Difficulti is going to high and to fast



  • This is going to be bad for us everyday difficulti is disipointing us.
    Burst have to do something about it price is low and difficulty is high, i started to worry about my invesment.



  • And yet some long time miners area adding huge amounts of TB's to their mining rigs. Kinda makes you wonder...



  • i wonder if solo mining was stopped it'd fix this



  • @ZapbuzZ No it won't fix it imo.

    Burst is growing, the days of getting easy Burst is slowly coming to an end. We do need more buyers than sellers. I think that will change soon.



  • @socalguy This!



  • @ZapbuzZ Solo mining can't be stopped LOL
    the whole point of a decentralized network is having the power distributed for the max of users/locations... Also pools mine solo so that is just impossible! xD
    This difficulty increase is due to the high increase in price of Burst, It should slow down in a couple months IMHO, because there are people investing in huge rigs right now and they will expect returns of their investments during the next months, maybe reinvesting part of it but not so drastically change as we've seen lately...



  • It's the same for any coin, it always starts out easy and gets harder. Take a look at bitcoin for example, 1 gpu, pulling in loads of coins per week and the price was low, now you need multiple gpus and struggle to pull in 0.5 coin per week unless you have a huge electricity eating setup, even then it's not easy. increasing your mining power is the only way to keep up, that's crypto life 🙂



  • @ZapbuzZ Before the latest massive price rise mining Burst, particularly for a new entrant setting up from scratch, had become marginal. The price rise has made for some fantastic returns over the last few Weeks and of course that has brought in a big influx of large Miners.

    This will be a cycle that repeats itself with risk and reward balancing each time. The Good News Bad News about Burst is that the Drives retain a resale value encouraging larger investments, unlike earlier generations of ASIC based bitcoin Miners.

    Rich



  • my experience is that the long plotting time is giving big mining farms problems for short *fast returns, so for burst they might consider longer project times including the assumption of 0.1 USD/BC ?
    For the talk about increasing difficulty we might make some explanation first, what means DIFF in burst world, because our goal of 360 DL stays each block the same (any calculations about chances with 1 TB / 10 TB / 100 TB / 1000 TB) ??



  • @ZapbuzZ said in Difficulti is going to high and to fast:

    i wonder if solo mining was stopped it'd fix this

    If you want the difficulty to go down you have to convince anyone to stop, not just solo. If everyone stops mining the difficulty will go way down.



  • @socalguy said in Difficulti is going to high and to fast:

    @ZapbuzZ No it won't fix it imo.

    Burst is growing, the days of getting easy Burst is slowly coming to an end. We do need more buyers than sellers. I think that will change soon.

    Some of the cognoscenti are predicting a practical (viable /economic) end to Burst-Mining by Spring 2018, thou I don't know if this is a plausible prediction.

    As for today, just saw a huge [2x] jump in netDiff from about 34k to ~ 68k (and climbing), in the space of a couple of hours! I guess another of those huge PetaRigs came online. There goes the neighbourhood...

    What would it take to double the difficulty ~ how much increase in overall Capacity etc? And what does this mean for Roi & Profitability?



  • Mining will *ALWAYS be profitable if you have an efficient setup, the laws of supply and demand ensure that.

    Yes the margins will likely tighten over time, but as it gets too tight it will force out the less efficient miners and restore the balance.

    The only way it would stop being profitable is if enough inefficient miners chose to operate at a loss. And that doesn't happen.

    The same silly people that predicted Bitcoin or other altcoins wouldn't be viable to mine after X date, they are always wrong. Their base assumptions are false, so any calculations based on that are also always false.



  • @captinkid said in Difficulti is going to high and to fast:

    Mining will ALWAYS be profitable if you have an efficient setup, the laws of supply and demand ensure that.

    Yes the margins will likely tighten over time, but as it gets too tight it will force out the less efficient miners and restore the balance.

    The only way it would stop being profitable is if enough inefficient miners chose to operate at a loss. And that doesn't happen.

    The same silly people that predicted Bitcoin or other altcoins wouldn't be viable to mine after X date, they are always wrong. Their base assumptions are false, so any calculations based on that are also always false.

    Although I agree with your general assessment, I would and try to avoid words like "always" and "never" when referring to future events 🙂



  • @rds

    Agreed! Never and always are a very long time.

    Your point is quite valid.

    Also I may add a * to the first ALWAYS, because short term price changes can make it unprofitable, but the long term should generally be profitable in any case.



  • @captinkid said in Difficulti is going to high and to fast:

    Mining will *ALWAYS be profitable if you have an efficient setup, the laws of supply and demand ensure that. Yes the margins will likely tighten over time, but as it gets too tight it will force out the less efficient miners and restore the balance. The only way it would stop being profitable is if enough inefficient miners chose to operate at a loss. And that doesn't happen.

    Perhaps. The danger is that the margins decline to to the point where only the really big operators can survive. And /or where it only makes sense for those that utilise spare capacity (that's already paid for).

    The fact that Power Consumption is a minor factor with Burst Mining is very positive. And it evens out some of the differences between locations with very different energy costs (as for those using Video Cards).

    There are dozens of Systems & Crypto-currencies focused on GPU (& CPU) mining. So why so very few for HDDs? Storj is a bust, so Afaik, that just leaves Burst. But why?



  • @BeholdMiNuggets Well, Burst Mining as we know it might end around that time. Especially at the pace, the network is currently growing. After that, we'll have the transactions.

    Burst is still incredibly cheap (1 Burst = $0.02). Perhaps the PBfarms will soon demand higher values for their investments.

    Nine months ago there was around 597 Million Burst unmined. It's now at around 371 Million. Where it will be in nine months is hard to say. I'm sure the mining rigs will be massive nine months from now.

    I know I'm actively adding to my farm. I just need to figure out my electrical situation first.



  • @socalguy i need this to go on for at leat 3 more years.. WTF make it longerrrrrr



  • Yes, can we not expect a fork and increase the total number of coins issued?

    Also, if in future the price of burst does get higher, people will not want to pay 1BURST as fee everytime.



  • @rattle99 said in Difficulti is going to high and to fast:

    Yes, can we not expect a fork and increase the total number of coins issued?

    Also, if in future the price of burst does get higher, people will not want to pay 1BURST as fee everytime.

    Changing any of the monetary aspects (such as coin supply) is typically a very bad idea. It changes all the figures for anyone who invested anything in the coin before the change, and usually not for the better.

    Supply is very high with burst. I doubt we'll ever see fees less than 1. There's only a handful years left of mining fresh coins anyway. We'll need descent fees to incentivize continued mining.



  • @IncludeBeer completely agreed, but if the value of BURST does rise, say maybe 5$, I really doubt people will want to spend 1BURST as transaction fees everytime.