Imagine if all the money miners spend on buying new ASIC rigs would go directly into the purchase of bitcoins. Imagine also if all the cost associated with operating mining farms would be virtually eliminated and therefore greatly reducing amount of bitcoins miners have sell to keep operating.
That is effectively one of the things ETH 2.0 is bringing to the table. It will also result in lower issuance, a rapid increase in network scaling. This is a very exciting development for cryptocurrencies as a whole, and if the implementation is successful there are a lot of reasons to believe it will catapult Ether's price. If you are a maximalist (on either side of the fence), please consider hedging your investment. It is a responsible approach specially when dealing with a highly speculative and volatile asset class. Cheers!
Isn't there a disturbingly high chance that the ASIC disruption will threaten the entire bitcoin currency? As difficulty rises and all but the largest miners with the lowest costs drop out, isn't there a strong possibility of one organization reaching 51 percent and ending bitcoin as we know it?
Do people profit by mining anymore? If not why do people mine if it is no profit? If mining is profitable then how? I am looking at cost of different asic hardware. Even at bulk prices and with free electricity the online mining reward calculators still show a loss by never recovering the price of hardware. Or in a good situation just a cut even. Is mining on bitcoin now only reserved to the few elitist who manufacture asic machines? The claims that it is profitable because bitcoin value go up is invalid. Because at that case better off to just buy bitcoin and hodl instead of buying asic with it. Or if bought the hardware using bitcoin may never recover costs. How is lack of asic resistance not an issue?
Ok, A little backround. I know hardware and networking. I can build just about any config of a computer. I understand overclocking and undervolting. I can invest around 2,700 for initial investment. So do I buy hardware to build a GPU miner with at least 6 cards or more? Probably RX580 as they are cheap and I have one in my rig. More on that later. Or do I a Asic miner like this I understand a GPU miner is multiple coins and not Bitcoin, and Asic is nothing but Bitcoin. I've done the math on the Asic miner and the ROI in about 3 months with a net gain of about ~10,000 USD a year @ .13 cents per Watt. I've had a hard time finding a solid or semi way of calculating the earnings for a GPU miner. Not only because it is many coins or dedicated to one coin, but there our other variables involved. However I have more control of the hardware if it fails. I dipped my toe into mining with my own rig that has a RX580 fatboy and a AMD Phenom ii x4 955 black edition. I overclocked the GPU and undervolted the CPU to reduce heat since it was hitting 62 cel. The GPU gets 12.5 sol/s and the CPU was getting ~322 h/s. All this added up to ~170 watts and a net of .00218322 BTC/Month. This was all done using Cudo as it was easy to find and setup just to test. This was just a test to see how it would work. I wouldn't use Cudo to full scale as it is a pool and the transfer to a Wallet is pretty steep in relationship to earns. I understand that in a pool you get your share based upon how much of the "work" you did to get find block. So do I build or buy? With that much computation power do I need to join a pool? What software is best for pool or alone? I am comfortable with CLI as long as it's well documented, but would like a remote GUI. Also what is the best wallet with the best fees for transactions. Currently using uphold since I use Brave. I think I covered as much as I could, if you have any questions let me know. Any advice would be great. If I should post this else where let me know please or I could just cross post it. TIA. Be safe, stay safe! Edit: Words and BTC earning was WAY off then I first typed this.
With all the latest news and going ons, I came to the conclusion that in the future there might be a backlash against power hungry coins like Bitcoin resulting in some national tax being levied on Bitcoin transactions (don’t worry too much about this , it’s just to explain where my mind was going). So I thought this might mean LiteCoin would be a good long term investment as I’ve heard it’s more energy efficient. I did some googling and found this well written article: https://www.ofnumbers.com/2018/08/26/how-much-electricity-is-consumed-by-bitcoin-bitcoin-cash-ethereum-litecoin-and-monero/ I was surprised to find LiteCoin , isn’t that much more energy efficient , due to the fact miners still end up using ASIC machines. The article finishes by addressing some of the common counter arguments such as traditional systems also consume a lot of energy, and use of green energy. I strongly recommend reading it if you want to comment about those. It does however focus on the energy cost after a coin or fiat has been created (I.e. cost of transactions and storage) and not the cost of producing the fiat. But cost of production is one one off cost anyway. And it does not mention gold (which I imagine has a high production cost but cheaper transaction+storage costs vs. BTC). Anyway thought I’d get the communities thought on all of this. I know a lot of us are emotionally attached to crypto and will rush to defend it but I im trying to anticipate if there might be a backlash in the future and if so which coins might be a good investment. I’m curious to see how the author would rate Nano, which is kind of the conclusion I’m reaching here (all the nano shillers I’ve been deriding will rejoice to hear this) Thoughts?
My personal experience with Innosilicon A10 Pro (6G) 500Mh ASIC ethash miner
EDIT : This is about the 5G version, not the 6G. Hello, Since there is not much consumers tests online about the Innosilicon A10 (Ethmaster) Pro (5G) at 500Mh, I decided to share my personal experience through an "anonymous" account. I bought it around April 2020, arrived in May but for personal reasons I was only able to turn it on this summer :( The A10 costs me 3242 € + 70 € power supply (Innosilicon 1400W Power Supply) + shipping. I will not reveal where I bought it because this is not an ad, but it was through an european ASIC miner reseller. I know Ethereum 2.0 is coming and I'm aware this is a gamble. I would not advise you to buy it now, especially knowing Eth 2.0 is really coming now, DeFi is pushing at the gates and I heard rumors there is a 750Mh version coming up. So, it is my first ASIC miner, I did some ZEC mining with a 4 x 1080Ti mining rig two years go.
EDIT : EthToDoge pointed out in the comments that the A10 isn't an ASIC technically speaking The A10 is basically a box crammed full of laptop GPUs and some custom firmware and made to look like the Bitcoin ASICS. [Check out the comments for more information]
The A10 mining chains reboots itself every 9 hours on average. When the A10 reboots, it goes into an autotuning mode which can take up to 2 hours, but usually around 1h. When in autotuning, it starts at 0Mh and goes to it's full speed after the autotuning, not mining much during this phase because the autotuning mode causes a lot of invalid shares, up to 20% and going down to 3% when tuning is completed. The chains temperature are around 63°C, I don't know if this is the reason of the reboot. I'll try later on to get a better air flow. I fixed the temperature issue I had by placing in a better ventilated location, temperature is now around 53°C but that didn't fixed the reboot issue. miner web interface, you can see the hashrate drop due to the random reboot Performancesettings I tried balanced and factory modes, and I didn't saw much differences in the reported speed. In a near future I'll have a try with theperformancemode but I will monitor the power consumption when trying since the A10 warns me to pay attention to that when I want to enable performancemode in the web interface. The performance mode consumes around 10% to 15% more electricity than the factory mode, without noticing any difference in the hashrate or stability. I didn't had proper tools to measure the power consumption, my A10 was plugged in an UPS and it's load went from 43% usage to 55% so I'm assuming the difference is the extra power consumption. Changing performance settings causes the miner to go into autotuning. Autoupdate The firmware check is working, but I didn't manage to use the autoupdate. I had no problem to manually download the firmware and upload it, so not really a problem. My device:
Type A10L Controller Version g1 Build Date 15th of July 2020 06:13 AM Platform Version a10l_20200715_061347
EDIT : I upgraded to the new firmware a10l_20200901_053652 but that didn't fixed the reboot issue.
Inspired by the discussion on the cc subreddit (which I won't link to), I have some questions.
These Nakamoto coefficients aren't very comparable. Miners can reassign their hashrate at any time. Hashrate also has an ongoing, real expense. Nano votes can't be reassigned if the network is controlled, and there's no out of band "real" cost to acquire or maintain control. Thus, it's extremely misleading to try and compare these.
I would say that indeed hashrate has an ongoing, real expense so indeed, performing a 51% attack on Bitcoin will cost you on a per hour basis. On the other hand, get a 51% majority of Nano and you essentially block the network for eternity from what I understand. Bitcoin would most likely also collapse in value if a 51% attack was successfully performed, because even if it were to go offline for an hour and just a few doublespends were performed, it would undermine the store of value mantra quite strongly. Some sides notes here are, of course, that getting a 51% majority delegates for Nano is extremely difficult or expensive, as you need to buy up a large percentage of the supply yourself or you need to convince a lot of people to delegate to you, which hopefully only works if you build services that use Nano and therefore, in both cases, you have a vested interest in ensuring the Nano network remains valuable. On the other hand, Bitcoin miners have made large investments in ASICs which means they are strongly incentivized in the same sense, they want the Bitcoin network to remain valuable. Convincing either enough large Nano holders, or large swathes of Bitcoin hash power, would therefore be difficult. However, wouldn't it, generally, not be easier to find hash power outside the large miners currently mining than it would be to find Nano to give yourself a majority? I'm thinking that to get a 51% majority in Nano as said earlier you need to buy up enough of the outstanding Nano, or convince holders with a vested interest in the value of the Nano network. For Bitcoin however, I could rent out a chunk of Amazon's computing power and set up my own temporary mining operation to compete with the mining pools currently available. It would still be expensive, but, I am assuming, less so than taking the Nano option (even with current market caps). Is this a fair comparison? Or am I misrepresenting how easy it would be to get a Nano majority, or misrepresenting how difficult it would be to find alternative hash power to mine Bitcoin? Edit: Comparing to Bitcoin because it has the most hash power, this goes for all PoW crypto.
If you are like me, then you are probably always looking for new ways to generate income. There are always new opportunities out there to make a quick buck, however, I try and be selective and do extensive research into the opportunities I spot. I have recently become very interested in the opportunities that Bitcoin trading presents. Increasing your streams of passive income through a diverse range of methods can start to add up to a significant amount each month. Here are a few ways to start making money through Bitcoin. Mining Bitcoin Essentially mining means using computing power to secure a network to receive Bitcoin rewards. It is the oldest form of earning passive income through Bitcoin as it doesn’t require you to have cryptocurrency holdings. In the early days, this method was a viable solution, however, as the network hash rate increase most miners shifted to using more powerful Graphics Processing Units. Due to the vast increase in competition mining became the playing field of Application-Specific Integrated Circuits (ASICs) - electronics that use mining chips tailor-made for this specific purpose. Nowadays setting up and maintaining mining equipment requires substantial investment and technical expertise – but it's worth it if you happen to fit the criteria. Not to mention the cooling costs associated with running a machine powerful enough to mine Bitcoin. Staking Staking is a less resource-intensive alternative to mining, involving keeping funds in a suitable wallet and performing various network functions to receive staking rewards (i.e. Bitcoin). Usually, staking involves establishing a staking wallet and simply holding the coins. In other cases, the process will involve a staking pool. Some exchanges will do all this for you – all you have to do it keep your tokens on the exchange and all the technical requirements will be taken care of. This is a great way to increase your Bitcoin holdings with minimal efforts. Lending Lending is a completely passive method to earn interest on your Bitcoin holdings. There are several peer-to-peer lending platforms available that enable you to lock up your funds for a period of time to later collect interest payments. The interest rate could either be set for the platform or based on the current market rate. This method is ideal for those looking for long term rewards, however, it is worth noting that locking your funds in a smart contact always carries the risk of bugs. Finding a Bitcoin Trading Company For those who are less technically inclined and don’t have a firm grasp of how Bitcoin trading works, there is always the opportunity of finding a company that will trade on your behalf. The issue with this is that there are many seedy companies who claim to do this but then end up ripping you off. In order to have peace of mind, you need to find a Bitcoin trading company that understands the market and is reputable enough. I stumbled across Mirror Trading International, a company that operates out of South Africa. What immediately stood out for me was that they were transparent and professional in their engagements. Daily profits are paid on the days where there are profits recorded. In addition to this, they have made the entire registration and withdrawal process as simple as possible. All you have to do is simply fund your account with the minimum fund value and you can start earning. If you do need to access the funds, then this is a simple process that you have full control of. I would suggest everyone to do their research and keep an open mind. The thousands of testimonials, along with their members from all across the world is testament that they are a legitimate company that is sustainable.
When a coin is not profitable to mine, does this indicate a large presence of botnet miners?
It seems to me that the only reason you would mine a coin which is currently not profitable is either if you can mine it for 0 cost (ie with stolen processing power via a botnet) or if you are speculating that the value of the coin will increase. It would make more sense to just buy Monero at an exchange rather than mine it if you were speculating on an increase in value. As far as I can tell, it is currently not profitable to mine for Monero, but obviously tons of miners are mining. Does this indicate that a large chunk of the hashing power is coming from botnets?
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