For those thinking of getting into Ether mining read this

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Comments

  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @ethfan Not doubting you, but which blog post is that? I looked back through last spring and couldn't find an entry authored by "vinay" (that could be a nickname, though). Maybe I didn't go back far enough.
  • Marvell9Marvell9 Member Posts: 593 ✭✭✭

    Marvell9 said:

    I'm buying rigs with with mortgage redraw, effectively borrowing from my house with my eth holdings as security.

    When I hear stuff like this people selling their homes orcretirement to buy miners it tells me things are out of hand
    @Marvell9 Perhaps I made a bit too dramatic a statement. What I've done is redraw a few $1000 from advanced payments on my house, to pay for mining gear instead of funding it from my current ethereum holdings. The holdings though humble compared to many other early adopters, are still in excess of what I've redrawn.

    My first rig was funded with a BTCJam loan because Ethereum was still so conceptual and I didn't want to mess with things on the home front. Now there's a whole lot more confidence in the platform.
    Oh I see that's quite reasonable when you said mortgage I totally misunderstood that's a great investment actully
  • patrik2patrik2 Member Posts: 156 ✭✭
    @o0ragman0o , look at trading graphs on Polo yesterday, today and tomorrow
  • NeoEtherNeoEther Member Posts: 6
    edited March 2016
    kotarius said:

    The entire post is FUD intended to reduce network hashrate. Sorry dude, this forum is not the alpha and omega of eth mining, and hashrate will increase regardless of your shitposting.

    Am I correct in stating that with a current average network hashrate of 1.1 TH/s and a difficulty of about 20.50 TH...then it's really just a matter of grabbing a couple R9 290's which put out about 707 MH/s and that would put me over the average, so I'd basically be mining at the same level of everyone else right? Because according to the average hashrate, NO ONE is hitting the blockchain difficulty hashrate of 20.50 TH.

    I'm still likely going to give it a couple weeks and see if Ether loses some value and the difficulty drops some. It's had a low of $10.50 today and anyone who knows anything about commodities knows they never go on bull runs forever.
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @NeoEther 707 MH/s with a couple of R9 290's? I don't know what you're reading, but you're terrible misinformed. And no single person pool "hits the blockchain difficulty hash rate of 20.50 TH". Maybe I'm just not understanding what you are saying.
  • MrYukonCMrYukonC Member Posts: 627 ✭✭✭
    dlehenky said:

    @NeoEther 707 MH/s with a couple of R9 290's? I don't know what you're reading, but you're terrible misinformed. And no single person pool "hits the blockchain difficulty hash rate of 20.50 TH". Maybe I'm just not understanding what you are saying.

    @dlehenky lol...I know, right? Oh, and he's gonna wait for the price to drop too. Every single person that has said that since January has ended up like this guy: https://ioneglobalgrind.files.wordpress.com/2013/10/finn-hudson-chasing-train-rachel-berry-new-york.gif
  • dittoditto Member Posts: 139 ✭✭
    edited March 2016
    Ethereum is next generation tech, no other shitty alt coin has shown any real promise at all in comparison.
  • NeoEtherNeoEther Member Posts: 6
    dlehenky said:

    @NeoEther 707 MH/s with a couple of R9 290's? I don't know what you're reading, but you're terrible misinformed. And no single person pool "hits the blockchain difficulty hash rate of 20.50 TH". Maybe I'm just not understanding what you are saying.

    I saw that on a chart on a different website. I'll try to track it down. I knew that sounded too good to be true lol
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @MrYukonC Well, it may drop, as in a healthy correction, as it has done twice so far by my reckoning, but it definitely looks like a bull market to me. When you see the price for LTC and Dash, that directly compete with BTC, the value-add that Ethereum brings to the table should command a rather large premium. I certainly see the price of LTC/Dash as a concrete floor for Ethereum, regardless of what happens.
  • MrYukonCMrYukonC Member Posts: 627 ✭✭✭
    dlehenky said:

    @MrYukonC Well, it may drop, as in a healthy correction, as it has done twice so far by my reckoning, but it definitely looks like a bull market to me. When you see the price for LTC and Dash, that directly compete with BTC, the value-add that Ethereum brings to the table should command a rather large premium. I certainly see the price of LTC/Dash as a concrete floor for Ethereum, regardless of what happens.

    @dlehenky Agreed.

    I just wasn't sure of his tone. Couldn't tell if he was a Homestead troll -- been lots of those out and about over the past 2 weeks with the whole -- "Homestead is priced in, it's gonna dump, OMG !!11one!!11" lol
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @MrYukonC Homestead's arrival could be an excuse for a correction, but the last two were very short-lived (which of course doesn't mean a thing). I think most would look at it as a perfect buy-in opportunity.
  • MrYukonCMrYukonC Member Posts: 627 ✭✭✭
    dlehenky said:

    @MrYukonC Homestead's arrival could be an excuse for a correction, but the last two were very short-lived (which of course doesn't mean a thing). I think most would look at it as a perfect buy-in opportunity.

    @dlehenky I'd say a "better" buy-in opportunity. I wish I'd spent all of my mining hardware money and other ETH money and bought ETH last Oct/Nov when it was a $0.50. lol

    But, back then though, there was real fear of the project failing. Hindsight being 20/20 and all that.
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @MrYukonC Yep, I remember that, but after DevCon1, I just knew they were going to find funding. It never even occurred to me to buy ETH. Back then I was intent in speeding up the kernel. Learned a lot, including: you can't speed up the kernel :)
  • patrik2patrik2 Member Posts: 156 ✭✭


    @Patrick, Substantiate please. It's an even more uneducated comment than the OP

    I hope that now you understand perfectly about what I told about price :smile: hehehe..

  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @patrik2 It's called a correction. It's the third one we've had in the last several weeks. No market driven asset goes up the way ETH has without periodic retracing. And given your "hehehe", I'd say you're in elementary school.
  • patrik2patrik2 Member Posts: 156 ✭✭
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,291 mod
    patrik2 said:


    @Patrick, Substantiate please. It's an even more uneducated comment than the OP

    I hope that now you understand perfectly about what I told about price :smile: hehehe..

    No, I don't. All you did was make a random statement akin to "it's going to be cloudy some day soon". It's not shown that you understand anything about what you think is going on, if you actually think something is going on.
  • restlessrestless Member Posts: 80
    Don't forget that ASICs will come to ether too.
    I know that ASIC implementation is already under consideration, with a dev claiming that except initial investment of ~ mln $ there are no significant hurdles.
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,291 mod
    restless said:

    Don't forget that ASICs will come to ether too.
    I know that ASIC implementation is already under consideration, with a dev claiming that except initial investment of ~ mln $ there are no significant hurdles.

    citation required...

    ethash is has been designed to provide very significant hurdles to ASIC development
  • patrik2patrik2 Member Posts: 156 ✭✭

    patrik2 said:


    @Patrick, Substantiate please. It's an even more uneducated comment than the OP

    I hope that now you understand perfectly about what I told about price :smile: hehehe..

    No, I don't. All you did was make a random statement akin to "it's going to be cloudy some day soon". It's not shown that you understand anything about what you think is going on, if you actually think something is going on.
    Sorry pal, disregard my comment. No more eth price forecasts..
  • ddxxbbddxxbb Member Posts: 18
    i agree with the author of this thread, it's too late to invest into mining hardware at this point, instead buying ethereum directly from exchange's can yield a higher %ROI in the long-term, another question is what will you do with your shiny hardware once the network switch's to PoS ?
  • restlessrestless Member Posts: 80

    restless said:

    Don't forget that ASICs will come to ether too.
    I know that ASIC implementation is already under consideration, with a dev claiming that except initial investment of ~ mln $ there are no significant hurdles.

    citation required...

    ethash is has been designed to provide very significant hurdles to ASIC development
    I read it on bitcointalk forums.
  • davethetrousersdavethetrousers Member Posts: 46
    edited March 2016
    ... so it must be true :D

    The problem with ASICs here would be that in order to build one, you would basically have to build a GPU. Think about what a GPU is: Lots of dumb SIMD cores connected by a large bus to very fast memory. Which is exactly what Ethash needs, because it is provably memory-hard, more specifically "memory-latency-and-datarate-bound".

    Increasing memory bandwidth and lowering latency, which an ASIC would have to accomplish somehow, isn't easily done because you run into two fundamental theoretical problems of technical computer science: The Von Neumann Bottleneck (bus speeds) and the Memory Wall (memory latency/speed).
  • ddxxbbddxxbb Member Posts: 18
    i found this video on youtube that explains everything about ethereum transition from PoW to PoS ! very informative, enjoy !
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,291 mod

    ... so it must be true :D

    The problem with ASICs here would be that in order to build one, you would basically have to build a GPU. Think about what a GPU is: Lots of dumb SIMD cores connected by a large bus to very fast memory. Which is exactly what Ethash needs, because it is provably memory-hard, more specifically "memory-latency-and-datarate-bound".

    Increasing memory bandwidth and lowering latency, which an ASIC would have to accomplish somehow, isn't easily done because you run into two fundamental theoretical problems of technical computer science: The Von Neumann Bottleneck (bus speeds) and the Memory Wall (memory latency/speed).

    @davethetrousers I mentioned in another thread that and ASIC might not have to hash faster, only be significantly cheaper and more energy efficient than a GPU for ASIC dominance in ethereum. This might be achievable as silicon can be focused on kernel logic rather than more generalised compute cores, render logic and hardware API's like DirectX

    Part of the ASIC resistance thinking built into ethereum was the considered economics of ASIC development and production vs the cost of consumer grade GPU's over the POW period. Given that POW may well go longer than originally anticipated, maybe ASIC's get in because of price point rather than speed increase.

    If so, the additional hash should grow linearly rather than exponentially as seen in subsequent generations of bitcoin ASIC's
  • ddxxbbddxxbb Member Posts: 18
    ethfan said:

    There will be more stages in between... Maybe POS in 2018!

    From the official ethereum blog:-

    at least one, and probably two as-yet-unnamed steps between Homestead and Metropolis: I’m open to suggestions for names (write to vinay[at]ethdev.com)

    if you watched the YouTube video i posted ethereum developer responsible for PoS (casper protocol) said they will be ready in one year for sure !
  • dont12dont12 Member Posts: 60
    restless said:

    Don't forget that ASICs will come to ether too.
    I know that ASIC implementation is already under consideration, with a dev claiming that except initial investment of ~ mln $ there are no significant hurdles.

    Hahahahaha
  • wishxywishxy Member Posts: 19 ✭✭
    As everybody see ETH mining is still going on. Not to mention other progressive cryptocurrencies that come into play.
  • madsquirrelmadsquirrel Colorado, USAMember Posts: 38
    edited August 2016
    That's what I was thinking. Even if ETH is gone we have so many other options to mine. Just move to something else.
    Also you could reinvest whatever else you are mining into ETH and then you could get enough to go PoC. I need to read more on what the POC/POS will be.
  • nuhanenunuhanenu Member Posts: 23
    Could somebody link me to an Expanse mining difficulty chart?? I´d be interested to see the progression. Drew a short straw on google ;( . + I have old cards 7950 and so, so they have better hashing numbers compaired to Eth´s large dag-file..
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