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Cryptocoin Mining?

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thilanliyan said:
I'm into pure profit now since mining from last year...2x6950s and a 7950 already paid for. 🙂
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Yeah, that's kinda where I am right now, at least other than the money spent on butterfly labs. Seeing coins trickle in so slowly might feel sad in a way, but it is just extra profit at this point, as even the waste heat is valuable to me since it saves me from heating my condo.
 
$12.30

Speculation is that those who wanted in after the wordpress announcement finally got their money into mtgox, given the time it takes to transfer, so we are seeing the effects of those buyers.
 
Chiropteran said:
$12.30

Speculation is that those who wanted in after the wordpress announcement finally got their money into mtgox, given the time it takes to transfer, so we are seeing the effects of those buyers.
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Yep it's starting. Reminds me of summer 2011. Now to see when it bursts. 😉
 
So the price is going to go up for a bit at least?

I've been sitting on some coins hoping for the price to go up when reward halves and when ASIC miners hit the scene. Will I be rewarded?! 🙂
 
Well, it's been going up the last few days but that doesn't guarantee future results.

It's entirely possible that some investors have been hoarding coins to sell after the halving, such that the price will actually go down after, at least briefly. IMO long term value will go up, but it doesn't mean it won't drop back down low first.
 
Personally, I think that having the reward for finding a bitcoin will cause a bunch of people to stop mining until the difficulty goes down to about half of what it is now... but hey, I've been wrong before.
 
ultimatebob said:
Personally, I think that having the reward for finding a bitcoin will cause a bunch of people to stop mining until the difficulty goes down to about half of what it is now... but hey, I've been wrong before.
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I'd agree with you, but the emergence of ASIC mining, which *should* start shipping any day now, will push it back up. The next few weeks will probably be a wild ride for bitcoins, both in difficulty fluctuation and USD value.
 
block 210000 in 24hrs.

i'll go with slight rise in trading value followed by sell off which drops it lower than current $12 when gpu miners drop out and sell their equipment.

might be the time to look on ebay for a glut of 7970s. that will be the telling factor if gpu miners have liquidated.
 
Ugh, I'm still profitable but the annoyance/reward ratio just went negative for some of my GPU's. I guess I can finally shut down my only dedicated miner and get the damned card RMA'd to fix the annoying fan.

Anybody want to buy a freshly RMA'd 6950? 🙂
 
Stuff takes time, and *something* has to give soon. When ASIC start mining, if difficulty really goes up 5X or 10X like people are thinking, that will fully put the nail in the coffin of GPU mining for profit, unless price also goes up- which even though I think it may go up as much as double what it is, I don't think it'll go up enough to compensate for a 10X difficulty increase.

At the very least, if price doesn't change at all and difficulty increase dramatically, there will at least be a brief reduction in difficulty after all the GPU miners quit in droves.
 
UNhooked said:
Guess Blocks being halved is bad?
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WELL you earn at half the rate. so if you would have earned 2 coins yesterday at 50 coins a block today you would earn only 1 coin at 25 coins per block.

I was earning 2 coins a day power cost me .5 coins a day. My profit was 1.5 coins a day. I am now earning 1 coin a day paying .5 coins in power so my profit is .5 coins a day.

about 6 bucks today vs 18 bucks yesterday if price stays at 12 dollars.
 
I get free power (to an extent) and just put in the towel. Still profitable, but not enough so to offset the annoyance.
Already sold off 11x 5830s and 5x 6950s. Will continue mining with 2x 7970s and 4x FPGA BFL Singles.
 
Already trading at $12.50. 🙂 I don't have too many coins saved up but I'll be watching closely to see where this goes. I'll continue mining through the winter as long as it's profitable within reason because hey, free heat. However, once it warms up I'll probably shut it down.
 
MrK6 said:
Already trading at $12.50. 🙂 I don't have too many coins saved up but I'll be watching closely to see where this goes. I'll continue mining through the winter as long as it's profitable within reason because hey, free heat. However, once it warms up I'll probably shut it down.
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Same here. I'm down to $1.75/day in profit. Through the winter mining will help my heat bill but after that I'll probably be done.
 
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