The difficulty HAS BEEN REDUCED!!!!

[noobtrader]

hashrate rises again 

wow, how high can you go

[1715641597]

1715641597

[1715641597]

1715641597

[Minerjoe]

hashrate rises again 

wow, how high can you go

No limit here. Remember those 40% per month diff growth rates we used to have before.

[lightfoot]

hashrate rises again 

wow, how high can you go

No limit here. Remember those 40% per month diff growth rates we used to have before.

Agreed, but where is the new equipment coming from and how can it run? Right now the power/hash threshold is pretty well balance so either:

a) Someone is exceptionally stupid and mining at a loss
b) Someone turned on a pile of built current generation equipment
c) Someone built a new and more efficient technology.

I doubt c, not sure about b, which leaves a.

[lightfoot]

Ok, this makes no sense. Apparently someone added 40ph to the mining network in a space of about a day.

If that was Spoondles things, that's 25,000 of them. 50,000 800gh Monarchs.

That doesn't make a whole lot of sense.

[noobtrader]

Ok, this makes no sense. Apparently someone added 40ph to the mining network in a space of about a day.

If that was Spoondles things, that's 25,000 of them. 50,000 800gh Monarchs.

That doesn't make a whole lot of sense.

im more interested in how much electricity needed to run those 40ph ?
were banker started mining bitcoin now ? 

[lightfoot]

Ok, this makes no sense. Apparently someone added 40ph to the mining network in a space of about a day.

If that was Spoondles things, that's 25,000 of them. 50,000 800gh Monarchs.

That doesn't make a whole lot of sense.

im more interested in how much electricity needed to run those 40ph ?
were banker started mining bitcoin now ? 

Simple. Assume half a watt per gh, 800gh=400 watts. Multiply by 50,000 and you have 20,000Kw. Or 20MW of power.

Hm.

[Saw]

maybe its just an accumulation of many people turning their hardware back to BTC mining due to the drop in difficulty?
 

[noobtrader]

Ok, this makes no sense. Apparently someone added 40ph to the mining network in a space of about a day.

If that was Spoondles things, that's 25,000 of them. 50,000 800gh Monarchs.

That doesn't make a whole lot of sense.

im more interested in how much electricity needed to run those 40ph ?
were banker started mining bitcoin now ?  

Simple. Assume half a watt per gh, 800gh=400 watts. Multiply by 50,000 and you have 20,000Kw. Or 20MW of power.

Hm.

wow...
thats like 1 small power plant  output, isnt  ?

http://cleantechnica.com/2012/09/11/20mw-solar-power-plant-for-canberra-will-be-australias-largest/

EDIT:  and if you think about it, total hashpower (which about 400ph) will need like 200MW ? wow 

[lightfoot]

Well, yeah. Someone check my numbers, maybe it's a luck spike, but usually they are not that high. On a more serious point of view though, that would also require 40,000 1,000 watt power supplies to provide 12 volts for the miners. Who just delivered an order like that?

How the fuck does that much power appear? Seriously?

As for overall, remember .5w/gh is the best equipment out today. I'm sure people are mining with crap hardware somewhere, so double your number. Which equates to most of the power of Three Mile Island. Not too much, but there....

[noobtrader]

Well, yeah. Someone check my numbers, maybe it's a luck spike, but usually they are not that high. On a more serious point of view though, that would also require 40,000 1,000 watt power supplies to provide 12 volts for the miners. Who just delivered an order like that?

How the fuck does that much power appear? Seriously?

As for overall, remember .5w/gh is the best equipment out today. I'm sure people are mining with crap hardware somewhere, so double your number. Which equates to most of the power of Three Mile Island. Not too much, but there....

PSU, cable and electronic, i guess they were made in China, Taiwan, Thailand or Malay.  
im more concerned about the time when all mining subsidy stopped and price still in the 300 range. btw i myself planning to upgrade when subsidy halved and price of miner drop. usually ppl panic sell to cover their investment at that time, and maybe buy more btc too if it drop in price.

the fact is no one stabilize the btc price which miner should have done. this can only happen if btc somehow converted into half POS-half POW coin  like ppc, or creating masternode like drk-dash coin.
in short ppl were given reward for buying and keeping coin (creating full node) too.

[confirmation120]

Holy shit - I didn't think we'd see that, the difficulty has been REDUCED!!!  Mining fun is returning!

And how it is decreasing can you explain in detail

[lightfoot]

PSU, cable and electronic, i guess they were made in China, Taiwan, Thailand or Malay.  
im more concerned about the time when all mining subsidy stopped and price still in the 300 range. btw i myself planning to upgrade when subsidy halved and price of miner drop. usually ppl panic sell to cover their investment at that time, and maybe buy more btc too if it drop in price.

If crap quality power supplies then there should be more data center fires. We'll see. However you're right, I totally forgot about the halving, with that why the fuck would anyone develop a next generation chip at this point. No one would buy it because ROI would nail them with the drop.

Weird. Maybe people are just not rational.

[noobtrader]

PSU, cable and electronic, i guess they were made in China, Taiwan, Thailand or Malay.  
im more concerned about the time when all mining subsidy stopped and price still in the 300 range. btw i myself planning to upgrade when subsidy halved and price of miner drop. usually ppl panic sell to cover their investment at that time, and maybe buy more btc too if it drop in price.

If crap quality power supplies then there should be more data center fires. We'll see. However you're right, I totally forgot about the halving, with that why the fuck would anyone develop a next generation chip at this point. No one would buy it because ROI would nail them with the drop.

Weird. Maybe people are just not rational.

not crazy, more likely uniformed, i mean just the other day i ask about new miner 1.5 T, 600W and cost me like 650usd before shipment and handling and custom etc. about 2.5 or even 3 btc right ? and just to ROI i need to mining for 6 month minimum.

why bother if i can buy btc today 2.5 btc and i dont need to wait 6 month ? dont need to pay shipment etc, dont need mining risk.
and we still can get more within 6 month too by  put it in bitfinex , or buy darkcoin and make masternode, or trading. this has certain risk. but smaller risk than buying miner imo.

[lightfoot]

Ok, so the white line is showing mining speed back to normal. Which either means someone turned off 20mw of mining power or I am chasing a luck dragon through the stats. If the latter, difficulty should rise a bit and fall a bit over the next month.

That makes a bit more sense than the whole "someone turned on a whole metric-ton of systems"

[noobtrader]

we will see that...
or maybe some testing of new asic miner ?

[stonerider]

PSU, cable and electronic, i guess they were made in China, Taiwan, Thailand or Malay.  
im more concerned about the time when all mining subsidy stopped and price still in the 300 range. btw i myself planning to upgrade when subsidy halved and price of miner drop. usually ppl panic sell to cover their investment at that time, and maybe buy more btc too if it drop in price.

If crap quality power supplies then there should be more data center fires. We'll see. However you're right, I totally forgot about the halving, with that why the fuck would anyone develop a next generation chip at this point. No one would buy it because ROI would nail them with the drop.

Weird. Maybe people are just not rational.

not crazy, more likely uniformed, i mean just the other day i ask about new miner 1.5 T, 600W and cost me like 650usd before shipment and handling and custom etc. about 2.5 or even 3 btc right ? and just to ROI i need to mining for 6 month minimum.

why bother if i can buy btc today 2.5 btc and i dont need to wait 6 month ? dont need to pay shipment etc, dont need mining risk.
and we still can get more within 6 month too by  put it in bitfinex , or buy darkcoin and make masternode, or trading. this has certain risk. but smaller risk than buying miner imo.

Most people are just plain stupid. They think they can just buy a bunch of miners and start printing money. Being uninformed is equal to being ignorant, ergo dumb and stupid.

[lightfoot]

we will see that...
or maybe some testing of new asic miner ?

Maybe, but even if it was .25w/gh (twice the efficiency of 28nm) you're talking 10mw of power and heat. Should be able to see that from space.

Time will tell.

[lightfoot]

Most people are just plain stupid. They think they can just buy a bunch of miners and start printing money. Being uninformed is equal to being ignorant, ergo dumb and stupid.

Ignorance=bliss therefore dumb=beautiful. :-)

The proper answer to this is that mining is a form of perfect competition (http://en.wikipedia.org/wiki/Perfect_competition) and it is IMPOSSIBLE to make economic profits in perfect competition. Bitcoin mining is proving this to a "T".

[tbearhere]

Approximately when is BTC going to half...anybody?  Thank you.

[ncsupanda]

Approximately when is BTC going to half...anybody?  Thank you.

http://bitcoinclock.com/