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

[Coaxialgamer]

4 hours ago, mynameisjuan said:

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

*looks at US dollar*

[Razor01]

1 hour ago, Curufinwe_wins said:

And thus makes it very poor as a fiat currency.

 

1 hour ago, Brooksie359 said:

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. 

 

 

It doesn't make it any less fake lol,

 

I didn't ask which one was better and for what reasons did I?

 

Currency can be looked as anything.  Before we had coins or bills, we used goods, a cow was a good as a dollar bill.

 

So was the ruble a great form currency, it has the same capabilities from a monitoring and regulating it as does the USD or Euro yet it failed, why?

 

All the currencies (Fiat included) is based on what we preserve as worth, the moment they have a large shift up or down, the controls that be don't work too well either. 

[Blebekblebek]

Most people who hate mining never mining.

it's like hating other people because they have money.

I don't get it (I get it actually)

 

it's hard to discuss about mining in this forum due to emotional disruption.

 

My opinion on this, there's a discussion about decision to prevent asiic into mining zcash because with this machine the value will be reduced

 

it's like inflation on drugs

[AntiTrust]

When you have a US Dollar, its value is back by 300 million people in the USA that use it everyday to conduct all of their business. It is the legal tender of the USA, which means it must be accepted if offered in payment of a debt. 

 

Fiat money is back by the government, which is backed by the legislative power it holds over millions of people. It doesn't have value as paper, it has value because 300 million people got organized, formed a government and said it has value. 

 

Crypto only has value so long as people say it has value. Noone HAS to accept crypto as payment and noone is guaranteeing its survival into the future. its value exists nowhere except in the minds of people who buy and sell it, there is no regulatory authority, no law enforcement telling anyone they must use it. Its incredibly risky. The safest crytpos are the most popular ones

[bcredeur97]

8 minutes ago, Blebekblebek said:

Most people who hate mining never mining.

it's like hating other people because they have money.

I don't get it (I get it actually)

 

it's hard to discuss about mining in this forum due to emotional disruption.

 

My opinion on this, there's a discussion about decision to prevent asiic into mining zcash because with this machine the value will be reduced

 

it's like inflation on drugs

though the valuation drop is only temporary if demand stays consistent.

Difficulty does rise and amount of coins produced does drop as hashrate increases (or stays constant even)

[Blebekblebek]

11 minutes ago, bcredeur97 said:

though the valuation drop is only temporary if demand stays consistent.

Difficulty does rise and amount of coins produced does drop as hashrate increases (or stays constant even)

I don't know about that, but since zcash is mainly focusing on how people valuing their products I dont see that's going to happen

 

Raise in difficulty and less amount doesn't make value going up if no one is going to use it (or say acknowledge it)

 

if this was on 2011 then zcash might be another bitcoin, but it's not, we have hundreds if not thousands of other cryptocurrencies.

With every single of it trying to compete to become another bitcoin, if this asiic mining ends up driving people away from zcash then it's back fired.

 

The only profitable group in this scenario is BITMAIN them self, even if zcash going to fail someday, I think that's whats most people concern.

[bcredeur97]

2 minutes ago, Blebekblebek said:

I don't know about that, but since zcash is mainly focusing on how people valuing their products I dont see that's going to happen

 

Raise in difficulty and less amount doesn't make value going up if no one is going to use it (or say acknowledge it)

 

if this was on 2011 then zcash might be another bitcoin, but it's not we have hundreds if not thousands of other cryptocurrencies.

With every single of it trying to compete to become another bitcoin, if this asiic mining ends up driving people away from zcash then it's back fired.

 

The only profitable group in this scenario is BITMAIN them self, even if zcash it self failure, I think that's whats most people concern.

BITMAIN doesn't even have to sell to customers... they could technically just build their hardware and mine for themselves (which I believe they do before they sell them anyway)

 

[Blebekblebek]

Just now, bcredeur97 said:

BITMAIN doesn't even have to sell to customers... they could technically just build their hardware and mine for themselves (which I believe they do before they sell them anyway)

 

This opinion doesn't make sense in business world, it's like saying " AMD doesn't have to sell their GPU and build mining farm instead"

 

[Teddy07]

22 minutes ago, bcredeur97 said:

BITMAIN doesn't even have to sell to customers... they could technically just build their hardware and mine for themselves (which I believe they do before they sell them anyway)

 

I bet they do, whatever makes more profit.

[kokakolia]

31 minutes ago, bcredeur97 said:

BITMAIN doesn't even have to sell to customers... they could technically just build their hardware and mine for themselves (which I believe they do before they sell them anyway)

 

You have to think about it short term/long term. It takes a lot of time to mine. And the hash rates decrease over time. Selling mining rigs is great for short term profit. 

[Taf the Ghost]

I'm starting to like Bitmain as a company, haha.

[Curufinwe_wins]

2 hours ago, AntiTrust said:

When you have a US Dollar, its value is back by 300 million people in the USA that use it everyday to conduct all of their business. It is the legal tender of the USA, which means it must be accepted if offered in payment of a debt. 

 

Fiat money is back by the government, which is backed by the legislative power it holds over millions of people. It doesn't have value as paper, it has value because 300 million people got organized, formed a government and said it has value. 

 

Crypto only has value so long as people say it has value. Noone HAS to accept crypto as payment and noone is guaranteeing its survival into the future. its value exists nowhere except in the minds of people who buy and sell it, there is no regulatory authority, no law enforcement telling anyone they must use it. Its incredibly risky. The safest crytpos are the most popular ones

More than that... 80 years ago, the US government put into regulation and action (having actually applied this numerous times) laws that shut down exchanges in the events of too rapid changes in valuation. 

 

This is societal experiment has proved extremely effective in the limiting of panic sales (which are a self-perpetuating feedback loop).

[LucidMew]

This is actually a pretty damn big deal. After reading the Equihash algorithm whitepaper, I've always liked the algorithm. Super customizable and requires a bunch of memory, plus the fact that GPUs get not even a thousand solutions a second is pretty cool.

[Misanthrope]

  I guess we're all hoping this:

Spoiler

I wish it would play Crysis

Also neat: if the 2080 comes out soon(ish) you could be able to pick up a 1080ti on the cheap.

[Enkephalin]

13 hours ago, Blebekblebek said:

This opinion doesn't make sense in business world, it's like saying " AMD doesn't have to sell their GPU and build mining farm instead"

 

BITMAIN and other ASIC manufacturers DO mine on the network with the ASICs before they sell them. They actually generate a lot of revenue this way and when it gets to a point where they think they can make more money selling them off to customers, well, you can buy them on their website. This has been well known for a while that when BITMAIN has an ASIC they mine on them first. The community has figured this out because the mining difficulty will initially drop when they sell them off, but that drop in difficulty does not last that long.

BITMAIN is a private company that really is dedicated to mining; AMD is publicly traded and must sell a diverse set of products to consumers to keep their brand name alive. Also, their GPUs aren't as profitable as those BITMAIN ASICS. However, I wouldn't be surprised if AMD has a team that does have a gpu mining setup of some sort for R&D purposes. 

[Enkephalin]

9 hours ago, LucidMew said:

This is actually a pretty damn big deal. After reading the Equihash algorithm whitepaper, I've always liked the algorithm. Super customizable and requires a bunch of memory, plus the fact that GPUs get not even a thousand solutions a second is pretty cool.

That was awesome of you to throw that link out there! Thank you!

[Kamjam21xx]

IS this an advertisement?

[Enkephalin]

No. Even if you buy a miner from their site (I posted it as proof for the thread...) you might not get one at all or it will be months late. If you know what happened with the monero ASIC you would be cautious to buy one.

[alphaproject]

If this was profitable I'd do it.... but for 2K... I wonder how long it would take to get your money back....

[MrDynamicMan]

On 5/4/2018 at 2:29 PM, hconverse02 said:

Well technically any fiat money is fake currency if that is your thinking.  Cryptocurrency is backed by paper currency, but paper currency has no real value, we value it based on how the economy is.

except crypto isnt really a currency, its a stock, because it's deflationary. The only reason it has value is because people think its value will grow more in the future and so buy and hold it, most cryptos dont work well as geniune currecny because of this

 

[GoldenLag]

Inb4 the ASIC that can play dx11 games.......

[samcool55]

1 hour ago, MrDynamicMan said:

except crypto isnt really a currency, its a stock, because it's deflationary. The only reason it has value is because people think its value will grow more in the future and so buy and hold it, most cryptos dont work well as geniune currecny because of this

 

Well i can buy stuff with crypto, sounds like a currency to me...

[jagdtigger]

28 minutes ago, samcool55 said:

Well i can buy stuff with crypto, sounds like a currency to me...

"Counterfeit money is imitation currency produced without the legal sanction of the state or government. "

Sounds familiar? Crypto is just a fake money, even if some idiots attach value to it....

[SpaceGhostC2C]

34 minutes ago, samcool55 said:

Well i can buy stuff with crypto, sounds like a currency to me...

I can buy things with frequent flier programs' miles ¯\_(ツ)_/¯

[jagdtigger]

30 minutes ago, samcool55 said:

Well i can buy stuff with crypto, sounds like a currency to me...

"Counterfeit money is imitation currency produced without the legal sanction of the state or government. "

Sounds familiar? Crypto is just a fake money, even if some idiots attach value to it....