New BITMAIN ASIC Mines Equihash = 15x1080Ti GPUs at 300 Watts

[laminutederire]

15 minutes ago, mynameisjuan said:

Or how about not waste power at all on an a fake currency?

People got to gamble though. Keeps societal peace alive...

[Enkephalin]

4 minutes ago, asus killer said:

@Enkephalin

 

so you defend people should continue to f' up the gpu market and spend a stupid amount more of energy to mine even if there is a tool that does this without pissing off everyone else that needs a gpu and they aren't all gamers, there were news of research projects also affected (search for aliens was mentioned in the forum) and save insanes amounts of energy at the same time?

 

sorry but... asic miners FTW 

You act like there is a GPU made with your name on it. This is a global market now, and this huge socioeconomic change that is taking place is very real and can do a ton for human rights, stopping illegal banking practices, and helping people transact in third world countries. Also, if this continues to be a thing, GPU production will obviously change. A few months ago it was just too risky. Also, with the memory scandal- don't blame miners for "f'ing up" your GPU market. There are far more players than small home miners and even mining farms. University's conducting research that require GPUs usually use very different kinds of GPUs that we wouldn't buy and are basically rentable supercomputers. You are referring to one group of researchers if I'm not mistaken. I also believe this revolution is a bit more important than scanning for aliens at the moment.

 

I'm going to have to disagree with you. Also, ASICs use a ton of power as well because it is an arms race. People will just keep buying more and more ASICs and it will ultimately still result in a lot of power usage. To comment on that as well, a lot of places are working to use renewable energy to power mining farms and countries in general. I can't agree with you on any point you make.

[Enkephalin]

4 minutes ago, laminutederire said:

People got to gamble though. Keeps societal peace alive...

In economics, we refer to this as speculation. Lol. A more fair kind of gambling.

[done12many2]

24 minutes ago, Brooksie359 said:

PayPal is the equivalent of a bank transaction like a debit card only with some added security. To compare it to a currency is a huge stretch.

 

I won't bother with the rest of the debate about the good/bad of mining/crypto, but along the lines of this particular point, Coinbase and GDAX (exchange) are FDIC insured (backed by the government).  They also report transactions in compliance with IRS requests.  Can't really say any of that about PayPal.

 

Don't get me wrong, I'm not saying that either is "safer".  Simply saying that their comparison with regards to security of funds is a "huge stretch" is exaggerating quite a bit.

[Enkephalin]

10 minutes ago, Brooksie359 said:

Even with gold as backing runaway inflation was still an issue. The whole theory that having good as backing makes the currency invulnerable from inflation issues is flawed.

Most cryptocurrencies, such as Bitcoin have a finite quantity that can ever exist. 21 million bitcoins is the max. This means that it is scarce and can be used as an excellent source of value, especially since it can be moved around easily as well.

[Enkephalin]

I would expect the LTT tech news forum to have more sensibility and respect, as well as an understanding of both sides than general youtube comments. Please check your emotions before posting.

[laminutederire]

2 minutes ago, Enkephalin said:

You act like there is a GPU made with your name on it. This is a global market now, and this huge socioeconomic change that is taking place is very real and can do a ton for human rights, stopping illegal banking practices, and helping people transact in third world countries. Also, if this continues to be a thing, 

 

I'm going to have to disagree with you. Also, ASICs use a ton of power as well because it is an arms race. People will just keep buying more and more ASICs and it will ultimately still result in a lot of power usage. To comment on that as well, a lot of places are working to use renewable energy to power mining farms and countries in general. I can't agree with you on any point you make.

To be fair cryptocurrency is huuuuuuuge in China, but it's not helping that much human rights! This will just cripple third world countries even more since they don't have always access to electricity for lights, let alone for anything using more power and connect to the internet.

 

I think his point was that you can argue that as a gamer a you doesn't have your name on it, but so is the case for miners name on gpus. In the current market, if you want to do research in deep learning, you kind of need gpus, so that keep small research groups out of being able to compete. Same applies for start-ups and so on. It creates a huge barrier of entry and it's not the most efficient way to do it.

You may be too invested in the topic to see it though, since you appear to believe a lot in cryptocurrencies.

Cryptocurrencies offer less social protections and are therefore not suited for society as a whole.

 

Because speculation is not professional gambling? Remember finance crisis? Those were built upon risks overtaking due to lack of vision and comprehension of what's at stake.

4 minutes ago, Enkephalin said:

Most cryptocurrencies, such as Bitcoin have a finite quantity that can ever exist. 21 million bitcoins is the max. This means that it is scarce and can be used as an excellent source of value, especially since it can be moved around easily as well.

So is oil and gold, but those do not help with limiting social inequalities. You may have the impression that since its software it's more open and a fair game, but it isn't. Once you have those, you control as much as you would with another scarce resource.

[NumLock21]

33 minutes ago, Enkephalin said:

I'm going to have to disagree with you. Also, ASICs use a ton of power as well

GTX 1080Ti at full load eats up 280w. 15 of them uses up a combine total of 4,200w. That asic miner = 15x GTX 1080Ti and it only uses 300w.

What have you been drinking?!

[asus killer]

1 hour ago, Enkephalin said:

You act like there is a GPU made with your name on it. This is a global market now, and this huge socioeconomic change that is taking place is very real and can do a ton for human rights, stopping illegal banking practices, and helping people transact in third world countries. Also, if this continues to be a thing, GPU production will obviously change. A few months ago it was just too risky. Also, with the memory scandal- don't blame miners for "f'ing up" your GPU market. There are far more players than small home miners and even mining farms. University's conducting research that require GPUs usually use very different kinds of GPUs that we wouldn't buy and are basically rentable supercomputers. You are referring to one group of researchers if I'm not mistaken. I also believe this revolution is a bit more important than scanning for aliens at the moment.

Mostly crypto is good at get rich quick schemes and laundering money. Lets be honest here.

[bcredeur97]

1 hour ago, BuckGup said:

Annnnnd then it forks and people wasted $2000

Bitcoin Gold said they will fork.. Zcash on the other hand is the direct opposite. They will not fork because of this.

[asus killer]

20 minutes ago, NumLock21 said:

GTX 1080Ti at full load eats up 280w. 15 of them uses up a combine total of 4,200w. That asic miner = 15x GTX 1080Ti and it only uses 300w.

What have you been drinking?!

He is just comparing the ash power or whatever its called the calculation for cryptos, not that you can buy a crypto and have the fps of 15 1080ti's.

I think.

[Enkephalin]

I need more people on this thread that understand crypto mining, economics, the blockchain and various coins/projects, and how current fiat system compares to cryptocurrencies....it is exhausting trying to reply to all of these comments. A few points have been made that are interesting but I think there is a lot of misinformation that has just been repeated over and over by people that are short tempered and suffered from GPU pricing. I paid a lot for some GPUs as well.

 

I would like to highlight the fact that the ASIC is one hell of a machine. BITMAIN generates more revenue than NVIDIA (never would have guessed that) and all they do is make ASICs for mining. If we can focus on the tech aspect for a brief moment here, isn't anyone impressed by how powerful that is? Their low price point is an indication though that they may be thinking the same thing will happen that happened to the monero ASIC. 

 

GUYS, I REALLY WANT TO SAY THIS: mining and learning about cryptocurrency and blockchain will have a huge impact on so many industries that we cannot deny its utility is positive. It did start off of course as a way transact with anyone in the world with privacy - this network had to be powered by miners and at one time you could mine whole blocks on a CPU and get many bitcoins. My mining adventure has been fun, it was harder than I thought it would (it isn't just plug and play). I have learned alot about economics, building computers using applications in entirely new ways. People's feelings are still hurt from the GPU shortage, but we must keep our heads level. That shortage was multifaceted with more than just miners making money. As a gamer, I thought it was sweet that I could buy the best gaming hardware available and have it pay for itself while at the same time supporting something that I believe in. I am a strong advocate of blockchain technology and cryptocurrencies, which rely upon decentralization of miners for it to even be possible. Previously, BITMAIN has threatened decentralization and makes more money than NVIDIA doing so. A while back, I paid 50 bucks for two BITMAIN Antminer S3+ bitcoin ASICs on eBay. I just wanted to learn how they worked and tinker with mining even though they aren't profitable. I like learning new things, I have always loved video games (that is essentially my only hobby), and in my mining and PC building endeavor I have really enjoyed constructing mining rigs by hand and building gaming PCs.

 

I wish I could have good conversations with all of you, but it is hard to do on a thread where I am heavily outnumbered and people are just bashing mining and giving each other a thumbs up. The comments aren't as bad as youtube - I mean, nobody has told me they wish I would die in a fire. I just wanted to spread some news that I personally found a bit worrying for me, in part because I do GPU mine, but also because BITMAIN has caused problems in the past and has engaged in unethical business practices. I think we can all agree that a machine as powerful as 15 1080Ti GPUs at 300 Watts is really impressive and I am amazed that they can make something like that. I wonder if they branched out they could outperform Nvidia in graphics or other sectors that use similar technology. I apologize if I have offended any of you, or brought back any negative feelings. GPU pricing is not as bad as it used to be at least and we can expect new cards to come out eventually.  I implore you all to spend at least a few hours, if not more, learning about the cryptoverse and blockchain tech because it would be a good use of your time. As a gamer, I have spent so many hours playing games that learning something new is actually more fun to me than gaming at times. Maybe this is because I am basically a professional student and love learning. I have spent hundreds of hours learning about blockchain, mining, reading whitepapers, and also learning how to use the stock exchange and cryptocurrency exchanges. It has been one of the greatest things to happen to me from a cognitive perspective. I am not rich from mining. I don't hold a ridiculous amount of cryptocurrency, but it has helped me afford rent when medical issues basically drained my bank account and put my normal source of income on hold. The big picture here though is that we are lucky to be alive during such an interesting socioeconomic experiment, one that has been predicted to produce the largest transfer of wealth that the modern world has ever witnessed. I'm probably rambling at this point, I just want to say there is a lot to explore here and this particular ASIC is one hell of a machine. Are there anyone in this chat that know enough from a technical point to elaborate on how this ASIC may function? How does it compare to ASICs for say, litecoin L3+ vs GPU, or bitcoin Antminer S9 vs GPU?

[Curufinwe_wins]

22 minutes ago, Enkephalin said:

I need more people on this thread that understand crypto mining, economics....

Look. We can understand those things and not agree with you that this is bad or that the current methods of cryptomining are good.

 

In fact, from a technical perspective, difficult to mine blockchains are bad for literally everyone except people wanting to use them as speculation sources. Industries that actually want to use blockchain tech (like banking) can not be limited by difficulty and transactions rates the way that current PoW currencies are.

 

My values do not line up in the same way that yours do here. That is not a hit on my understanding or your own. But you will need to distinguish between people being 'ignorant' and people simply not valuing the same things you do at the same levels. 

 

I personally think it's absolutely insane and ludicrous that you would claim gpu miners will be hurt more by this than gamers were by a lack of card supply.

 

Like you know the quantity differences in these populations right?

[Cindex]

Wow that's a lot of power.  10K Sol/s is ~$1000 USD per month at current rates.  Of course when you get it the difficulty of every Equihash coin will double and it'll be 500, then 200, etc.... 

[Mihle]

One thing crypto won't do is solve inequality( money wise), if anything it would make it worse, (except if the crypto can be taxed)

[Razor01]

2 hours ago, mynameisjuan said:

Or how about not waste power at all on an a fake currency?

What makes the USD or the EURO any less fake than a crypto?  Ya know there is NOTHING backing fiat currency right?  Its based on trust, supply, demand.  Same principles as crypto, just that no one entity has control or can regulate (which does cause massive price changes) Crypto.

[Razor01]

39 minutes ago, Mihle said:

One thing crypto won't do is solve inequality( money wise), if anything it would make it worse, (except if the crypto can be taxed)

Why do you want equality in money?  A person makes their money by working, if they get into something in the ground level and make a ton of money, they did it, they did the work at the right time to get that money. 

 

Do the people that are on welfare, on purpose, deserve equality in money form the person, lets say, makes a new invention?  Or a person that went to school 8 years and is now a doctor, lawyer, or what ever?  Just as an example of your equality, doctors now, most of them are employees, they are just part of the working class now.  Is it fair for them to have the medical field become any other business field?  These people went to school for a very long time and put in countless hours of studying. This is what equality equates to, businesses take over, and then you have a mass of sheep.

 

Does a doctor, lawyer, or what ever deserve to get the same amount of money as the guy that made a game played by millions?

 

There is no such thing as equality in democracy when it comes to finances, whom ever is more capable gets more money.  And the people that are capable where ever they come from in society standings will get what they deserve by the work they do.

 

We need a working class anyways ;).

[Curufinwe_wins]

55 minutes ago, Razor01 said:

What makes the USD or the EURO any less fake than a crypto?  Ya know there is NOTHING backing fiat currency right?  Its based on trust, supply, demand.  Same principles as crypto, just that no one entity has control or can regulate (which does cause massive price changes) Crypto.

And thus makes it very poor as a fiat currency.

[Brooksie359]

3 hours ago, done12many2 said:

 

I won't bother with the rest of the debate about the good/bad of mining/crypto, but along the lines of this particular point, Coinbase and GDAX (exchange) are FDIC insured (backed by the government).  They also report transactions in compliance with IRS requests.  Can't really say any of that about PayPal.

 

Don't get me wrong, I'm not saying that either is "safer".  Simply saying that their comparison with regards to security of funds is a "huge stretch" is exaggerating quite a bit.

One is a stock like entity the other is a way to make a transaction. The comparison was PayPal to a cryptocurrency. The method of transaction and the things exchanged during the transaction are 2 different things so yeah it's a hell of a stretch. That is like saying a bank is a currency. No it's not a currency it a place that handles it. 

[Brooksie359]

3 hours ago, Enkephalin said:

Most cryptocurrencies, such as Bitcoin have a finite quantity that can ever exist. 21 million bitcoins is the max. This means that it is scarce and can be used as an excellent source of value, especially since it can be moved around easily as well.

Just because something is finite doesn't mean it has value. The entire value placed on cryptocurrency is shaky which is why it is so voilitile. People keep on saying that cryptocurrency is a good currency when it isn't. When the value can be manipulated like a stock without the regulations placed on stock means it is less suitable for a currency than stocks in apple or Microsoft or any stock for that matter.

[Teddy07]

4 hours ago, mynameisjuan said:

Or how about not waste power at all on an a fake currency?

Who cares

[done12many2]

Just now, Teddy07 said:

Who cares

 

It's an LTT community thing.  We just have to be upset about something or we're not happy.  

[Brooksie359]

1 hour ago, Razor01 said:

What makes the USD or the EURO any less fake than a crypto?  Ya know there is NOTHING backing fiat currency right?  Its based on trust, supply, demand.  Same principles as crypto, just that no one entity has control or can regulate (which does cause massive price changes) Crypto.

It's based on it being legal tender  for all debts public or private. It says it right on any dollar bill. This means anyone who is in the us must accept USD as a payment for debt. The same cannot be said about crypto currency. This is why the value of fiat currency is closely tied to the economy the money belongs to because you can buy goods and services from that economy. Please stop saying nothing is backing fiat currency because it isn't true and people keep on repeating the same dumb argument. 

[Murasaki]

I read BATMAN for a second there..

[done12many2]

9 minutes ago, Brooksie359 said:

Please stop saying nothing is backing fiat currency because it isn't true and people keep on repeating the same dumb argument. 

 

Accurate statement. Backed by the government and law is pretty damn backed.