It only costs 100$ in electricity to mine a bitcoin???

[NotLambchop]

Confronted with their cluelessness, Bitcoiners fall into self-reflective silence

[1715073075]

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[Ektra]

I do enjoy the effort put into creative writing by the anti bulltard cohort here, it's all rather droll.

[yrask]

I don't think so. 100$ in electricity is too low for bitcoin mining. Consume of bitcoin mining is very very high actually.. and many miner mine its bitcoin in the east of europe where electric price is cheap..

[NUFCrichard]

If you build your own miner, or somehow have one for free, and you get cheap electricity, then mining makes sense at the moment (I assume your figures are somewhat close to being right). But if you were to buy mining equipment you will probably not ROI at this price, so it's a bit irrelevant!

[faince222]

With free source of electric energy you can pay also 0$. But generally, if you pay electric bills, I think that 100$ is too cheap, considering also that you build your own miner.

[cryptogeeknext]

I do enjoy the effort put into creative writing by the anti bulltard cohort here, it's all rather droll.

Me too...
As Neo would have put it: "Hmm... upgrades!"

[BlindMayorBitcorn]

Those god-damned oil furnaces are STILL legal in NYC?! You may's well just get a barbecue oven, go collect as much plastic trash as you can find, and light it on fire in your house. You could pay off the mining hardware (mining revenues excluded) within a couple years if you switched from oil to electric mining. Mind successfully fucked, though.

No wonder you stay poor and bitch about taxes, my children.  You sodomites heat your houses by buying thousands of dollars' worth of ASIC gear!  Why don't you just get a little potbelly stove & burn money in it?  That works about as well

Stay toasty, heathen!

  ~Rev. FatherBob

LOL. You guys

[BlindMayorBitcorn]

Hey guys: this isn't FUD or something. But did the blockchain just get slower? Everyone is talking about it at Cryptsy and even my wallet took longer than normal to sync. Has something significantly (if temporarily) changed?

[unent]

Hey guys: this isn't FUD or something. But did the blockchain just get slower? Everyone is talking about it at Cryptsy and even my wallet took longer than normal to sync. Has something significantly (if temporarily) changed?

The most recent blocks look normal.

Height   Age
335631   9 minutes
335630   14 minutes
335629   14 minutes
335628   25 minutes
335627   32 minutes
335626   38 minutes

These blocks might have caused the problem because there was over an hour between them.

335623 (Main Chain)   2014-12-24 03:20:18   Eligius   
335622 (Main Chain)   2014-12-24 02:16:02   BTCChina Pool   

[BlindMayorBitcorn]

Hey guys: this isn't FUD or something. But did the blockchain just get slower? Everyone is talking about it at Cryptsy and even my wallet took longer than normal to sync. Has something significantly (if temporarily) changed?

The most recent blocks look normal.

Height   Age
335631   9 minutes
335630   14 minutes
335629   14 minutes
335628   25 minutes
335627   32 minutes
335626   38 minutes

These blocks might have caused the problem because there was over an hour between them.

335623 (Main Chain)   2014-12-24 03:20:18   Eligius   
335622 (Main Chain)   2014-12-24 02:16:02   BTCChina Pool   

I thought difficulty was dropping. An hour between blocks doesn't seem normal...?

[scarsbergholden]

Hey guys: this isn't FUD or something. But did the blockchain just get slower? Everyone is talking about it at Cryptsy and even my wallet took longer than normal to sync. Has something significantly (if temporarily) changed?

The most recent blocks look normal.

Height   Age
335631   9 minutes
335630   14 minutes
335629   14 minutes
335628   25 minutes
335627   32 minutes
335626   38 minutes

These blocks might have caused the problem because there was over an hour between them.

335623 (Main Chain)   2014-12-24 03:20:18   Eligius   
335622 (Main Chain)   2014-12-24 02:16:02   BTCChina Pool   

This (very small) sample of (then) recent blocks is actually an indication of much faster blocks then expected. Only 6 blocks 'should' be found every hour and the last 6 blocks were found in ~40 minutes which means blocks were being found at a rate of ~20% faster then expected/normal.

It does appear that a massive amount of additional miners were brought online in the last ~18 hours as the short term hashrate has skyrocketed

[Febo]

$113 electricity if you have a Cointerra Miner and pay $0.1 per kw/h.
On the other hand it takes three years to recuperate the hardware costs at current prices & hashrate. And this might never happen.

And, for instance I pay €0.2 per kw/h, which amounts to $0.24 and would leave me with 13 years to recuperate. (Again assuming prices and difficulty stays the same!)

I think i will remember this. I never spend much time in mining part of forum. I have in mind just that mining is not worth to do because of electricity costs.

Now i see that most costs is actually HW. So cheap electricity should not make so huge difference.


I wonder with oil prices drop. Did anywhere also electricity price reduced?

[NotLambchop]

...
I wonder with oil prices drop. Did anywhere also electricity price reduced?

A very small % of electricity is generated with oil.  Here's a breakdown for US:


http://www.eia.gov/tools/faqs/faq.cfm?id=427&t=3

Places where electricity is cheap are usually near hydroelectric power plants.

[opossum]

Those god-damned oil furnaces are STILL legal in NYC?! You may's well just get a barbecue oven, go collect as much plastic trash as you can find, and light it on fire in your house. You could pay off the mining hardware (mining revenues excluded) within a couple years if you switched from oil to electric mining. Mind successfully fucked, though.

It makes the most sense to buy moderate amounts of miners at the retail level if you live in a cold part of the world, as you can position the miners near windows and other cold parts of your house to serve as a replacement to your heating. This allows you to essentially have free electricity during the cold parts of the year.

[ElectricMucus]

Those god-damned oil furnaces are STILL legal in NYC?! You may's well just get a barbecue oven, go collect as much plastic trash as you can find, and light it on fire in your house. You could pay off the mining hardware (mining revenues excluded) within a couple years if you switched from oil to electric mining. Mind successfully fucked, though.

It makes the most sense to buy moderate amounts of miners at the retail level if you live in a cold part of the world, as you can position the miners near windows and other cold parts of your house to serve as a replacement to your heating. This allows you to essentially have free electricity during the cold parts of the year.

No it doesn't make sense.
If there weren't heat exchange systems which provide not only an heating efficiency in excess of 200% but also offer cooling and dehumidifying which also cost less then a mining rig that argument would actually make a just a little sense. And if it's so cold that these systems no longer work you'd be investing a lot more in insulation and probably have a natual gas line.
But there is also noise and uncertain viability of maintaining any profitability from mining all, not to mention the unreliability of the devices itself...

[opossum]

Those god-damned oil furnaces are STILL legal in NYC?! You may's well just get a barbecue oven, go collect as much plastic trash as you can find, and light it on fire in your house. You could pay off the mining hardware (mining revenues excluded) within a couple years if you switched from oil to electric mining. Mind successfully fucked, though.

It makes the most sense to buy moderate amounts of miners at the retail level if you live in a cold part of the world, as you can position the miners near windows and other cold parts of your house to serve as a replacement to your heating. This allows you to essentially have free electricity during the cold parts of the year.

No it doesn't make sense.
If there weren't heat exchange systems which provide not only an heating efficiency in excess of 200% but also offer cooling and dehumidifying which also cost less then a mining rig that argument would actually make a just a little sense. And if it's so cold that these systems no longer work you'd be investing a lot more in insulation and probably have a natual gas line.
But there is also noise and uncertain viability of maintaining any profitability from mining all, not to mention the unreliability of the devices itself...

Places like New York and most of the northern US don't really get hot enough to really need air conditioning.

My point is not about the cost of the hardware, it is about the cost of electricity. If you are going to spend money on electricity on devices that will heat your house you might as well use devices that will mine bitcoin as long as these devices use the same amount of electricity that you would otherwise use.

[Kluge]

Those god-damned oil furnaces are STILL legal in NYC?! You may's well just get a barbecue oven, go collect as much plastic trash as you can find, and light it on fire in your house. You could pay off the mining hardware (mining revenues excluded) within a couple years if you switched from oil to electric mining. Mind successfully fucked, though.

No wonder you stay poor and bitch about taxes, my children.  You sodomites heat your houses by buying thousands of dollars' worth of ASIC gear!  Why don't you just get a little potbelly stove & burn money in it?  That works about as well

Stay toasty, heathen!

  ~Rev. FatherBob

Friend, I have taken time out of my busy schedule to author a full report on the economic costs of heating your house with oil vs. electricity, and have spent further time summarizing my team's findings in the most accessible way possible:

[BlindMayorBitcorn]

Those god-damned oil furnaces are STILL legal in NYC?! You may's well just get a barbecue oven, go collect as much plastic trash as you can find, and light it on fire in your house. You could pay off the mining hardware (mining revenues excluded) within a couple years if you switched from oil to electric mining. Mind successfully fucked, though.

No wonder you stay poor and bitch about taxes, my children.  You sodomites heat your houses by buying thousands of dollars' worth of ASIC gear!  Why don't you just get a little potbelly stove & burn money in it?  That works about as well

Stay toasty, heathen!

  ~Rev. FatherBob

Friend, I have taken time out of my busy schedule to author a full report on the economic costs of heating your house with oil vs. electricity, and have spent further time summarizing my team's findings in the most accessible way possible:

LMAO

[opossum]

Those god-damned oil furnaces are STILL legal in NYC?! You may's well just get a barbecue oven, go collect as much plastic trash as you can find, and light it on fire in your house. You could pay off the mining hardware (mining revenues excluded) within a couple years if you switched from oil to electric mining. Mind successfully fucked, though.

No wonder you stay poor and bitch about taxes, my children.  You sodomites heat your houses by buying thousands of dollars' worth of ASIC gear!  Why don't you just get a little potbelly stove & burn money in it?  That works about as well

Stay toasty, heathen!

  ~Rev. FatherBob

Friend, I have taken time out of my busy schedule to author a full report on the economic costs of heating your house with oil vs. electricity, and have spent further time summarizing my team's findings in the most accessible way possible:

Yup, this sounds about right.

[NotLambchop]

Those god-damned oil furnaces are STILL legal in NYC?! You may's well just get a barbecue oven, go collect as much plastic trash as you can find, and light it on fire in your house. You could pay off the mining hardware (mining revenues excluded) within a couple years if you switched from oil to electric mining. Mind successfully fucked, though.

No wonder you stay poor and bitch about taxes, my children.  You sodomites heat your houses by buying thousands of dollars' worth of ASIC gear!  Why don't you just get a little potbelly stove & burn money in it?  That works about as well

Stay toasty, heathen!

  ~Rev. FatherBob

Friend, I have taken time out of my busy schedule to author a full report on the economic costs of heating your house with oil vs. electricity, and have spent further time summarizing my team's findings in the most accessible way possible:

Heeeyyy, you mastered MS Paint!  Nice!
Now where the geniuses who heat with racks of turbojets ASICs be at?