SgtSpike
Legendary
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Activity: 1400
Merit: 1005
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May 18, 2011, 09:03:04 PM |
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Good lord, this graph is scary:  Based off of that, hashing growth isn't going to taper off any time soon. I only hope that USD valuation can keep up to some extent... else by three difficulty increases from now (assuming difficulty in the ~900k range), mining won't even pay for my electricity! |
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mjsbuddha
Sr. Member
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Activity: 336
Merit: 250
yung lean
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May 18, 2011, 09:17:55 PM |
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I get that there will still be a block solved very 10 minutes or so. the thing is, 60% will be taken away from the miners CURRENTLY selling on mt gox and given to the new miners. some of the new miners will inevitably sell their coins and some will inevitably not. If 100% of the new miners sold their coins then there would be no change in supply, otherwise, supply will go down when difficulty goes up. When supply goes down, price goes up.
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MoonShadow
Legendary
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Activity: 1708
Merit: 1007
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May 18, 2011, 09:28:47 PM |
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Based off of that, hashing growth isn't going to taper off any time soon. I only hope that USD valuation can keep up to some extent... else by three difficulty increases from now (assuming difficulty in the ~900k range), mining won't even pay for my electricity!
The rise in difficulty is driven by the rise in relative value, not the other way around. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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SgtSpike
Legendary
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Activity: 1400
Merit: 1005
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May 18, 2011, 09:42:36 PM |
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Based off of that, hashing growth isn't going to taper off any time soon. I only hope that USD valuation can keep up to some extent... else by three difficulty increases from now (assuming difficulty in the ~900k range), mining won't even pay for my electricity!
The rise in difficulty is driven by the rise in relative value, not the other way around. I know that. That doesn't mean I can't hope that the USD valuation keeps up with difficulty. |
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tomcollins
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May 18, 2011, 09:44:25 PM |
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Good lord, this graph is scary:
Based off of that, hashing growth isn't going to taper off any time soon. I only hope that USD valuation can keep up to some extent... else by three difficulty increases from now (assuming difficulty in the ~900k range), mining won't even pay for my electricity!
Eventually, it will barely cover electricity costs. That's kind of the point. But by that point, if you are one of the most power efficient miners, you will remain (the less efficient will stop mining). That is assuming they pay for their electricity and act rationally. I'll take the under for 900k difficulty in 3 increases. Eventually difficulty will be limited by how much is actually being produced that can mine, and that doesn't increase exponentially. |
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k
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May 18, 2011, 09:45:04 PM |
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Same exposure drives difficulty up too.
totally understand that logically price drives difficulty and not the other way around but was thinking that because starting to mine is easier than buying bitcoins (at the moment) has the recent glut of press exposure driven hashing rate (and thus the soon to be increased difficulty) more than it has driven a price rise. we may still see a price rise due to the press exposure but it could be delayed compared to the more immediate impact on hashing rate. what do you think? |
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Stephen Gornick
Legendary
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Activity: 2506
Merit: 1010
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May 18, 2011, 09:55:12 PM |
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Is there some page somewhere that lists the difficulty history? And possibly, what date/time each jump occurred?
Google Docs Spreadsheet http://bit.ly/fylSv8 |
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zpinto
Newbie
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Activity: 58
Merit: 0
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May 18, 2011, 10:09:45 PM |
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Sorry! I kind of dumb! but...what do you mean i will lose 60% of my bitcoins? are they going to remove my coins?  |
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k
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May 18, 2011, 10:17:53 PM |
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Sorry! I kind of dumb! but...what do you mean i will lose 60% of my bitcoins? are they going to remove my coins? it means that the difficulty of generating bitcoins is going to increase by ~60%. so unless you upgrade your mining hardware it will take 60% longer time to generate the same amount of coins as you currently are. |
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zpinto
Newbie
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Activity: 58
Merit: 0
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May 18, 2011, 10:24:20 PM |
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Sorry! I kind of dumb! but...what do you mean i will lose 60% of my bitcoins? are they going to remove my coins? it means that the difficulty of generating bitcoins is going to increase by ~60%. so unless you upgrade your mining hardware it will take 60% longer time to generate the same amount of coins as you currently are. ohh! right! thanks! I have a 6950, so if price doesnt go up with this new difficulty, i might step out when the next difficulty comes, because it wont compensate cause of the electricity bill. |
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clonedone
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May 18, 2011, 10:39:40 PM |
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yeah with 1.2 g/hash mining speed i can only get 4.5 coins per day @ 6.5 usd per coin, 29 dollars a day is not really worth it anymore
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Serge (OP)
Legendary
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Activity: 1050
Merit: 1000
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May 18, 2011, 10:50:12 PM |
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Same exposure drives difficulty up too.
totally understand that logically price drives difficulty and not the other way around but was thinking that because starting to mine is easier than buying bitcoins (at the moment) has the recent glut of press exposure driven hashing rate (and thus the soon to be increased difficulty) more than it has driven a price rise. we may still see a price rise due to the press exposure but it could be delayed compared to the more immediate impact on hashing rate. what do you think? That's understood, difficulty doesn't affect value in a straight way to drive cost up or down. I think you are right, if any new funds may be flowing in after recent press exposure, we haven't seen impact yet. |
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k
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May 18, 2011, 10:51:51 PM |
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yeah with 1.2 g/hash mining speed i can only get 4.5 coins per day @ 6.5 usd per coin, 29 dollars a day is not really worth it anymore
you already own the hardware I'm guessing. Is $29 dollars/day still not more than the electricity costs? why would it not be worth it any more. excuse me if I'm missing some sarcasm. can't tell either way. |
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SgtSpike
Legendary
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Activity: 1400
Merit: 1005
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May 18, 2011, 11:02:20 PM |
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yeah with 1.2 g/hash mining speed i can only get 4.5 coins per day @ 6.5 usd per coin, 29 dollars a day is not really worth it anymore
you already own the hardware I'm guessing. Is $29 dollars/day still not more than the electricity costs? why would it not be worth it any more. excuse me if I'm missing some sarcasm. can't tell either way. Hey, don't try to convince him otherwise... the fewer people mining, the more bitcoins for the rest of us.  |
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rezin777
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May 18, 2011, 11:04:47 PM |
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Hey, don't try to convince him otherwise... the fewer people mining, the more bitcoins for the rest of us. Hey, I like mining, but I like Bitcoins more. I say let the miners come (as long as they don't all go in one pool...), I want network security. I want it to cost billions of dollars to even come close to hurting the Bitcoin network. |
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SlaveInDebt
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May 18, 2011, 11:22:19 PM |
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Where on earth is all this new hardware coming from?  |
"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
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theboos
Member
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Activity: 87
Merit: 10
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May 18, 2011, 11:31:14 PM |
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Blocks per hour before the difficulty change: 12.5
Blocks per hour after a 60% increase in difficulty: 12.6
Can someone explain to me why there was essentially no change? Shouldn't the number of blocks per hour immediately drop by a significant amount, and then recover?
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rowbot
Member
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Activity: 96
Merit: 10
NOW
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May 18, 2011, 11:33:57 PM |
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Where on earth is all this new hardware coming from? Just imagine your avatar speaking this. It's worth it. |
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rezin777
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May 18, 2011, 11:35:23 PM |
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Where on earth is all this new hardware coming from? Seti@home recently took a hit, I think. And I'm sure there are F@H people mining with nVidia as long as the exchange rate makes it worthwhile. Why does it make you unhappy? Yeah, I like easy money too, but I would much rather see the Bitcoin network grow as strong as possible. |
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MoonShadow
Legendary
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Activity: 1708
Merit: 1007
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May 18, 2011, 11:36:17 PM |
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Where on earth is all this new hardware coming from? Presumedly from ATI's manufacturing plants in China. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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