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July 16, 2013, 06:27:25 PM

With more and more people getting involved in mining, how profitable can it be for tens of thousands of people to compete for 3600 BTC's a day?
Just running some basic numbers, it doesn't look great. The big miners have an advantage but it is becoming more and more a gamble, for all
the reasons listed (and some unknowns for sure). And the risks are being compounded with BTC's falling price.

Wow, what it must have been like to be an early miner with no competition, great returns and a dream. But that is mostly a dream now.

Personally, I see it as helping the network (whenever my 7Gh BFL arrives) and hopefully I break even then have a nice piece of Nostalgia to show my daughter when BTC is around in 10 years. Seriously, I'll run that bad boy 10 years from now to keep my tea/coffee warm!

I just think at current prices (and lower) and considering the ever increasing amount of competition, mining is turning into something different.
Further, there is the chance that manufacturers become the miners and that is a big no as far as centralization goes.
Now when and if BTC gets into the hundreds and then thousands of dollars, there will probably be another wave of ASIC's in a new fashion...

Very interesting experiment we have on our hands...