Bitcoin mining is doomed !

[Sublime20]

I second that. Mining is doomed because of Chinese manufacturers.

Before they sell you the equipment they are mining and raising the difficulty level.

I suggest to STOP buying Chinese equipment so the BTC price will go up instead of fall down.

[Korbman]

I second that. Mining is doomed because of Chinese manufacturers.

Before they sell you the equipment they are mining and raising the difficulty level.

I suggest to STOP buying Chinese equipment so the BTC price will go up instead of fall down.

This has been going on since the dawn of ASIC mining. Boycotting manufacturers won't stop them from producing hardware and mining with it.

[nwfella]

Wow, just look at that BTC difficulty start to plunge!  Another day or two of this and I'll have to fire my nanofury back up :p

[karolina]

Wow, just look at that BTC difficulty start to plunge!  Another day or two of this and I'll have to fire my nanofury back up :p

Won't this slow down the confirmation times?

[picolo]

Wow, just look at that BTC difficulty start to plunge!  Another day or two of this and I'll have to fire my nanofury back up :p

Won't this slow down the confirmation times?

The difficulty changes every 14 days, if the mining hash go down, the difficulty is likely to go down when it changes.
Until then it is likely to slow down the confirmation time a little bit until the next difficulty changes.

[baristor]

in case u guys didnt hear! -25% cex difficulty inc soon

[mavericklm]

cex who? ? ?

Yeah right! like few ph, like 1 or 2 percent of the network!

[lowbander80]

for sure all miners over 1w/ghs will have to close unless they run free electricity...

[picolo]

for sure all miners over 1w/ghs will have to close unless they run free electricity...

If you already paid your miner and you dont want to sell it or can't sell it you can consider that you are paying to buy for new bitcoins, maybe with a premium.

[baristor]

picolo dont be greedy bro ! I knw u investd ur life saving in cloudminr

[xstr8guy]

for sure all miners over 1w/ghs will have to close unless they run free electricity...

No they won't.

I am certain there are people like me who are still running machines that are getting 1w/GHs. I have 5THs of SuperJupiter modules still running along with other more efficient gear. I'll run at a loss for awhile, hoping that the price of BTC will rise again soon. Although I did shut down my S2 and my remaining Bitfury rigs yesterday.

But I'm not holding my breath.

[pak13]

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.

Something to consider would be an efficient heat-pump (reverse cycle) A/C. You will pay roughly a 1/3 of the cost the miners run at the current market rates. Consider the cost of the miners and the cost of an A/C system. Comparable for a small cottage.

[pak13]

I second that. Mining is doomed because of Chinese manufacturers.

Before they sell you the equipment they are mining and raising the difficulty level.

I suggest to STOP buying Chinese equipment so the BTC price will go up instead of fall down.

This has been going on since the dawn of ASIC mining. Boycotting manufacturers won't stop them from producing hardware and mining with it.

Correct but the major manufacturers have already mentioned the US$200 limit. ie. if BTC hits or falls below that, it is the end for some manufactures. The manufacturing process costs more. Currently they are operating on very small margins. Don't be surprised to see one or two close or be sold to others who think they can turn them around. This was expected.

[picolo]

for sure all miners over 1w/ghs will have to close unless they run free electricity...

No they won't.

I am certain there are people like me who are still running machines that are getting 1w/GHs. I have 5THs of SuperJupiter modules still running along with other more efficient gear. I'll run at a loss for awhile, hoping that the price of BTC will rise again soon. Although I did shut down my S2 and my remaining Bitfury rigs yesterday.

But I'm not holding my breath.

If you run at a small loss, you are buying BTC with a premium. What price of BTC do you need to mine and break even?

[xstr8guy]

for sure all miners over 1w/ghs will have to close unless they run free electricity...

No they won't.

I am certain there are people like me who are still running machines that are getting 1w/GHs. I have 5THs of SuperJupiter modules still running along with other more efficient gear. I'll run at a loss for awhile, hoping that the price of BTC will rise again soon. Although I did shut down my S2 and my remaining Bitfury rigs yesterday.

But I'm not holding my breath.

If you run at a small loss, you are buying BTC with a premium. What price of BTC do you need to mine and break even?

I'm not buying BTC at any price. I'm only mining because I already have the gear... at a loss or otherwise.

[smoothie]

for sure all miners over 1w/ghs will have to close unless they run free electricity...

No they won't.

I am certain there are people like me who are still running machines that are getting 1w/GHs. I have 5THs of SuperJupiter modules still running along with other more efficient gear. I'll run at a loss for awhile, hoping that the price of BTC will rise again soon. Although I did shut down my S2 and my remaining Bitfury rigs yesterday.

But I'm not holding my breath.

If you run at a small loss, you are buying BTC with a premium. What price of BTC do you need to mine and break even?

I'm not buying BTC at any price. I'm only mining because I already have the gear... at a loss or otherwise.

why would u mine at a loss? makes no sense. may as well sell your gear.

You ARE buying BTC at a price of the cost to produce the coins you mine (electric, space, etc).

[hedgy73]

I've just sold one of my rigs but still have one running to keep the chill off downstairs for my dogs while its cold because I may as well earn some coin for the power than just have the heating on. I certainly wouldn't be buying hardware or bitcoin even if I had the money at the moment. Also with electric so expensive here even the latest, most efficient miners are running at a loss.

[picolo]

I've just sold one of my rigs but still have one running to keep the chill off downstairs for my dogs while its cold because I may as well earn some coin for the power than just have the heating on. I certainly wouldn't be buying hardware or bitcoin even if I had the money at the moment. Also with electric so expensive here even the latest, most efficient miners are running at a loss.

It makes sense you are not interesting in buying new equipement then but I think the price of BTC is so low that it's a good buying opportunity.

[Sublime20]

I second that. Mining is doomed because of Chinese manufacturers.

Before they sell you the equipment they are mining and raising the difficulty level.

I suggest to STOP buying Chinese equipment so the BTC price will go up instead of fall down.

This has been going on since the dawn of ASIC mining. Boycotting manufacturers won't stop them from producing hardware and mining with it.

Yes but it's still worth a try !

[xstr8guy]

for sure all miners over 1w/ghs will have to close unless they run free electricity...

No they won't.

I am certain there are people like me who are still running machines that are getting 1w/GHs. I have 5THs of SuperJupiter modules still running along with other more efficient gear. I'll run at a loss for awhile, hoping that the price of BTC will rise again soon. Although I did shut down my S2 and my remaining Bitfury rigs yesterday.

But I'm not holding my breath.

If you run at a small loss, you are buying BTC with a premium. What price of BTC do you need to mine and break even?

I'm not buying BTC at any price. I'm only mining because I already have the gear... at a loss or otherwise.

why would u mine at a loss? makes no sense. may as well sell your gear.

You ARE buying BTC at a price of the cost to produce the coins you mine (electric, space, etc).

We could argue semantics all day, lol. You say I'm buying BTC. I say I'm mining.

It's winter. Miners generate heat. Sure, my electric bill is higher than it would be without mining. But my gas bill is lower. If I'm actually mining at a loss, it's minimal and nothing that concerns me yet. I run my most efficient gear 24/7 but cycle my 1w/GHs miners off and on when I need the extra heat. I have a couple of old Bitfury rigs in my bedroom that make really nice, quiet space heaters at night.

And selling 1w/GHs miners is a nice thought. But the reality is... they aren't worth shit.