Alternative ?

[Ober1kenobi]

If there was an Alternative to using a lot of Graphics Cards and a lot of money to receive minimal results and there was a cheaper way to get better results, can you miners migrate to that...

Im sure you all know about ASIC Miners, example

http://www.amazon.com/ASICMiner-Block-Erupter-Cube-Miner/dp/B00H8K3MZU/ref=sr_1_11?s=electronics&ie=UTF8&qid=1394833148&sr=1-11&keywords=usb+miner

30-38.0 Gh/s... is a lot better that now Overpriced Graphics Cards.

Please feel free to stop buying graphics cards at any time, much appreciated, Hardware Consumer

You could use a set up like this, at the time of writing the price of these at 30.0gh/s could be found at $450
there is 7 in the picture, $3150+ for a 210-265GH/S miner, there is also a 60Gh/s model which would yield 420+Gh/s for $3500+



 

[TheSLSAMG]

From what I have heard, Litecoin and Dogecoin (two of the more popular coins) cannot be mined with ASICMiners.

 

There's a weakness in your argument.

[tryphaa]

Call me stupid but I'm not really understanding what your trying to say.

[prolemur]

I think using graphics cards would be better because they could be resold if the coin you are mining drops and your miner for the coin would drop with it, when the graphics card would be relatively unaffected.

[AK0490]

If there was an Alternative to using a lot of Graphics Cards and a lot of money to receive minimal results and there was a cheaper way to get better results, can you miners migrate to that...

Im sure you all know about ASIC Miners, example

http://www.amazon.com/ASICMiner-Block-Erupter-Cube-Miner/dp/B00H8K3MZU/ref=sr_1_11?s=electronics&ie=UTF8&qid=1394833148&sr=1-11&keywords=usb+miner

30-38.0 Gh/s... is a lot better that now Overpriced Graphics Cards.

Please feel free to stop buying graphics cards at any time, much appreciated, Hardware Consumer

You could use a set up like this, at the time of writing the price of these at 30.0gh/s could be found at $450

there is 7 in the picture, $3150+ for a 210-265GH/S miner, there is also a 60Gh/s model which would yield 420+Gh/s for $3500+

 

Go cry somewhere else. 

 

First of all, graphics cards price have been declining rapidly. For example a MSI 270 is back under $200 on Newegg. Also those ASICs are a TERRIBLE value. You can get 200GH for 1Btc or around $700 when you figure in a PSU.

 

Of coarse this doesn't matter because clearly you have no clue about what Sha-256 and scrypt mean.

[MG2R]

Go cry somewhere else.

No need to send him away.

 

There's one misconception in the OP: the ASIC miners are for SHA-256 coins (like bitcoin), which are very CPU intensive and not very memory intensive. This means that it's possible to create a purpose built circuit to only perform SHA-256 calculations, which is thus very fast (ASIC, or Aplication Specific Integrated Circuit means exactly that). Now here's the catch: ASICs are costly, and the more silicon (the bigger the actual chip), the more money it costs. Since the most silicon-consuming thing in ASICs is memory, the SHA-256 is a prime candidate to build an ASIC for, as it uses only a small amount of memory.

 

Enter scrypt. Scrypt is a proof-of-work algorythm that is meant to be ASIC-proof (as ASICs make a coin only profitable for big miners, that have the money to invest in them). It tries to achieve this by using a lot of memory. Because of this, it is more profitable to mine on GPU's than it would to build ASICs for scrypt-based coins. You see now why everyone buys GPU's instead of ASICs? If there were an ASIC that makes scrypt-based mining more profitable than the GPU, then people would start buying those ASICs in a heartbeat

[Ober1kenobi]

From what I have heard, Litecoin and Dogecoin (two of the more popular coins) cannot be mined with ASICMiners.

 

There's a weakness in your argument.

This is true and it only applies to certain types of miners, but would they be willing to switch.. if it benefits them, it would also benefit us.

 

[MG2R]

This is true and it only applies to certain types of miners, but would they be willing to switch.. if it benefits them, it would also benefit us.

 

^ read :

 If there were an ASIC that makes scrypt-based mining more profitable than the GPU, then people would start buying those ASICs in a heartbeat

[Ober1kenobi]

No need to send him away.

 

There's one misconception in the OP: the ASIC miners are for SHA-256 coins (like bitcoin), which are very CPU intensive and not very memory intensive. This means that it's possible to create a purpose built circuit to only perform SHA-256 calculations, which is thus very fast (ASIC, or Aplication Specific Integrated Circuit means exactly that). Now here's the catch: ASICs are costly, and the more silicon (the bigger the actual chip), the more money it costs. Since the most silicon-consuming thing in ASICs is memory, the SHA-256 is a prime candidate to build an ASIC for, as it uses only a small amount of memory.

 

Enter scrypt. Scrypt is a proof-of-work algorythm that is meant to be ASIC-proof (as ASICs make a coin only profitable for big miners, that have the money to invest in them). It tries to achieve this by using a lot of memory. Because of this, it is more profitable to mine on GPU's than it would to build ASICs for scrypt-based coins. You see now why everyone buys GPU's instead of ASICs? If there were an ASIC that makes scrypt-based mining more profitable than the GPU, then people would start buying those ASICs in a heartbeat

Cheers, It is an enquiry,

 

[tobben]

Cheers, It is an enquiry,

 

besides asics are terrible, most people don't like them and some consider them to ruin coin mining, it's because of asics the difficulty in bitcoin is insanely high, it's because of asics that you have to invest thousands of dollars in bitcoin to make a profit, if they were to crack scrypt and make efficient asic miners for it some other algorithm would pop up that countered those asics.

[MG2R]

some other algorithm would pop up that countered those asics.

has already happened. Called Vertcoin, IIRC