Bitcoin Forum
April 25, 2014, 03:49:51 AM *
News: Due to the OpenSSL heartbleed bug, changing your forum password is recommended.
 
   Home   Help Search Donate Login Register  
Poll
Question: I'll stop mining with my gpus/fpgas when Bc price hits
Until it's no longer profitable - 6 (13.6%)
<1-5$ - 3 (6.8%)
7$ - 2 (4.5%)
10$ - 3 (6.8%)
Until asic's arrival - 16 (36.4%)
Never stop - 14 (31.8%)
Total Voters: 44

Pages: [1] 2  All
  Print  
Author Topic: The end is nigh  (Read 6626 times)
BCMan
Hero Member
*****
Offline Offline

Activity: 500


View Profile

Ignore
February 16, 2012, 06:05:36 AM
 #1

 So, are you still planning to mine? I'll wait till 2-3$, then quit. What yours price will be, when you'll decide to stop/quit?
There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin-Qt, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1398397791
Hero Member
*
Offline Offline

Posts: 1398397791

View Profile Personal Message (Offline)

Ignore
1398397791
Reply with quote  #2

1398397791
Report to moderator
1398397791
Hero Member
*
Offline Offline

Posts: 1398397791

View Profile Personal Message (Offline)

Ignore
1398397791
Reply with quote  #2

1398397791
Report to moderator
1398397791
Hero Member
*
Offline Offline

Posts: 1398397791

View Profile Personal Message (Offline)

Ignore
1398397791
Reply with quote  #2

1398397791
Report to moderator
Kluge
Donator
Hero Member
*
Offline Offline

Activity: 938



View Profile

Ignore
February 16, 2012, 06:09:55 AM
 #2

So, are you still planning to mine? I'll wait till 2-3$, then quit. What yours price will be, when you'll decide to stop/quit?
I'm out for a couple months (need the BTC from hardware sales to make more loans) until those BFL units are better-reviewed. Mining was still quite profitable, though... I'd guesstimate I was good until price dropped well below $2.

Accepting new escrow transactions. Free/tips -- over 1350 BTC held in escrow to date.
(seeking remote PT work, ~10hrs/wk - must be tax-compliant in US)
drakahn
Hero Member
*****
Offline Offline

Activity: 504



View Profile WWW

Ignore
February 16, 2012, 06:16:25 AM
 #3

lol, i'll keep mining, they'll come back up

░▒▓█ Coinroll.it - 1% House Edge Dice Game █▓▒░ • Coinroll Thread • *FREE* 100 BTC Raffle
14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
SkRRJyTC
Hero Member
*****
Offline Offline

Activity: 770


View Profile

Ignore
February 16, 2012, 12:40:00 PM
 #4

lol, i'll keep mining, they'll come back up

I regretted shutting my miners off during the last "crash".  Ill be keeping mine on too.
BCMan
Hero Member
*****
Offline Offline

Activity: 500


View Profile

Ignore
February 17, 2012, 04:20:31 AM
 #5

 21 votes for "never stop" option, damn. Do you guys all have free energy?
ZodiacDragon84
Sr. Member
****
Offline Offline

Activity: 266


The king and the pawn go in the same box @ endgame


View Profile

Ignore
February 17, 2012, 04:25:38 AM
 #6

21 votes for "never stop" option, damn. Do you guys all have free energy?

Believe it or not, some of us have faith in the network and system as a currency, not as a get rich quick scheme.

Looking for a quick easy mining solution? Check out
www.bitminter.com

See my trader rep at Bitcoinfeedback.com
!
DeathAndTaxes
Donator
Hero Member
*
Offline Offline

Activity: 966



View Profile WWW

Ignore
February 17, 2012, 04:30:06 AM
 #7

price is irrelivent.

I will mine at $0.01 per BTC if difficulty falls 99.5%

Gerald Davis  CEO, Tangible Cryptography Inc.
BitSimple. A simpler way to buy and sell bitcoins
Inspector 2211
Sr. Member
****
Offline Offline

Activity: 383



View Profile

Ignore
February 17, 2012, 04:46:42 AM
 #8

21 votes for "never stop" option, damn. Do you guys all have free energy?

Not free, but complimentary. The business office I rent has utilities included, as it is a so-called "full service" rental. The biggest concern is how to get rid of all the heat. Going forward, I will focus on BFL singles and/or FPGAs, and gradually phase out most of the graphics card-based rigs.

Also, as the recovery after the last crash in October/November has shown, Bitcoins will always come back. Right now, speculators are selling in panic "the sky is falling, the sky is falling". Once it has fallen far enough, historical evidence suggests $2 or so, at first a few, then more and more speculators will re-enter the market "OMG, it's going up, I don't want to miss this elevator".
spiccioli
Hero Member
*****
Offline Offline

Activity: 980

nec sine labore


View Profile

Ignore
February 17, 2012, 08:11:31 AM
 #9


Also, as the recovery after the last crash in October/November has shown, Bitcoins will always come back.

Inspector,

to be honest, bitcoin has come back one time since the october/november crash but this does not mean it will be able to come back a second time, so if your energy is not free it's not such a bad idea to stop mining when you can't even pay for your energy.

spiccioli
Transisto
Donator
Hero Member
*
Offline Offline

Activity: 1134



View Profile WWW

Ignore
February 17, 2012, 08:38:42 AM
 #10

Some people with ~30 Ghs say they can mine for profit up to ~ 1$ per BTC at 1500000 diff

PS : It's easy to say "I'll never stop" when you have 1-3 GPU and you aren't paying electricity.

Visit and contribute to reddit.com/r/Bitcoin
deroyale
Jr. Member
*
Offline Offline

Activity: 37



View Profile WWW

Ignore
February 17, 2012, 05:23:18 PM
 #11

Believe it or not, some of us have faith in the network and system as a currency...
That's right...

price is irrelivent.
Amen brother!

Oh, and...     BTFD!!!    Kiss

Criticism requires specifics capable of stimulating understanding. That's why I decided to be rude and honest.


Bitcoin is a superior medium of exchange [...] The current system is shit, designed to make slaves of people, and its [sic] the responsibility of smart people everywhere to assert an evolution.
jwzguy
Hero Member
*****
Online Online

Activity: 868



View Profile

Ignore
February 17, 2012, 06:34:10 PM
 #12

Price is not irrelevant - at some point just take the $ you'd be spending on electricity and buy BTC with it. Otherwise you're losing BTC, which is just dumb.

Buying BTC is still supporting the network...I don't know what the aversion to this is, unless you have a problem with the exchanges. (That's certainly understandable.)

That being said, I've made at least 100% over electricity costs since last April. I don't think it will ever drop low enough to go below the electricity costs in my area.

19wXnWTeGuraN9g5UsMAi119sWzDCQcr7S
Bitcoin Logo shirts!
Joshwaa
Hero Member
*****
Offline Offline

Activity: 488



View Profile

Ignore
February 17, 2012, 06:47:10 PM
 #13

21 votes for "never stop" option, damn. Do you guys all have free energy?

Yes!

Like what I said : 1JosHWaA2GywdZo9pmGLNJ5XSt8j7nzNiF
Don't like what I said : 1FuckU1u89U9nBKQu4rCHz16uF4RhpSTV
Don't Like BFL's Project Management : 1FuckbFLZpmWLuyHyFJw1RGkWm3yRM1L5D
gigavps
VIP
Hero Member
*
Offline Offline

Activity: 1022



View Profile

Ignore
February 17, 2012, 06:51:41 PM
 #14

I'm married to bitcoin....
cablepair
SCAMMER
Hero Member
*****
Offline Offline

Activity: 672


http://www.BTCFPGA.com


View Profile WWW

Ignore
February 17, 2012, 07:01:11 PM
 #15

When the last crash happened I was mining at full capacity and buying up all the quitters cheap hardware , when the difficulty was way down and value at $2 I was mining like han solo Smiley I was able to double my mining operation with mining profits

I too have faith I don't even read speculator threads at all 9 out of 10 of them are manipulating for their own agenda
SgtSpike
Hero Member
*****
Offline Offline

Activity: 1106


Firstbits: 18tkn


View Profile WWW

Ignore
February 17, 2012, 07:10:44 PM
 #16

When the last crash happened I was mining at full capacity and buying up all the quitters cheap hardware , when the difficulty was way down and value at $2 I was mining like han solo Smiley I was able to double my mining operation with mining profits

I too have faith I don't even read speculator threads at all 9 out of 10 of them are manipulating for their own agenda

But wouldn't have you been better off just buying Bitcoins at that point?

If you're mining at a loss (costs $300 of electricity for $250 worth of Bitcoins), then you should have just spent that electric money on Bitcoins instead.  Unless of course, that electricity is helping to heat your house, or something, as it does in my case.

Anyway, I'll stop mining when the weather turns.  Since I have resistive coil heating in my home, it's the same efficiency as just using the miners to heat, except I get paid when I use the miners.  But when I have to start using A/C to keep it cool, I'll stop mining, unless there is a better price/difficulty ratio than there is right now.  It just costs too much with A/C included in the bill, I end up losing money on it.

cablepair
SCAMMER
Hero Member
*****
Offline Offline

Activity: 672


http://www.BTCFPGA.com


View Profile WWW

Ignore
February 17, 2012, 07:33:09 PM
 #17

I was still profitable at $2 , I live in upstate ny and our energy is fairly inexpensive compared to other places. At $2 I was still bringing in about 150% of my total energy cost for my home
The-Real-Link
Hero Member
*****
Offline Offline

Activity: 527



View Profile

Ignore
February 17, 2012, 09:11:33 PM
 #18


  If I had all my rigs at home, I'd also still be in the $2 range.

  Now that things are off-site the rent is quite a bit higher but power is included. 

  Like others said though, I want to believe in the currency for longer term and if price to difficulty averages out then I should see no reason to stop miming unless the costs to do so really put me in the red.  Profiting a bit even at the current prices despite the high costs.  Anything I add to this will just help the efficiency overall.

Oh Loaded, who art up in Mt. Gox, hallowed be thy name!  Thy dollars rain, thy will be done, on BTCUSD.  Give us this day our daily 10% 30%, and forgive the bears, as we have bought their bitcoins.  And lead us into quadruple digits
DeathAndTaxes
Donator
Hero Member
*
Offline Offline

Activity: 966



View Profile WWW

Ignore
February 17, 2012, 09:40:16 PM
 #19

Price is not irrelevant - at some point just take the $ you'd be spending on electricity and buy BTC with it. Otherwise you're losing BTC, which is just dumb.

Reading comprehension. 

Price IS IRRELEVANT.   All that matters is price/difficulty. 

You make the exact same amount @ $5.00 and 1.37 million difficulty as you would at $0.01 and 2740 difficulty or $50 BTC and 13.7 million difficulty.

As a miner price is irrelivent so saying at what price will you stop is stupid.  If the price goes to $10 and difficulty to 10 million I guarantee a lot more people will be quitting than if price falls to $1.0 and difficulty drops 90%.

Buying BTC is still supporting the network...I don't know what the aversion to this is, unless you have a problem with the exchanges. (That's certainly understandable.)

That being said, I've made at least 100% over electricity costs since last April. I don't think it will ever drop low enough to go below the electricity costs in my area.
[/quote]

Gerald Davis  CEO, Tangible Cryptography Inc.
BitSimple. A simpler way to buy and sell bitcoins
SgtSpike
Hero Member
*****
Offline Offline

Activity: 1106


Firstbits: 18tkn


View Profile WWW

Ignore
February 17, 2012, 10:06:03 PM
 #20

Price IS IRRELEVANT.   All that matters is price/difficulty. 
Nitpicking, but those two statements contradict each other.  Price is relevant if price/difficulty is relevant.

Either way, I know what you mean, and I agree to an extent.  Except, price/difficulty isn't a perfect relationship.  There will be more people mining, relative to the price/difficulty ratio, at a lower price, than there will be at a higher price.  That is because everyone only has a certain amount of efficiency.  There are only so many miners with free electricity, and beyond that, there are only so many miners with electricity at $0.4/kwh, etc, etc. 

So, difficulty will be lower at lower prices, but will be reduced at a slower rate than price is reduced.  If priced is reduced by a factor of 10, difficulty may only be reduced by a factor of 8.

I do agree that it is rather silly to pick a specific price that your own mining operations will cease to continue, simply because that would imply knowing what the difficulty will be at that price, and that is impossible to determine (unless someone has invented a fancy time machine that I don't know about).

Pages: [1] 2  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!