20 Nov '12, 8am

Adrianne Jeffries - Miner problem: big changes are coming #bitcoin

Adrianne Jeffries - Miner problem: big changes are coming Adrianne Jeffries (@ADRJeffries ), writer for TheVerge, provides a summary of the one-two punch facing Bitcoin miners. Excerpts: “O’Shea’s backyard [Bitcoin mining] operation brings in about $3,000 a month, he estimates, although the take is always changing because the price of Bitcoin is extremely volatile. He’s spent more than $60,000 on equipment, and his electricity costs run between $2,200 and $2,400 a month. He’s defrayed his cost significantly but has yet to break even.” - “There is money to be made. Last year, miners generated $16.7 million worth of Bitcoins, using the price at the time the coins were created. But miners’ margins are getting thin.” - “I’d say that the majority of miners, especially large-scale ones that I know, including myself, are not paid off,” said Jeff Brandt, who makes about $2,000 a m...

Full article: http://www.bitcoinnews.com/post/36129349307/jeffries-mine...

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