Bitcoin Forum

While I was trying to enjoy my trip to Christopher Newport University I was saddened with the official confirmation that Ethereum developers simply do not care for their GPU mining community.

https://www.youtube.com/watch?v=Wlu8UG8CPIE
https://i.imgur.com/YDABnbv.jpg

Antminer E3 Ethereum Miner On Amazon - http://geni.us/QqQGUKB

In the recent Ethereum developers livestream by the Ethereum Foundation it was officially confirmed that the ETH mining block reward will be reduced from 3 Ether to 2 Ether in their hopes to curb inflation and appeal their investors / stakeholders.

With clear disinterest from the Ethereum team of developers to work on a new mining algorithm and their continued focus of developing their PoS Proof of Stake model.There is an extremely low probability of ETH adopting a new PoW Proof of Work algorithm especially one that is best for GPU mining such as ProgPOW.

Most recent ETH Dev livestream (shown and discussed in this video) can be viewed here - http://bit.ly/2O3hhpJ
1080 TI Mining Rig eBay search - https://ebay.to/2McfxIY
Ethereum Network hashrate graph chart - http://bit.ly/2MdZlXI
ProgPoW ifdefelse official github - http://bit.ly/2wWKUmf
Monero XMR hard fork countdown timer - http://bit.ly/2NvmucW

Mining Rig Parts IN STOCK on Amazon - http://geni.us/WQd7cCs

VoskCoin Patreon - https://www.patreon.com/VoskCoin
VoskCoin Facebook - https://www.facebook.com/VoskCoin/
VoskCoin Reddit - https://www.reddit.com/r/voskcoin/
VoskCoin Discord Server Invite - https://discord.gg/FGGmS2z
VoskCoin Twitter - https://twitter.com/VoskCoin
VoskCoin Instagram - https://www.instagram.com/voskcoin/

VoskCoin Official Donation Addresses, support appreciated!
BTC - 12PsgKuhcJrEqJbD3oMN7rcEcuyqyqRznL
ETH - 0xDEe6A2ae293F8C58Ef71649658344BbF382b6e70

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to http://Amazon.com and affiliated sites.

This decision has made me despise eth, i'm enjoying shorting it hope it burns.  

I'm not too knowable on the tech behind eth but wouldn't it make sense to make scale better then be fixated on POS and screwing miners?  The least they should do is change the algo and kick off the asics.

Bitcoin does that normally but no one complains, the Block reward halves in every 210,000 blocks.
From 50BTC to 25BTC (from start to early stages) and the recently 12.5BTC reward didn't have a lot of "disinterest" issues to the miners.

However, Bitcoin miners are mostly ASIC farms versus Ethereum is mostly consists of GPU mining pools.
We'll see after the implementation but in my opinion, this reward reduction will not cause any major downside to the Ethereum community.
ETH miners will simply... 'disgusted' but will never quit.

too all the Eth gpu miners.  You miners are like the most annoying.  You guys don't take no for an answer.  Like constantly pestering a chick. No means no.

Leave Eth alone and go find some other coin to mine.

It is hard to directly compare mining Bitcoin to Ethereum, as while it it true that the BTC block reward halves every 210,000 blocks at least every BTC in existence was mined by miners. Ethereum started out with around 72 million coins and has since added 30 million more through mining.

So while further ETH block reward reductions will indeed limit inflation, it cannot be compared to Bitcoin's situation as only a bit less than a third of the Ethereum in existence came from direct mining. So it really comes as no surprise that Ethereum does not really care about mining as most of the investment in the coin came from private hands versus Bitcoin's more open and public approach.

They also agreed upon disabling/postponing the difficulty bomb by 12 months, so that will bring the difficulty very low, and ETH payouts for miners will actually GO UP once both these changes come into effect.

ETH has ALWAYS stated their goal of moving to POS as soon as possible, its just delays that have kept them on POW. ProgPOW has not been demonstrated to work in an actual live network yet so that is an academic example at best. They could also look at parameter changes to the existing Ethash algo instead (similar to whats being done to equihash for GRIN), but the E3 miners could just get a bios update to adopt.
A significant change in algorithm needs a lot of work to make sure all miners/pools/wallets are still compatible. I do however agree that this work is needed for continued stability of the network and sticking true to their claim of being a ASIC Resistant network. If you dont make an effort to stay true to your single biggest claim, why would anyone believe ANYTHING that comes out of the ethereum foundation. The network would have been nothing without the GPU miners - wouldnt even have gotten off the ground, and they need to disable the ASIC's.
I fear it may already be too late for the network as with the continued price crashes most GPU miners will be turning off their systems, and the network will be at the mercy of ASICs. The next month or so would be critical for not just GPU miners or the Eth token, but the future of the Ethereum network.

For those sitting on hardware bought in 2016 or early 2017 this is not a big deal. It just cuts down on the eth inflation.

For all those new adopters who ran to mining and bought rigs financed at 21% APR on a credit card this is the death blow. The ETH hashrate only dropped about 10TH/s today. It needs to drop another 80 or so to reach equilibrium with the new emission rate.

This is just like LTC crashing from $50 to $4 back in 2014. It took 3 years to recover from that.

This recovery should be faster, but I see the first 1/2 of 2019 being in the red.

Bye bye moon lambo dreams. Chikun has crashed.

VOSK - I dumped most of my farm early this year. I am working hard to acquire more capitol to outright buy crypto when the times presents itself (probably Thansgiving or Christmas time).

Sucks when you help to build up a system then get fired for no reason other than they have to appeal to the investors. Bitcoin seems no different. Efficiency pushes mining to the cheapest power locations thus removing decentralization.  I’m seeing some hope with grin and progpow but honestly unless we have equal power costs across the world this is a major hurdle for decentralization. I don’t see any solution to this as of yet. So we have to continue to turn our heads to the fact that crypto is a centralizing failure.

BR

Trust me we are shutting down.  Wait and see how much is actually ASICS on this network.  They have been secretly mining with them for quite some time.  I’m mean who the hell still mines bitcoin with gpu?  Yes let’s go back and look at threads and see how everyone took the asic news when they could mine btc with mere 280x.  I’m certain they were up in arms as well.  Then to add salt to wound most got scammed by companies that never produced asic or was basically a door stopper before they got it.  Do you see the general pattern for crypto. You get in and end up coming out broken.  Broke etc.  this is a disaster and we all know it. I’ve said it before it’s like a train wreck hard to look away once it starts.  What a mess this has become!

BR

So true, that is a good example. I myself think, eth will recovery very fast and will double triple the price over night when the time comes, too many people are holding money for that moment but i do think the best time to buy is right now  and once that is done then you trolls will never see eth at $200 levels ever again.


That is one of the reason why eth has to keep their investors happy, they are the ones holding the most eth, the ones crashing eth right now are the unhappy miners.

can you do a review about bitcoin interest? its the first coin to implement ProgPOW  https://twitter.com/btcinterest which she also stated in the live interview that FPGA wont do much about ProgPOW.
Also ohgodagirl is part of the BCI team, but since it just recently forked the algo exchanges are still not accepting deposits.

Yep!

Is this about eth only or all coins with ethash algo?

Casper protocol from Ethereum will make eth more competitive against bitcoin.

 this new protocol will reduce energy consumption for eth mining while the cost of energy to mine btc is about $1.500.000.000 per year.

It could remain profitable after the block reward reduction but the price should increase at 400-500$ levels. Otherwise it's over for ETH gpu mining, it will be mined only by asic miners with access to really cheap electricity. BTW I dont see what the big deal is, there are plenty other ethash coins out there to mine.

mybe ETH will recover it's value during the year. It's a shame, what they decided to do.

such a doom and gloom post.

profits will diminish.

the difficulty bomb has begun to take effect, so you can expect at least 10% faster blocks (2 second average) after fork.

plus due to the diminished block reward some farms hanging in the balance will be closing shop and selling their wares.

there are plenty of markets that will still be profitable with gpu's and E3's.

we're all on borrowed time anyways casper's POS was assumed implemented in full this time last year..

there is always classic for the holdouts if they care to adjust their philosophy to match where the money flows.

the block halving comment was interesting but its generally in 2-3 year intervals.. and dictated from genesis block. this is a bit more contreversial as the devs have some back and forth to decide how to move forward.

I like the decision, and I mine. its inportant not have have all your eggs in one basket as well as understanding perspective of the big picture.

You'll see the effect by the end of the year :D

Seems like no one other than GPU miners and proponents of it understand that ASICs in this current market are simply bad. Bitmain has riddled the ecosystem with holes and pushed their BCH agenda massively . .

Golden Rule:

He who has the gold makes the rules.

Maybe this is a bad news to make ETH deeply down last days and GPU miners will not be able to get profit.
Perhaps I should wait for more big dumps to get some cheap ETH coins to invest instead of investing to GPU mining hardwares.

I think the time has come when gpu miners will mine only small speculative coins. Personally I stopped mining ETH since May and I didn't regret it.

Looking at the "Average Block Time" chart over at etherscan shows that the difficulty bomb hasn't started yet. Our average block times are still around 14-15 seconds unlike 30 seconds last Oct-Nov.

So this issuance wont be like last year where we get reduced rewards but faster block times, it will basically cut profits by 33%.

I also glanced over the hashrate chart and it seems like it's going down a little, I think last June we had this difficulty. However it could all still be variance.

BCI team implements ProgPow in a few weeks
https://bitcointalk.org/index.php?topic=2616641.0

Its not variance , GPU miners are leaving, monero is same profit as ETH and they are forking asics and fpgas,

bitcoin Interest just did what the eth devs said could not be done int three months in two weeks :
BCI team did all this -
- Implemented a working stable Miner for AMD and Nividia for ProgPOW,
- built their own pool and solo stratum implementation
- Implemented ProgPOW on their block-chain and even rolled it back to block one to reduce the chain size and then re-synched all the old coins to the new chain in the first 850 blocks
-Deployed from testnet to production with new wallets and builds for the pool implementation, miners and stratum implemenation.

All this in a few weeks lol  , I though the ethereum devs were supposed to be the best in the business, youre telling they could not even have tweaked the ethhash algo to fork asics let alone
implemented ProgPow if a small team of 3-4 with the help of the OhGod team could do all this in a few weeks ? GTFO.

This is why the Ethereum is dropping in value , thier dev teams are not innovating anymore , or at least pushing the evelope i.e  getting things done
I'm a dev myself , I know there are delays and risks and such to update and upgrading code and co-dependent systems but its like they are sleep-walking right now, they are definatly not as hungry as they used to be
they sounded more like Finacial guys than developers in thier meetings more interested in monetary policy  that playing with new code and concepts like ProgPOW.

personally my 8GH is off eth and split between BCI and XMR,  XMR basically after power costs has been identical in profits to Eth , for a while now

hrmm I thought it was to be between 12-13 seconds. just rechecked the white paper and can not find this value any where.

stand corrected.

casper with 2 second blocks will be nice.

Actually its implemented already, i have been a long term holder/miner of this coin and im proud where the BCI team is headed.

Even Gavin Wood's "yellow paper" (https://github.com/ethereum/yellowpaper (https://github.com/ethereum/yellowpaper)) doesn't explicitly refer to a 15 second block time. Neither does the official Geth implementation code (https://github.com/ethereum/go-ethereum/ (https://github.com/ethereum/go-ethereum/)).

Both just refer to an allowed range of 9 to 17 seconds for the block time where no difficulty adjustment is needed (excluding the "ice age" exponential increase). It can be seen in the yellow paper in equation 44 on p.6; as well as implemented in the Geth code in lines 339-354 of "consensus.go" (https://github.com/ethereum/go-ethereum/blob/master/consensus/ethash/consensus.go (https://github.com/ethereum/go-ethereum/blob/master/consensus/ethash/consensus.go)).

---

The "ice age" difficulty addition can be seen by following the formulas used in the paper (and code): take the block number, subtract 3 million ("ice age" delay in Byzantium), divide by a hundred thousand, subtract two from that, and raise 2 to that result.

So, for example: during the ~30 second block times seen mid-Oct 2017 before the "ice age" was delayed (ie. the subtract 3 million from block number step above), block numbers were in the 4.3 million range and thus had an "ice age" difficulty addition of 2^41. To get the resulting network difficulty increase from that, it can be approximated by multiplying this value by 700: so around ~1.5 petahash of network difficulty due to the "ice age" effect during mid-Oct (note: this is network difficulty, not network hashrate).

Once the "ice age" delay was implemented by subtracting 3 million from the block number in the Byzantium implementation, we can see the resulting drop of that ~1.5 petahash from the network difficulty after mid-Oct.

Right now, with the block number at around the 6.3 million mark, the current Byzantium "ice age" delay code would mean the network difficulty increase is only around ~1.5 terahash (ie. 6.3 million less 3 million, divide by 100k, subtract two, raise 2 to result => 2^31, times 700 to approximate network difficulty increase). Since the total difficulty is already around 3 petahash, the "ice age" effect currently only has a small-ish effect.

So, when the Constantinople "ice age" delay goes into effect (ie. subtract 5 million, instead of 3 million, from block number) I don't think removal of the current ~1.5 terahash "ice age" difficulty would put much of a dent in the current 3 petahash total network difficulty.

watching the dev stream i would say the same thing
the devs seem lazy and unwilling to try and fix mining
instead, reaching for the POS goal that has been delayed over and over and is obviously not working
i wouldnt be surprised if they never implement POS and all this has been nothing more than a speculative strategy
they are obviously all millionaires now as they would have only needed to sell a few thousand coins above 1k

If you are someone that is trying to do unbiased reviews and reporting, you really shouldnt say ignorant stuff like this. Because the devs didnt bend to gpu miners greed they suddenly dont care? The goal isnt to cater to whiny gpu miners that are motivated by personal greed, the goal is to support the long term health and vision of the product itself.

I swear all of you GPU miners have this victim mentality when it comes to anything that affects profit in a way you dont like. The moment profitability is changed in any way its a bunch of whining and crying about how "x coin doesnt care about us", and "we made the coin or it would be nothing".

Heres a little secret.....its a free market.....you dont have to mine the coin if you dont like it, but please get over the 'poor us' bullshit and just move along if you dont agree with a coins principles and goals. The goal of ethereum is not just to have a profitable coin for mining, that at its best point was just a side effect of the product they are trying to create.

cheer up buddy, life is too short to be so upset about one sentence I copy and pasted from my youtube video description :D

As miners continue to be shafted and disregarded, you will witness the cryptocurrency ecosystem change -- and not for the better.

I also do agree with this, people are seeing price about eth, i see the tech behind it, if it was not for eth and its devs cryptos would have never got to this point, many coins today like ada, neo, eos and many others are a reflection of what eth is about, nowadays we see daps which is the future and maybe even bitcoin can get some of the eth ideals with time and if it does not then it will stagnate.

Not so sure I agree with this anymore. 4 years of Dapps and all we have meaningful to show for it is fucking crypto cats?

You act as if greed is a bad thing. Or at least the fundamental virtue beneath greed - being self sufficient. Crypto revolution has a chance at breaking away from the large world bank cartel that basically employees all of humanity into a manipulated slavery (manipulated because of all the price fixing and artificial supports). If the ETH devs did not support GPU miners greed then should we assume they caved to ASIC miner greed? Shall I just call you Jihan?

ETH needs to go POS to see itself as something viable other than the massive environmental mess that it has become in the media's eyes. The devs insist they are focusing on POS and can't be bothered to do minor forks to support decentralization (it's easy to stick 100 ASICs in a room, not so much 10K video cards).

Here's a little secret. It's not a free market. In isolated bubbles it is, but the world is filled with laws that goes against fair play. One not need to any further so see Bitmain's China exodus to see that. Had ETH never seen POW and just created everything from thin air like ripple I doubt MSFT and many other techs would have even bothered jumping onboard. The capitol flow would not have been there (as paltry as it has been thus far). ETH would have been just another ripple also-ran.

If every coin would end up becoming ripple then I for one would just sell all my crypto and just cash out now and write it off as the failed experiment of my lifetime.

You realize PoS is just a rich get richer scheme and regular miners wont be a part of it right? All the money will be made by people that are already holding LARGE amounts of ETH. PoS is not the answer, its one of the worst possible outcomes.

First of all, mining difficulty for Ethereum has gone up astronomically, then the introduction of proof of stakes consensus, coupled with drastic fall in the price of Ethereum  and now we are having in addition to the above  a reduction in the block rewards. It is going to make a lot of miners less incentive to continue and stop altogether

Yeah if you look at it in a closed bubble. Sure the guy who holds 1k eth in a node will have 1.05k eth at the end of the year. The poor farmer in Republic of Congo has no opportunity to gain from this.

EXCEPT.

If these blockchains can actually be used as a currency (provided the emission rate is low). Right now it takes the equivalent of $50 USD to send $150 in Congo. Banks are just milking daily activities there.

The entire supply chain of this planet relies on moving electronic made up money here and there. Even most people in the US slave away at a job so that a few data bits can be sent each money into Dimon's chase mortgage operations account. Human manpower converted into digital potential.

The whole point of POW is that the W is something that humans can wrap their minds around.

Imagine if we somehow had some way of issuing 100 Dodo coins to every human on Earth based on their DNA signature and some alien forced us all to use Dodo coins as currency. The haves of this world would have a shit fit and the have-nots would most likely be pleased. But that's unlikely to happen.

Vosk, how can you make a post like this and then put a referral link to amazon for overpriced E3s?  A little hypocritical don't you think?

The problem is the ETH devs are corporate guys now why would they care about what the community wants they are being back and ran by big money just like zcash look at the founders who are getting 20% of the block reward zooko don't give a shit about gpu miners he make $340,000 a month just from the founders cut ZCASH is ran buy one person ZOOKO what he says goes that why I dont mine, buy, or trade zcash anymore

At least he makes a proven product. Other coins are just scams or not serious investments bc nobody likes working for free

This is an active war against decentralization. Money talks bs walks. Decentralization is bs. Face it folks.  The sooner you realize this the more money you will keep in your pocket.  Look at nature. Everything centralized. Naive humans!   It’s always going to go where the resources are. Bottom line end of story!

BR

Hmm looks like we will see a huge dump in the chip sector as well. Keep your eyes peeled for the whole picture folks.  This fake it till you make doesn’t work when it’s among the smartest minds.  Nice try tho:)

Link to news. https://www.investopedia.com/news/chip-sector-correction-looming-due-inventory-clsa/?utm_source=news-to-use&utm_campaign=&utm_term=14418695&utm_content=09/11/2018&utm_medium=email

The people who complain about this, simply don't get it.   Vosk has a channel about mining, so obviously he has to cover things from a miner's point of view.  The miner's point of view is that they want to make money, and as much as possible.  The ETH developers meanwhile are trying to deliver a stable product.  Ethereum is very complex and its ridiculous for the dev team to sit there and work on forking an algo for what? to stop bitmain's "asic" that really doesn't perform that well but is efficient?  This reminds me of the SIA social media guy that finally quit and listed his reasoning.  Granted those guys have a lot of problems with Obelisk, etc, but regardless one of his biggest gripes was that 90% of the people posting could have cared less about SIA getting a working product or improving it.  All they cared about was ROI, making money/

Wake me up when BCI solves any sort of problems or brings new ideas to the cryptospace.  Its a shitcoin for staking that happens to use a new algo.  Of course the devs can do all of this work.  Its a money grab for them. 

yeah. mining farm cannot pay electric bill..

Well it's up 22% right now so I guess it's possible they did something right.

So true, copying others is easy, now implementing something for the future of crypto like eth devs did is something else.

um have you seen thier site? BCI has a site where you can stake coins in your wallet, by just entering the address
they were competent enough to implement progpow which .... drum roll solves a problem

I won’t tell you witch problem lol u figure it out lol

What’s problem does btg , bcc solve compared to a coin that has all the innovation that bci dows , weekly. and monthly interest payments and the first to impl implement prog pow.

If the devs get rewarded for thier innovation thats a good thing

Regardless of my view that is the best miner for Ethereum, I think it is a good example of where we are at this point in crypto mining history -- will be an interesting timestamp at least to me to see in a couple years

what really turned me off big time in my initial research on BCI and also why I stopped researching them is the fact they're buying social media accounts

https://www.facebook.com/BitcoinInterestBCI/

https://i.imgur.com/OQWIkCn.png


https://www.facebook.com/VoskCoin/

https://i.imgur.com/l4PAJ7T.png


Posting my facebook for reference, which is over a year old and I've posted on average probably every 3 days, I have a tiny fraction of their likes, and more engagement on my last post which was not a super interesting post or anything. You can dig through their page and find the same.

Their listing on bitfinex is interesting as well
https://i.imgur.com/c6V67Qc.png


I am happy to see a project implement progpow, like . . very happy. Finally gives decent real world testing

I'd take BCI over BTG though I guess, BTG massive premine and just muddying up the BTC waters further  -- Not that BCI won't do that eventually but they're too small for now to muddy much up at all lol

bitconnect used to be up all the time too lol
https://i.ytimg.com/vi/1KX-vcZBlSs/hqdefault.jpg

I try to always be fair and unbiased but I do also voice my own personal opinion -- being a big fan of mining . . it is naturally in favor of mining (reasonably) FWIW

Not to start a huge debate but just one point I'd like to make, why would people care about a project they're not invested in?

I wouldn't classify it all as greed, it is more like being a part of something. If I can mine ETH, I can acquire ETH that way, I can support the ETH network, and then as I build more rigs / acquire more ETH, I naturally become more involved in the ETH community / ecosystem / vested interest in ETH success.

If all I have left to do is buy ETH, I would rather
(A) buy BTC a more established / renowned cryptocurrency also a more secure bet
OR
(B) I would invest into projects that are more speculative where I'd be more likely to see 10x returns (hopefully)

Yes of course everyone wants to make money, but not all people are fueled by only self-serving greed. I want to acquire a lot of cryptocurrency, be a part of something, and ultimately be rewarded for seeing the real use case / vision of crypto along w/ being a relatively early adopter

Otherwise if I do not stand to gain anything I am better off spending my time on a different job / business / other investments / hobbies etc -- granted I genuinely enjoy/love/ am passionate about crypto, and the above reasons are why I personally pursue it.

hey hey heyyyyyyyyyyyyy

hey hey heyyyyyyyyyyyyy

Fair warning to anyone looking at BCI, There are no exchanges available to US residents i'm aware of that see enough BCI volume to where you can sell anywhere near market value at this time. Plus I have been weekly staking BCI for a few months and they only seem to pay out interest 75% of the time for whatever reason. Been trying to sell for a few weeks at market price now with little more than nibbles. The only thing I think progpow solves is a possible 51% attack which wouldn't have been a problem in the first place if they had a significant number of miners anyway.

Im in the us and i use hibtc wallets are supposed to be opened soon, I don’t know about the interest payments but um the wallets stayed closed while they worked on solving true issues with current gpu mining instead of doing a half ass fix like BTG , the hash ratecon equihash was large but dominated by groups of z9 miners , I suspect you are one of them , I can’t imagine you bought any of your BCI ? Death to asics viva la BCI lol

Right, I mean if your channel was focused on coding and developing, you would of course be talking about a different aspect of this change. ;D    Now what you said makes sense, the more ETH you have/mine would naturally make you more invested in the project.  However, I think most people belly-aching about this aren't looking at the long term and instead the short term.  Which makes sense to a degree;  You laid out the earning in your video, and if someone bought a bunch of equipment explicitly to mine Ethereum (read AMD cards) then their cheeks are getting stretched to fissure and are about to apply the burn gel.  

If you look at this from an economic standpoint though, current annual ETH inflation is 7.4% and this change will bring it down to 4.5%.  Once POS is implemented it will be under 1%.  For a frame of reference the current annual Bitcoin inflation is 4.25%.  There is a oversupply of ETH and currently ETH is overpaying miners (not going to be a popular opinion I know).  ETH has 34% of bitcoin's market cap but is paying out 80% of bitcoin's rewards.  Current ETH supply is over 100 million and in the last year $6.6 billion was paid out in mining rewards.  Paying miners is to secure the network, not make people rich.  Last year the reward dropped from 5 to 3 and since then the hash rate has grown to 3X what it used to be.  The hard truth is a lot of people jumped into the mining craze when prices were going up.  Now that they are back to earth there are too many people mining.  Eventually there will be an equilibrium.  The people willing to mine for a smaller profit will continue to do so and a certain part will drop out thus increasing rewards for those who stayed.

Already they have copied an idea and claimed to be the first.  Minexcoin has offered this "decentralized staking" for over a year now.

Which is still pretty high. Bitcoin´s inflation rate will go down to 1.8 % after the next block
reward halving in 2020. 4.5 % inflation implies a lot of sell pressure by miners on top of the sell
pressure by ICOs that are looking to cash out their raised ETH. This will drive the ETH price even lower,
which makes GPU mining even more unprofitable.


Many people doubt if PoS is even viable in the long-term. Of course a few obscure altcoins
have implemented PoS and everything seems to work fine, but this is not a guarantee that it would
work equally well for a cryptocurrency with a higher market cap like ETH. ETH is obviously
a much more attractive target for people with nefarious intentions that know how to
exploit weaknesses in PoS.

Besides, I´m still not sure how realistic the change to PoS even is. The ETH developers
are just postponing the switch to PoS all the time, which could be seen as an indication
of intractable problems.

Correct, I mined about 200 BCI on batch 1 mini. I've been checking hitbtc for weeks but deposits are still closed for reasons I don't know. The only other possible option I see is tradesatoshi which charges high deposit/withdrawal fees and only sees like $100/day or less in volume making it very difficult to sell near market value. True, the global equihashrate was high, but BCI only saw a small % of that. Usually <5 MH/s with the exception of a few very high spikes per day leading me to believe it was probably being 51% attacked. (which may be why hitbtc deposits are locked and why they forked)

The earliest I recall is a few Scrypt coins that do this from within the wallet since 2014-15

Well looking at WhatToMine and putting in an RX 470 as an example hashing at 27.6mh/s and using 10 cent power yields about $0.40 revenue and after power $0.09 profit.

So at this point you really are better off just selling the GPU and just buy the coin instead. Or at least just mine until the block rewards are reduced and pretty much hope for the best.

Mining to make less then 10 cents before any Claymore or Pool or Exchange or Bank Fees is not worth the hassle.

Stop with the fud, you can mine xmr , cn heavy for near double that profit , eth is going pos anyways so its better we leave it to the asics, they can have it

No one is talking about wallet staking thats , super old tech ...

stop buying the fud and do your own research, what BCI does is completely different from a usability
and technical standpoint its like the Ethereum blockchain vs Bitcoin in terms of innovation.

What am I missing then? I have done a fair amount of research on BCI. Even in one of the dev videos they stated that eventually they would like the staking ability to happen directly from within the wallet. So what is the difference with this new method of staking? whitepaper isn't clear about that from what I recall.

Like I said you have to your own research, If it means anything the hash rate has doubled in the last day, and this is with no one able to withdraw to any exhange.

Probably why they keep postponing POS.  Inflation will definitely go down when the difficulty bomb hits.  Either way, ETH miners should prepare for rewards to get lower and lower.  Whether that means lower earnings will depend on price and hashrate.

Bro:  https://minexbank.com/

"Unlike traditional banks, in MinexBank you do not need to transfer your funds to anyone in order to receive interest on open deposits. All you need is to “freeze” funds on your own wallet without fear of losing funds as the result of unauthorized access to the centralized traditional bank." 

You are in denial if you think BCI is anything more than a shitcoin.  It was forked away from bitcoin in December when prices were through the roof and a new (and pointless) fork was created every week to capitalize.  If you read the first 10 pages of your announcement its obvious they were just making it up as they went along.  They had already secured an exchange before their mainnet even launched!

Im not going to argue with you bro, Do your own damn research , invest in minexbank no one cares ,

what I do know is is if BCI is a shitcoin at 25million cap, so is BTG AND BCC they are both forks of btc and the have caps of 300million and over a billion respectively.

/shrug

what if. . every coin . . is a shitcoin  :o
https://www.meme-arsenal.com/memes/554493d3cd57c861fa658d11e8aa62b0.jpg

Hash rate doubling means absolutely nothing on a coin that literally just forked. I've heard all I need to at this point, I'm pretty much now convinced you have no idea what you're talking about. You even yourself admitted you don't know what progpow solves but blindly drink the cool-aid. Even after I told you I did my homework and didn't find many answers you again just say "Do your own research". You're really not helping your case buddy.

I'm not upset about the block reward reduction, it seems sort of centralized -- however that is a different discussion

I'm upset along w/ most other miners because "asic-resistant" was a lie for most projects. It is obviously implied that asic resistance is a stance -- not a well we are asic resistant until we are not. So the #2 crypto that rolled back their blockchain once already for a huge stain on their record, now essentially lied about asic resistance.

If anyone does not understand how that claim from many cryptocurrencies has not been proven to be incredibly bullshit this year, I don't know what else to tell you.
Zooko w/ ZEC has really exemplified this with his statements and actions as all of the public equihash ASICs rolled out.

Profits are disappointing across the board, but what is the hardest to stomach is all of the bullshit that has been exposed this year.

Anyway without going on and on, the argument is less about block reward / earnings and more about asic miners.

I agree the ASIC adoption by all these bastards is crazy.

60 posts and you're an expert on crypto ok buddy lol

enjoy
https://www.coindesk.com/a-new-line-of-powerful-asic-miners-is-coming-to-ethereum/


this probably just matches the F3 that Bitmain and their top partners are mining with in secret , I would bet my bottom dollar that when this new Asic launches Bitmain will miraculously launch the
F3 branded under a different name of course lol and you idiots will lap up their scraps again.

The whole thing is hilarious to be honest.

Instead of banding together and support coins like BCI, and EXPANSE ( they are launching progpow on test-net now)  these hires bitmain shills start going off topic

"Um what does the coin DOOOO"  WTF does bitcoin DO , or 80% of the fucking coins out here ?  that's the dumbest argument I have every hear.

OK I'll bite though :

-Its the First coin to truly combat ASICS with the ProgPOW algoritiom
-Its the first coin to work directly with the Minority group who are FPGA and mining software designers , remember the FREE the eth pill ? yeah them.
-It serves as a store of value ( yes just like fucking bitcoin and every other coin out there)
-It provides interest payments to Holders , via a web app or wallet staking
-It is one of very few coins (XMR, EXP) committed and I mean COMMITTED to battling the ASIC plague that is destroying the decentralized nature of crypto and putting up pay walls simialr to existing finacial industry.

I could go on but I'm done with you shills

those fucking ASIC manufacturers will kill the whole crypto miming sphere and GPU mining too.
ETC developers are already bribed by ASIC manufacturers?
https://i.imgur.com/cMueBkA.jpg

This is actually a good thing, other companies showing their ethash asics is a very good thing cause now eth devs have no excuses if powerful asics exist for ethash, although eth devs already knew there are very powerful asics, namely f3, and the new g3 in development from bitmain. Also with these powerful asics being announced it means that the difficult will rise 5 to 10x in few months and price will follow.

high diff doesn't meant that price will follow

It does, nobody will mine for peanuts or at loss other than the ones who support the coin itself and dont forget eth is the altcoin king at moment, all other altcoins follow it.

did relatively confirmed numbers ever surface for the f3?

g3 going to be gpu packed like the g2?


Yeah their fake ignorance is ridiculous

well, last call to dump my rx470/570 4gbs I guess lol

Maybe they are speeding up pre sales before being blocked.

https://www.coindesk.com/ethereums-asic-rebellion-heats-up-with-new-effort-to-brick-big-miners/ (https://www.coindesk.com/ethereums-asic-rebellion-heats-up-with-new-effort-to-brick-big-miners/)

Gotta say I disagree with this statement. I have an antminer A9 sitting there collecting dust because it would be losing like $3/day if plugged in. Most people who trade don't even mine and therefore don't give a shit what the diff is. In my experience the price seems to influence the difficulty much more than the difficulty influences the price.

Hey you dont have the s9, cause if you had the top contender then you would still get something back from using it. What determines if is profitable or not correlated to price is the top miner. If your statement  was true then we could say the amd 280x would still be making money, see my point your a9 is pretty much in an identical situation as hd 280x owners. As soon this miner hits e3 will not be profitable anymore cause it will not be the top released eth asic.

Anyway, bitmain like i said many times, released the e3 just to cover up the f3, e3 180mhs for the peasants and the good gddr5 1500 mhs f3 for them. Think bitmain would give you the top miner? hehe

And now you think, why this company wants to release 1400 mhs --> its old xxnm tech and they are probably just clearing up their inventory for 7nm gddr6, new ones like the g3 in development are already doing almost 10000 mhs

Also do you trolls know why the eth hashrate is not going down as much as it should be? asics, gpu miners are turning off and bitmain and co see 10% decrease then go there and add few more eth asics and difficulty increases again eheh and you trolls think gpu miners are mining at loss but in truth they have turned their gpus off, 100 gpus are turned off, bitmain add one f3 to the network hehe, bitmain is compensating for any eth network hashrate loss at moment, that is what we call camouflage the hashrate.

True, obviously when a new piece of hardware releases the diff spikes. But I don't recall it ever causing much of a price difference. As far as I can tell all it does is cut out weak players from getting their slice of the pie. If anything newer efficient hardware would more likely drop the price as it increases the diff because these new miners can afford to sell it for less and still take a profit.

Gave you some merit, this guy gets it.

Any miner with half a brain will stop mining ETH , mine XMR or a progPow coins till more coins switch over , that way all the stupid games that hidden asics makers are playing will be seen

Exactly they will always be know as the 1st , no one will be able to take that away from them, so I and a few others at least threw some rigs thier way to support the network.

Even through I cant make any money from mining it I still mine BCI because as GPU miners we have to take a stand not just with our mouths with our RIGS!  , putting one or three rig towards a progPOW
coin can be done by pretty much most of the miners on this forum. One rig makes $5 a day for gods sake its not going to make or break you lol.

 ASIC makers will keep sticking to us because we ourselves have no dignity and ability to say forget the quick profit for once, lets actually
do something that HELPS build our own Ecosystem instead of letting them run circles around us while the laugh at us.

Not at the beginning, but after few weeks to months it does, bitcoin is a very good example, is only worth what is at moment because difficulty makes that to happen, for example cut the difficulty in half, bitcoin miners will get 100% more profit, traders see that and see we are in a bear market, so bitcoin would be 3500 usd right now instead of almost $7k, now when we are in bull market then multiply that to 10 to 50 times. Difficulty, market price and how much miners are getting are all correlated given bear or bull market.


Correct, at the beginning and then they slowly turn off their hardware as difficulty rises.


Also at the beginning, but many things are correlated to others, will they sell those coins for money or not? if they do then they will get much more money for a short amount of time and that will be gone cause the difficulty will tell them, hey if you sell right now you are doing it wrong cause cost is still high and profit is not but after few weeks to months, price will increase again to compensate the rise in difficulty.


XMR at moment and it has been for a while the best coin to mine and support if you have a gpu. ETH network hashrate is crowded with asics since October last year, 60 to 70% of miners are asics, eth devs dont want to reveal the truth cause probably they were bribed or threatened by asics companies.

anyone watch the latest dev livestream? I haven't had the chance to yet but naturally interested in if any of this info changed

yeah it was epic , some of the main dev leads are proposing that progpow could be launced way before next year as a parallel release even to constantinople!!

the asked some great questions of the idefelse team and got great responses the main questions were:

-do you have any documentation on how progpow works and a good explanation of how it puports to be asic resistant
-can you update the progpow eip with coding specific stuff so other devs can easily implement it without having to ask basic type tech questions on the forums.
- details on how much of the bandwidth, of the gpus the algo is using , again more documentation and selling point stuff, so its easier to see how much of the gpu it uses vs other algos
-help creating a test chain that can be used to test and benchmark the miner over 30k blocks vs the current low diff 5 block unit tests they have now to see how the miner performs after diff goes up.
-a few other technical questions that the progpow team promised to provide bettter detail on.

the progpow team was great and the agreed to provide all these things in a week or so, the also provided links to a geth impementation of prog pow that still has some bugs related to cpu mining. but the geth ethereum dev PAVEL  said he could tackle all that for them when his technical questions were updated on the eip.

from all i saw and heard the eth dev team was pretty much positive they could get progpow done maybe even this year since its a mining change not a protocol change , the main thing is verification that it uses more of the gpu and also that math calculation that forced asics to be flexible enough to handle its changes per epoch and thus makes asics have to be full fledged gpus is secure i.e. this is the cryptographic part of the algo so they felt it needs more details explaining what its doing.

one huge thing i noted is the moderator said the eth dev team is actually in conversation with AMD and NIVIDIA
regarding progpow similarly to how the Ifdefelse(progpow) team reached out to Nividia to verify thier work as well
so I expect they will get the thumbs up.

I think progpow will happen this year if kristy and her team live up to thier end and deliver what was asked, and it makes sense for them to want to since the are gpu hardware and software devs: the need progpow to gain adoption just as much as miners.

Vb said nothing as usual, droped early.

Oh yeah there was mention of your hated BCI , they discussed how its running the progpow algo