Let me sum it up for you people.

[ChuckBuck]

Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming

Facts : Difficulty will never lower.

What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win.

That's easy money, man.     No moron would put up 10 BTC on that happening.

At least I don't think anyone would.  If he somehow does man up on the bet, I'd bookmark this page for sure!


P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin.  Just throwing that out there.

[1715080356]

1715080356

[1715080356]

1715080356

[1715080356]

1715080356

[xstr8guy]

Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming

Facts : Difficulty will never lower.

What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win.

That's easy money, man.     No moron would put up 10 BTC on that happening.

At least I don't think anyone would.  If he somehow does man up on the bet, I'd bookmark this page for sure!


P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin.  Just throwing that out there.

All were pre-ASIC, no?

[Rival]

Mining companies either turn machines off when they are no longer making a profit, or the machines get shut down by the utility company when they cannot pay their electric bills. Only governments can run deficits indefinitely without going bankrupt.

They may decide to shove $20 bills into machines instead of pulling $20 bills out of them for some period hoping BTC prices will increase eventually and bail them out, but I think we all know what a fools game that is. It's just a bad cycle of payday loans that ends in tears.

[Soros Shorts]

Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming

Facts : Difficulty will never lower.

What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win.

That's easy money, man.     No moron would put up 10 BTC on that happening.

At least I don't think anyone would.  If he somehow does man up on the bet, I'd bookmark this page for sure!


P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin.  Just throwing that out there.

All were pre-ASIC, no?

I would not be surprised to see a post-ASIC difficulty decrease in 2015 as mining farms start hitting the power efficiency wall.

[kingscrown]

i like mining + good heat in winter here [whch is really cold]
my last winter was superb hot but mostly due to GPUs that used scrypt at that point.
now im into x11 hence EXCL

[vipgelsi]

i like mining + good heat in winter here [whch is really cold]
my last winter was superb hot but mostly due to GPUs that used scrypt at that point.
now im into x11 hence EXCL

Yup love mining in the winter the noise also helps me sleep lol.  

[ChuckBuck]

Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming

Facts : Difficulty will never lower.

What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win.

That's easy money, man.    No moron would put up 10 BTC on that happening.

At least I don't think anyone would.  If he somehow does man up on the bet, I'd bookmark this page for sure!


P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin.  Just throwing that out there.

All were pre-ASIC, no?

I would not be surprised to see a post-ASIC difficulty decrease in 2015 as mining farms start hitting the power efficiency wall.

Yup, xstr8guy, most of those decreases were pre-Asic, but what I'm alluding to is what Soros Shorts is pointing out which will probably happen in the latter half of 2015 or early to mid part of 2016.

Those industrial mining farms won't be able to keep up electrical, cooling, and hosting costs because they'll be mining at a loss at some point.  They'll eventually have to scale down operations substantially, or completely shut down.

It's basically like how most home miners are shutting down this year, it'll happen to the industrial miner in the near future as well.  Just because they have more capital, doesn't mean bleeding money daily is acceptable no matter what the scale.

[fewcoins]

I could easily see difficulty drop in the not so distant future, once electrical and operation costs exceed miner earnings for the large mining farms.

The big boys will be forced to shut down or scale operations, we'll see a negative difficulty jump, network hash rate will flat line or lower, and the home miners will jump in again to confirm the transactions.

Could easily see this cycle happen around 2015-2016, probably closer to the halving.

I love how you all bet on these mega farms to close when more are opening and they're bringing their cost down substantially! THEY WILL NOT CLOSE UNTIL BTC CRASHES FAR BELOW $100 !!! Even then most of these farms will still earn a few bucks a day (sound like us home miners right?) but point is they'll keep on doing it!!! Difficulty will never drop from one adjustment to the next... maybe the hash rate will drop here and there but it will NEVER drop mark my words!!! I have literally seen millions of ASIC chips just waiting to be bought up... Since nobody wants them & they have so much supply they're mining themselves and doing huge discounts for big purchases! But wait, who didn't know this already???

Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming

Facts : Difficulty will never lower.

What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win.

LMFAO!!! Send the 10coins to 1FJcA7cCLeFiEAeMg4QPKfSqTt2nQvT5SM but pleaseee you wouldn't dare bet! I love how you say 2 yrs because you're hoping the mining reward going down to 12.5btc will have a huge effect on large mining operations, not realizing they'll be far past the breakeven point at that time & they could care less what happens to BTC! Hence why they're bombing the price down in front of your eyes everyday!!! & you think $1.8m in mining revenue PER DAY will stop or slow down why?! They're the ones dumping the coins! They can still do it at a profit when BTC is sub $100 

[testerman]

Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming

Facts : Difficulty will never lower.

What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win.

That's easy money, man.     No moron would put up 10 BTC on that happening.

At least I don't think anyone would.  If he somehow does man up on the bet, I'd bookmark this page for sure!


P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin.  Just throwing that out there.

and one more difficulty decrease is coming..then the statement becomes " There's been 9 difficulty decreases in the 5 year history of Bitcoin"

[RealMalatesta]

I'm sick of this snake-race. Difficulty goes up - difficulty goes down. So what. This is how things go. I could make tons of predictions, every single one would be right someday.

What's more important to me is that the system is kept alive. And this only happens if there are enough private miners. I'm sure the Big Boys know this, and I'm sure they have the possibility to scale down the hash rate as well as they can put it higher.

And if someone tells me "Why don't you buy Bitcoins instead", my response is: I'm not mining only for making some profits, I'm also mining for keeping the system alive. It is - amongst many other things - a political statement, too.

[fewcoins]

I'm sick of this snake-race. Difficulty goes up - difficulty goes down. So what. This is how things go. I could make tons of predictions, every single one would be right someday.

What's more important to me is that the system is kept alive. And this only happens if there are enough private miners. I'm sure the Big Boys know this, and I'm sure they have the possibility to scale down the hash rate as well as they can put it higher.

And if someone tells me "Why don't you buy Bitcoins instead", my response is: I'm not mining only for making some profits, I'm also mining for keeping the system alive. It is - amongst many other things - a political statement, too.

Keep supporting the system so it can steal all the wealth from under you!!! You think the huge mining farms care about supporting the system?! LMFAO! They're doing it to crash the system!

[RealMalatesta]

Why should I think that the huge mining farms care about supporting the system? They care about their money, but they do also support the system. It goes hand in hand. Without miners, no Bitcoin-system. So what exactly is your point?

[Daengineer]

I'm sick of this snake-race. Difficulty goes up - difficulty goes down. So what. This is how things go. I could make tons of predictions, every single one would be right someday.

What's more important to me is that the system is kept alive. And this only happens if there are enough private miners. I'm sure the Big Boys know this, and I'm sure they have the possibility to scale down the hash rate as well as they can put it higher.

And if someone tells me "Why don't you buy Bitcoins instead", my response is: I'm not mining only for making some profits, I'm also mining for keeping the system alive. It is - amongst many other things - a political statement, too.

I agree with your view on keeping the system alive. That's the only reason why I started mining is the bitcoin is a great idea.

Too bad hardware and electric costs make it impossible at times to be profitable. As I posted before I gain a little bit of profit due to the fact I buy my electric in bulk so to say I pay it in advance every year and receive a 33% discount from the electric company here in Alaska plus it does cut down on my gas bill so its a win.

[fewcoins]

Why should I think that the huge mining farms care about supporting the system? They care about their money, but they do also support the system. It goes hand in hand. Without miners, no Bitcoin-system. So what exactly is your point?

The point is they're crashing the system by making all these coins at a super fast rate just to sell them to anyone willing to buy it at the highest price possible! Now the highest bid is always lower and lower and .......

[-ck]

The point is they're crashing the system by making all these coins at a super fast rate just to sell them to anyone willing to buy it at the highest price possible!

Coins are made at virtually the same rate regardless of how much they throw at it...

[seriouscoin]

Why should I think that the huge mining farms care about supporting the system? They care about their money, but they do also support the system. It goes hand in hand. Without miners, no Bitcoin-system. So what exactly is your point?

The point is they're crashing the system by making all these coins at a super fast rate just to sell them to anyone willing to buy it at the highest price possible! Now the highest bid is always lower and lower and .......

Go back and learn about bitcoin mining noobs,

[fewcoins]

The point is they're crashing the system by making all these coins at a super fast rate just to sell them to anyone willing to buy it at the highest price possible!

Coins are made at virtually the same rate regardless of how much they throw at it...

No no you aren't getting it... Super fast meaning now since ASICs came out the game is over. This is the super fast rate im referring too. Because more people are producing plenty of btc per day & less people are willing to buy them the price will go way wayyy lower.

[MilesJohan]

The point is they're crashing the system by making all these coins at a super fast rate just to sell them to anyone willing to buy it at the highest price possible!

Coins are made at virtually the same rate regardless of how much they throw at it...

No no you aren't getting it... Super fast meaning now since ASICs came out the game is over. This is the super fast rate im referring too. Because more people are producing plenty of btc per day & less people are willing to buy them the price will go way wayyy lower.

The btc produced is still the same. Just that few big miner take a big portion of it.

[mmeijeri]

Coins are made at virtually the same rate regardless of how much they throw at it...

Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen.

[RealMalatesta]

Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen.

So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value.