lphelps (OP)
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Activity: 92
Merit: 10
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June 27, 2014, 03:24:40 PM |
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Probably been discussed before but I'm not in the mood to search for it.. I don't know how the Difficulty is being determined, but the upcoming increase of 23% is really feeling like being ass raped. I have a real problem with Difficulty going up every god damn 12+ days.. At the rate it keeps increasing, the only people that will make any money in mining are those that had $100K+ to invest in mining gear or cloud mining and was able to get around 15+ THS.
I thought having 1.3 THS was kickass, but it ain't shit... I would have been making over $100 a day 5 months ago.. Now I barely make $25 a day. What the shit is that?!? Unless BTC suddenly goes to $2000+, mining isn't going to be worth the $$$ anymore..
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TheRealSteve
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June 27, 2014, 03:40:19 PM |
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Probably been discussed before but I'm not in the mood to search for it.. Then why should we be in the mood to respond?  The difficulty increases to compensate for increased/decreased network hash rates. 2016 blocks should take 14 days. Say it only takes 11 days. The network responds by increasing the difficulty by (14/11)-1 * 100% ~= 27.3% ( Note that this is purely a reactionary method that assumes linearity, so if in the last 6 days the hash rate really climbed by 50% while before that it only climbed by 10% and there's no reason to believe that's going to stop any time soon, the difficulty will have to be adjusted by a relatively big percentage again in another 2016 blocks' time. ) And yes, your prediction is pretty much spot-on. Solo mining for anything but the big farms is already out, and pooled mining for small time miners is also on its way out for those expecting to see any returns on it (never mind profiting). Of course, you knew this when you got into it, right?  ( Just wait until July/August 2016 rolls around. Woo! ) |
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iglasses
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Activity: 1148
Merit: 1000
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June 27, 2014, 05:20:56 PM |
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You have 1.3Ths of equipment and don't know how difficulty works?
yikes.
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I only have a signature because I'm allowed.
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jonsi
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June 27, 2014, 05:39:04 PM |
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...
. At the rate it keeps increasing, the only people that will make any money in mining are those that had $100K+ to invest in mining gear or cloud mining and was able to get around 15+ THS.
I thought having 1.3 THS was kickass, but it ain't shit... I would have been making over $100 a day 5 months ago.. Now I barely make $25 a day. What the shit is that?!? Unless BTC suddenly goes to $2000+, mining isn't going to be worth the $$$ anymore..
The ratio of invested money and return is exactly the same for $10 and for $100.000 (assuming you don't get a discount). |
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cosmicapex
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Activity: 87
Merit: 10
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June 27, 2014, 07:00:32 PM |
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Perhaps repressed memories?
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googlemaster1
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June 27, 2014, 09:51:07 PM |
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I dislike miners who talk about ROI in terms of $$. Always irked me... don't know about you guys  . |
BTC: 15565dcUp4LEWe6KYT7tawMHFRL4cBbFGN
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jimlite
Legendary
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Activity: 1848
Merit: 1018
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June 27, 2014, 09:51:46 PM |
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Well of course, diff goes up because better and faster asics keep coming out.
Just check GAW miners for the crazy powerful stuff that is out now, and
ridiculous stuff that will be out Q3/Q4.
I just ordered a 13GH Scrypt Asic and already feel it is not enough, but if
you enjoy the hobby and are ok with making a little money, check my sig
for a discount. Good luck.
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hulk
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June 28, 2014, 05:37:02 AM |
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Probably been discussed before but I'm not in the mood to search for it.. I don't know how the Difficulty is being determined, but the upcoming increase of 23% is really feeling like being ass raped. I have a real problem with Difficulty going up every god damn 12+ days.. At the rate it keeps increasing, the only people that will make any money in mining are those that had $100K+ to invest in mining gear or cloud mining and was able to get around 15+ THS.
I thought having 1.3 THS was kickass, but it ain't shit... I would have been making over $100 a day 5 months ago.. Now I barely make $25 a day. What the shit is that?!? Unless BTC suddenly goes to $2000+, mining isn't going to be worth the $$$ anymore..
Miners are for fun, if you want profit. Sell your miners for higher then market price. |
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bbeesley
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June 28, 2014, 05:37:50 AM |
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I dislike miners who talk about ROI in terms of $$. Always irked me... don't know about you guys . It makes me sad when people use ROI and clearly don't understand what it means ;-) |
1A3vU4r4typS1jNFfaJjvm77ZHMtqEvB4F
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Klubknuckle
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June 28, 2014, 05:59:04 AM |
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Difficulty should be slowing down but still. When?
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bbeesley
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June 28, 2014, 06:09:01 AM |
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Difficulty should be slowing down but still. When?
why would you expect that? for difficulty to slow, the rate at which new mining hardware comes online has to slow. With the availability of relatively cheap and reasonably powerful hardware like the Antminer S1s or Rboxes anyone with a few hundred bucks can get into the game as long as new miners keep coming on, difficulty will continue to climb. |
1A3vU4r4typS1jNFfaJjvm77ZHMtqEvB4F
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DrG
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June 28, 2014, 06:19:56 AM |
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6 Manufacturers are putting out new miner models this month and AsicMiner has made over 100PH/s of chips for use for some farms and miners. You can take the current difficulty and double it to see what it will be at the end of July.
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FlyForFun
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June 28, 2014, 06:24:09 AM |
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The difficulty will slow down after there is no more profit for manufacturer to produce. But that would be like 10x of the difficulty now.
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DrG
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June 28, 2014, 06:31:07 AM |
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The difficulty will fluctuate in increases between 10 to 30% more or less until 2016. Even all next year we will keep having more efficient miners come out which means more power on the network. Sometime in 2016 the block subsidy drops to 12.5 from 25BTC - lots of marginal miners will stop mining.
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monim1
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June 28, 2014, 08:06:21 AM |
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I agree with you. I have also notice that day by day difficulty of mining in increasing. Although Atlcoin mining is much more profitable than BTC.
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bbeesley
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June 28, 2014, 08:54:20 AM |
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I have also notice that day by day difficulty of mining in increasing.
This is nothing new...difficulty increases have occurred about every 10 days since the inception of bitcoin there have been a few times when difficulty actually decreased but this is unlikely to occur with the current wave of cheap miners that are regularly coming to market. see https://bitcoinwisdom.com/bitcoin/difficulty for a historical perspective. |
1A3vU4r4typS1jNFfaJjvm77ZHMtqEvB4F
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cookiemonster7
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Cookie...Cookie.
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June 28, 2014, 08:57:41 AM |
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soon prices will rise to account for the rise in difficulty, just hold on tight.  |
- “Genius is fine for the ignition spark, but to get there someone has to see that the radiator doesn't leak and no tire is flat.”
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Mayuyu48
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June 28, 2014, 09:00:17 AM |
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only few people shutdown their mining rig, also many new hardware is online now make good contribution to increasing bitcoin difficulty if BTC crashed to $100, maybe we will see difficulty decreased  |
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taipo
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Kia ora!
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June 28, 2014, 12:19:06 PM |
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It increases because you are not the only one that feels like their ass has been reamed.
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