The end is nigh

[BCMan]

 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?

[1714125800]

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[Kluge]

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.

[drakahn]

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

[SkRRJyTC]

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]

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

[ZodiacDragon84]

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.

[DeathAndTaxes]

price is irrelivent.

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

[Inspector 2211]

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]

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]

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.

[deroyale]

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!!!   

[jwzguy]

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.

[Joshwaa]

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

Yes!

[jamesg]

I'm married to bitcoin....

[cablepair]

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 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]

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 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]

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]

  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.

[DeathAndTaxes]

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.
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[SgtSpike]

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).