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Let's compare two cases:
1.
There are only 100 miners which have ASIC mining farm and each of their farm have a hashing speed of 10Th/s, the total network hashing speed is 1PH
2.
There are 1,000,000 miners which have GPU mining rig, average each of their mining rig have a hashing speed of 1Gh/s, the total network hashing speed is also 1PH
In such a case, the difficulty and hash rate is the same, the energy usage could be 100X difference, but is there any reason that the bitcoin value in the first case will be 100 times cheaper than the second case?
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This makes it that each block costs somewhere around (0.5 * block award * price) to (0.75 * block award * price). And since awards are paid in Bitcoins and electricity is paid in local currencies, this makes the situation that all mining costs hit the exchanges every day, and push the price down.
Why should I pay the electricity with mined bitcoin? I can use fiat to pay the electricity and save the coins, if I believe bitcoin price will rise in long term due to scarcity Imagine that last year my electricity cost is 2000 USD, and I mined 200 coins, I paid electricity using USD. Now I only need to sell 22 bitcoin to pay back that amount of dollar. If I paid using bitcoin as you suggested, I would have paid 100-150 bitcoins for my electricity cost  |
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I guess in this case, even the VRM need to be actively cooled
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http://www.imdb.com/video/withoutabox/vi3495927065?ref_=tt_pv_vi_1 The film is based on real events. Russia, the wild 90's. An unknown mathematician and a loner, having announced the establishment of the 'MMM' company, begins to print and sell its own shares. The value of the shares is determined by the principle - 'they are always more expensive today than they were yesterday.' There is unprecedented in scale advertising campaign, thousands of points of sale are being opened and millions of new investors are attracted every week. Amount of money received by the 'MMM' is filling up rooms and wagons ... Immediately after the arrest of the CEO of the 'MMM', 17 trucks with cash left the company's headquarters in an unknown direction. The shares of 'Gazprom' gas company, worth $12billion, owned by 'MMM', have also disappeared. Too many questions, too many secrets ... ----------------------------------------------- 3 months ago I was on a plane for a business trip, I found this movie in the list, surprisingly many of the things in the movie are actually happening on bitcoin: Based on mathematics, continously rising value, advertising campaign, thousands of points of sale and millions of investrors... Is there someone from airline company intended to warn people about such kind of danger? Of course there are differences, the MMM scheme had a single point of failure, but would bitcoin price rise forever just due to no single point of failure?
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I talked to several of my friends in IT branch, the more knowledge they have in software engineering, the more likely they regard bitcoin as a programmer's scam. Just like the other guy mentioned, from a programmer point of view, this kind of software worth nothing because it can be easily duplicated
But I think the reason is that they barely have some knowledge in finance and economics, especially people's behavior. It is time and the community build up the trust of bitcoin concept and made it valuable, not the technology behind it. But this obviously not in their best interest because they are getting well paid from existing fiat system
People should be hit by the fundamental flaw of today's monetary system before they start to consider bitcoin, normally it is difficult, but Cyprus crisis is opening a window now
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Well this is a small step in the right direction. Maybe after 15 or 20 videos showing steady progress, I might believe they will ship something able to hash at some point in the future. $30,000 dollars spent on a mini-rig last summer would have bought 5000 bitcoins. Those 5000 BTC would be worth $455,000 today. BFL has some catching up to do.  I don't remember where the list is, but some guy bought 4 minirigs on june 23rd, when the price would have been $6.40/ BTC. That $120,000 invested in bitcoins instead of butterflies would be worth $1.71 million dollars. Or alternatively, it would have bought 185 4 module avalons good for 15.8TH/s, as opposed to the 6TH/s he might get if BFL ever ships something. Time travel trading is not relevant, if bitcoin today worth only $2 due to some severe bug in software, that guy can celebrate that he made the right decision to spend the coin before the price crashed |
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Anyone can tell me:
1 why only 15 nonce like response is returned?
2 what was he tested? single chip? hash core?
3 why it take ~20s to have the power to return idle?
1. sounds one one of the cores isn't working. 2. single chip on a board - each chip has 16 cores (see image) 3. presumably the test sends a block header (or equivalent) to each core and gets them to iterate over the nonce until the hash < difficulty - they program difficulty in - and the fact that they all came up with the same nonce means they are hashing. It's the smallest unit of work that an ASIC that does SHA1-256(SHA1-256(data)) would have to do to prove it works. Basically the video proves that chip works on a board, but only 15 of the 16 cores are hashing, and it uses a lot more power than expected (approx 4x) Will about 2: One should be shocked if only a single chip is tested. assume all 16 cores are working, 4GHash (per nonce) * 16 (cores) / 20 (second) = 3.276GH/s per chip, or 205MH/s per hash core. with this watts shown, you can calculate the efficiency of MHash / Joule by yourself. the machine should return 8 * 16 = 128 nonces (so the watts can be compared with avalon / asicminer), but why there is only 15... He mentioned 16 Engines, not 16 cores, some kind of internal function that conbine 8 cores (half of one chip) to make one engine? All the hashing engines return the same result, so I suppose that the slowest (most unlucky) engine need 18 seconds to finish the hashing function, average could be much less, say 1-2 seconds |
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And that 120W draw at run time is only when the chips running at 34Gh/s, so 240W draw for 68Gh/s  |
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I think miners should pay developers so that they can get more people to do test, is it possible to implement this in pools?
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Yay! they are not a scam at least. This means they'll eventually ship a product.
fyi: we reached that stage 1.2 month before we shipped. Let's see how they handle their remainder issues.
this |
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After seeing both Avalon and BFL's power consumption, I strongly doubt the claim of 60GH/15W for 28nm process, seems even 30W is a best case scenario
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Looking forward, lots of uncertainty:
BFL has 75,000 chips, each doing 8Gh/s, that is 600T, plus 260T ASIC miner and 100T Avalon, 40T GPU&FPGA, network will top 1PH by autumn, 17X difficulty increase
Suppose one single hashes 4.5 BTC per day at current difficulty, by September, it will hash 0.265 BTC per day, back to the performance of a GPU 2 years ago
For winter we might see helveticoin's ?PH 28nm ASIC products
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What component can draw 42W at idle?
I think they should provide an ATX PSU power supply converter where many standard 12V connectors can be used
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This may be economics 101, just wanting to check my facts on the phenomenon...
Does inflation, in case of dollars for example, simply come from the fact that the government introduces more money into the system, which causes the value of existing dollar? Or are there other factors in play?
How about banks creating money out of thin air, does it have any role in inflation? (As I understand it, they invent money that they loan to customers, expecting an interest - correct me if I'm wrong!)
It has almost no direct relation with banks creating more money. The root cause is supply and demand, and that in turn is decided by many other factors For example, after financial crisis, FED created 3 times more money, have you seen the CPI rise by 300%? Another example, banks print one billion dollar and give it to you, as long as you guarantee that you don't increase your consumption in anything listed in CPI index, there will be no inflation, you can buy gold, buy stocks, buy bitcoin, all these won't cause inflation |
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Manipulate the market is difficult, the best a central bank can do is simply deploy $100 million worth of ASIC mining farm, which is more than 10 times network total hashing power, and hide them. They will select a time when BTC is suffering from an internal problem and start all those hashing power in one night and make a 90% attack, make millions of transactions invalid and cause huge loss for merchants
But what is the purpose? If bitcoin is so great then why not join the game? It is just another star performence asset in their portfolio. Their debt based money issuering have huge sustainability problem and bitcoin is their only hope to bring the sustainablility back. Unlike housing, the demand for bitcoin can be endless, and supply is always limited, its price will never stop rising, means economy finally have a growth area which can last forever
Imagine in not so far future, almost 20% of people are working with bitcoin related business, this dramatically reduced the jobless rate, and those who still work get higher and higher salary due to labor shortage, then FED have to tighten to prevent price inflation, and that action have almost no effect for bitcoin, by that time, bitcoin value could still be driven up by physical goods/services
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They will do a chip classification: Higher power consumption chips go into jalapeno and mini single, lower ones go into full single, so the load on PCB will be contained
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5000X8=40TH, that's all added hash power if all of the first set of 6 wafers delivered
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This kind of flash crash and recover will bring up a habbit of always hang a big buy order 15% below the current price so that it can catch the flash crash when people are away
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Stop right there. No way is BFL shipping 100 units a day right off the bat. They've never pulled off that kind of throughput.
This is a conservative estimation, I've seen some numbers as high as 400 units per day |
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Maybe that is team Avalon cashing out their order money to buy parts, 48K in sell volume, and only 10K buy volume pushed it back towards 88  |
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