STOP BUYING MINING HARDWARE

[redsn0w]

I think we can return to the cpu mining ... the asic hardware  have ruined everything. What do you think guys ?








Ps:it is only my suggestion...

[Lassi]

I think we can return to the cpu mining ... the asic hardware  have ruined everything. What do you think guys ?








Ps:it is only my suggestion...

No. Just no.

Commercial mining with lowest power and hardware costs is where this war will be waged. Eventually mining will be concentrated in a few companies hands even if the BTC price implodes back $1.

[Unacceptable]

I think we can return to the cpu mining ... the asic hardware  have ruined everything. What do you think guys ?








Ps:it is only my suggestion...

You suggesting Bitcoin 3.0 CPU style  

Let me get my 12 old quad core intel PC's back out of storage!!!!!!!!! 

[redsn0w]

I think we can return to the cpu mining ... the asic hardware  have ruined everything. What do you think guys ?








Ps:it is only my suggestion...

You suggesting Bitcoin 3.0 CPU style  

Let me get my 12 old quad core intel PC's back out of storage!!!!!!!!! 

Bitcoin is not more decentralized ...  so What is the real solution ? We cannot return to the cpu mining so .. what we can do ?

[Lassi]

Nothing.

Altcoin of your choice is?

[medUSA]

Mining is marginally profitable because asics are too expensive. Can we have like opensourced asics? Right down to chip designs, pcbs, layout, so anyone can make their own asic at a reasonably low cost. Home miners globally will be able to complete with mining farms and we have a more decentralised network.

[sbogovac]

I agree with this guy on where BTC is going: http://youtu.be/_-TLA3j-ic4

(Basically: the PoW Bitcoin algorithm is going to [have to] change into an delegated PoW algorithm [like BitSharesX]...)

[Soros Shorts]

I agree with this guy on where BTC is going: http://youtu.be/_-TLA3j-ic4

(Basically: the PoW Bitcoin algorithm is going to [have to] change...)

Yeah, change it to Proof of Shit, because I plan on buying a lot of Shit.

[Lassi]

Mining is marginally profitable because asics are too expensive. Can we have like opensourced asics? Right down to chip designs, pcbs, layout, so anyone can make their own asic at a reasonably low cost. Home miners globally will be able to complete with mining farms and we have a more decentralised network.

Nope.

You need millions to save millions.

You are never going to get enough people to agree to work on an open source ASIC that can compete with current fabricators. That ship sailed.

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.

[brontosaurus]

Mining is marginally profitable because asics are too expensive. Can we have like opensourced asics? Right down to chip designs, pcbs, layout, so anyone can make their own asic at a reasonably low cost. Home miners globally will be able to complete with mining farms and we have a more decentralised network.

Nice idea, but  it's totally impractical.

Home miners could compete still with the mining farms if only they'd choose the right companies to do business with, namely:

- Ones that don't discount for bulk sales

- Ones that actually want to keep their customers and view them as their primary income source, not mining

- Ones that will reinvest profits to make better products to keep their customers profitable.

- Ones that design mining system that can be easily upgraded to keep customers competitive at minimum cost.

- Ones that are content with a modest profit margin.

[jdany]

The free market isn't kind to small players.
But, small players are very important to the market.

I've been involved in mining at 3 different times since 2012.
I have 3 principles for entering and exiting mining.

1) +ROI according to my magical spreadsheet
2) Other areas of investment are not moving (stagnant) or less profitable.
3) Hardware is available and manufacturers are battling for price competitiveness.

[Lassi]

Mining is marginally profitable because asics are too expensive. Can we have like opensourced asics? Right down to chip designs, pcbs, layout, so anyone can make their own asic at a reasonably low cost. Home miners globally will be able to complete with mining farms and we have a more decentralised network.

Nice idea, but  it's totally impractical.

Home miners could compete still with the mining farms if only they'd choose the right companies to do business with, namely:

- Ones that don't discount for bulk sales

- Ones that actually want to keep their customers and view them as their primary income source, not mining

- Ones that will reinvest profits to make better products to keep their customers profitable.

- Ones that design mining system that can be easily upgraded to keep customers competitive at minimum cost.

- Ones that are content with a modest profit margin.

Huh?

That really doesn't describe any of them.

Given there is always discounts on bulk orders. Try it and see. ALWAYS.

There are a few that do want to keep customers but not mine but there are only what 1 or 2 that do that.

Again 1 or 2 maybe.

Upgrade? Nothing right now is worth upgrading unless you can pop chips into a generic socket... ooops you can't. Not yet anyhow.

LOL Modest profits? Most have been doing well but the market has changed from home market to massive farms so again economy of scale is first priority. The more you make the cheaper it is. Simple.

---

Mining will continue to concentrate in fewer and fewer hands in places where cost of production and price of electricity is best. At this point Eastern Europe? USA? China?

[ErikvanBreen]

Then stop buying hardware and start cloud mining for better deals!  If you can't beat them, join them 

Or just stop mining completely if you want to make guaranteed profit, go back to work and enjoy your risk free life!
Do you still see people complaining why we use the internet instead of the fax? Mining is evolving and you have to adjust with it or you'll end up falling behind.

[omgbossis21]

I think this is why PoC (proof of capacity) is becoming so big.  When the cost of mining is the price of a few cpu fans running profitability is so easy.

[sbogovac]

Then stop buying hardware and start cloud mining for better deals!  If you can't beat them, join them  [...]

Could you give an example of an BTC cloud mining offer that you consider a good deal?

[brontosaurus]

Mining is marginally profitable because asics are too expensive. Can we have like opensourced asics? Right down to chip designs, pcbs, layout, so anyone can make their own asic at a reasonably low cost. Home miners globally will be able to complete with mining farms and we have a more decentralised network.

Nice idea, but  it's totally impractical.

Home miners could compete still with the mining farms if only they'd choose the right companies to do business with, namely:

- Ones that don't discount for bulk sales

- Ones that actually want to keep their customers and view them as their primary income source, not mining

- Ones that will reinvest profits to make better products to keep their customers profitable.

- Ones that design mining system that can be easily upgraded to keep customers competitive at minimum cost.

- Ones that are content with a modest profit margin.

Huh?

That really doesn't describe any of them.

Given there is always discounts on bulk orders. Try it and see. ALWAYS.

There are a few that do want to keep customers but not mine but there are only what 1 or 2 that do that.

Again 1 or 2 maybe.

Upgrade? Nothing right now is worth upgrading unless you can pop chips into a generic socket... ooops you can't. Not yet anyhow.

LOL Modest profits? Most have been doing well but the market has changed from home market to massive farms so again economy of scale is first priority. The more you make the cheaper it is. Simple.

---

Mining will continue to concentrate in fewer and fewer hands in places where cost of production and price of electricity is best. At this point Eastern Europe? USA? China?

Yes, there are some that say they don't (or won't) mine but the minute you start discounting for bulk sales, that's effectively what you are doing by proxy, the difference is that the supplier gets his profit up front from the bulk buyer rather than having to mine themselves (Don't you think it's peculiar why most rig suppliers ell in batches? It makes no commercial sense unless there are other factors at work)

You're also cheating your customers that pay full price - they provide larger margins and will also get hurt by higher hash rates.

[ErikvanBreen]

Then stop buying hardware and start cloud mining for better deals!  If you can't beat them, join them   [...]

Could you give an example of an BTC cloud mining offer that you consider a good deal?

BTC cloud mining? no, I use LTC cloud mining myself and it is extremely profitable at LTCgear, they are selling 160Mhash for $850 if you pay in BTC and use the coupon code in my sig.

I have switched to scrypt mining about 4 months ago so I no longer keep track of all the SHA-256 mining deals.
Not trying to sell LTCgear but you could set your payout in BTC, the current ROI is 5-6 weeks there including the expected difficulty adjustments.

Maybe someone else on this forum could provide some info on SHA-56 cloud mining deals and which is currently the best.

[medUSA]

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.

[Lassi]

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 sign me up!

[sbogovac]

Then stop buying hardware and start cloud mining for better deals!  If you can't beat them, join them   [...]

Could you give an example of an BTC cloud mining offer that you consider a good deal?

BTC cloud mining? no, I use LTC cloud mining myself and it is extremely profitable at LTCgear, they are selling 160Mhash for $850 if you pay in BTC and use the coupon code in my sig.

I have switched to scrypt mining about 4 months ago so I no longer keep track of all the SHA-256 mining deals.
Not trying to sell LTCgear but you could set your payout in BTC, the current ROI is 5-6 weeks there including the expected difficulty adjustments.

Maybe someone else on this forum could provide some info on SHA-56 cloud mining deals and which is currently the best.

THNX!