Don007
Legendary
Offline
Activity: 1050
Merit: 1007
Live like there is no tomorrow!
|
|
August 19, 2014, 06:33:40 PM |
|
The future is in PoS, there's too much energy wasted in PoW...
We need to just make it go towards something I think, nothing wrong with PoW as an idea, I'd say we need more stuff like CureCoin and Primecoin Well, just hashing BTC does bring in BTC in trade of energy. I know there are some coins out here that actually use the hashrate. That makes the energy wasting quite less, as it actually brings some benefits with it. For example, use the hashrate somehow to calculate really hard math calculations, or to found out of really heard math calculations appear to be working (as there still are some math calculations that no one has solved yet / can explain yet). I'm sure there are more ways to spend the huge hashrate usefull. 200 000 000 Gh/s is really a lot. I'm afraid this will hit the difficulty hard to. However, maybe this is going to increase the price of BTC or does it work out somehow positive on the BTC.
|
{Curently quite inactive as I'm really busy in my private life. I will get back soon!} -> Your line here during my inactivity? Feel free to PM <-
|
|
|
|
MarisaFea
Newbie
Offline
Activity: 29
Merit: 0
|
|
August 19, 2014, 07:00:06 PM |
|
All of this power! It's the highest I've ever seen in any sort of thing which used computer power.
|
|
|
|
X7
Legendary
Offline
Activity: 1162
Merit: 1009
Let he who is without sin cast the first stone
|
|
August 19, 2014, 07:20:04 PM |
|
All of this power! It's the highest I've ever seen in any sort of thing which used computer power.
|
For what shall it profit a man, if he shall gain the world, and lose his own soul?
|
|
|
|
bobcaticus
|
|
August 19, 2014, 10:17:50 PM |
|
Whoa, 8 million USD of Bitcoin being mined per MONTH. Holy moly, that guy is gonna be RICH when btc hits the moon. No, that was from March 2014 and they filmed the segment in Feb. Difficulty was around 7 or 8 billion during that time. The "8 million a day" was during the 'gravy month' of december when it was over $1000 a bitcoin. March was a different story. Source: I worked there.
|
|
|
|
fryarminer
|
|
August 19, 2014, 10:22:59 PM |
|
Greed makes people crazy.
|
|
|
|
zedicus
Legendary
Offline
Activity: 966
Merit: 1004
CryptoTalk.Org - Get Paid for every Post!
|
|
August 19, 2014, 10:58:41 PM |
|
Difficulty going up is not necessarily good for the bitcoin economy, the price of bitcoin or even bitcoin itself. The main thing that rising difficult is good for is manufactures of miners (as rising difficulty will generally mean they have had higher sales). The danger of having difficulty too high is that if the cost of electricity to run a miner is close to the USD equivalent of BTC that a miner can produce then if the price of BTC were to fall and remain down for several months then miners might start to take their machines offline in mass. This would cause difficulty to sharply decrease, but before that would happen block confirmation times would slow substantially.
|
|
|
|
X7
Legendary
Offline
Activity: 1162
Merit: 1009
Let he who is without sin cast the first stone
|
|
August 19, 2014, 11:24:57 PM Last edit: August 20, 2014, 03:09:47 AM by X7 |
|
Difficulty going up is not necessarily good for the bitcoin economy, the price of bitcoin or even bitcoin itself. The main thing that rising difficult is good for is manufactures of miners (as rising difficulty will generally mean they have had higher sales). The danger of having difficulty too high is that if the cost of electricity to run a miner is close to the USD equivalent of BTC that a miner can produce then if the price of BTC were to fall and remain down for several months then miners might start to take their machines offline in mass. This would cause difficulty to sharply decrease, but before that would happen block confirmation times would slow substantially. Though there is some validity to your statements - you are assuming Moore's law wont kick in, which is actually happening right now with hard ware and electricity consumption of the hash as well - and necessity is also the mother of all invention, difficulty goes down... BTC goes up... miners come back online.. Satoshi thought this thing through to levels we haven't even looked at
|
For what shall it profit a man, if he shall gain the world, and lose his own soul?
|
|
|
LiteCoinGuy
Legendary
Offline
Activity: 1148
Merit: 1011
In Satoshi I Trust
|
|
August 19, 2014, 11:38:07 PM |
|
|
|
|
|
cryptworld
|
|
August 19, 2014, 11:44:17 PM |
|
And price keeps crashing even in summer this happens is really bad news We need a price increase in winter or this will get difficult
|
|
|
|
Abomb
Newbie
Offline
Activity: 3
Merit: 0
|
|
August 19, 2014, 11:52:46 PM |
|
|
|
|
|
bitllionaire
Legendary
Offline
Activity: 1120
Merit: 1000
|
|
August 19, 2014, 11:59:41 PM |
|
Incredible it looked that asics were all sold but they keep appearing and hashrate goes to moon when price crash
|
|
|
|
fran2k
|
|
August 20, 2014, 01:35:00 AM |
|
Meh, just 0.2 EH/s.
|
|
|
|
Mobius
|
|
August 20, 2014, 01:52:26 AM |
|
Difficulty going up is not necessarily good for the bitcoin economy, the price of bitcoin or even bitcoin itself. The main thing that rising difficult is good for is manufactures of miners (as rising difficulty will generally mean they have had higher sales). The danger of having difficulty too high is that if the cost of electricity to run a miner is close to the USD equivalent of BTC that a miner can produce then if the price of BTC were to fall and remain down for several months then miners might start to take their machines offline in mass. This would cause difficulty to sharply decrease, but before that would happen block confirmation times would slow substantially. Though there is some validity to your statements - you are assuming Moore's law wont kick in (which is actually happening right now with hard ware and electricity consumption of the hash as well - and necessity is also the mother of all invention, difficulty goes down... BTC goes up... miners come back online.. Satoshi thought this thing through to levels we haven't even looked at In order for this to be true, difficulty would first need to decrease before old miners would be brought back online. Until that happens, the blockchain would suffer from slower confirmation (and block) times. The difficulty would also need to decrease enough to make up for the fact that the (hypothetical) price of bitcoin had decreased.
|
|
|
|
Alley
Legendary
Offline
Activity: 910
Merit: 1000
|
|
August 20, 2014, 02:22:48 AM |
|
Not even 1 exahash? Wake me up next year.
|
|
|
|
X7
Legendary
Offline
Activity: 1162
Merit: 1009
Let he who is without sin cast the first stone
|
|
August 20, 2014, 03:10:50 AM |
|
Meh, just 0.2 EH/s.
lol this comment made me spit out my coffee
|
For what shall it profit a man, if he shall gain the world, and lose his own soul?
|
|
|
Nagle
Legendary
Offline
Activity: 1204
Merit: 1000
|
|
August 20, 2014, 05:06:07 AM |
|
The danger of having difficulty too high is that if the cost of electricity to run a miner is close to the USD equivalent of BTC that a miner can produce then if the price of BTC were to fall and remain down for several months then miners might start to take their machines offline in mass. This would cause difficulty to sharply decrease, but before that would happen block confirmation times would slow substantially.
Difficulty adjustment occurs about once every two weeks. There would have to be a huge drop in hashrate in a two week period for confirmation times to be affected much. That might happen when the block reward halves in 2016. Everyone knows that's coming. Some will exit mining at that point.
|
|
|
|
Trillium
|
|
August 20, 2014, 05:17:33 AM |
|
Meh, just 0.2 EH/s.
lol this comment made me spit out my coffee Only 0.00000002 yottahash nothing to get excited about really.
|
BTC:1AaaAAAAaAAE2L1PXM1x9VDNqvcrfa9He6
|
|
|
Chris_Sabian
Legendary
Offline
Activity: 896
Merit: 1001
|
|
August 20, 2014, 03:15:32 PM |
|
God damn it! I quit! I'm pulling the plug. I am done.
I knew this day was coming soon, but I didn't expect it to arrive until 2015. Yuck! In a few hours, the difficulty will be ~24 billion. Did a huge farm just open up recently or something???
Did you even check a ROI calculator before you bought a miner? There are several and should be your first stop.
|
|
|
|
|