New difficulty: 23844670038 +20.86% - Sucks!

[bozo333]

+20.86% You gotta know when to pull the plug....

Turned off my miners this morning...until BTC goes back over $550. Need the fiat.

More bad news:
Estimated Next Difficulty:   28,023,615,809 (+17.53%) in 14 days.

[1714854210]

1714854210

[1714854210]

1714854210

[1714854210]

1714854210

[kendog77]

According to the site below, ~29.4 PH was added to true network over the last 12 days.

https://bitcoinwisdom.com/bitcoin/difficulty

29.4 PH is an insane amount of hashrate,  so hopefully some of the increase can be explained by above average luck, which will help with future difficulty increases as luck normalizes.

To put things into perspective, 29.4 PH/s is:
- 6,533 SP30s at 4.5 TH/s
- 66,667 S3s at 441 GH/s
- 29,400 S2s at 1 TH/s

Speculation points to Bitfury deploying massive private mining farms to explain most of the increase, but the scale we're talking about here is absurd. At 1W/GH, you'd need access to a 29.4 megawatts of power for such an increase.

[bozo333]

I have heard, no way to confirm though, is that the modus operandi of Chinese miner equipment manufacturers (maybe all) are to use their new machines THEMSELVES for 2 months and then sell them off. Would be a logical thing for them to do but if true, they are the only ones going to make money for sure!

[DrG]

I have heard, no way to confirm though, is that the modus operandi of Chinese miner equipment manufacturers (maybe all) are to use their new machines THEMSELVES for 2 months and then sell them off. Would be a logical thing for them to do but if true, they are the only ones going to make money for sure!

There is a way to confirm.  The very first ASIC company (Avalon) did just that.  Here's proof:
http://www.coindesk.com/avalon-accused-of-mining-with-customer-asics/

They configured the miner to mine to an address and didn't bother to clear it before shipping.  Customers can see how much Avalon mined just to that one address.

Right now what most manufacturers, not just the Chinese ones, are doing is they are taking customer profits and building their own farms to compete with customers.  For every miner you buy they buy 2-5 miners at no cost to them other than space and electricity.

[lowbander80]

yes its the called burn out test...however this adds that they have also low RMA

[bozo333]

yes its the called burn out test...however this adds that they have also low RMA

Hahaha...you are right...I have been somewhat impressed how reliable my array of machines (Antminer, A2, Dragon Miner, SP10) has been! Now I know why. If the run for 2 months at the factory making those dudes money then they will run for years (which of course they won't anyway).

[taipo]

+20.86% You gotta know when to pull the plug....

Turned off my miners this morning...until BTC goes back over $550. Need the fiat.

More bad news:
Estimated Next Difficulty:   28,023,615,809 (+17.53%) in 14 days.

Two days later and the prediction is going up ( 18.45% )

The war of the data centres is in full swing.

[mjk79]

+20.86% You gotta know when to pull the plug....

Turned off my miners this morning...until BTC goes back over $550. Need the fiat.

More bad news:
Estimated Next Difficulty:   28,023,615,809 (+17.53%) in 14 days.

I did the same, after only having my S3's for a week, that last difficulty increase took a huge chunk out of my profitability so I listed and sold them on eBay.

I pretty much broke even on the deal and I feel good about that.

[bigdave]

Yep, I've been debating when would be the time that mining is no longer worth it and for me I believe today is it. I can make more day trading and just simply buying btc than mining.

[Ayers]

when this thing stop? i mean it can not go up forever, it seems just a battle who control more hash now, distigusting

[RoadStress]

when this thing stop? i mean it can not go up forever, it seems just a battle who control more hash now, distigusting

It will never stop!

[cisahasa]

i went to solo mining now.--

[taipo]

when this thing stop? i mean it can not go up forever, it seems just a battle who control more hash now, distigusting

It will never stop!

Probably somewhere in the 80B mark it has to top out.

Bitcoin Difficulty:   23,844,670,039
Estimated Next Difficulty:   29,224,980,526 (+22.56%)
Adjust time:   After 1487 Blocks, About 9.2 days
Hashrate(?):   194,989,563 GH/s

[philipma1957]

when this thing stop? i mean it can not go up forever, it seems just a battle who control more hash now, distigusting

It will never stop!

Probably somewhere in the 80B mark it has to top out.

Bitcoin Difficulty:   23,844,670,039
Estimated Next Difficulty:   29,224,980,526 (+22.56%)
Adjust time:   After 1487 Blocks, About 9.2 days
Hashrate(?):   194,989,563 GH/s

of course it stops growing  if .5 watts is the best an asic  chip does  and 4 cents a kwatt is the cheapest big power supply diff will slow or btc will jump quite a bit.

Spec threads are fun.  I am pretty bullish about it all and most guy are bears here on bitcointalk spec threads.

I see growth under 20 closer to 15    maybe even 13 this time.

I also do not see huge network growth predicted.  here is why.  most mining is in the hands of asic builders .

 the small guy with 1k to 20k in household gear  has less then 20% of the network.  I used to sell amazing amounts on ebay  not anymore. .

 The guy that is doing this with a few paychecks worth of money is spent/tapped/tired of the game.

I still see btc price growth with less diff growth.    we averaged 24% for 200 days   then 18% for 200 days and since june 29th the diff has been  9% this is for 55 days.

  I can't see more then 10% for the next 145 days.  Not at 550 or 500 usd a coin.    So either diff lowers or price jumps.

[DrG]

when this thing stop? i mean it can not go up forever, it seems just a battle who control more hash now, distigusting

It will never stop!

Probably somewhere in the 80B mark it has to top out.

Bitcoin Difficulty:   23,844,670,039
Estimated Next Difficulty:   29,224,980,526 (+22.56%)
Adjust time:   After 1487 Blocks, About 9.2 days
Hashrate(?):   194,989,563 GH/s

of course it stops growing  if .5 watts is the best an asic  chip does  and 4 cents a kwatt is the cheapest big power supply diff will slow or btc will jump quite a bit.

Spec threads are fun.  I am pretty bullish about it all and most guy are bears here on bitcointalk spec threads.

I see growth under 20 closer to 15    maybe even 13 this time.

I also do not see huge network growth predicted.  here is why.  most mining is in the hands of asic builders .

 the small guy with 1k to 20k in household gear  has less then 20% of the network.  I used to sell amazing amounts on ebay  not anymore. .

 The guy that is doing this with a few paychecks worth of money is spent/tapped/tired of the game.

I still see btc price growth with less diff growth.    we averaged 24% for 200 days   then 18% for 200 days and since june 29th the diff has been  9% this is for 55 days.

  I can't see more then 10% for the next 145 days.  Not at 550 or 500 usd a coin.    So either diff lowers or price jumps.

You said it was going to be 11% last jump and it was over 20% like I said.  You're guessing 13-15 this jump, I say 20-25 since it's already on track for a 23% jump.

Maybe people are underestimating the winter miners down south.  Vegemite miners... I'm looking at you Organ Of Corti

[-ck]

Maybe people are underestimating the winter miners down south.  Vegemite miners... I'm looking at you Organ Of Corti

But our winter is all but over.

[Nagle]

0.23 exahash/sec! Will it pass 1.0 by the end of the year?

Difficulty will go to the moon!

[taipo]

0.23 exahash/sec! Will it pass 1.0 by the end of the year?

Difficulty will go to the moon!

"To the Moon I say" with old stodgy British accent

No, not to the moon, but certainly to the upper troposphere where its slightly cooler.

I think the rumours that there will be major rollouts of data centres between now and XMAS appears to be coming true. If that is the case, then its 400PH to 700PH by XMAS as they predict.

[taipo]

You said it was going to be 11% last jump and it was over 20% like I said.  You're guessing 13-15 this jump, I say 20-25 since it's already on track for a 23% jump.

Maybe people are underestimating the winter miners down south.  Vegemite miners... I'm looking at you Organ Of Corti

26.5B on the nose is my punt for the next leap.

[DrG]

Maybe people are underestimating the winter miners down south.  Vegemite miners... I'm looking at you Organ Of Corti

But our winter is all but over.

Didn't know you were down there too.  Tilt the planet back this way, it's been hot as hell here in CA and I have a feeling our "winter" is going to be hotter than everybody else's summer.  My new S3s don't like it.