Turning off miners

[grendel25]

Yep, many miners being turned off which will mean less btc production which should also mean more btc value.  well... eventually.  We'll just have to see how sweet btc is made if more people accept it and it can be more valuable to accumulate then miners may return.  For now... many are out of the mining fun unless they don't care about losing money or don't have to pay electric.

[Zacthedragon]

My miner setup is minimal. A Jalapeno, a few Block Eruptors (not in use until I get a new USB hub), and I just received a second hand Antminer S3 yesterday which is powering through computations nicely.

My small mining effort is because I enjoy Bitcoins as a concept and want to be part of something that is different and I find interesting. I don't mine to make a profit but regaining some capital is nice. Even though electricity costs are technically higher than income from a Jalapeno and even questionable for an S3, I want to be part of the BTC community.

Now it's cold in my office I wouldn't mind some more miners, might get a few bits by running some miners instead of heaters... BRRR!

[philipma1957]

I switched out all my s-3's to  8 sp20's and 1 s-5
My winter power is 13 cents but  get about 3 cents in savings from the heat.
So I am 10 cents net until April.
Price drops under 100 and stays there for 1 month  I will shut down.
I may use the s-5 at freq 100 and solo mine it. Until it dies.

I run 10-12gh at a solo pool will run that till the gear dies as the cost is low.

[valkir]

I switched out all my s-3's to  8 sp20's and 1 s-5
My winter power is 13 cents but  get about 3 cents in savings from the heat.
So I am 10 cents net until April.
Price drops under 100 and stays there for 1 month  I will shut down.
I may use the s-5 at freq 100 and solo mine it. Until it dies.

I run 10-12gh at a solo pool will run that till the gear dies as the cost is low.

Do you think you can be lucky with 12 gh ?? Im wondering because I also got a small setup of 12gh

[guitarplinker]

I switched out all my s-3's to  8 sp20's and 1 s-5
My winter power is 13 cents but  get about 3 cents in savings from the heat.
So I am 10 cents net until April.
Price drops under 100 and stays there for 1 month  I will shut down.
I may use the s-5 at freq 100 and solo mine it. Until it dies.

I run 10-12gh at a solo pool will run that till the gear dies as the cost is low.

Do you think you can be lucky with 12 gh ?? Im wondering because I also got a small setup of 12gh

It's possible, but your chances of finding a block with 12Gh/s in your lifetime is extremely small.

[Syke]

It's possible, but your chances of finding a block with 12Gh/s in your lifetime is extremely small.

Low cost, but high reward. Not a bad idea.

[Borisz]

I have just logged in to zenminer. Apparently 90% of my income goes to cover maintenance fees 
Luckily I don't have much (wasted) mining power there.

[Sempruls]

I have just logged in to zenminer. Apparently 90% of my income goes to cover maintenance fees 
Luckily I don't have much (wasted) mining power there.

not only at zenminer
zeus, genesis allready minus for Mhs cloud

[QuestionAuthority]

Before you all decide to switch off please read this thread. https://bitcointalk.org/index.php?topic=924727.msg10152686#msg10152686

[Amph]

Before you all decide to switch off please read this thread. https://bitcointalk.org/index.php?topic=924727.msg10152686#msg10152686

so the diff is rising even with the current price? another reason to turn if off

[alh]

I think there is a big lag for significant hash rate to "disappear for good". I expect many big mining firms may well have negotiated a better rate for electricity, but with a penalty if they don't actually use the electricity they contracted for. Electric companies just love a predictable load. In that case, they may well lose less money by continuing to mine at a an operating loss. In general home miners aren't constrained in that way, but it seems unlikely we'll be able to detect home miners turning off gear. My miniscule 100GH/s will not be noticed, along with another 5000 folks like me.

[SargeR33]

I've sold two of my miners, both of which were not efficient at all. The reason for sale was to move across to two yukon or two S5 units. With the current value of BTC, it is still worth it if you can keep power costs down. I can cut my costs in half by switching miners.

My miners definitely don't run full time like they used to and I am finding my self investing my btc into mining contracts rather than actually mining.

If I get solar power installed in the next month, I will full time mine again(summer here and the system we got quoted for will generate up to 20kw per day).

[valkir]

20 kw per day is huge man.

Hope you will create a topic on that. I want to see this. 

Go SOLAR ftw!

[FNetV1]

Ain't gonna lie, starting to think about shutting down, putting my wallet into cold storage, and forget about Bitcoin for a decade.

wait, so you've not used cold storage? lol you're too brave.

Well, I too have not bother maintaining a wallet in cold storage.  In the other token I am a professional computer tech and network administrator, knows how to keep my computer secure, I am the sole user of the computer where bitcoin is installed.  However, I do keep backups of my strongly 44 characters password protected wallet.dat on multiple media because hard drives crashes can turn to get outside my control in terms of data recovery depending on the severity of the crash - not taking any chances there.

[Bananana]

Ain't gonna lie, starting to think about shutting down, putting my wallet into cold storage, and forget about Bitcoin for a decade.

wait, so you've not used cold storage? lol you're too brave.

Well, I too have not bother maintaining a wallet in cold storage.  In the other token I am a professional computer tech and network administrator, knows how to keep my computer secure, I am the sole user of the computer where bitcoin is installed.  However, I do keep backups of my strongly 44 characters password protected wallet.dat on multiple media because hard drives crashes can turn to get outside my control in terms of data recovery depending on the severity of the crash - not taking any chances there.

44 characters password is basically impossible to hack or brute force. Be sure you don't forget your own password like the 123 bitcoiners does.

[picolo]

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?

What about in 10 days if the price is at 250$ and the difficulty will go down?

[Furio]

Solar is definitely the way to go if you can afford a $30,000 solar system. 

I’ve been looking into Proof of Stake altcoins like NXT.org.  Both systems have their issues but PoS doesn’t have the need for massive equipment and power requirements that Proof of Work altcoins need to function.  PoS makes more sense to me since people are invested in the currency, not the equipment & power needed to support it.

Yet ONLY pos, can lead to holding and not using it as an currency.

[mmsmears]

20 kw per day is huge man.

Hope you will create a topic on that. I want to see this. 

Go SOLAR ftw!

Solar is definitely the way to go if you can afford a $30,000 solar system. 

I’ve been looking into Proof of Stake altcoins like NXT.org.  Both systems have their issues but PoS doesn’t have the need for massive equipment and power requirements that Proof of Work altcoins need to function.  PoS makes more sense to me since people are invested in the currency, not the equipment & power needed to support it.

[thompete]

20 kw per day is huge man.

Hope you will create a topic on that. I want to see this. 

Go SOLAR ftw!

Solar is definitely the way to go if you can afford a $30,000 solar system. 

I’ve been looking into Proof of Stake altcoins like NXT.org.  Both systems have their issues but PoS doesn’t have the need for massive equipment and power requirements that Proof of Work altcoins need to function.  PoS makes more sense to me since people are invested in the currency, not the equipment & power needed to support it.

You might want to commit yourself for a few years down the line before you go about buying a solar system specially for mining.

[mmsmears]

Solar is definitely the way to go if you can afford a $30,000 solar system.  

I’ve been looking into Proof of Stake altcoins like NXT.org.  Both systems have their issues but PoS doesn’t have the need for massive equipment and power requirements that Proof of Work altcoins need to function.  PoS makes more sense to me since people are invested in the currency, not the equipment & power needed to support it.

Yet ONLY pos, can lead to holding and not using it as an currency.

Like I said “Both systems have their issues”.  Many people wish that more were holding Bitcoins now to stabilize the value. People want their currency value to remain stable not fluctuate wildly like a commodity stock.  

The current situation is a clear example of problems the Bitcoin network will face in the future. Miners only continue to operate when it’s profitable. Bitcoin value will always be tied to operating costs of people, equipment, facilities & energy.

Will their be enough individuals running long term hashing power to support network transactions for free when mining is over?

Will the system eventually transform into something centralized that will charge transaction fees to support operating costs?  Which would be exactly like the banking system that we have today.