Bitcoin Forum

Bitmain has just announced a new mining machine, the antminer x3, that is designed to mine cryptonight algorithm cryptocurrencies, such as Monero. It is extremely efficient and profitable. A vega 56 video card has on average 1850 h/s at 190wh power usage. The x3 has 220000 h/s (118x stronger) at 550w power usage. It is then 41.08x more efficient.
As can be seen, this is a money machine. Costing $12,000 to have it shipped 15-31 may would net you at today's difficult over $5.3k per month.
Enter the most important part.

Seems good to be true, right? It is. This machine is being released to the public because information that asics were being developed/already used leaked to monero developers, and naturally they worked on implementing a fix for that, in order to keep Monero's anti-asic and centralization nature. This month along with other things, code will be pushed to fix this issue and make asics not functional for monero. Every 6 month network upgrade will also have small tweaks in the algorithm to ensure no asic is ever developed or at least profitable to pull.
Bitmain is only selling these machines because they knew monero was adding this feature on the upcoming fork. They then rushed to sell the machines they were using to  people who don't know about this.

On their site:
2. There are financial risks associated with mining cryptocurrencies. These risks can be related to changes in exchange rate of the cryptocurrency or to changes in the algorithm that is used to mine the cryptocurrency.Please deliberate well before making a purchase because we will not accept any requests for refund for orders of this batch.

In other words: if a network upgrade for cryptonight coins ever happen (it will happen), we can't be responsible for this. You're on your own and don't dare requesting a refund, we never issue these (quick off-topic: I personally know this very well because bitmain didn't refund me on my s7s even when I didn't receive the miners)
The shipping date is 2 months after the fork. These machines will be completely and absolutely useless. The biggest cryptonight coin will already have forked. Other cryptonight coins already signaled they will also push fix to this issue. Even if one or two CN coins don't implement anti-asic stance, you'll be left with shitcoins to mine. Imagine buying SHA256 asic for bitcoin only to have it available to mine peercoin only by the time you receive them.
tl,dr: Don't buy bitmain's x3. They asic mined monero and now that this will not be possible anymore they want to dump their machines on you.

Word for word that's exactly what I've been telling people. They are selling them at $12k just to dupe a bunch of people before they all become junk worthless inventory since the major coins will change algos. By the time any of them get delivered they'll be completely worthless.

A fool and his money is soon  parted .... wait on it

This is a SCAM sale .... expensive doorstops

Better get S9 and wait for the summer BTC boom  ;D ;D ;D

It's well know that this new scam-machine is being relased right after the fork. Wonder who are the dorks that will buy it.

S9 is so much better indeed

Not sure how things will go. The forks are going in sooner than they are releasing the miners to account for other ASICs. Bitmain could modify their ASICs to circumvent that till then. Surely there won't be a fork again if that happens, will it?

I hope nobody buy anything from bitmain, baikal or another seller of asics

Oh Wait, X3's are gone on their product list!

I think they've heard and realized it about what would going to happen.

its really goin an interesting scene eh..

https://imgur.com/a/7NPXA

Yes, you are spot on!
People who preorder them now will just fund their mining operation until Monero forks.

Any other CryptoNight coin that will be mined with ASICs will fail because they do not have a sufficient market cap to support the influx of new coins on the market.

If this happens, I predict:

• first phase: acute devaluation of the coin (as you know the majority of CN coins have low prices & have a max supply of billions) until it will be worthless
• second phase: interest for the coins will fade
• third phase: the coin project will be sunk

I hope this isn't going to happen but all the signs lead to it.  :(

Personally I wouldn't even dream of buying one to resell with the responses from Monero et al. but equally I wouldn't call it a scam - if you are willing to gamble $12K then I'm sure that they exist and you'll get a machine.

Regards,


Steve

It’s a very large gamble with a very low possible reward. There’s way better ways to make money mining, even with such low rewards as prices on most coins have tumbled. There’s very little reason to buy this miner at all, and if the thing breaks down you’re facing Bitmain’s horrible repair services. Unless you get into the first batch you have a near zero chance of making your money back, and even with the first you’ve got a slim chance.

Totally agree - I definitely wouldn't buy one and would advise the same to anyone else. Just the 'scam' description seems unwarranted.

Regards,


Steve

Cant call it a scam. Dont get me wrong, there is no way in a million years I would buy one, and dont agree with Bitmain dumping used equipment but all the information is available.  Anybody looking to spend $12k should be bright enough to do some research. 10 seconds on google or on here and you have 1000 comments explaining why not to buy one (ROI, fork etc.).

As MindfulPar mentioned at the start of this thread, Bitmain even put on their site about the possible algorithm change. Anybody stupid enough to buy one after all the warning...its their own fault, not Bitmains! Bitmain are just greedy and dont care about the damage to crypto's.Teach them a lesson nobody buy one!
(Buy the way I bought a first batch A3...not regretting it but wouldnt mind Sia incresing in price a bit!)

On the bright side, these worthless ASIC dumps attract attention to the positive works of active coin-devs.  Follow that with XMR and other CryptoNite coins' difficulty plummeting after the fork and we could see a raise in interest and prices.

(Followed again by a spike in difficulty after ETH POS...)

Speaking of ETH: Fuck Bitmain there, too.  What are they going to call that one?  Antminer E3?

Is this possible? If so, what would it mean for Monero?

https://www.reddit.com/r/Monero/comments/84vjb0/bitmain_51_attack_incoming/

Considering every X3 would be = 110 Vegas...

Odd, usually when a product sells out Bitmain leave it up and just grey out the Add to Cart button. This time they have completely removed it. I wonder if the $12k price tag was a mistake and they have just realised it or if they are too embarrassed as the entire crypto community has called their bluff.

Lets wait and see...

Price has reduced to $3K (https://shop.bitmain.com/productDetail.htm?pid=000201803162234588810T73G76V05F6). Someone else posted this in another thread.

Regards,


Steve

It was me... thanks for quoting me!!!

Yep, plenty of disclaimers about buying at your own risk and the consequences.  I don't know how anyone can call it a scam.  Just like anything, you have to do your due diligence.  I've only purchased one thing from them, the A3, but they delivered a working product to me in the time frame they said they would.  Hardly a scam.

They came all the newbies with activity 10 to support bitmain and Baikal ....
Good known technique ....

It is not working this time the people woke up !!!

THE SCAM IS SCAM !!
$12000 For a miner that has expiration day 2 weeks is a big SCAM !!

Completely agree, but don't forget there is always a possibility to the dive in the shady deep.

THIS IS A SCAM AND WHO ORDERED ALREADY HAS TO FILE FOR A LAWSUIT !
This is old hardware and they and they don't inform the buyers that in 2 weeks they can not use it !
You will have 100% Refund if you go to court

Seems like they have changed the price to $3000.  ;D

With perhaps upcoming competition in the BTC asic miner space, this money grab by Bitmain may be the catalyst for the beginning of their undoing.  Seems like they've gotten a bit greedy after clearing $3-4B last year IIRC.

ummm... the same dorks that have been paying 50%+ premiums for GPUs over the past couple of months ;-)

this whole situation baffles me... I mean, Bitmain had HUGE profits last year alone so why try to get into an algo that anyone with half a brain should have known was likely to be tweaked/forked, rendering their ASIC useless?  This just goes to show that greed can influence anyone or any company to the point where they start doing absolutely stupid things.  Very poor decision on their part to even make this product and worse decision trying to push it on the uneducated portion of the mining community. This will come back to bite them for sure.

lmfao.... umm yeah, good luck suing a Chinese company from anywhere in the world lol.  Not only that, but the disclaimer that was referenced earlier on this post pretty much releases them from all liability. buyer beware... if you didn't read the find print about them not being responsible for an algo change/tweak, then say goodbye to your money.

Can someone explain to me...
So if there will is a bunch extremely powerful XMR asics deployed and then xmr fork is done  - what will happen to the existing (prefork) blockchain will it just cease to exist... if it will, then all xmr asics will be garbage... Bitmain are not retards, they know their business well, they should of have prepped plan "B" for such situation. Now the question is what will happen to existing balances?
 The XMR dev recommend getting NEW wallet address for "Afterfork" blockchain and not claim "Free" coins if thats the case it looks like everyone will start from zero balance... exchanges... how they will react to fork? Now if old (prefork) blockchain will be kept alive, then people with xmr asics will be able to continue to work on that blockchain and will get profit... I AM CONFUSED...can someone clarify?

The writing was on the wall for this when Monero announced they would fork if this ASIC was released.  The price Bitmain was charging was unreal. I hope none of you bought them at their original release price.  A quick search could have saved you thousands of dollars by seeing what would happen.  Hopefully, those who did buy can cancel their order or find a way to someone break even on their investment if some of these coins don't fork.  Seems like they are already on the network just by looking at the huge hashrate increase of Sumocoin.  Unfortunate situation here for those who are now stuck with them.  Another reason I personally am not a fan of Bitmain or ASICs in general.

Source?

that price went down to 3k for ax3 . yea that was kind of low 11 k then it went to 12 K  ?.  


you can order it now, lol not next month like they had it

https://shop.bitmain.com/productDetail.htm?pid=000201803162234588810T73G76V05F6

how low will they go ..



https://shop.bitmain.com/productDetail.htm?pid=000201803162234588810T73G76V05F6

3k now you can buy it now

next batch even lower ...




it going for 3k now so it is butmain running a scam , i wonder how many fools they got, but i agree with you . my point was how many did they get.


https://shop.bitmain.com/productDetail.htm?pid=000201803162234588810T73G76V05F6

Funny you trolls blame bitmain for this, bitmain is only doing this cause they know there are idiots with more money than sense, bitmain knows there are desperate idiots that will pay $10000000k for this and will even say thank you to bitmain for scamming me. Scams like this exist because you mindless trolls are greedy and idiots altogether. So, blame you, same thing applies to how overpriced are gpus because of you idiots. Bitmain selling for $12k? that is beer/snack money for them, there were reports bitmain earned as much money as nvidia and nvidia took 20 years to get here, bitmain only took 3 years, so think very carefully before you buy anything from such companies because if you do then next time will not be 12k usd, will be 120k usd.

Batch 1 = 12k
Batch 2 = 7K
Batch 3= 3k
Batch 4 = 2k

They did not drop the price.  They are lowering price after each batch due to rapid difficulty increase on cryptonight algo which means less coins will be mined after each batch and pricing accordingly.

Earlier the batch the bigger the meat you get just like a shark but also higher risk,  and as each batch gets release you get more of the crumbs but less risk.

There are plenty of other altcoin  crytonight coins besides monero.  just trade it for monero.

Will this be another D3,  time will tell.  But I still think those that have D3 and kept mining Dash or X11 will profit big in next bull run.  A bit too long of a  time span

I wonder how many fools they got ..

As much as everyone is crying Scam, I'm going against the hurd and seeing it as a potential opportunity in some way.

Does Bitmain that made more than Nvidia last year at 4 billion, really that desperate to try to Scam you for every penny you got when they are sitting on 4 billion?

They got bigger fish to fry

If the X3  does become a brick I hope bitmain does takes care of their customers with the 4 billion they got last year. Even though buyers also need to take responsibility of some of the risk.

Bitmain needs to start talking with the developers to make sure coins dont' fork off their asics and build better relationships

I've just had a look back through the thread and literally no-one has said that buying one (either Bitmain or Baikal) is a good idea - just the opposite everyone has said it would be a very bad idea. The only criticism of the post/title is that it's not a scam and people should always complete their own due diligence and know what they are buying.

Regards,


Steve

Fixed! Apologies, I was too lazy to find where you posted it :)

It serves you trolls well hehe

I have a strong feeling that they were using these miners themselves to mine Cryptonight coins. Why would they miss this opportunity to mine Cryptonight coins at 220 Kh @550w per machine themselves, making USD 5000 per month per machine?

Now they fear that Monero (and soon other Cryptonight coins) will modify their code to brick this ASIC, they are selling them out to customers. So they are making profit in every possible way.

Just a thought.

So is there any asics miner that COULD still be profitable?

That's how ASIC manufacturers have ALWAYS done business.  They sell HEAVILY USED equipment as "new" after they've taken 80+% of the profit.

If that is true then I expect Monero (and later other Cryptonight coins) difficulty to go down (significantly) after this Monero fork.

Dont expect difficulty to drop too much, people forget that CN is mined for free on millions of computers around the world, and the pc owners prob dont even know it. They are the ones paying the higher power bils and suffering the poor pc performance.

bitmain is a pure scam , my friend has been scammed for 1k$ .. Be careful guys, bloody scammers are everywhere nowadays

Brickmain

While ASIC producers work with this unfair, scam business model, there will not be safe ASIC investment.

Very nice catch. If other coins that use cyrptonight algo won't be profitable, then it is pointless to buy this product from Bitmain.

Shitmain scam as ALWAYS

You can bet they mine a shit ton themselves before they release this sort of news and make even more money on the pre-orders from the few suckers who can part with 12'000$.

You're essentially buying a 12'000USD paper weight...

Wonder how long Bitmain will even last before they go completely bankrupt. They are still holding those heavy Bcash bags that have lost a tremendous amount compared to BTC.  They don't seem to have much competition though so even with their dumb decisions they may turn it around.

Yeah, and it's more complicated than that even though. When they made their big push into setting up big operations in U.S. datawarehouses, they way overstretched themselves... I know they've defaulted on some of their existing contracts and will be involved in lawsuits relating to those. Leaving a lot of their ASICs behind as "payment" for defaulting on rents and energy bills. Safe to say it'll be a long time before things get shaken out, but it'll be classic Bitmain: they will not hesitate to screw someone over or break their word if profit is involved--they are ruthless and relentless.

If bitman is still around then that means they scammed millions of people around the world cause if they were or have been honest then they would not be around cause large companies like bitmain are all out of business because its impossible if they lost more than 20 to 50  times their money in few months and still be operational. So as bitmain is still operational that means they scammed in all sorts of ways everybody and to this day, even $0.01 electricity per kwh is negative anyway you put it.

scam? no.  not unless they didn't deliver a product as advertised.


This hardware release proves one thing:  The day I commented when XMR had almost doubled in diff over the course of a few hours; and the subsequent plunge in price from sell-offs right afterwards,  I knew a massive asic had been produced; and shitmain was the most likely culprit.


Anyone who buys this thing;  deserves what they get.   Especially knowing they are trying to buy a specific hardware solution that is made to work on a coin that specifically will reorganize to invalidate such devices.




Bitmain uses the devices behind closed doors with nondisclosure.   This is shady activity; and its your fault for buying into it.

guys, this thread is from last year. the hardware exists, and does what it said on the tin. we also know that bitmain wasn't the original culprit secretly mining, their rigs didn't even ship until way post-fork. baikal was confirmed to be running secret ASICs as early as august 2017. also, there are a number of coins that still bring in pennies per day from these algorithms, keeping people moving towards their 10 year ROI ;)

that being said, there are new ASICs on the network again, but little clue as to who is behind it. unlikely they will try to sell the rigs after the fact either, since it went so well last time.