Quote from: konakevin on July 05, 2011, 07:59:17 PM

A miner explains why he's not buying anymore equipment...

http://www.bitcoin-board.com/index.php/Brand-new-Sapphire-5830-on-NewEgg-which-Im-passing-up

What are your thoughts?

There's 10,000s of people folding for free, correction they are PAYING to run their folding rig. Bitcoin is "less profitable"? People will mine for free, people will mine when they lose money. That's already been proven.

The fact it now takes 60-70-80 days to get ALL of your money back for your hardware? It's a non-issue. The next difficulty increase will likely be under 10%. People were figuring on 50% increases a month ago. It's not longer a great way to make quick money, seems like we still have 50k miners out there. If difficulty was 3M and BTC was at $5, you'd still have boat loads of miners.

People are no longer buying up tons of hardware to make a quick buck? That's good news. Miners just dump BTCs on the market as fast as they make them to recover costs. Not having huge influxes of short term hardware which needs to be paid off flooding the exchanges will be great. Difficulty increases will slow, supply will slow, demand will catch up.

BTC doesn't need 50k miners making money hand over fist. Thankfully that's coming to an end.