STOP BUYING MINING HARDWARE

[sbogovac]

Why mine? When you can own BTC without the hassle and overhead?
That is where we are now.
Choose an ALT and get busy or buy BTC and hold.

You are coming from a mining-for-profit viewpoint, and you are absolutely right. Buy and hold is a good strategy, don't need to mine.

I am looking at the integrity of the hashing network, where decentralised home miners can put a check on centralised farms. My point is, we do  need reasonably cheap powerful home miners to keep the hashing network healthy.

+1

Agreed. If you could do something where 1 billion people get a mining dongle and secured the network. Sure!

Something like a cryptocurrency with a delegated PoW algorithm [like BitSharesX] for instance...

[Feneusens]

And I will buy some mining hardware once everyone stop.. Muhahha...

[LordPaco]

I'm gunna poke a stick into this beehive and run 

If you are a miner at any scale, like most jobs, you must do it better and cheaper than anyone else doing your same job if you want to come out on top. There is no system in the world that guarantees everyone will be a winner.

[taipo]

But what happens IF btc spikes to 1200us?

If its just a spike then it means nothing, but if BTC rises to $1200 via growth of the BTC economy, which means a general rise in price, then the big mining companies/manufacturers turned miners who have cheap power and financial resources will triple the size of their operations.

The answer is the same if BTC goes to $30,000, large manufacturers turned miners will multiply their facilities by 100 x to match, and the difficulty will follow as it always has done so.

There are big players now running this game, its over for those that do not have the same power rates as the big players do.

[bitrev]

True, BTC is a big players game.

Waiting while those have to stop, because of cost/revenue makes BTC again for the people.

The developers should have put a limit of 10 BTC per month per btc address, per IP and per userID on the netwrork. 90% of those companies would seek another venture.. Then, it was really for the masses..

[jimrome]

True, BTC is a big players game.

Waiting while those have to stop, because of cost/revenue makes BTC again for the people.

The developers should have put a limit of 10 BTC per month per btc address, per IP and per userID on the netwrork. 90% of those companies would seek another venture.. Then, it was really for the masses..

Nonsense, bitcoin mining has never been for the "masses".

[kaykawa]

If you stop buying mining asics... the price will decrease .. 0.3 / 0.4 usd per ghs.. or maybe lower.

[DeathProxy]

BTC mining can be profitable if someone of manufacturers will offer powerful hardware but with really good price.  In fact, there is no such hardware at the moment.
To say truth, I would be happy much more if there will be powerful altcoin miners.

[szmarco]

If you stop buying mining asics... the price will decrease .. 0.3 / 0.4 usd per ghs.. or maybe lower.

It's hard to be lower than their costs.
If it's difficult to sell, they prefer to mine themself.

[s1lverbox]

BTC mining can be profitable if someone of manufacturers will offer powerful hardware but with really good price.   In fact, there is no such hardware at the moment.
To say truth, I would be happy much more if there will be powerful altcoin miners.

Let see this circle:


1.let say ASIC creating chip
2.same asic creating miner
3.announcing miner(for preorder) or just to create HYIP
4.mining with miner as much as possible
5.once mining is barely profitable or near to ROI sale is announced
6.miner delivered start same life like in point 4.
7.end user loosing btc and see mining is not profitable in small scale.

And again new version of miner is announce and circle closed.

Mining at home is dead as hell. All btc was stolen for preorders or will be mined before miner will reach end user.

[klondike_bar]

this thread is silly. mining can be profitable for certain people, but not everyone.

I started mining this time last year with a (~15BTC, paid in usd) bitfury, and shortly after Batch 1 (4.25) and Batch 2 (4.75) Antminer S1 products. They helped raise the capital to continue expansion.

now I have a small farm where the $2000 costs of wiring in 20kW, power supplies, PDUs, shelving, and power costs have been paid for entirely by the resale of hardware to $CAD, and I am currently running 8TH with roughly 20/24BTC from the initial hardware costs held in savings wallets.

at the current BTC prices and hardware prices though, it would be difficult for most equiment to return a profit unless your costs (power, space, and personal time) are under $0.10/kwh, unless you make some fairly liberal calculations about future BTC value and difficulty increases.

IMO difficulty is slowing down (remember the 8% and 3% only a few weeks ago), and with the low prices I think we could see a relative plateau very soon, with only 4-8%/jump until prices increase

[DeathProxy]

So.. it really seems like altcoins is the best option for those who want to try (or continue) mining at home. And looks like it can be really profitable with high hashing power in hands ("for certain people", like klondike_bar said).

[pissedoff]

If Bitcoin mining doesn't exist then Bitcoin will not be so valuable as it will be exclusive to a small amount of people it would be probably stable at the current price.

[X7]

Mining is not dead... I started with damn decent hash speeds when difficulty was 7 Billion... But now we HAVE entered the era of industrialized mining.

drop your 20 Peta hash in the arctic circle and pay peanuts for electricity... what is that you say? FEELS HOT INSIDE? It's cool bro open a fuckin window and... BOOM instant cooling lol

The only good news is a lot of companies are greedy so at least there will be competition in the Industrialized mining phase and no centralization due to the greed.

[TimonPeng]

If people stop mining, bitcoin is dead.

[opieum2]

I'm gunna poke a stick into this beehive and run 

If you are a miner at any scale, like most jobs, you must do it better and cheaper than anyone else doing your same job if you want to come out on top. There is no system in the world that guarantees everyone will be a winner.

This is accurate. If anyone has the mistaken illusion that home mining is possible at scale, then they are deluded. That said, home mining is a GREAT way to get started. Proof of concept and learning. From there though you MUST have a plan to scale your setup out into larger environments. Its the only way you can ever hope to make any kind of money mining. Industrial mines are ultimatly where things are going. This is not for the lazy or easy money types. It requires work.

[idecable]

  I can't stop!

[Johanna]

If people stop mining, bitcoin is dead.

Wrong, only if everyone in the whole world stop mining then bitcoin is dead...

[yenzae0215]

its not profitable to buy mining hardwares this days to mine bitcoins 

[seriouscoin]

If people stop mining, bitcoin is dead.

stop buying mining hardware = every mining hardware will die....

Great logic, you must be genius