4 ms·
I guess it was always to be expected that this was going to happen, I don't think people realised just how quickly. Once the whole idea of bitcoin being a money
by cstrat 13y ago
I guess it was always to be expected that this was going to happen, I don't think people realised just how quickly. Once the whole idea of bitcoin being a money maker was popularised people jumped on board. I am wondering if, and when, we will hit an point where people stop buying mining rigs because the difficulty keeps rising and the payback just isn't there.
Even when we hit that point, there are thousands of devices out there fuelling the rise in difficulty.
- trafficlight 13y agoThat time has already passed. Mining rate isn't going to get any better than the ASICs available now. I think the turning point was around August or September. Though if the exchange rate is at least $400 or $500 per bitcoin, that would change for a little while.
- cstrat 13y agoIf the exchange rate does hit $400 or $500 imagine how many more people will jump on board with the idea that only 3 months earlier bitcoins were $50... further driving up the difficulty when those newcomers buy rigs trying to strike it big.
- trafficlight 13y agoMoral of the story? Be the guy selling shovels.