Bitcoin Forum

I'm thinking about the sudden hashrate increase in XMR, trying to explain it. It's 5 fold increase in a couple of months.

Is it that every GPU migrated from ETH to XMR? I think this is not likely, seeing ETH hashrate. And GPU supply is limited at the moment. There are not enough GPU in production to justify a 5-fold increase in such a small timeframe. Everybody and their parents started mining on the home rig ? Might be, but still, I don't buy it.

What is somebody is using asics. Perhaps preliminary or private development. Think about the D3 and what it is going to do to X11.

And if this is true, who could this be ? My coins would go with Bitmain.

I know, Cryptonote is supposed to be memory intensive and thus not asic friendly. But, 2MB is not that much and asics with such memory exist. The only risk for such an asic would be the hard forks of monero. They could increase the memory size, or maybe not. Many CPU had 2MB of cache and exceeding that would make CPUs unfit for mining.

So, my guess is that we're going to see an ASIC for Cryptonote really soon. What do you think?

Roughly $465k worth of XMR is being mined every day. That attracts a lot of people and I'd be surprised if some people hadn't invest a lot of money into R&D'ing some sort of a high speed miner by now.

Thats huge amount, I think thats explains above questions. People are finding opportunity in Monera mining. Miners are wise enough to seek which and where  is profitable of course.

Only way to secure the block chain is to give miners proper reward. Many coins will face a problem here sooner or later. Monero will not, because it knows that when it comes to information's and money security is most important.

 
GPUs are only a small portion of the hashrate on Monero.

Well, dare to explain a little ? You mean CPU run on servers or do you mean there are actual ASICs involved (or fpga)?

We've seen a huge increase in few days in the hashing power a few weeks ago. That is why I think somebody has turned on a little private farm with asics.

Currently GPU do not ROI in reasonable time on Monero, unless price doubles in the next 6 months.

My AMD farm is more profitable on monero than ETH. It might not be worth buying new cards, but people with existing cards are likely switching to XMR.

It is because of the ehereum ice age in place, people are switching since it becomes more profitable with GPU. Also because of the low power usage of the algo.

Maybe its new scam/virus running around?

Monero is memory intesive algo.

If Bitmain is able to create ASIC for memory intensive algo, probably they'll target ethereum (ethash) first

Read the news- the largest torrent site piratebay has managed to run monero cpu mining on the webpage of users, that milions of PC's.

Related :


and this is only the tip of the iceberg.

It's hardly respectable when the majority of that is probably from malware:

https://www.bleepingcomputer.com/news/security/coinhive-is-rapidly-becoming-a-favorite-tool-among-malware-devs/

Coin                    PoW Memory requirement in MB
Litecoin                0.125
Monero                2
Ethereum             2048

All these are "memory hard". Guess which ones are easier to make ASICs for...

Bitmain just release two new miners:
Antminer G1 Ethereum Miner of NVIDIA GTX1060 GPU Miner
Antminer G2 Ethereum Miner of AMD RX570 GPU Miner

THe implication is pretty clear - they cannot successfully figure out how to develop the ethash algo ASIC for ethereum mining...and looks like same applies to other ASIC resist algos  ;) ;)

Cryptonote coins are ASIC resistant coins

As others have mentioned.

Movement away from the ETH family of coins.

I believe EXP and MUSIC are also ice aging on the same schedule.

I totally agree. No point investing in eth as it it also going to POS.

Monero is the next one to get an asic, I'm quite sure. 2MB of memory is a lot for an asic but can be done.

It also means that those asics will not disrupt the "scene" as much as the D3 is doing with X11. More memory means more space wasted on the silicon and less processing power per sqi.

The only issue with xmr, which might actually save it from asics is the scheduled hard forks. It would be relatively easy to modify it enough to take asics out of business, like a slight change to the algo that makes old hardware not compatible.

Wouldn't a "slight" change in the algo also invalidate all previous blocks?

only if you run an older version (like an asic). new versions can be adapted to use one algo till block X and another algo after.

Yeah I didn't thought of that, good call.

I'd like to know how ppl are going to stake ETH when it takes a year to download the chain if your lucky enough to because I gave up not to mention the wallet sucks for using it on windows than the few times I actually did get it to download pretty quick with the fast command once my pc restarted either the chain had to download again or I had to erase it and use fast again not to mention eth is the new scam chain for all the scammers to screw ppl over with their fake I'm changing the world token don't get me wrong there is a lot of great projects going on but some are nothing but scams

Not from bitmain but from Baikal!

I've seen those puppies and they're sweet. The ROI was 45 days. It's much more now that they're in the wild.
At current prices, they're too expensive, however.

Edit: I wonder if there's a jocker in the Baikal asics too. Now that monero is going to v7, I am very curious to see if the baikal asic is programmable (i.e. an fpga design).

In theory, if could very easily be just a bunch of super-fast memory tied to an fpga that can be *easily* updated via firmware updates.

If that is the case, it will take a little more tweaking to defeat them: I mean jacking up the memory requirements beyond what baikal has on board or changing the algo completely, and going with something totally different.

You see how BAIKAL is playing !
Mining monero to Death and then selling the miners to public for extra profit and people are buying to mine 15 days and then to look the stars with their miners...
The name of the new BAIKAL N it should be BAIKAL S ... S=SCAM

CONGRATS BAIKAL !

webmaster@bitmaintech.com via mail.bitmain.com
07:58 (1 hour ago)
to me
Dear subscriber,

We are proud and happy to announce that we are launching the all-new Antminer X3, a new Antminer model for mining cryptocurrencies based on the hashing algorithm CryptoNight.

The Antminer X3 delivers a minmum hashrate of 220KH/s while consuming 550W of total power.

To prevent hoarding by certain users or resellers and to ensure that more individual miners in different time zones around the world are able to order this new ASIC miner, we have made some changes:

There is a limit of one miner per user for all orders in the current (two) batches.
We will release both these batches with an equal stock thrice today: at 3PM, 6pm and 9PM (15 March, GMT+8).
Click below to learn the price or to order after the scheduled time of launch:

     

 

Regards,

The Bitmain team



Good prediction!

Your prediction was spot on! :)

So, this answers some of the questions in a different thread:
Q: How long do the ASIC creators use them in secret before making them available to the public?
A: It seems they were using the Giant N and the Antminer X3 from July 2017. So, about 9 months!

Q: What kind of profits do they make before they make them available to the public?
A: Taking into account that Monero would be their best target coin, that means they could pull about $200-300/day or $80k until now with the X3 and about $20-30/day or $8k until now with the Giant N. These numbers are for just 1 device! Imagine what kind of money do they make with dozens of them.

They will also max out these profits by selling these ASICs to naive miners that will probably just pay them off until the hard forks happen and then have nothing to do with them. The creators win all the time.

The x3 specs arent finalised yet or are they just being hush hush on their design specs. Sounds like they need time to rebuild / build them. Maybe the new ones will be v7 compatible.

reading this post gave me goosebumps irl , you sir are litteraly the smartest
on the forum , you are so spot on its scary

The reason for the sudden hash rate increase is because all ASIC manufacturers are using them to mine first before unloading the used hardware for the public to buy at premium price. I mean ask yourself I you were them wouldn't you do that ?  ;D

When they do sell them ASIC miners, it basically means it is no longer profitable for them to mine or the profits margin from mining is getting thinner. like say probably another 3-4 months or so, about the time you will receive your unit if you order now. Ever wonder why it is always pre order and 2-3 months from now.  ;D

Manufacturer need money to fund their manufacturing and running cost itself. Seeing is how BCash is part of bitmain they can't possibly sell Bcash to convert into fiat to fund their cost, it would be like the US selling off USD to other countries to pay for the deficit. So they have to use other coin projects like Dash,Monero, Sia coin or any altcoins from the list which has good acceptance and market cap.

Mine Bitcoin--> Sell Bitcoin --> Fund Bcash
Mine Dash --> Sell Dash --> Fund Bcash
Mine Sia --> Sell Sia --> Fund Bcash
Mine Monero --> Sell Monero --> Fund Bcash

E.G. Country A setup a mining company in Country B to mine and then transfer all the wealth and profits from from mining in Country B to Country A.  ;D

If there is gold to be mine, no manufacturer is gonna let you be the first to mine it. When the buying stops the supply stops.  ;D

Good call , so from other comments we know for sure Baikal was mining , but Bitmain's aren't shipping until May or June so they are either still mining, about to mine, or finishing the development. 

I'm wondering when the Monero fork will happen to make these obsolete? I know there was a hard fork XMV scheduled for today that got postponed : https://www.coindesk.com/monero-eyes-200-reversal-target-hard-fork-delay/
Maybe miners will have until September to mine before fork happens?
https://getmonero.org/2018/02/11/PoW-change-and-key-reuse.html

Monero is the next one to get an asic, I'm quite sure. 2MB of memory is a lot for an asic but can be done.

It also means that those asics will not disrupt the "scene" as much as the D3 is doing with X11. More memory means more space wasted on the silicon and less processing power per sqi.

The only issue with xmr, which might actually save it from asics is the scheduled hard forks. It would be relatively easy to modify it enough to take asics out of business, like a slight change to the algo that makes old hardware not compatible.

Miners of monero got the biggest scam trying to use their 2k hash vega to compete with bitmain 250k hash asic miner. That is scam. Sadly I am one of those. Still believe in monero.

You probably never heard of staking pools.

Shouldn't this attract a class action suit in US for Baikal and Bitmain, their major customers would be in US and it is clear that they are cheating us by manipulating the network between anouncement and delivery of the product?

BAIKAL, BITMAIN, PINDEA and DRAGOMNINER, they are SCAMMING people by trying to sell them USED miners that are worthless for cryptonight !
Open your eyes and do your research ... I made a list with the coins that officially will fork and the remaining coins they have trade volume close to 0 ... so even if they look profitable now when they will get this big wave of hashrate they will die ....

THEY WERE MINING HIDDEN TO THEIR FARMS and now --> selling GARBAGE !

I think most people will not buy those miners as Monero is changing the PoW.