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Author Topic: Don't listen to all the propagandists. Mining is fine.  (Read 9226 times)
relmeas
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June 25, 2011, 11:17:09 AM
 #81

why are you constantly referring to self interest of such party. what is the interest IS to destroy the network.

besides, they could first milk the bitcoin community for that 1 mil and then destroy it - win/win.
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minor_miner
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June 25, 2011, 12:17:23 PM
 #82


why are you constantly referring to self interest of such party. what is the interest IS to destroy the network.
Why would someone blast out millions of dollars for nothing?



besides, they could first milk the bitcoin community for that 1 mil and then destroy it - win/win.

I mentioned that in my post. 1 mil isn't nearly enough to cover the initial cost of such a device.
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June 25, 2011, 12:18:26 PM
 #83

whoops, double post
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June 25, 2011, 01:55:42 PM
 #84

Problem is, everyone keep talking about Thash chips but so far nothing showed up, even just a theorietical project
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June 26, 2011, 07:12:50 AM
 #85

Problem is, everyone keep talking about Thash chips but so far nothing showed up, even just a theorietical project
The LargeCoin team seems to think they have an ASIC on the way.  Whether they really pull it off or not, is anyones's guess.  Do a search on them on the board.

The thing is that there is enough money in it now that some ASIC engineer somewhere is going to give it a try.  The question is when.
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June 26, 2011, 09:59:13 AM
 #86

The question is when.

And if it can meet the expectations.

I will laugh pretty hard if they end up spending 2 million dollars for 40GH/s or so  Grin
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June 26, 2011, 10:42:39 AM
 #87

The question is when.

And if it can meet the expectations.

I will laugh pretty hard if they end up spending 2 million dollars for 40GH/s or so  Grin

The thing is that even if they create a device that generates 100 MH/s for $600 but consumes lets say 25W, its going to outprice the GPU's anyway, because long time the investment will be worth it and the GPU wont be able to stay profitable at 100Mh/s at 25W. Thats a MH/J of 4, and the most efficient GPU's can only do slightly above 2. As people buy more and more of this ASIC's the difficulty go up and at some point the gpu's will generate bitcoins at a rate that wont pay for the electricity they consume.

I dont think the thread for the GPU's is pure hashing power. The problem will be power consumption efficiency.
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June 26, 2011, 11:02:31 AM
 #88

Yep. I think GPUs will get overrun by ASICs eventually like CPUs got overrun by GPUs.

Fun stuff, good luck I decided not to buy a mining rig and be happy with my already existant 6870.
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June 26, 2011, 12:00:04 PM
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The thing is that even if they create a device that generates 100 MH/s for $600 but consumes lets say 25W, its going to outprice the GPU's anyway, because long time the investment will be worth it and the GPU wont be able to stay profitable at 100Mh/s at 25W. Thats a MH/J of 4, and the most efficient GPU's can only do slightly above 2. As people buy more and more of this ASIC's the difficulty go up and at some point the gpu's will generate bitcoins at a rate that wont pay for the electricity they consume.

It would not. The investments needed for the design and starting up fab process are enormous. The hardware unit cost may be $600, but that would not include the vast investments thrown in for R&D and setting up the production facility. It is a long term investment and I find it kinda weird how people decide to go after it as risks associated with bitcoin are rather high in long term. The bitcoin prices may collapse for a prolonged period rendering your investments useless and that would be a grand fuck up, millions of dollars thrown in the air. Unlike GPUs, noone is going to buy that hardware because it can do nothing but 2xsha256 calculations.  
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