Bitcoin Forum

We have reached now lowest point at Ethereum network hash-rate since January.
https://i.imgur.com/KqlLFrf.png

Think we will find the bottom very soon, only scam can go to 0, dont think ETH is any Scam.

The hash rate is still higher than in early April. So it could go down further.

It should go under 250TH in next few days if nothing changes.
It looks similar to 2016 October-November Drop, when total hasrate droped from 7.9TH to 3.8TH
Also at that time we didnt have ASIc miners on ethereum. (so probably wee need about 30-40% drop now , before we can start going up again)

No wonder, I have seen many people trying to sell off their rigs , the price have gone down significantly after all the shit airdrops and garbage tokens.. In India local section itself I have seen two members selling the whole farm..

Also it never should go up so high. People to greedy BTC

its not normal people dude , asics bloated the hash rate fpgas too
in thier greed they ruined it for everyone, hopefully they go bankrupt

At current prices, breakeven for ETH mining is now at approx $0.14/KWh (for a standard GPU mining rig). So yeah. A lot of people have stopped their rigs (or switched to something else). The upcoming reward reduction will take care of the rest (if price does not increase).

Vitalik and his buddies might actually come to regret some of the decisions that were made lately.

oh they will sir, and now with only huge asics farms left on the network, fully centralized pow they will become vulnerable to coordinated 51% attacks and double spends since eth is on so many exchanges.

with low profit anyways it only takes 3 or 4 huge asic farms to coordinate behind closed doors and screw up the network.  You cant tell me these guys don’t coordinate , they kept the secret of thier asic mining as a grpup

for like two years before the coordinated to dump thier worthless hardware this april.

they did it to btg and bci

lol eth is fucked

Anybody who was hoping for a recovery - consider this: the thing that made ETH run up (because sheer exuberance itself cuz moon) was ICO purchases that tied up ETH. Now all those fake or weak project are dumping their ill gotten gains and trashing the market.  They still have a long, long way to go. They will keep liquidating as they too get scared. Hell if you scammed $100 million in USD of ETH out of stupid investors and it's now worth $10 million - it's better to cash out now and have $10 million than wait for it to become $5 million. Many of these ERC20 tokens will be cosbycoins.

I would be surprised at any sustained bull activity before Q2 of 2019.

I dropped my last sMerit to you. It make sense to me.

I am just not sure if this is good for ETH or not. I was never into mining, calculating hash etc etc however what I heard is - dropping hash rate is good for miners (?) they can mine more blocks for less expense (?)

I always had/have good expectation from ETH and I am sure the recent drop is just a part of the game.

Perfect sense, I'd always taken a bit of comfort from the fact that all those ERC20 tokens need gas, so while ETH dumps might (and will) happen, there are hundreds/thousands of legit businesses in there that would stop tomorrow if they had no ETH.

Also, while you're right about the megahype curve over the last 6-7months, there are new ICOs planned for the future, so it's not 'dead' just tanking in an apocalyptically bad way. Q2 2019 is a good bet I reckon...

The cost of the ETH falls and immediately begins a huge mess! This is the tradition of the forum ;D
Who earned the coins in an easy way will sell. Miners and Holders are unlikely to sell coins at a low price.

Markets can not fall for long, be careful.

I have found throughout my travels.  Honest businesses don’t grow nearly as fast. Hell most close up shop if your too honest and actually want to help people.  The system isn’t designed for that.  It’s cut throats or be the the one getting cut. Sad world with the tech we created never being used for good. Only for the rich to get richer.  Let me ask you all something.  All the tech advances we have.  Has any of it led to you working less hours?  Just allows us to get more done. What a nice way to put it. :). Ugh silly humans.

BR

There is still a huge amount of people mining, very few even at loses (which is dumb and utterly stupid). Most ETH hashrate is related to ASIC mining and free or nearly free electricity , specially in China.

In Europe , you should be counting the people mining with your two hands (considering they are not stupid)

The real question is: will ETH recover?? my bet is NO. it will die, and it's dying fast. I stopped mining months ago, when profit after electricity costs was less than 100$.


Total hashrate , by this time, should have been no more than 100.000GH/s

...you are not saying ETH is "too big to fail"... or are you?
Bring in the cavalry! Help us Janet Yellen! Bail us out!

;D

Anything 'too big to fail' is of course already f***ed by the time anyone says that ;-)

The really worrying thing is if you widen the scope a little, especially in Europe/UK. Nothing really banging a drum that doesn't say 'bury the money and panic buy baked beans'...

;D
[/quote]

Anything 'too big to fail' is of course already f***ed by the time anyone says that ;-)

The really worrying thing is if you widen the scope a little, especially in Europe/UK. Nothing really banging a drum that doesn't say 'bury the money and panic buy baked beans'...

[/quote]
I do believe there is Tech behind it and it is actually the most used block-chain with average daily transactions 500-600k .
Only scam can go to 0 .
This is only market correction, we have had these in past in 2016 October when ethereum network hasrate drooped by 50% in matter of couple weeks and we are only now at 10-15% hasrate drop.
Yes there is Asics now, but they are not nearly as powerful as they are for example new equihash asics where some of them are 100x more efficient as gpu rigs.

https://i.imgur.com/Nt6qDEZ.jpg

Seen a lot of people in last few days doubting Ethereum existence , think we are very close to bottom out. But do not thing we are nowhere near for another bull market. My thoughts could be closer to end 2019. First ethereum needs to scale and we need to see those millions of transactions per second.

Yes, that means many miners leave the network. I can't confirm if it's good/bad because it depends on the conditions. for example it can't be worth when the ETH price is sinking and can't cover the cost of electricity, but it can be said a good/worth when the hash rate dropped, and the ETH price is like 2017.

yes, for miners who have GPU / ASICs / FPGA farms and who have cheap electricity, let alone free electricity if the hashrate drops

I hope

Lately, I am thinking about joining the mining business, I am still gathering information though (https://bitcointalk.org/index.php?topic=5004484.msg45151808#msg45151808). If ETH price keeps dropping then I may start with mining ETH to get the test. There are too many coins out there and I have very little knowledge about most of them. I am familiar with few good coins only and among them I feel comfortable with ETH. So why not take the chance of less hash rate and keep mining and holding until I have a good price to sell.

All these are in my thoughts yet.

Most likely I think what is happening now is miners aren't shutting off their rigs they are just mining other coins like XMR.

The XMR profit with a RX GPU is pretty much the same and it uses slightly less power.

Last time our difficulty was this low was back in April 2018. So not that much of a steep drop.

Exactly, now that eth/etc is basically almost the least profitable coin for gpus and we see the hash rate has not even gone down that much lol.

The is basically proving our point that its all asic hash anyways.  All the conspiracy theorists like asasb , and metroid who kept saying when eth goes pos all gpu mining will die can’t have been any more wrong.

ASIC mining will die as its damn near dying now lol , S9 negative profit, E3 negative profit Z9 coming next.

Asic is a new thing in ethereum mining and can't agree you that most hashrate comes from asic mining. It comes from GPUs, for this reason it was almost impossible to buy gpu in normal price, everything was out of stock immediately.
Ethereum has some good features and is better than some other popular shitcoins but I have the same question: Will eth recover? I highly hope it will but current statistics makes me very pessimistic.

Asic is a new thing in ethereum mining and can't agree you that most hashrate comes from asic mining. It comes from GPUs, for this reason it was almost impossible to buy gpu in normal price, everything was out of stock immediately.
Ethereum has some good features and is better than some other popular shitcoins but I have the same question: Will eth recover? I highly hope it will but current statistics makes me very pessimistic.
[/quote]
I have no doubt it will recover , people are pessimist when prices are low, people are optimistic when prices are high. Bitcoin also has been in such situation , even more . It dropped from 1250 to 100usd in matter of days. I know people will always look for a reason why this is happening, traders doesnt need reasons. Ethereum is been picked on all the time now,
Ethereum isn’t the only currency getting slaughtered -10x , there are many more. Name it most currencies from top 10 Market cap has gone down in value -10x.
•   Top 3 XRP from 3.33 to 0.26
•   Top 4 BCH from 4091 to 421
•   Top7 LTC 330 to 50
•   Top 9 Cardano 1.22 to 0.06

I have no doubt it will recover , people are pessimist when prices are low, people are optimistic when prices are high. Bitcoin also has been in such situation , even more . It dropped from 1250 to 100usd in matter of days. I know people will always look for a reason why this is happening, traders doesnt need reasons. Ethereum is been picked on all the time now,
Ethereum isn’t the only currency getting slaughtered -10x , there are many more. Name it most currencies from top 10 Market cap has gone down in value -10x.
•   Top 3 XRP from 3.33 to 0.26
•   Top 4 BCH from 4091 to 421
•   Top7 LTC 330 to 50
•   Top 9 Cardano 1.22 to 0.06

[/quote]

Your dead off, that was back in jan when prices were high.  Since feb gpus have been in massic stock at near retail prices, since no ones buying gpus anymore to mine eth as profits tanked.

during this time hash rate went from 200th to 280th how do u explain the large growth in hash when gpus were basically in stock and have actually been in overstocl since feb.

Don’t be fooled, as much as 50 percent of the hash rate is private asics and fpgas, as coins start switching to progpow and gpu miners keep shifting out i bet he hash rate keeps rising due to asics.

expanse is already moving to prog pow and i expect metaverse and etc to follow

ETH grew on ICO's ( most of which were plain scams ) and miners.
The ICO's only started to dump a small portion of ETH on the market and look what it did to the price.
At the same time GPU miners are jumping ship for other algo's, most because of profitability, some, like me, because Vitalik clearly supports ASIC's and/or is in manufacturers pockets.

It was a mistake for Vitalik not so fork away from ASIC's when it was the time to do so, GPU miners and farms are not to be underestimated, they generate a lot of daily exchange volume.
BTC will probably go on a bull run soon and take a bit of ETH price with it, but in the long run there are dark days ahead for ETH.

Any solid proof to support this claim?

Shifting and shutting-down miners are 100% fact though (look at the graph in the OP, whoa, it dropped soo much w/ sarcasm), but this shouldn't affect the price that much.
This is totally something like FUD-related dip.

Vitalik must have realized the issue with GPU producers and the damages it has been causing to the gaming industry.
At least, one less GPU-dependent coin can help the affected industry(ies).
Also, as observed on Monero, changing or innovating new algorithm more often (due to ASICs manufacturer's marketing plan) can be a pain in the ass for their developers.

I can't find the link, maybe it you google it you can find it but some company that tracks ICO wallets said that in the last 30 days around $100 million was spent. By spent, they just mean sent so they also could of moved to a different address but most likely out of those $50 million is probably sold for BTC and fiat.

Some ICO last month said that they raised like $10 million during the ICO boom and panic sold all their ETH at $400 and instead of cashing out $10 million they only cashed out around $2-3 million or so.

In my opinion these ICOs unless they were exit scams, they all hired staff and rented office space and assumed the ETH price of $1000 would hold or at least $500 and had to choice but to sell to keep the company running.

Maybe indeed this drop in total hashrate is caused by big miners shutting down and selling their rigs and GPUs :). Kinda makes me wanna score some cheap GPU deals and reenter the whole mining game once again ;)

maybe it will continue to go down or even go up soon, who knows what will happen up or down everything is difficult to predict, and I hear some of them in the forum disappointed with eth, even selling out.

Your dead off, that was back in jan when prices were high.  Since feb gpus have been in massic stock at near retail prices, since no ones buying gpus anymore to mine eth as profits tanked.

during this time hash rate went from 200th to 280th how do u explain the large growth in hash when gpus were basically in stock and have actually been in overstocl since feb.

Don’t be fooled, as much as 50 percent of the hash rate is private asics and fpgas, as coins start switching to progpow and gpu miners keep shifting out i bet he hash rate keeps rising due to asics.

expanse is already moving to prog pow and i expect metaverse and etc to follow
[/quote]
Its all manipulation , GPU was out of stock till May, we had peorders waiting for month and couldn't clear them. And actually network hasrate hasnt changed much as the asics are realeased. They might be some 10% of whole network.
Asics on ETH isnt the same as Asics on Zcash ,  they cannot reach 50x speed increase at the same power usage. Also same thing with FPGAs To expensive per has then GPU. RX570 would be more profitable then VCU-1525 .