This is a good quote I took from one of the Bitcoin talk forum
I invested about 6 BTC in hardware a month ago, and thought that i will cover my expences for ~4-5 months with mining, but now it’s just pointless! I can’t keep up with this, maybe a couple more days and then back to wasting time and gaming…
Litecoins sounds good, but now, everybody with GPU mining rigs will switch over to them, while ASIC-s will mine BTC…
Indeed very true, anyone invested in FPGA or ASIC miner to mine BTC Bitcoin, well guess what? what you had spent on was just hardware that mine BTC it cannot be use for any other purpose, so if those items that you have purchased with low power hashing rate 300mh/s or so each, it is now useless, what the typical cost for those USB Erupter doing 300mh/s cost about $400 a piece, it is not worth the money. However there are people out there receiving there ASIC with 5GH/s or 30GH/s are the one that will be making some small amount of money, not wealthy rich though I’m sure. But, there are a some of you obtained multiple ASIC miners with 30GH/s + are the one for business source of income, for many other GPU miner, now is the time to stop! why? simple, even you say you get free electricity, but still, if you have a couple GPU mine at a speed off 500mh/s you’re not making much at all, and you would have to keep your room cool by either turning on the fan or AC, even if you live in the north pole you can’t be having your windows open all day night long, you will get sick, it will impact your health greatly!
SO indeed, as predicted by many, the end of GPU mining is now! People are selling their GPUs on ebay, some mwill mine Litecoin, but the same will happen, Litecoin level difficulty will rise and what you’re making will slide down and if Litecoin LTC price crashed, you’re making nothing. So as of today, Bitcoin BTC is the strongest crypto currency but are currently encounter a lot of problems with regulations as well, as confirmed, shut of the LibertyReserve, Dwolla no longer business with MtGOx, OKpay also no longer business with MtGox, MtGOx now are being target to get hack and get all the Bitcoin they hold, on top of that, the BTC Bitcoin crashed to 110s and prediction it will go down to below 100 and possibly to 50s and eventually will not worth anything due to the regulations put in place transactions getting more strict each day, seems like we had a few years of fun.
Whoever said Bitcoin holding steady as all these facts surfacing is wrong! look at the Bitcoin value as of now! $112, that’s $20 drop from a couple days ago. hope some big investers will buy Bitcoin, but most likely not, exchanges are very strict now, limiting the amount of BTC and time, 31 days or so holding of money and Bitcoin, prevent people from cashing BTC.
ASICs……… If people can manufacture them then more hashing power continue to be added to the market…….. There is no stopping. ASICMiner, Avalon, and Butterfly Labs (Possibly more) all can produce as much as they can but all know that difficulty will rise constantly so they hold off. Who knows these people can probably produce ASICs for litecoin as well meaning crypto currency is not just some poor man’s rich dream with his computer but a rich man opportunity to make more money. :S