The difficulty HAS BEEN REDUCED!!!!

[adaseb]

You know that will not happen, who have access(especially bitfury) to 40MW will use those 40MW, even on their new 0.2W/Gh miners.
For home miners the game is almost over, Guy and Valery said that already in numerous occasions.

Where is there a report or anything about Bitfury coming out with these 0.2W/Gh miners?

Are they keeping them from the public?

[tvasbn]

Valery said end of 2014 for their next gen, also had raise a ton of money last year for their new chips.
will add the hash power gradually, will see

[noobtrader]

You know that will not happen, who have access(especially bitfury) to 40MW will use those 40MW, even on their new 0.2W/Gh miners.
For home miners the game is almost over, Guy and Valery said that already in numerous occasions.

Where is there a report or anything about Bitfury coming out with these 0.2W/Gh miners?

Are they keeping them from the public?

what will happen if almost all hardware maker decided that it is to their best interest not to sell their hardware and mining for themself ? will we see centralization or bitcoin forked into pos coin ?

[lightfoot]

That is within their right.

[noobtrader]

That is within their right.

yes thats right...
we have support their RnD by buying all their previous equipment and then after they reach their mature product and minimal chance of improvement, they keep it all for themself...   

[lightfoot]

yes thats right...
we have support their RnD by buying all their previous equipment and then after they reach their mature product and minimal chance of improvement, they keep it all for themself...   

Well.... Yeah.

This is the other problem I have with mining these days, it started out where anyone could fire up a CPU and crank on the network. Then we all took rocket ships to the moon with video cards (crazy but cool) then FPGAs and ASICs. Now we've stalled out, and the people who built the chips now have the right design (28-20nm chips) so why should they sell them for anything less than what they can mine?

Couple that with the low prices and I don't see anyone investing in a better chip design. We may be stuck here for awhile. Summary: Bye bye distributed network, hello centralized money system.

That's kind of a problem.

[RD965]

yes thats right...
we have support their RnD by buying all their previous equipment and then after they reach their mature product and minimal chance of improvement, they keep it all for themself...   

Well.... Yeah.

This is the other problem I have with mining these days, it started out where anyone could fire up a CPU and crank on the network. Then we all took rocket ships to the moon with video cards (crazy but cool) then FPGAs and ASICs. Now we've stalled out, and the people who built the chips now have the right design (28-20nm chips) so why should they sell them for anything less than what they can mine?

Couple that with the low prices and I don't see anyone investing in a better chip design. We may be stuck here for awhile. Summary: Bye bye distributed network, hello centralized money system.

That's kind of a problem.

Man, BTC mining generates a lot of the currency and secures the network, and that needs to be monetarily absorbed by the system, as a classical offer/demand market

Better and faster chips mean cheaper and faster securing methods, allowing BTC price to grow

[lightfoot]

Man, BTC mining generates a lot of the currency and secures the network, and that needs to be monetarily absorbed by the system, as a classical offer/demand market

Better and faster chips mean cheaper and faster securing methods, allowing BTC price to grow

The currency would be generated at the same rate regardless of number of miners (>1 of course). 25 bitcoins drop every 10 minutes.

Securing the network is another story, while it's true that the higher power miners make the network harder to crack, consolidation of the pools allows someone to control a significant portion of that network making it easier to crack.

[tvasbn]

+1
also the network could work just as well and fast(for transaction confirmation) whit 5% of the current hashrate

[timk225]

Greed is good.

But someone dropping a couple MILLION to create a huge ASIC hash farm is either insane or a complete fool who cannot math.

I would venture to say that the people making these huge hash farms aren't using their money, they got some investor who doesn't know jack about Bitcoin to finance it.  So the people running the farm will take their profits and run and don't care if it ever ROIs for the investor.

[lightfoot]

But someone dropping a couple MILLION to create a huge ASIC hash farm is either insane or a complete fool who cannot math.

After watching the "Shake Shack" IPO I keep remembering Krispy Kreme and it's "stock". Yes, most people are just plain stupid.

I was thinking this morning: We might be seeing what happened to catcoin happening to Bitcoin. More specifically we've reached a difficulty point where it will go up 8%, everyone will stop mining and wait for the difficulty to go down, then pile in again. It's another form of taking advantage of others, which seems to be the hallmark for everything bitcoin but it does make sense from an individual point of view.

Time will tell.

[noobtrader]

But someone dropping a couple MILLION to create a huge ASIC hash farm is either insane or a complete fool who cannot math.

After watching the "Shake Shack" IPO I keep remembering Krispy Kreme and it's "stock". Yes, most people are just plain stupid.

I was thinking this morning: We might be seeing what happened to catcoin happening to Bitcoin. More specifically we've reached a difficulty point where it will go up 8%, everyone will stop mining and wait for the difficulty to go down, then pile in again. It's another form of taking advantage of others, which seems to be the hallmark for everything bitcoin but it does make sense from an individual point of view.

Time will tell.

i cant wait to see what happen when mining subsidy halved

[tvasbn]

BTC will double in $ value

[Bananana]

But someone dropping a couple MILLION to create a huge ASIC hash farm is either insane or a complete fool who cannot math.

After watching the "Shake Shack" IPO I keep remembering Krispy Kreme and it's "stock". Yes, most people are just plain stupid.

I was thinking this morning: We might be seeing what happened to catcoin happening to Bitcoin. More specifically we've reached a difficulty point where it will go up 8%, everyone will stop mining and wait for the difficulty to go down, then pile in again. It's another form of taking advantage of others, which seems to be the hallmark for everything bitcoin but it does make sense from an individual point of view.

Time will tell.

i cant wait to see what happen when mining subsidy halved

Everyone is waiting for that...

[noobtrader]

BTC will double in $ value

that price goto the moon or diffculty will be halved

But someone dropping a couple MILLION to create a huge ASIC hash farm is either insane or a complete fool who cannot math.

After watching the "Shake Shack" IPO I keep remembering Krispy Kreme and it's "stock". Yes, most people are just plain stupid.

I was thinking this morning: We might be seeing what happened to catcoin happening to Bitcoin. More specifically we've reached a difficulty point where it will go up 8%, everyone will stop mining and wait for the difficulty to go down, then pile in again. It's another form of taking advantage of others, which seems to be the hallmark for everything bitcoin but it does make sense from an individual point of view.

Time will tell.

i cant wait to see what happen when mining subsidy halved

Everyone is waiting for that...

indeed

[muhrohmat]

well if you expect that diff will reduce as a consequence of mining difficulty that will not happen in short notice its just a small peak its will rise again and again the diff of mining always take a part on gathering the best hardware. (maybe some alt coins do stay in diff more equal then bit coin to be mined

[truongs]

wonder how long this ridiculous hash pumping will continue specially with the horrible price of btc now

[lightfoot]

wonder how long this ridiculous hash pumping will continue specially with the horrible price of btc now

Possibly forever. Technically hash pumping (and pumping and dumping) appear to be optimal strategies to increase one's personal gain at the expense of others who do not do this.

Fascinating. Of course when everyone follows this strategy the coin collapses (like catcoin and other coins). If that is the case, then this might begin to explain why we have rules and laws around things like financial systems.

Hm. Bitcoin is an amazing little system. I need to think and watch for awhile to see the ramifications of this.

[noobtrader]

hasrate increasing again, at this price its depressing   

[DrG]

Looks like quite a few marginal miners flipping the switch on/off with difficulty changes.