Attention: Bitmain is currently performing a large scam

[malthrax]

I have a strong feeling that they were using these miners themselves to mine Cryptonight coins. Why would they miss this opportunity to mine Cryptonight coins at 220 Kh @550w per machine themselves, making USD 5000 per month per machine?

Now they fear that Monero (and soon other Cryptonight coins) will modify their code to brick this ASIC, they are selling them out to customers. So they are making profit in every possible way.

Just a thought.

That's how ASIC manufacturers have ALWAYS done business.  They sell HEAVILY USED equipment as "new" after they've taken 80+% of the profit.

[sam08016]

I have a strong feeling that they were using these miners themselves to mine Cryptonight coins. Why would they miss this opportunity to mine Cryptonight coins at 220 Kh @550w per machine themselves, making USD 5000 per month per machine?

Now they fear that Monero (and soon other Cryptonight coins) will modify their code to brick this ASIC, they are selling them out to customers. So they are making profit in every possible way.

Just a thought.

That's how ASIC manufacturers have ALWAYS done business.  They sell HEAVILY USED equipment as "new" after they've taken 80+% of the profit.

If that is true then I expect Monero (and later other Cryptonight coins) difficulty to go down (significantly) after this Monero fork.

[shaninium]

I have a strong feeling that they were using these miners themselves to mine Cryptonight coins. Why would they miss this opportunity to mine Cryptonight coins at 220 Kh @550w per machine themselves, making USD 5000 per month per machine?

Now they fear that Monero (and soon other Cryptonight coins) will modify their code to brick this ASIC, they are selling them out to customers. So they are making profit in every possible way.

Just a thought.

That's how ASIC manufacturers have ALWAYS done business.  They sell HEAVILY USED equipment as "new" after they've taken 80+% of the profit.

If that is true then I expect Monero (and later other Cryptonight coins) difficulty to go down (significantly) after this Monero fork.

Dont expect difficulty to drop too much, people forget that CN is mined for free on millions of computers around the world, and the pc owners prob dont even know it. They are the ones paying the higher power bils and suffering the poor pc performance.

[Ashe-J]

bitmain is a pure scam , my friend has been scammed for 1k$ .. Be careful guys, bloody scammers are everywhere nowadays

[shaninium]

Brickmain

[Atomicc]

So is there any asics miner that COULD still be profitable?

While ASIC producers work with this unfair, scam business model, there will not be safe ASIC investment.

[coinzoid]

Very nice catch. If other coins that use cyrptonight algo won't be profitable, then it is pointless to buy this product from Bitmain.

[solosequenosenada]

Shitmain scam as ALWAYS

[h311m4n]

You can bet they mine a shit ton themselves before they release this sort of news and make even more money on the pre-orders from the few suckers who can part with 12'000$.

You're essentially buying a 12'000USD paper weight...

[BitBustah]

Wonder how long Bitmain will even last before they go completely bankrupt. They are still holding those heavy Bcash bags that have lost a tremendous amount compared to BTC.  They don't seem to have much competition though so even with their dumb decisions they may turn it around.

[N2DCRYPT]

Wonder how long Bitmain will even last before they go completely bankrupt. They are still holding those heavy Bcash bags that have lost a tremendous amount compared to BTC.  They don't seem to have much competition though so even with their dumb decisions they may turn it around.

Yeah, and it's more complicated than that even though. When they made their big push into setting up big operations in U.S. datawarehouses, they way overstretched themselves... I know they've defaulted on some of their existing contracts and will be involved in lawsuits relating to those. Leaving a lot of their ASICs behind as "payment" for defaulting on rents and energy bills. Safe to say it'll be a long time before things get shaken out, but it'll be classic Bitmain: they will not hesitate to screw someone over or break their word if profit is involved--they are ruthless and relentless.

[Metroid]

If bitman is still around then that means they scammed millions of people around the world cause if they were or have been honest then they would not be around cause large companies like bitmain are all out of business because its impossible if they lost more than 20 to 50  times their money in few months and still be operational. So as bitmain is still operational that means they scammed in all sorts of ways everybody and to this day, even $0.01 electricity per kwh is negative anyway you put it.

[JaredKaragen]

scam? no.  not unless they didn't deliver a product as advertised.


This hardware release proves one thing:  The day I commented when XMR had almost doubled in diff over the course of a few hours; and the subsequent plunge in price from sell-offs right afterwards,  I knew a massive asic had been produced; and shitmain was the most likely culprit.


Anyone who buys this thing;  deserves what they get.   Especially knowing they are trying to buy a specific hardware solution that is made to work on a coin that specifically will reorganize to invalidate such devices.




Bitmain uses the devices behind closed doors with nondisclosure.   This is shady activity; and its your fault for buying into it.

[astraleureka]

guys, this thread is from last year. the hardware exists, and does what it said on the tin. we also know that bitmain wasn't the original culprit secretly mining, their rigs didn't even ship until way post-fork. baikal was confirmed to be running secret ASICs as early as august 2017. also, there are a number of coins that still bring in pennies per day from these algorithms, keeping people moving towards their 10 year ROI

that being said, there are new ASICs on the network again, but little clue as to who is behind it. unlikely they will try to sell the rigs after the fact either, since it went so well last time.