insanely revolutionary. It is self-regulating backed by maths, the language of the universe.
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Born2Bwild
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May 11, 2014, 04:50:02 PM |
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Would it still be profitable if bitcoin goes down to $1 a bitcoin?
Definitely no. As there would be no point in mining. You would pay more for electricity to keep your computers working. There's no profit in such approach. Then, what would be the difference between USD and BTC?
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kthejung
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May 11, 2014, 08:50:11 PM |
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If bitcoins were $1: I could either pay the electric company $10 a day to run my miners to generate 0.09 btc per day or just buy 10 btc for $10.
I could have 10 bitcoins by buying or 0.09 bitcoins by mining. Of course, the obvious choice is buying.
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