Bitcoin mining is doomed !

[vortexz]

1.The difficulty is starting to have huge increases again while the price is going DOWN, it already is below 300 !
2.My estimate is that next difficulty is going to be above 15 % and the others following will be somewhere around same level !
3.Soon NEXT GENERATION ASICS will be launched and the difficulty will start raising even more, we might see 30-40 % + increases in difficulty,
and the miners we bought now will be absolute, with no chance to EVER ROI.

With all these, let's just ask ourselves:
Is it still worth mining bitcoin right now ?

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[philipma1957]

1.The difficulty is starting to have huge increases again while the price is going DOWN, it already is below 300 !
2.My estimate is that next difficulty is going to be above 15 % and the others following will be somewhere around same level !
3.Soon NEXT GENERATION ASICS will be launched and the difficulty will start raising even more, we might see 30-40 % + increases in difficulty,
and the miners we bought now will be absolute, with no chance to EVER ROI.

With all these, let's just ask ourselves:
Is it still worth mining bitcoin right now ?

absolutely.

I am  Looking forward to  a 200 dollar coin price and 50xxxxxxx diff by my birthday the end of January.


Ask me why?

[vortexz]

"absolutely" like in it's worth mining ?
by end of jan diff will be more than 50, you shall see !

[Korbman]

With all these, let's just ask ourselves:
Is it still worth mining bitcoin right now ?

It depends on who (or where) you are.
Keeping with the numbers so far, if the network difficulty is 50B, 1GH/s can be expected to earn roughly BTC0.00000042 per hour. At $200 per coin, that's ~$0.000084 per hour.

Assuming we're using the newest mining tech @ ~0.2J/GH (supposedly coming to market soon), your electricity/hosting/cooling costs would need to be less than $0.42 per kWh to make a profit (which is just about everyone). So, yes, it's still worth mining Bitcoin.

But when will it no longer be worth it for grand-scale industrial miners? If we shoot for the best (er..worst?) case scenario using 0.2J/GH, $200/BTC, $0.01 / kWh, difficulty would need to be equal to or greater than 2 trillion (something like 14.5 EH/s ..or 14,500 PH/s) in order for them not to be profitable anymore. Assuming mining gear never becomes more efficient than 0.2J/GH and their expenses never go below $0.01 per kWh, the only other volatile variable is the price of Bitcoin. If the price goes up, the difficulty may still go up since miners can still make a profit.

[Biodom]

1.The difficulty is starting to have huge increases again while the price is going DOWN, it already is below 300 !
2.My estimate is that next difficulty is going to be above 15 % and the others following will be somewhere around same level !
3.Soon NEXT GENERATION ASICS will be launched and the difficulty will start raising even more, we might see 30-40 % + increases in difficulty,
and the miners we bought now will be absolute, with no chance to EVER ROI.

With all these, let's just ask ourselves:
Is it still worth mining bitcoin right now ?

absolutely.

I am  Looking forward to  a 200 dollar coin price and 50xxxxxxx diff by my birthday the end of January.


Ask me why?

OK, why?

[philipma1957]

1.The difficulty is starting to have huge increases again while the price is going DOWN, it already is below 300 !
2.My estimate is that next difficulty is going to be above 15 % and the others following will be somewhere around same level !
3.Soon NEXT GENERATION ASICS will be launched and the difficulty will start raising even more, we might see 30-40 % + increases in difficulty,
and the miners we bought now will be absolute, with no chance to EVER ROI.

With all these, let's just ask ourselves:
Is it still worth mining bitcoin right now ?

absolutely.

I am  Looking forward to  a 200 dollar coin price and 50xxxxxxx diff by my birthday the end of January.


Ask me why?

OK, why?

well I am 100% sp20.   I turn a profit at  diff of 50xxxxxx and btc 200 usd but many people do not make money at those numbers so  i would think a diff of 50xxxxxxx and a price of 200usd would force a leveling of diff.
like  we had between nov 5 and dec 30.

[SeymourSkinner]

well I am 100% sp20.   I turn a profit at  diff of 50xxxxxx and btc 200 usd but many people do not make money at those numbers so  i would think a diff of 50xxxxxxx and a price of 200usd would force a leveling of diff.
like  we had between nov 5 and dec 30.

do you turn a profit because you're 100% sp20?

why do others don't make money at those numbers and you do?

should i buy 2 sp20's? I have 24 hours to decide.

[cloverme]

1.The difficulty is starting to have huge increases again while the price is going DOWN, it already is below 300 !
2.My estimate is that next difficulty is going to be above 15 % and the others following will be somewhere around same level !
3.Soon NEXT GENERATION ASICS will be launched and the difficulty will start raising even more, we might see 30-40 % + increases in difficulty,
and the miners we bought now will be absolute, with no chance to EVER ROI.

With all these, let's just ask ourselves:
Is it still worth mining bitcoin right now ?

It's hard to say, people were thinking the same thing when the price of BTC dropped out of the $600 range and difficulty kept going up as more mining started up. One thing that I noticed is that even with the lastest asic miners, the power requirements keep going up with it. So, I don't think until the power efficiency is addressed, that the next gen asics will really impact things.  I stopped mining bitcoin alone back in March of last year and started mining altcoins and buying other crypto (ripple/stellar/etc) along with it.

[mmeijeri]

Bitcoin mining isn't doomed at all, but lots of small players will be driven out of the market.

[hedgy73]

Is it still worth mining bitcoin right now ?

Its the same old story, for most people mining at home on a moderate / expensive electricity tariff its not profitable even with efficient hardware. If you have cheap electricity and efficient hardware than you maybe returning a small profit but I don't see that continuing for much longer.

Its winter here and if my miners weren't providing supplementary heating to parts of my house I'd switch them off and sell them. They are costing more to run than they're mining and that's been the same for the past few months. I don't mind at the moment though because of the heat they produce. Come the spring they're gone though it pains me to say, however electricity here in the UK is right up there with the dearest in the world.

[samuel999]

Well it does waste a lot of electricity, and we've mineless coins now.

[RJX]

Is it still worth mining bitcoin right now ?

Its the same old story, for most people mining at home on a moderate / expensive electricity tariff its not profitable even with efficient hardware. If you have cheap electricity and efficient hardware than you maybe returning a small profit but I don't see that continuing for much longer.

Its winter here and if my miners weren't providing supplementary heating to parts of my house I'd switch them off and sell them. They are costing more to run than they're mining and that's been the same for the past few months. I don't mind at the moment though because of the heat they produce. Come the spring they're gone though it pains me to say, however electricity here in the UK is right up there with the dearest in the world.

So you are not investing in new mining equipment?

How much GH/TH is your current setup doing?

[hedgy73]

Is it still worth mining bitcoin right now ?

Its the same old story, for most people mining at home on a moderate / expensive electricity tariff its not profitable even with efficient hardware. If you have cheap electricity and efficient hardware than you maybe returning a small profit but I don't see that continuing for much longer.

Its winter here and if my miners weren't providing supplementary heating to parts of my house I'd switch them off and sell them. They are costing more to run than they're mining and that's been the same for the past few months. I don't mind at the moment though because of the heat they produce. Come the spring they're gone though it pains me to say, however electricity here in the UK is right up there with the dearest in the world.

So you are not investing in new mining equipment?

How much GH/TH is your current setup doing?

No I cant afford to unfortunately, I only got into mining a year ago or so ago so missed the early easy mining. I'm running 2 x Asicminer Tubes @ 850 GH each so 1.7TH total. I could sell them and buy some S3's but its not worth the hastle for what I'd save on running costs. These tubes are running nice and steady and quiet after changing the fans which is a massive plus for me as they're in my office at home.

[philipma1957]

Is it still worth mining bitcoin right now ?

Its the same old story, for most people mining at home on a moderate / expensive electricity tariff its not profitable even with efficient hardware. If you have cheap electricity and efficient hardware than you maybe returning a small profit but I don't see that continuing for much longer.

Its winter here and if my miners weren't providing supplementary heating to parts of my house I'd switch them off and sell them. They are costing more to run than they're mining and that's been the same for the past few months. I don't mind at the moment though because of the heat they produce. Come the spring they're gone though it pains me to say, however electricity here in the UK is right up there with the dearest in the world.

yeah you are far higher then my winter rate of 13 cents a kwatt (then figure heat use in the winter at 3 cents)  so from now until May my power is 10 cents a kwatt.

 In may the summer rate is 16 cents and no heat benefit I will be done. Unless btc jumps really high in price.

[hedgy73]

Is it still worth mining bitcoin right now ?

Its the same old story, for most people mining at home on a moderate / expensive electricity tariff its not profitable even with efficient hardware. If you have cheap electricity and efficient hardware than you maybe returning a small profit but I don't see that continuing for much longer.

Its winter here and if my miners weren't providing supplementary heating to parts of my house I'd switch them off and sell them. They are costing more to run than they're mining and that's been the same for the past few months. I don't mind at the moment though because of the heat they produce. Come the spring they're gone though it pains me to say, however electricity here in the UK is right up there with the dearest in the world.

yeah you are far higher then my winter rate of 13 cents a kwatt (then figure heat use in the winter at 3 cents)  so from now until May my power is 10 cents a kwatt.

 In may the summer rate is 16 cents and no heat benefit I will be done. Unless btc jumps really high in price.

It all boils down to btc price really doesn't it. Shame its so low at the moment and I don't know if it will ever go much higher, especially in the near future.

I'm running about $0.25 a k/watt which is a killer. But to be honest by running these tubes its cheaper overall than heating my office, kitchen and dining room 24/7 by alternative heating methods when you take into consideration the bitcoin return. I live in a very small cottage hence why 2 tubes heat my office and take the chill off the kitchen and dining room. Its not a big house by any stretch of the imagination lol.

[wpgdeez]

1.The difficulty is starting to have huge increases again while the price is going DOWN, it already is below 300 !
2.My estimate is that next difficulty is going to be above 15 % and the others following will be somewhere around same level !
3.Soon NEXT GENERATION ASICS will be launched and the difficulty will start raising even more, we might see 30-40 % + increases in difficulty,
and the miners we bought now will be absolute, with no chance to EVER ROI.

With all these, let's just ask ourselves:
Is it still worth mining bitcoin right now ?

absolutely.

I am  Looking forward to  a 200 dollar coin price and 50xxxxxxx diff by my birthday the end of January.


Ask me why?

OK, why?

well I am 100% sp20.   I turn a profit at  diff of 50xxxxxx and btc 200 usd but many people do not make money at those numbers so  i would think a diff of 50xxxxxxx and a price of 200usd would force a leveling of diff.
like  we had between nov 5 and dec 30.

You don't turn a profit until you have covered the cost of your hardware and electric. When do you think that will happen?

[cyberpinoy]

Mining is not dead for the right people. the ones who care about thier business as a long term income generating business. But the difficulty will slowly flatten out or maybe even go down if enough miners get out of the game. Specifically miners who do not sell thier equipment for others to purchase loosing money in the sale but rather just shut them off until Bitcoin goes back up this way people are not just passing Hashpower around but completely removing it from the network for a while.

[resya]

If difficulty doubles, it means that effectively the value of bitcoin mining equipment is cut in half, which means that either the price of bitcoin needs to double, or machines need to get cheaper

[sase007]

https://www.youtube.com/watch?v=aXU8w336oGs 

[alh]

If difficulty doubles, it means that effectively the value of bitcoin mining equipment is cut in half, which means that either the price of bitcoin needs to double, or machines need to get cheaper

I would also add that besides the value of the mining equipment is "cut in half", more importantly the income derived from it is cut in half. This matters a great deal to some folks in that their expenses to actually run the mining equipment (e.g. electricity, salaries, rent) may exceed the income. That's when folks are actually losing money the longer they run. For some operations that can't be done for long.