Why you SHOULD NOT MINE Ethereum now with more rigs

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  • workwork Member Posts: 2,084 ✭✭✭✭
    @syaoran99 VB has said they will delay or remove the timebomb in the next hard fork... I think the main reason for the time bomb is to force everyone onto the next itteration of the software.

    Also, difficulty is extremely flat right now compared to previous climb. http://www.coinwarz.com/difficulty-charts/ethereum-difficulty-chart

    Your post above is very much FUD.
  • bctopicsbctopics Member Posts: 333 ✭✭
    work said:

    @syaoran99 VB has said they will delay or remove the timebomb in the next hard fork... I think the main reason for the time bomb is to force everyone onto the next itteration of the software.

    Also, difficulty is extremely flat right now compared to previous climb. http://www.coinwarz.com/difficulty-charts/ethereum-difficulty-chart

    Your post above is very much FUD.

    Excuse my noobiness but what do you mean by timebomb and next iteration of the software? Could you elaborate please :).
  • workwork Member Posts: 2,084 ✭✭✭✭
    @bctopics the "timebomb" was introduced to exponentially increase difficulty after a certain point (that point being around November this year). By next iteration I simply mean the next time the devs hard fork ethereum and release a new client.
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,291 mod
    @bctopics, @syaoran99 There was a presumption by the dev's that Casper POS would have been ready within about 16 months after the livenet was launched. They wanted a mechanism to phase out POW mining and so hard coded into the difficulty calculation an exponential component that would make difficult explode after that time.

    POS development hasn't been so yielding for them and so they have postponed indefinitely the 'bomb' and have suggested instead a period wherein POW minining continues for the block chain, while POS is used to validate State. Only once POS has proved itself will they phase out POW altogether but there isn't even an approximate date when that might happen.
  • syaoran99syaoran99 Member Posts: 204
    work said:

    @syaoran99 VB has said they will delay or remove the timebomb in the next hard fork... I think the main reason for the time bomb is to force everyone onto the next itteration of the software.

    Also, difficulty is extremely flat right now compared to previous climb. http://www.coinwarz.com/difficulty-charts/ethereum-difficulty-chart

    Your post above is very much FUD.

    @bctopics, @syaoran99 There was a presumption by the dev's that Casper POS would have been ready within about 16 months after the livenet was launched. They wanted a mechanism to phase out POW mining and so hard coded into the difficulty calculation an exponential component that would make difficult explode after that time.

    POS development hasn't been so yielding for them and so they have postponed indefinitely the 'bomb' and have suggested instead a period wherein POW minining continues for the block chain, while POS is used to validate State. Only once POS has proved itself will they phase out POW altogether but there isn't even an approximate date when that might happen.

    Thanks for clearing that up. I was seriously about to go into a state of panic because the place I rented to put my mining farm is still under contract until March next year lol. I'd be making huge losses if I couldn't mine in November.

    Again I hope the difficulty won't rise much from here on while price maintains.
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @syaoran99 Of course difficulty is going to continue to rise. Are you kidding? As long as the network hash rate rises, the difficulty will rise. As long as there is a profit mining ETH, the network hash rate will go up. That's not to say there won't be any profit in the months ahead, but it is all but certain that it will decline over time, month by month.
  • thesmokingmanthesmokingman Member Posts: 152 ✭✭
    syaoran99 said:

    work said:

    @syaoran99 VB has said they will delay or remove the timebomb in the next hard fork... I think the main reason for the time bomb is to force everyone onto the next itteration of the software.

    Also, difficulty is extremely flat right now compared to previous climb. http://www.coinwarz.com/difficulty-charts/ethereum-difficulty-chart

    Your post above is very much FUD.

    @bctopics, @syaoran99 There was a presumption by the dev's that Casper POS would have been ready within about 16 months after the livenet was launched. They wanted a mechanism to phase out POW mining and so hard coded into the difficulty calculation an exponential component that would make difficult explode after that time.

    POS development hasn't been so yielding for them and so they have postponed indefinitely the 'bomb' and have suggested instead a period wherein POW minining continues for the block chain, while POS is used to validate State. Only once POS has proved itself will they phase out POW altogether but there isn't even an approximate date when that might happen.

    Thanks for clearing that up. I was seriously about to go into a state of panic because the place I rented to put my mining farm is still under contract until March next year lol. I'd be making huge losses if I couldn't mine in November.

    Again I hope the difficulty won't rise much from here on while price maintains.
    Wait a sec let me get this straight. You preach page after page how miners are basically "stupid" to build rigs vs. buying coins, and now your renting space to put a mining farm?? Please tell me how this makes any sense? Apparently you didn't even believe your own FUD lol
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @thesmokingman Really. I can't imagine committing to rented space for a mining enterprise, of all things. I wonder if it's air conditioned, too. :) Talk about risky business!
  • syaoran99syaoran99 Member Posts: 204

    syaoran99 said:

    work said:

    @syaoran99 VB has said they will delay or remove the timebomb in the next hard fork... I think the main reason for the time bomb is to force everyone onto the next itteration of the software.

    Also, difficulty is extremely flat right now compared to previous climb. http://www.coinwarz.com/difficulty-charts/ethereum-difficulty-chart

    Your post above is very much FUD.

    @bctopics, @syaoran99 There was a presumption by the dev's that Casper POS would have been ready within about 16 months after the livenet was launched. They wanted a mechanism to phase out POW mining and so hard coded into the difficulty calculation an exponential component that would make difficult explode after that time.

    POS development hasn't been so yielding for them and so they have postponed indefinitely the 'bomb' and have suggested instead a period wherein POW minining continues for the block chain, while POS is used to validate State. Only once POS has proved itself will they phase out POW altogether but there isn't even an approximate date when that might happen.

    Thanks for clearing that up. I was seriously about to go into a state of panic because the place I rented to put my mining farm is still under contract until March next year lol. I'd be making huge losses if I couldn't mine in November.

    Again I hope the difficulty won't rise much from here on while price maintains.
    Wait a sec let me get this straight. You preach page after page how miners are basically "stupid" to build rigs vs. buying coins, and now your renting space to put a mining farm?? Please tell me how this makes any sense? Apparently you didn't even believe your own FUD lol
    Get my post right. I've ALREADY rented space long ago and am now considering to UNLOAD due to the said extra expenses. *rolls eyes*
  • syaoran99syaoran99 Member Posts: 204
    edited May 2016
    Also, for those out there who might still think of competing for mining profits, you might find this interesting as to how your mining profits are going to be severely reduced.

    http://www.coinfox.info/news/company/5477-genesis-mining-zapuskaet-enigma-samoe-krupnoe-predpriyatie-po-dobyche-ether-v-mire-2

    Genesis has now officially set it's sights on Ethereum mining and is going to open the world's largest ETH mining farm :smile:

    Good luck with difficulty! And here's to I TOLD YOU SO. Better if you bought ETH when it was 7 USD than got yourself doomed with rigs that can't mine the same amount of ETH as you would have gotten buying ETH at 7USD with that money for rigs plus running costs lol.

    Shortly Pascals are going to be released with half the energy double the power. Basically 2x NANO for one card are going to be released. Making your current cards worthless for resale too lol. What is your 280x 390 and such going to be worth then lol. Pennies.
    Post edited by syaoran99 on
  • HelioxHeliox Member, Moderator Posts: 634 mod
    syaoran99 said:


    Shortly Pascals are going to be released with half the energy double the power. Basically 2x NANO for one card are going to be released. Making your current cards worthless for resale too lol. What is your 280x 390 and such going to be worth then lol. Pennies.

    Yeah yeah.. lemme see that first before i jump into conclusions...

    It's not because they use half the power (while gaming) that they use thalf the power (while mining). Idem for hashrate. .....

    Let us wait and see...

  • syaoran99syaoran99 Member Posts: 204
    Heliox said:

    syaoran99 said:


    Shortly Pascals are going to be released with half the energy double the power. Basically 2x NANO for one card are going to be released. Making your current cards worthless for resale too lol. What is your 280x 390 and such going to be worth then lol. Pennies.

    Yeah yeah.. lemme see that first before i jump into conclusions...

    It's not because they use half the power (while gaming) that they use thalf the power (while mining). Idem for hashrate. .....

    Let us wait and see...

    Well I hope I'm wrong. We'll know soon enough in June when they announce the specs.

    Still doesn't change the fact Genesis mining is going to screw us over
  • dont12dont12 Member Posts: 60
    Are Genesis fucking mad, building a huge farm like that for what six more months!
  • syaoran99syaoran99 Member Posts: 204
    edited May 2016
    dont12 said:

    Are Genesis fucking mad, building a huge farm like that for what six more months!

    They have nothing to lose because they get paid a full year's worth of electricity bills PLUS the cost to buy their cards UPFRONT IMMEDIATELY. Basically they have 0 running costs as people buy their package to mine Ethereum while silly people continue to hope they can reach ROI in that same year when they're earning less as time goes on and Genesis continues to expand their farm.

    Again the ROI might be achievable with a significant increase in price I guess. But then again genesis mining doesn't lose anything if there're some unsubscribed cards as they'll just mine it for themselves while waiting on people to subscribe to it and pay them that "Ethereum hashrate worth in bitcoins at on that day" so technically you don't "own" the hashrate. They're just paying you what you think you should be getting on a day to day basis in bitcoins.

    There's no way to compete with them in terms of running costs and as more farms like that pop up, normal home miners will not make any profit. This is because the electricity cost for them is but less than 5 cents per kWatt. I did warn of such an increase in difficulty yet many choose to ignore, belittle and trust in those short-sighted cyber bullies.

    Anyways my rant is over. Just informing people of information that they might not come across.
  • thesmokingmanthesmokingman Member Posts: 152 ✭✭
    syaoran99 said:


    Get my post right. I've ALREADY rented space long ago and am now considering to UNLOAD due to the said extra expenses. *rolls eyes*

    "I'd be making huge losses if I couldn't mine in November."

    Please tell me how your above statement is not a direct contradiction to what you just said. You state in order to avoid huge losses you would need to be able to mine into November. So how would you be able to unload anything now without incurring those same losses?

    Your post makes no mention that the place was already rented or anything about extra expenses. Maybe instead of rolling your eyes you should focus them on what's been posted vs the off the cuff remarks. A broken clock is right at least two times a day, but anyone taking what you say seriously at this point is just like a dog chasing his own tail.
  • workwork Member Posts: 2,084 ✭✭✭✭
    @syaoran99 that's old... genesis has had their ethereum/GPU farm up for a little while. The impact on diff probably already happened.
  • rdnkjdirdnkjdi Member Posts: 135 ✭✭
    I just see a PR stunt to try to sell more hash in that video - they've been around ...
  • Marvell9Marvell9 Member Posts: 593 ✭✭✭
    syaoran99 said:

    Also, for those out there who might still think of competing for mining profits, you might find this interesting as to how your mining profits are going to be severely reduced.

    http://www.coinfox.info/news/company/5477-genesis-mining-zapuskaet-enigma-samoe-krupnoe-predpriyatie-po-dobyche-ether-v-mire-2

    Genesis has now officially set it's sights on Ethereum mining and is going to open the world's largest ETH mining farm :smile:

    Good luck with difficulty! And here's to I TOLD YOU SO. Better if you bought ETH when it was 7 USD than got yourself doomed with rigs that can't mine the same amount of ETH as you would have gotten buying ETH at 7USD with that money for rigs plus running costs lol.

    Shortly Pascals are going to be released with half the energy double the power. Basically 2x NANO for one card are going to be released. Making your current cards worthless for resale too lol. What is your 280x 390 and such going to be worth then lol. Pennies.

    Pascals are no where near 2x nanos it actually might equal nano performance at the same price point actually higher as new cards tend to be priced higher than msrp
  • Marvell9Marvell9 Member Posts: 593 ✭✭✭
    Btw my Roi is just fine all you have to do is reinvest around 20% to keep up with diff rises
  • JPSJPS Member Posts: 63
    syaoran99 said:

    Heliox said:

    syaoran99 said:


    Shortly Pascals are going to be released with half the energy double the power. Basically 2x NANO for one card are going to be released. Making your current cards worthless for resale too lol. What is your 280x 390 and such going to be worth then lol. Pennies.

    Yeah yeah.. lemme see that first before i jump into conclusions...

    It's not because they use half the power (while gaming) that they use thalf the power (while mining). Idem for hashrate. .....

    Let us wait and see...

    Well I hope I'm wrong. We'll know soon enough in June when they announce the specs.

    Still doesn't change the fact Genesis mining is going to screw us over
    I doubt you'd ever admit you are wrong. More likely, you will twist your story a little bit to fit the situation, 'proving' you are right and warned us all along. Keep it up though, I need my daily dosage of entertainment.
  • rdnkjdirdnkjdi Member Posts: 135 ✭✭
    This thread is like the gift that keeps on giving
  • rawsushirawsushi Member Posts: 9
    Great comments, discussion. Thanks @syaoran99
  • workwork Member Posts: 2,084 ✭✭✭✭
    @rawsushi can't tell if trolling, or you actually believe syaoran99's bullshit.
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @work One person's bullshit is another person's rose. That's what makes the world go 'round. To each his own. Take Trump, for example. :)
  • dittoditto Member Posts: 139 ✭✭
    This thread is very educational.
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
    @syaoran99
    Are you that over leveraged with hardware and rented space?
    Start selling mining contracts NOW! Also, hold some blocks back from your punters. Get the power company to put you on 90 day invoicing. Also, hide your money in a Bitcoin head wallet or take it off-sure. Just make sure you sell more value of contract than you own in hardware so when the bailiff comes you are high and dry. Don't worry, you will be fine. You don't have to be smart to be rich... just brazen.
  • syaoran99syaoran99 Member Posts: 204
    greenuser said:

    @syaoran99
    Are you that over leveraged with hardware and rented space?
    Start selling mining contracts NOW! Also, hold some blocks back from your punters. Get the power company to put you on 90 day invoicing. Also, hide your money in a Bitcoin head wallet or take it off-sure. Just make sure you sell more value of contract than you own in hardware so when the bailiff comes you are high and dry. Don't worry, you will be fine. You don't have to be smart to be rich... just brazen.

    Thanks for the advice. I'll sleep on it and figure out a solution.
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    greenuser said:

    @syaoran99
    Are you that over leveraged with hardware and rented space?
    Start selling mining contracts NOW! Also, hold some blocks back from your punters. Get the power company to put you on 90 day invoicing. Also, hide your money in a Bitcoin head wallet or take it off-sure. Just make sure you sell more value of contract than you own in hardware so when the bailiff comes you are high and dry. Don't worry, you will be fine. You don't have to be smart to be rich... just brazen.

    Brazen? Is that what you call it to make yourself feel good? I can think of several other words that would be more accurate, IMO.
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
    edited May 2016
    @dlehenky i agree with you i would sooner be honest and poor. It was my English gallows humour, that's how it works here. I was making a point, I just don't know where all this big scale mining is going. I hope it don't end up like bitcoin. Spondoolies Tech was made bankrupt by an Israeli court this week? Where does that leave Genesis Cloud Mining. People buy one year contracts. Or maybe i should mine in a pool that could be on the make? unregulated industry? Some pools offer no fees. How do they pay their bills and eat?

    Looks like syaoran99 is sleeping on it!

    SOLO MINE has least risk. I hope all large pools fail. I hope large farms fail. I hope ever home has a full node and GPU heating if only for hot water. :) That's my stance.
    Post edited by greenuser on
  • shutfushutfu Member Posts: 320 ✭✭
    i didnt think i was going to get into mining, but i found some sweet deals

    New in Box thermaltake toughpower 1275watt 80+ platinum = 100$
    XFX r9 280x (lifetime warranty) = 110$
    HIS r9 280 = 80$
    HIS r9 290 = 180$
    so a total of 470$ for ~67 mh/s after undervolting

    I probably won't make my money back, but I can likely sell the hardware for near what I paid for it in a few months. Everything is running really cool too.

    I also plan on buying 500$ worth of eth over the next few weeks. coinbase only lets me buy 50$ a day, and takes 3-5 days to get it to me, then i have to transfer to kraken. I'm guessing I probably should have just invested the 1000$ in eth instead of doing half and half.

    Power is .07kWh here in texas
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