Keep an eye on the BIP 91 implementation here: https://coin.dance/blocksIf it locks in then the weekend should be green, if it does not (it's still questionable as of right now) then who knows, but more likely red. |
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As I gather this hack was not caused by any bug in Ethereum, but due to the vulnerability in Parity wallet implementation. So it'll be Parity whos gonna take impact, while eth will have very slight effect.
Yes, what happened was exactly that. However the fudders are out in full force trying to do what they do best, sow fear, uncertainty, doubt. |
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Also all those people chiming in saying xxx coins in unhackable, mainly it is because the coin(s) do not have vast value as of yet, so you are relying on security via obscurity for the moment. Anything is hackable.
the most valuable cryptocurrency with the most usage and biggest number of users is bitcoin. hackers have been trying to find exploits in bitcoin to hack it for 8.5 years and they have been failing. the only thing they could do so far is hacking exchanges, stealing wallets with no password, and tricking idiots into giving them their private key directly 
edit: here is a bitcoin MultiSig containing 119,635 BTC = $282 Million feel free to start hacking it  https://blockchain.info/address/3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r
ethereum is supposed to be a smart contract platform and already has the biggest shame of all times: the DAO and the news keeps coming. who is to say there aren't more exploits waiting to happen on this coin. there sure are a lot of them happening these days as price is still somewhat high. you know hackers never kill something right away, they do it slowly to gain the value. like this hack which was only a small amount not all ($32 mil) while the main hacker could empty everything at once. Do you think we will see another roll-back like the DAO $50 million hack and will it leave us with ETH 2.0 fork? No. Even Vitalik is already chiming in to dismiss such talk: https://twitter.com/vitalikbuterin/status/887782650026631168Vitalik Buterin@VitalikButerin 9 hours ago
1. Ecosystem less mature then
2. More at stake then as % of all ETH
3 [most impt]. Today's attacker can just move funds, so HF is impossible in other words Vitalik coins were safe and he didn't lose anything. People have lost Bitcoins ever since it was first publicly available and yes some early wallets have had vulnerabilities. Brainwallet was also a big one in case you don't remember. Anyway this wasn't a Bitcoin versus Ethereum discussion, it was to point out nothing is totally 100% safe. No wallets and no Blockchain. |
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hi is it worth to invest ?
any site or how to start ?
Yes, Ethereum is a good coin to invest in. My advice would be to break of your investment funds into chucks and buy only so much (say 10%) spread out over time and not all at once. This way you can dollar cost avergae on your investment, however if you are investing for a longer period of time, i think right now, and especially if it dips significantly under $200 again it is a good time to get in. Coinbase or Kraken are good bets if you are in the US. |
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Do you think we will see another roll-back like the DAO $50 million hack and will it leave us with ETH 2.0 fork? No. Even Vitalik is already chiming in to dismiss such talk: https://twitter.com/vitalikbuterin/status/887782650026631168Vitalik Buterin@VitalikButerin 9 hours ago
1. Ecosystem less mature then
2. More at stake then as % of all ETH
3 [most impt]. Today's attacker can just move funds, so HF is impossible |
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Again and again Ethereum have so much bugs
It was a specific implementation of a third party wallet, not ETH that was hacked. This would be like saying just because banks get robbed we should do away with cash. Anything of value is a target, especially anything that can be accessed via online means. Also all those people chiming in saying xxx coins in unhackable, mainly it is because the coin(s) do not have vast value as of yet, so you are relying on security via obscurity for the moment. Anything is hackable. |
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would 2 x 750 PSU be enough for 6 x RX580 8GB rig? also this have been bothering me for a while. might be a stupid question but don't laugh. what does "on/from/out of the wall" means?  Yes, two 750 watts PSU's should be fine as you should be around 900-950 watt total system draw. I assume you are referring to a rigs power draw when you refer to "at the wall". It usually indicates the user is referring to the fact they are citing figures measured using a power meter placed in-between the PSU's AC input and the outlet itself so as to measure the true total system draw. This is different than others who may cite simply the power reading obtained from software, such as GPUz and its power draw reading. The problem with software readings is they are usually incomplete and only measure part of the total consumption. Since an "at the wall" measurement includes all the components of a mining rig (GPU, CPU, RAM, Mobo, PSU, HDD or SDD, etc.) you will get the most accurate figures for determining your net profit if you pay for electricity. |
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Unless you need your money right away and/or are day trading, I wouldn't be too concerned. I still think once all this BTC uncertainty blows over all coins will start to recover and depending on the price you bought back in at you would only need to wait it out for a month or two at the most. This will not be like the three year drought following BTC's 2013 rise and fall, as there are a lot more people and interest in the crypto space in general than there was in 2013.
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The missing amount is probably the transaction fee to pay for the gas used to send your payment across the network. The fees can add up and eat into you profits when sending small amounts like this.
If you can, it may be wise to set your payment threshold on the pool to a higher value, as the fee is normally a fixed amount regardless of the size of payment. This way one larger payment of say 1 ETH will not cut into your profits as much as several 0.1 ETH transactions with fees that that eat up 0.01 (10%) of each your payments. However, this strategy while it saves you some money will require you to mine for several days before a payment is sent out.
UPDATE: I just checked and indeed the missing amount is for the transaction fee.
The coinotron website shows a minimum payment amount of 0.1 ETH, but there is a 0.01 ETH fee when payout < 1 ETH.
This means if you would set your minimal payment to 1 Eth as I suggested above, you would actually incur no transaction fees.
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Mining stresses a rig in many ways, so just because it doesn't freeze up when not mining doesn't mean there is a problem.
I would start by shutting it down completely, re-seating all video cards, the RAM and reconnecting all cables to eliminate a loose connection somewhere. I would also check to make sure there is not dust or dirt build up and that the cpu heat-sink is secure to rule-out common heat trouble spots. Turn it back on and monitor it for awhile to make sure a GPU is not overheating causing the rig to lock up.
If it passes all this and you are still having issues, the next thing would be to try and remove and reinstall the video graphics drivers.
After doing all of the above, the next things to try would be removing one card and seeing if the rig runs well, repeating until you either found the problem card or eliminated them as the cause. You may need to let the rig run for a day or two in-between these steps, I am not sure how often your rig was freezing up before, so wait at least that long, and maybe double it to be sure.
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Bitcoin and many Alts are already co-existing just fine. I don't know where people keep getting this "there can only be one" mentality from. If you look at the CoinMarketCap charts you can see that so called Alts, such as Ethereum have recently brought more money in to the entire ecosystem than Bitcoin did alone back in 2013.
It is no doubt Bitcoin is still the king though for now, but it will definitely need to defend its role more and more as time goes on and more competitors enter the ring to challenge its crown.
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Username: Za1n
Post Count: 960
BTC Address: 137QEZyc3Z3uS7p12NRcn9FAuXajUtzswu
From my count it looks like I filled the last Hero spot. Please confirm so I know I am in, thanks.
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As far as a hedge and switching to other coins, if ETH drops to sub $50 level for any length of time, do you not think other people have also figured out to move to other coins? There will be no profitable GPU coin to mine for quite sometime as the space is saturated with hash-rate already.
That will be up to people if they want to sell at loss or not, to sell at loss means less than what miner mines for. Its like gold, 10 people working on mines, if the gold price crashes 50% then will be only 5 people working or probably nobody anymore. That maybe true but why would you continue to mine at a loss then? If it costs me more to mine a coin than it does to buy it outright, again why is mining the better option? I don't know about you but if it cost me $50 to mine a single coin but I could buy the same coin for $40, I would just shut the miner off and buy. |
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You could just setup some cheap webcams attached directly via USB to a couple of your rigs and then remote in to keep an eye on things. Some of the software has recording capabilities, and maybe even some would come with centralized remote.
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No one knows how the BTC BIP 148 controversy will play out. IMO, now is not the time to be buying or selling coins until that has played out. ETH was trading at less than $50 just three months ago and there is no reason it couldn't go back to that level, especially since no one knows how the planned forks will play out. If you think you can catch a falling knife, then go ahead and invest directly in ETH. The difference is by investing directly you are risking your investment loses value and you are left holding the bag. A mining rig is and always has been a hedge, as it has a value other than mining and can always be used to create value by mining other coins.
Buying a rig at prices that are at least 1.5x what they were 3-4 months ago is insane. You can't just base the price off of MSRP either, as I was buying GPUs for $20-$30 less than MSRP before the shortage and resulting run-up in hardware price. No, one does not know what will happen with future price, but as I said buying a rig also entails the same speculation that buying coins outright does, as in both scenarios you are relying on a recovery to break even or profit. As far as a hedge and switching to other coins, if ETH drops to sub $50 level for any length of time, do you not think other people have also figured out to move to other coins? There will be no profitable GPU coin to mine for quite sometime as the space is saturated with hash-rate already. The slow bleed down is prolonging the end result, but no matter what happens mining profits will be on the decline for some time to come. Plus if ETH does drop to $50 what I said above would make even more sense as he could buy 40 coins for the same money that he is planning to spend for a rig, which would takeover 800 days to mine at current difficulty. The days of easy mining are over, the best those of us with paid off rigs can hope for is a few more months of some profits before the long lull. Also relying on selling off the hardware as an escape is not a good idea either, as I think we will be seeing a flood of used gear on the market in the next couple of months. |
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OK guys, I've been following this thread and I realized I could really use some ADVICE!
I'm pretty new to the mining scene, meaning that I just got into it. I started ordering my first GPU's about 3 weeks ago when ETH was around $350 but since then things have really changed...
Right now I'm mining with 5 nvidia GPUs 2x 1070, 2x1060 6gb and 1x 1060 3gb. I didn't overpay for these cards, actually I got a pretty good deal on them. Currently I'm mining ETH with ~130MH/s but after reading this topic it's clear to me that maybe I should switch, although it's not clear to me to what and why.... I check whattomine.com regularly but ETH is almost among the most profitable coins to mine, and even if it's not, the others are maybe about 5% more profitable.
Anyway, the thing is that I still have some GPU's that I pre-ordered (at a normal price of $320-$350) and I'm still waiting for them ( 5x RX580 8Gb) but after reading this thread I'm starting to have my doubts and thinking about cancelling these orders...
The most important thing to me right now (since I just got into the game) would be to ROI my GPU's as soon as possible. Ideally I should cancel my order for the 5 RX580's that I pre-ordered and should arrive in the next 2-3 weeks, and wait 'til august to see what happens to bitcoin and to the whole crypto market. However this also means another 3-4 weeks of waiting if I decide to re-place those orders again in august. On the other hand I see people here not recommending to buy AMD GPU's at all, since ETH mining will not be profitable very soon...
(By the way, returning those orders is NOT an options since they were ordered internationally and would imply a lot of costs)
So right now my mind is racing and I'm full of doubts if I should invest in another rig with RX580 or maybe in something else. I do have a limited buget for another rig, around $2000
Cancel the order and use the money to buy ETH directly during the dip. Ideally look to get in closer to $100 or even a bit less if it falls some more before you get your funds from your preorder refunded. Buying cards right now to mine ETH in the hopes the price returns to $300+ is foolish, as not only are you are hoping for the same gains that simply buying the coins outright would provide, but since difficulty is so much higher now than during the initial run-up you will mine less coins to boot. A $2000 investment in ETH at $100 each would give you 20 coins. Mining with a $2000 rig would take over 400 days to obtain those same 20 coins. Even buying ETH at $150 you would get close to 14 coins, which would take 280 days to mine. Keep in mind these figures assume difficulty does not rise which is foolish and the actual time-frames would probably be closer to double to what I listed in reality. |
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Unless your power goes out all the time, I would recommend bypassing the UPS completely and plugging the rig into the wall directly. You can use a passive surge suppressor to help protect against some spikes if you want, but the few times a UPS might keep your system up is probably more than offset by the extra electricity it is consuming 24/7. Even if you had a 95% efficient UPS, a rig drawing 1000 watts would always add an unnecessary 50 watts draw to your utility bill.
So unless you have free electricity you are wasting power for a little bit of insurance for the few times the power might go out. Also considering you are worried about the heat, your UPS is probably less than 95% efficient, so the excess waste would be even higher. You should be able to determine to exact rating from the manufacturers specifications if interested.
The spike is almost non existent here so I am thinking to remove the UPS completely because it is not a well known brand like APC Triple lite, its a copy cat brand. it is a 690 watt UPS keeping 6 70 watt cards in it plus 100 watt of the board and all other components. I will check my utility bill of electricity for a month or two an decide what to do. UPS is running normal , never powering out so thank you all. Buy yourself a cheap kill-a-watt or similar type of power meter and plug your UPS with miner attached into it and read the wattage draw. Then do the same with just the rig plugged in. You may be surprised at the difference, especially if it is a no-name brand with lower overall efficiency. Then determine if it is worth it or not. I have seen some real cheap UPS units tack on another 10% to overall usage, while some of the better ones are only 2-3% since they are mainly pass-through devices that consume a small amount to keep the batteries topped up most of the time. Relying on your utility bill is not a good indicator unless you have a very static consumption pattern. Myself I only have a UPS to supply my router, switches, cable modem and a few server type PC's I use for nodes, proxies, and the like. I also have a UPS on my main PC I use to trade, but all my mining rigs are on their own with just a Tripp lite commercial rated surge suppressor for the 120V units, and I usually use commercial power strips or PDUs for my 240V rigs to provide surge suppression and delayed start capabilities in case of a sudden power loss. Trying to put a UPS on all of this would be costly, add extra to my power usage, and offer very little in terms of protection. Most modern PCs with a SDD or M2 card will not be too impacted by a sudden power loss as write to disk are pretty much instantaneous. |
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With Bitcoin and most alts coming down to form a nice dip why would you want to invest in mining hardware right now? You may ROI or break even in 1 year+, but could also double, or more, a direct investment in coins in that same time period. You are taking on the risk of the market either way by buying the coin directly or investing in mining hardware, but at these rates I think a 10K investment upfront in coins would get you a lot more return than you could hope to recover by mining it.
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I think everyone is waiting to see what happens to BTC first. So depending on how the next few weeks pan out will depend on when or if GPUs start flooding the market. Right now everyone is waiting until after August 1st to make any decisions. If the price of cryptos start to climb again, I believe new miners will hang on to their cards. people who have ROI'd already have no immediate need to liquidate and have a bit of room yet to eek out some profits.
As others have already pointed out, mining is still profitable, just not as crazy profitable as before, but profit is still profit. If I invest $0.30 per card a day in electricity and get back $2.00 ($1.70 in profit) there really is no reason to panic sell quite yet, especially with all the hope out there that this downturn will soon correct. Not until profits dip under costs does this really become a concern. Eth price would need to go under and stay below $100 for some time for profits to start to really get tight.
Even if some people do decide to start selling their GPUs early on, I see two big factors keeping the prices up for a little while longer. One is a lot of people here have already expressed desire to start buying up these GPUs at slight discounts, probably also anticipating a return to mad profits once things blow over. Another factor is that a lot of Gamers worldwide are pissed off of miners buying up all the stock and waiting on prices to come down to normal levels so they can get the GPU upgrade they been waiting on but refuse to pay a premium. Once cards start to return to somewhat reasonable prices this pent up demand will need to be filled and will absorb a lot of the early sell off.
So I think we will need to ride out a period of at least a month or two of very low to negative profitability to start shaking out weak GPU hands and see any type of GPU tsunami.
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The hashrate for Ethereum and other coins is continuing to increase rapidly, meaning if all else is equal you will earn less coins per day than you did when the difficulty was lower. I assume many people who ordered hardware recently are just now getting around to bringing it online and hope the price decline is a temporary blip before returning to the days of 60 day ROIs, so the price decline doesn't seem to be slowing the new hash rate being brought to bear with each passing day.
So combining these two facts; less mined coins per day and lower exchange rates per coin will indeed mean lower profitability than a month, or even a week ago. The problem is compounded that even if Ethereum were to return to $420, you would still be making less profits due to the fact that you are mining fewer coins each day. So no matter what happens with the price you can rest assured that your profits will gradually decrease over time.
People with rigs that are already paid for and who have low electrical rates will be able to weather the storm and may continue to eek out a small profit, but for people who recently bought rigs, especially overpriced ones due to the component shortage, and/or have high electrical rates (>$0.08) are going to be in for a rough time.
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