GPU mining will die in 2018!

[rdluffy]

"Analyst firm Susquehanna has cut AMD and NVIDIA's share price targets on the wake of confirmed reports on Bitmain's upcoming Ethereum ASIC. There's been talks about such a product for months - and some actual silicon steering as well that might support it. Susquehanna, through analyst Christopher Rolland in a note to clients Monday, cited their travels in Asia as a source of information.

This has brought confirmations that "(...) Bitmain has already developed an ASIC [application-specific integrated circuit] for mining Ethereum, and is readying the supply chain for shipments in 2Q18." And it doesn't seem Bitmain is the only company eyeing the doors of yet another extremely lucrative ASIC mining market: "While Bitmain is likely to be the largest ASIC vendor (currently 70-80% of Bitcoin mining ASICs) and the first to market with this product, we have learned of at least three other companies working on Ethereum ASICs, all at various stages of development.""

https://www.techpowerup.com/242717/nvidia-amd-to-face-worsening-investment-outlook-as-bitmain-preps-to-launch-ethereum-asic

The end looks to be closing up hehe, soon your gpus will be only to bake potatoes hehe

If this is true I'll leave cryptos
Decentralization iss my $%%$
Bitmain are dominating everything, this is not the idea

I'll sell every coin I have, and join the team against cryptos

Let's see if the devs will have balls to do what Bitcoin devs didn't

[lunobird]

"Analyst firm Susquehanna has cut AMD and NVIDIA's share price targets on the wake of confirmed reports on Bitmain's upcoming Ethereum ASIC. There's been talks about such a product for months - and some actual silicon steering as well that might support it. Susquehanna, through analyst Christopher Rolland in a note to clients Monday, cited their travels in Asia as a source of information.

This has brought confirmations that "(...) Bitmain has already developed an ASIC [application-specific integrated circuit] for mining Ethereum, and is readying the supply chain for shipments in 2Q18." And it doesn't seem Bitmain is the only company eyeing the doors of yet another extremely lucrative ASIC mining market: "While Bitmain is likely to be the largest ASIC vendor (currently 70-80% of Bitcoin mining ASICs) and the first to market with this product, we have learned of at least three other companies working on Ethereum ASICs, all at various stages of development.""

https://www.techpowerup.com/242717/nvidia-amd-to-face-worsening-investment-outlook-as-bitmain-preps-to-launch-ethereum-asic

The end looks to be closing up hehe, soon your gpus will be only to bake potatoes hehe

If this is true I'll leave cryptos
Decentralization iss my $%%$
Bitmain are dominating everything, this is not the idea

I'll sell every coin I have, and join the team against cryptos

Let's see if the devs will have balls to do what Bitcoin devs didn't

Or you can join team Bitcoin gold and make Bitcoin decentralized again

[dimpsk]

ASICs mining is already die

[mindrust]

Or you can join team Bitcoin gold and make Bitcoin decentralized again

Bitcoin gold doesn't even have a unique algorithm but using zcash's equihash algo which shows how serious they are. Soon their marketcap will fall below zcash's mc.

We need to show complete resistance against ASICs as a community. We need to boycott them and never do business with their proxies. (Such as bitpay)

They are about to destroy the whole thing. Devs should think about the solutions too. Ravencoin's new ASIC immune  algo looks promising. Too bad that's the only thing they offer.

[dukemc]

I don´t think that GPU mining will die in 2018 --> On some coins that now are worth to mine with GPU yes but GPU mining will ever be present

[Metroid]

I don´t think that GPU mining will die in 2018 --> On some coins that now are worth to mine with GPU yes but GPU mining will ever be present

GPU mining might not die but mining profitability is very close to die and that is ethereum which is the most profitable coin right now per whattomine charts.

#################################################################################################

How low can eth's profitability get, right now if you pay lets say $0.2 for each kw which is most of the world, earnings per day with 30mhs 24/7 is only $0.15, now take another 30% which is what usually pools steal from you then that goes to $0.10. Return of investment right now is 4000 days which is more than 10 years, how low can eth's profitability go? amazing how low it is right now. I'm so negative about things and yet I have never considered this unless asics are in the eth network which I'm 100% certain there are.

https://whattomine.com/coins/151-eth-ethash?utf8=%E2%9C%93&hr=30.0&p=180.0&fee=2.0&cost=0.2&hcost=450.0&commit=Calculate

If this crash had happened a little after the fork lets say in November then things would not have been bad like this. The problem is bitmain and co will never remove their asics from eth network cause as each 30 mhs is giving to gpu miners only $0.10 per day, bitmain and co asics are earnings 100x  more than that.

The only way forward for eth is going pos right now or change algo, that will give profitability back a little to gpu miners or maybe the best thing is to move to hybrid pow with changed algo and pos, killing off bitmain and co asics is the only way to move forward if still pow.

[DevelopmentBank]

Or you can join team Bitcoin gold and make Bitcoin decentralized again

Bitcoin gold doesn't even have a unique algorithm but using zcash's equihash algo which shows how serious they are. Soon their marketcap will fall below zcash's mc.

We need to show complete resistance against ASICs as a community. We need to boycott them and never do business with their proxies. (Such as bitpay)

They are about to destroy the whole thing. Devs should think about the solutions too. Ravencoin's new ASIC immune  algo looks promising. Too bad that's the only thing they offer.

Bitcoin private on the other hand, could be a good investment. They just started and they haven't really gained much traction yet. They are behind the zClassic coin and seem to have a decent team. This could probably be in for a few more pumps before reaching a stable price so mining it could also be a good investment.

[jmigdlc99]

seems right now even "mining" cards are 95% stock video cards, just with no display connectors. everything else is the same except maybe the bios.

i wonder how far a REAL mining card could be stripped down if it didnt need to conform to the pcie spec physically and electrically.  only needs a 1x pcie connector, a few pcie power connectors, a GPU, memory and few glue chips and thats it. so it could be much less expensive, fit into smaller (non standard mining only) cases, reach higher rates (tweaked memory and timings and controllers, say 512 bits wide or something [if that can be done i gather memory bus is baked into the gpu, but maybe bank switching or something can be done]). twice the compute power in half the space. would be sweet.

just need someone to step up and order bare gpu dies and go to town.

This seems like a great idea but someone has probably done it before. The difference is that they also probably kept it to themselves. You can imagine how profitable it would be to run those GPUs for themselves while everyone else is stuck with consumer priced GPUs. If they are savvy enough to build their own GPUs they will be savvy enough to build their own mining farms. People have probably done this before and may already be mining and profiting from it. ETH difficulty never ends.

[Mamasita22]

ASICs mining is already die

Actually not. If many devs move like monero ASICs can die, but for now most of ASIC-related algos like x11/sha256/blake is ok. And who knows what will come out in the future

[Piskeante]

really really nice and interesting opinions here. Thanks a lot guys.

I'm one of those that think Bitmain has been mining ETH with ASICS for quite a while now. The fact that you can see 8.000 gh/s switching to ETH in two hours is like watching 44.444 6gpu mining rigs all moving synchronized and deciding the same time to switch there. that's not possible. Someone is cheating. And we are paying the consequences.

I'm afraid Vitalik will not apply any fork to mining with ASICS but PoS , disabling mining, so staying away from miners problem. why would Vitalik apply a fork to disable ASICS if he can already apply PoS and destroy mining? Vitalik needs their chain ready , and he has always said we has enough with 100 million coins.
i don't see a future in ETH unless you are a big whale who believes in the technology rather than it's trading value.

I'm also quite sure that this drop in value of ETH has something to do with this. PoS will not allow small investors to enter. those having 3,4,5 or even 10 ETH coins will not be able to enter , according to some especulations. IF you could drop the price of ETH so that this guys are forced to sell cheap before losing the coin in favour of PoS, big whales would be able to buy cheap coins to increase their participation.

The coin, which will stay linked to the chain, will give you money according to the number of coins you had. I guess this will work like this.

For every smart contract, the money received will be divided by 100 million coins. then the more coins you have, the more money will receive for each. That's not considering the Devs will want a bigger part than investors. If the coin is what gives you the profit once PoS, it's not possible to see that coin in trading, because that would mean you can detach your coin from the chain and sell it to another guy. What if that guy as only one ETH? he could not enter PoS so that coin would be worthless. You will be able, probably  to sell in person to person trading, but i don't see people selling profitable coins if ETH chain is profitable.

I don't think once PoS applied you will be able to buy or sell the coin as we know it nowadays. More of "investor to investor trading". But that would also mean you would have to tell ETH devs that you've increased your participation (because if they don't know the amount of coins you have, they will not pay you for that increase). So ETH devs will know who is buying ETH from other people to gain more control over the company, and they could probably ban that in case there would be a whale getting more coins than devs, which would imply the ETH company would not be in hands of DEVs but in whales hands. And that's not what i would call "decentralization".

AS for mining, week after week my statements are proving true. Mining, top tier mining is not profitable nowadays. you can only win money by mining shitty coins and trading to BTC. not because they are worth a lot, but that difficulty level in those coins allows you to get a big number of them.

the problem of ETH is not even the price, it's the difficulty. Because if we could all get 1 or 2 ETH/month on a 12 gpu mining rig, the price would be a smaller problem. But once you see difficulty going up, price going down and electricity costs always there.....it's obvious that you are getting rekt.

[IsaacBitcoiner]

The title may look excessively pessimistic, but you brought up some valid concerns. And I didn't expect it to happen that fast... Look at these Antminers X3, from Bitmain: https://cointelegraph.com/news/bitmain-announces-new-monero-mining-antminer-x3-cryptos-devs-say-will-not-work

And it looks like Monero developers are organizing to strike back: https://www.coindesk.com/crypto-kill-switch-monero-going-war-big-miners/

[Metroid]

The title may look excessively pessimistic, but you brought up some valid concerns. And I didn't expect it to happen that fast... Look at these Antminers X3, from Bitmain: https://cointelegraph.com/news/bitmain-announces-new-monero-mining-antminer-x3-cryptos-devs-say-will-not-work

And it looks like Monero developers are organizing to strike back: https://www.coindesk.com/crypto-kill-switch-monero-going-war-big-miners/

You see, I did this before this "huge alt coins crash" happened, I already knew this would happen, at that time nobody believed me because profit was very high. Now they are getting together and starting to accept reality, profitability has never been worse, not even when litecoin crashed in 2014 was this bad, matter of fact it was never like this in crypto history and that is mainly to asics cause investors know they can buy coins cheaper from whoever is running asics cause they know asics profitability is 100x, so they want to pay 100 times lower to asics miners. Now if tomorrow eth goes to pos then price would jump 10 times instantly, supply and demand.

[b9ron]

Vitalik say last year : full deployment of PoS will be delayed by 3 to 5 years because of sharding and other projects.

What comes in 2019  will be an hybrid system, some kind of public beta : PoS at 1% and PoW 99%.

[philipma1957]

I don´t think that GPU mining will die in 2018 --> On some coins that now are worth to mine with GPU yes but GPU mining will ever be present

GPU mining might not die but mining profitability is very close to die and that is ethereum which is the most profitable coin right now per whattomine charts.

#################################################################################################

How low can eth's profitability get, right now if you pay lets say $0.2 for each kw which is most of the world, earnings per day with 30mhs 24/7 is only $0.15, now take another 30% which is what usually pools steal from you then that goes to $0.10. Return of investment right now is 4000 days which is more than 10 years, how low can eth's profitability go? amazing how low it is right now. I'm so negative about things and yet I have never considered this unless asics are in the eth network which I'm 100% certain there are.

https://whattomine.com/coins/151-eth-ethash?utf8=%E2%9C%93&hr=30.0&p=180.0&fee=2.0&cost=0.2&hcost=450.0&commit=Calculate

If this crash had happened a little after the fork lets say in November then things would not have been bad like this. The problem is bitmain and co will never remove their asics from eth network cause as each 30 mhs is giving to gpu miners only $0.10 per day, bitmain and co asics are earnings 100x  more than that.

The only way forward for eth is going pos right now or change algo, that will give profitability back a little to gpu miners or maybe the best thing is to move to hybrid pow with changed algo and pos, killing off bitmain and co asics is the only way to move forward if still pow.

a 350 watt 2 card 1080ti  now earns 2.50 usd a day  burns 8-9 kwatts  at 20 cents   that is 1.60 to 1.80 in power cost net is 70cents

x 3000 days = 2100 usd  a long time for roi.

In my case gear is paid off  so it earn 21 dollars a month after power in the summer

and power is 10 cents is the winter  so it earns  1.60 a day  at the moment   or 48 a month.

At that price I can run the gear making 21 x 5 = 105 and 48 x 7 = 336  this is a 441 profit each year.

I have 24 1080tis  so 12 x 441 = 5292 a year

but all my gear is paid off if you did not pay the gear off and you have 20 cent year round power you are fucked at the moment.

[preda]

well you have to resist in this moments... when mining is very profitable you have to save some money for electricity cost like i did... for 4/5 months its already paid by old mining!

[rdluffy]

well you have to resist in this moments... when mining is very profitable you have to save some money for electricity cost like i did... for 4/5 months its already paid by old mining!

But the problem now it's not the value of coins, it's Asics, I really believe miners will leave and people who believe in decentralization will leave cryptos too

[agente]

I don´t think that GPU mining will die in 2018 --> On some coins that now are worth to mine with GPU yes but GPU mining will ever be present

GPU mining might not die but mining profitability is very close to die and that is ethereum which is the most profitable coin right now per whattomine charts.

#################################################################################################

How low can eth's profitability get, right now if you pay lets say $0.2 for each kw which is most of the world, earnings per day with 30mhs 24/7 is only $0.15, now take another 30% which is what usually pools steal from you then that goes to $0.10. Return of investment right now is 4000 days which is more than 10 years, how low can eth's profitability go? amazing how low it is right now. I'm so negative about things and yet I have never considered this unless asics are in the eth network which I'm 100% certain there are.

https://whattomine.com/coins/151-eth-ethash?utf8=%E2%9C%93&hr=30.0&p=180.0&fee=2.0&cost=0.2&hcost=450.0&commit=Calculate

If this crash had happened a little after the fork lets say in November then things would not have been bad like this. The problem is bitmain and co will never remove their asics from eth network cause as each 30 mhs is giving to gpu miners only $0.10 per day, bitmain and co asics are earnings 100x  more than that.

The only way forward for eth is going pos right now or change algo, that will give profitability back a little to gpu miners or maybe the best thing is to move to hybrid pow with changed algo and pos, killing off bitmain and co asics is the only way to move forward if still pow.

a 350 watt 2 card 1080ti  now earns 2.50 usd a day  burns 8-9 kwatts  at 20 cents   that is 1.60 to 1.80 in power cost net is 70cents

x 3000 days = 2100 usd  a long time for roi.

In my case gear is paid off  so it earn 21 dollars a month after power in the summer

and power is 10 cents is the winter  so it earns  1.60 a day  at the moment   or 48 a month.

At that price I can run the gear making 21 x 5 = 105 and 48 x 7 = 336  this is a 441 profit each year.

I have 24 1080tis  so 12 x 441 = 5292 a year

but all my gear is paid off if you did not pay the gear off and you have 20 cent year round power you are fucked at the moment.

5k a year today! Don't worry.. tomorrow you will be less.

[hummer113]

if by the end of the year the price does not rise, then it will be very sad, I will have a very powerful computer. Need to look for the use of graphics cards, industrial video processing, or just will distribute gamers...

[agentdosa]

If mining is stopped in this year, how will the fate of mining in the coming year,
and how the fate of mining is still a beginner whether to continue or stop.

[IsaacBitcoiner]

The title may look excessively pessimistic, but you brought up some valid concerns. And I didn't expect it to happen that fast... Look at these Antminers X3, from Bitmain: https://cointelegraph.com/news/bitmain-announces-new-monero-mining-antminer-x3-cryptos-devs-say-will-not-work

And it looks like Monero developers are organizing to strike back: https://www.coindesk.com/crypto-kill-switch-monero-going-war-big-miners/

You see, I did this before this "huge alt coins crash" happened, I already knew this would happen, at that time nobody believed me because profit was very high. Now they are getting together and starting to accept reality, profitability has never been worse, not even when litecoin crashed in 2014 was this bad, matter of fact it was never like this in crypto history and that is mainly to asics cause investors know they can buy coins cheaper from whoever is running asics cause they know asics profitability is 100x, so they want to pay 100 times lower to asics miners. Now if tomorrow eth goes to pos then price would jump 10 times instantly, supply and demand.

Well, one should not doubt when they say that in crypto things happen at a much faster pace.

Do you think PoS, plasma and these other features may prevent the Eth chain from growing astronomically?