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Author Topic: Time to adjust difficulty  (Read 1487 times)
rouf553
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May 17, 2013, 09:52:12 PM
 #1

I think difficulty of Bitcoin goes very high. Mining is not profitable now. Without miners coin will be dead.

Do you think it's the time to adjust difficulty?

Share your opinion.......
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May 17, 2013, 10:20:36 PM
 #2

Just stop mining, so the difficulty will go down and it will be more profitable for me.   Grin
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May 17, 2013, 10:29:06 PM
 #3

http://blockchain.info/stats
Hash Rate and Electricity Consumption



Difficulty

11,187,257.46



Hash Rate

90,647.82 GH/s





Electricity Consumption *

1,414.11 megawatt hours



Electricity Cost

$212,115.89



Mining Profits



Operating Profit

$285,569.87



Operating Margin

57.38%





Profit Margin **

32.38%

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superduh
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May 17, 2013, 10:43:32 PM
 #4

I think difficulty of Bitcoin goes very high. Mining is not profitable now. Without miners coin will be dead.

Do you think it's the time to adjust difficulty?

Share your opinion.......

no, you are thinking wrong
if you are only planning on mining and selling right away to a fiat currency you may be correct
however, you fail to take into account the rise in real value of a bitcoin in the future as well as ignoring the exchange rates
the only time you would ever stop mining is if it's cheaper to just buy it from someone else at current value

ok
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May 17, 2013, 11:38:47 PM
 #5

http://blockchain.info/stats
Hash Rate and Electricity Consumption

Electricity Cost

$212,115.89




How do you calculate electricity cost? I thought it was different depending on location.

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May 17, 2013, 11:42:08 PM
 #6

http://blockchain.info/stats
Hash Rate and Electricity Consumption

Electricity Cost

$212,115.89




How do you calculate electricity cost? I thought it was different depending on location.

As it states at the bottom of the page:

* Electricity consumption is estimated based on power consumption of 650 Watts per gigahash and electricity price of 15 cent per kilowatt hour. In reality some miners will be more or less efficient.

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Blueberry408
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May 17, 2013, 11:43:57 PM
 #7

I think difficulty of Bitcoin goes very high. Mining is not profitable now. Without miners coin will be dead.

Do you think it's the time to adjust difficulty?

Share your opinion.......

We have Moore's Law on our side (as miners).

Feel free to send along any spare floating point remainders: 1CVTqVbqHTw35xGKfp4vmxggKdkMVwswtr
CMMPro
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May 18, 2013, 12:02:44 AM
 #8

I think you are going to see a lot of GPU miners shutting down or moving their rigs over to alt coins anyway once ASIC's really take over hashing. We may even see a temporary difficulty drop.

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May 18, 2013, 12:31:28 AM
 #9

I think difficulty of Bitcoin goes very high. Mining is not profitable now. Without miners coin will be dead.

Do you think it's the time to adjust difficulty?

Share your opinion.......

Difficulty is a function of how interesting BTC is to mine. The more miners the harder it becomes. If there were less miners, difficulty would be lower.

BitCoin is NOT a pyramid - it's a pagoda.
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May 18, 2013, 01:33:09 AM
 #10

I think difficulty of Bitcoin goes very high. Mining is not profitable now. Without miners coin will be dead.

Do you think it's the time to adjust difficulty?

Share your opinion.......

Difficulty is a function of how interesting BTC is to mine. The more miners the harder it becomes. If there were less miners, difficulty would be lower.

Actually its a function of relative luck in a sliding window. If we keep getting lucky, and blocks are found faster or slower than a certain rate, the difficulty changes.  If we get lucky, we could see a change, if we start getting unlucky, we could see a change the other way.

Miners who can figure out how to get more lucky (like by increasing hashrate with various designer chips) gets more of the future block rewards. And later on, someone will be fragging aliens in doom with all the GPU miners in electronics recycling heaven.

Feel free to send along any spare floating point remainders: 1CVTqVbqHTw35xGKfp4vmxggKdkMVwswtr
CanadianGuy
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May 18, 2013, 05:23:38 AM
 #11

the little guys trying to run mining rigs in their moms basements are having the difficulty..
the big guys don't seem to be sweating..
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May 18, 2013, 02:27:06 PM
 #12

With an existing 5850 GPU and summer air conditioning, it is costing me ~$0.80/day to mine (total rig wattage). (~$5.60/week)

At the current difficulty, I earn ~0.1BTC/week which is currently ~$12/week.

That makes for a profit margin of ~100+% and is significantly cheaper than purchasing BTC directly with that ~$5.60/week.

At the current difficulty, it would be profitable for me to mine even with the price all the way down at $60/BTC.

Tips Appreciated: 171TQ2wJg7bxj2q68VNibU75YZB22b7ZDr
Malawi
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May 18, 2013, 02:36:05 PM
 #13

With an existing 5850 GPU and summer air conditioning, it is costing me ~$0.80/day to mine (total rig wattage). (~$5.60/week)

At the current difficulty, I earn ~0.1BTC/week which is currently ~$12/week.

That makes for a profit margin of ~100+% and is significantly cheaper than purchasing BTC directly with that ~$5.60/week.

At the current difficulty, it would be profitable for me to mine even with the price all the way down at $60/BTC.

And in wintertime even lower - noted that the equipment is already paid off.

BitCoin is NOT a pyramid - it's a pagoda.
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