Hi! I have another thread here that I started. Electricity costs caught up with mining profits. I want to ask now that price of ETH is so low, and I am sure there are those like me, considered, or shutdown their mining temporarily. Does fewer miners change anything about the ease of mining? Or do we get more shares or anything out of it?
Since no Asic mining yet, theoretically, what will happen if everyone decides to stop mining for now, due to high cost of electricity? Who will process transactions? Will it slow down?
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90-98% community was against ASICs ,but looks like devs are not going to do anything about it
Ask Vitalik if you want know exactly for how much did he sold Ethereum to Bitmain: https://twitter.com/VitalikButerin
Good luck!
In case if you have Nvidia.
I heard ZenCash will be ASIC resistant soon and will outperform ZCash and some other coins will have good future for GPU miners also.
But problem is when GPU miners will leave ETH - network will be controlled by Bitmain ASICs. It is scary, because all top 3 coins BTC LTC BCH are ASIC coins (Bitmain coins) sad if ETH will join
I'm starting to lose fate in decentralized blockchain future, because basically 70% of Crypto market cap will be controlled and manipulated by wales not regular people community.
Can you explain this please?
Bitmain installs remote KILL-SWITCHES on the ASIC miners.
https://forum.ethereum.org/discussion/17889/bitmain-installs-remote-kill-switches-on-the-asic-miners#latest
I case there is instruction how to disbale kill switch encoded in Antminer firmware here: https://www.antbleed.com/
And yes it is possible to buy GEN 1 ASIC when they already have GEN 2 mining. If you buy ASICs it is very possible that you feed shady monopol controlled by few wales. Centralized entity who use this smart strategy to gain power and eventually take over all crypto network.