Bitcoin Forum

Hello everybody, i'm new to mining so I think my question is kinda nooby but still...

I want to buy a Bitmain E3 Ethash algo, But I heard that ETH want's to hardfork the algo like Monero did to avoid the asic miners. How serious do you guys think this treath is?
And if ETH does a algo hardfork can I still mine ETC, musicoin and Ubiq with the E3 or isn't that possible?

thanks in advance

sandro

So far from what I read, they will not hard-fork to change their algo. They did an investigation and found out that the E3 is similiar to a GPU rig and its not a threat to their network.

But if they hard-fork you will be able to mine all the other coins like ETC or Musicoin. However keep in mind that if ETH forks, they might fork also since the 51% risk will be higher then since there will be more ASICs on their network.

I doubt they will hard fork. However they do plan on (or so they are signalling) that they will shift to proof of stake. Once they do that and centralize ETH, mining ETH will be worthless. At that point some of the other coins using the same algo might be forced to fork to fight off the ASICs that are left in the wake of the ETH going PoS. Once they go PoS there will be a lot of GPUs with nothing to do.... If the other coins fork, your ETH ASIC will be worthless. I'm staying away. It is tempting, however given GPU pricing today you can build a rig for almost the same price if you take into account shipping and import fees.

ETH Asic: $1875 + $200 (shipping) + $65 (import fees) = ~$2150

GPUS: 6 x $275 = $1,650
Other: $500 (motherboard, ram, cpu, PSUs, cables) <-Likely high
Total: $2150

Only advantage to Asic is less power draw. Benefits of GPU is more coins.

I'm not sure what country you are in, these are prices in the US.

If you want to mine ETH, the time frame for that is probably not so good, because the Ethereum network has already released their PoS candidate solution (Casper v2) and they are testing it. As far as I can remember, ETH has already postponed their transition to PoS in the past, so it's not so easy to know for sure when this will happen (the announcement was broad: somewhere in 2018). What is more or less certain is that for them, there is no point of making their current PoW algorithm ASIC resistant if they are going to abandon it anyway. After they decide to fork, you will have to switch to mining other EtHash coins (you can check them online for example here (https://cryptorival.com/algorithms/ethash/) or here (https://coinguides.org/ethash-coins/)). Just check what their plans are, that is, if they are going to change the algo to be ASIC resistant or not.

you may be a noob, but haven't you seen the profit of mining ETH right now??? i´ll tell you my numbers. 357mh/s and getting around 140$ PER MONTH (0,15$/kWh). Are you going to invest 2150$ on a 6 gpu mining rig (that will get no more than 190mh/s to get around 70 to 80$ per month???) are you ok with that????

OMG, people are just ........ fffff i don't know man, this is nuts!!!

You should be thinking in terms of coins mined, not $ per month.

If the price of ETH returns to an all time high, well. . . you know.

ASICS have failed in almost every attempt they had mining altcoins, with only S9 antminers , ASICS miners for bitcoin doing relatively well. Monero changed their algorithm to V7 to not support ASICS.

Since Ethhash hard fork is not in the plan, you can go and buy this specific ASIC, but keep in mind if Eth goes POS you cannot mine it anymore. Also keep in mind the failures of D3 and L3+ mining Dash and Litecoin , so you are never safe with ASICS I presume.

I'm not suggesting that people go out and buy 100 gpus, but prices are low on gpus because crypto is low. If you are long on crypto you should be buying mining equipment while evaluating the risk of forks, new hardware, ....

At tomorrow's ETH Dev meeting they should set the approximate date for the second part of the Metorpolis fork, Constantinople which should happen some time before the end of year. Based on the previous meetings, it seems very unlikely a switch to a hybid Casper release will be a part of the next fork or happen before 2019.

https://bitcointalk.org/index.php?topic=4495184.msg40445794#msg40445794

So far from what I read, they will not hard-fork to change their algo. They did an investigation and found out that the E3 is similiar to a GPU rig and its not a threat to their network.

But if they hard-fork you will be able to mine all the other coins like ETC or Musicoin. However keep in mind that if ETH forks, they might fork also since the 51% risk will be higher then since there will be more ASICs on their network.

Not entirely true, L3+ was fine, but if you got it in like november or later you most likely didnt make roi.
But did you get it before litecoin price spiked, and got some coins stocked up you made good, and it became unprofitable some weeks ago arround the same time s9 did, so the l3+ and s9 was fine, the rest crap :)

This is good reliable intel. I guess what this means is that tomorrow will be the day when GPU mining's deadline is announced.

Please feel free to correct me if i'm wrong, because based on my understanding, once Ethereum switches to these new protocols we can definitively say GPU mining is done and no longer profitable because ETH will no longer be mine-able.

How will it not be mineable?
Hybrid casper is 90% POW, 10%POS.
The only problem is that they are AGAIN contemplating reducing miner rewards.

Contemplating? They are only discussing how much, they will reduce rewards, 10% of the blocks that reward will be gone, with a lot of work probably discarded in the process, plus a reduction.

I'm guessing based on the range they are discussing, the block reward will be about 50% of what they are today.... and it doesn't apear they will level out the drop, allowing the iceage to creep up while they keep farting around with the PoS code.

Let's assume for a second that a large number of miners will jump off making the rewards somewhat easier to get, they'll create a faux iceage on other algorithms/coins as they chase profits.

A lot of people will be very unhappy.