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Will you keep mining??


Ikon-TNG
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If the price of BitCoin and other eCoins keeps dropping, specifically to the point where the value of coins earned is less than the cost of electricity to mine them, will you keep mining, perhaps with the hope that the value will increase again?

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I am mining on my media center computer that is on all the time anyway.  Yes mining it taking some extra power. Since I am only using one 1060 card, bitcoin would have to drop to less than a $1000 per coin to make it not profitable for me. 

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Perhaps you guys can answer a question: if people drop out of mining because the price drops to a point where they don't feel it's worth it, does that mean people who keep mining will generate more coins per day (well, fractions of coins of course)?

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29 minutes ago, Ikon-TNG said:

Perhaps you guys can answer a question: if people drop out of mining because the price drops to a point where they don't feel it's worth it, does that mean people who keep mining will generate more coins per day (well, fractions of coins of course)?

 

As a basic function of the idea of "difficulty" in mining, yes, the less people mine, the more the difficulty drops and the easier it is to win a block.  So Yes.  It pays to stay in as interested goes down

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Thanks @jcollison. That helps confirm some of my understanding of BitCoin which, I admit, isn't great. For example, today I ran across something called an AntMiner S9. Apparently, it has a ridiculously high rate of hashing: 13+ terahashes per second. It costs $3500CDN, which is a lot of course, but I paid $1000CDN for 55 megahashes per second. The AntMiner is 3.5 times what I paid, but it generates  2454 times the hashes. Hmmmmm.....

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Those things are also crazy loud, pull lots of power, and in most cases, mine a single flavor of coin.  Resell market is dangerous as well.  You can look at the curve on SIA coin to see what the ASIC miners did to it.  Small timers can't mine like they used to with this coin.  These ASICs are for the farmers, not the small timer, but people buy them.  Crazy payback on them as they generate coin fast.  I'll stay "hobby" miner.

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@Dave, interesting. Yeah, I figured payback in as little as 4 months with an S9; more than twice as fast as my two 1060s. I did read they're noisy, but I figured I could find a corner in the furnace room for one, which is pretty soundproof.... if I were to go that route. One reason I was concerned about the two 1060s is I hadn't figured the fees. I still don't understand how that works. It seems complicated, and looks like it could chew up a fair bit of any profit, but maybe I'm wrong about that.

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