Do you think bitmain is secretly mining ETH with ASICs?

[Iamtutut]

Maybe Yes.
I think hashrate BOOMING too fast
same as Monero, they are mining cryptonight coin and we do not know it, lets do the math

Ethereum Network Hashrate : 226 TH/s

= 236978176 MH/s

Average RX 570 hashrate is : 30 MH/s, so with this network hashrate, we have

= 236978176 MH/s / 30 MH/s
= 7899272 GPU RX 570

is possible? i think no

Count GTX 1060s, 1070(TI), 1080(TI), R2XX/R3XX and so on...

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[baga105]

And not all GPUs are working 30 mhs

[mahbuboracle]

I also see ASIC manufacturers starting to bring the first ETH asics online around 2017 and continue to build and mine with them since then

hopefully development development is better and can mine together

[ManicMiner23]

And why not nvidia or amd, nvidia new generation seems to be delayed for ever, what is doing nvidia?, as you can imangine nvidia like apple or other major hardware manufacturers usually plan the development and the deadline to launch a product some years before the product is launched.

Nvidia and AMD could be doing the same as bitmain is doing if they find that mining is so profitable, can you imagine the R&D department of Nvidia working to develop the fastest and more efficient gpu miner based on their techonology?, I don`t know if what they would develop would be as efficient as an asic, but sure it would be close to, with everything optimized to mine,optimized drivers and optimized cooling.  I know, I have not any proof,is just a theory, but why not?

[Metroid]

And why not nvidia or amd, nvidia new generation seems to be delayed for ever, what is doing nvidia?, as you can imangine nvidia like apple or other major hardware manufacturers usually plan the development and the deadline to launch a product some years before the product is launched.

Nvidia and AMD could be doing the same as bitmain is doing if they find that mining is so profitable

I doubt nvidia or amd would do such a thing, they can charge more for gpus but mine with their gpus for profit? no, dont think so, they do mining tests but that is it.

[ikicha]

Maybe Yes.
I think hashrate BOOMING too fast
same as Monero, they are mining cryptonight coin and we do not know it, lets do the math

Ethereum Network Hashrate : 226 TH/s

= 236978176 MH/s

Average RX 570 hashrate is : 30 MH/s, so with this network hashrate, we have

= 236978176 MH/s / 30 MH/s
= 7899272 GPU RX 570

is possible? i think no

Count GTX 1060s, 1070(TI), 1080(TI), R2XX/R3XX and so on...

This just estimate by using RX 570 as sample.
if you say low end GPU, this is very insane.

After do the math, i'll say, ASIC HERE!

[ManicMiner23]

Doing some research I've found that is estiamted that 3 million gpu's were sold to miners just in 2017, according to this information:

https://wccftech.com/amd-nvidia-intel-q4-2017-gpu-market-share/

and this just in 2017, in addition nvidia miners in the past has other algos that it was more efficient than eth, but in 2018 most of the time eth were the more profitable algo (I'm speakin about most known algos).

So maybe all the hashpower entering the eth network is not just asics.

[Metroid]

So maybe all the hashpower entering the eth network is not just asics.

Given the profitability x return of investment, I'd say only idiots are buying and mining with gpus and yes there are too many idiots out there, I do not see anything wrong if somebody has a gpu and start mining cause maybe he did not mainly buy for mining so that is okay, now for somebody to actually pay $450 to earn $0.60 per day is unreasonable.

Also I said 80% of the hashrate from december 2017 - to right now are asics.

[Miningtry]

Unfortunately ASICs or similar devices are future of mining at last for the large scale operations, small guys like us will continue to make some pocket change profit with our gpus.
But big chunk of this crypto cake is not reserved for us.

[Eternu]

So maybe all the hashpower entering the eth network is not just asics.

Given the profitability x return of investment, I'd say only idiots are buying and mining with gpus and yes there are too many idiots out there, I do not see anything wrong if somebody has a gpu and start mining cause maybe he did not mainly buy for mining so that is okay, now for somebody to actually pay $450 to earn $0.60 per day is unreasonable.

Also I said 80% of the hashrate from december 2017 - to right now are asics.

If there were ASIC miners for every coin I guess people would stop buying GPU's for mining. But sadly there isn't and people are left with only GPU as a choice. Also to say that someone is an idiot because s/he bought GPU for mining is wrong on so many ways, but I support your logic about price and income. Keep in mind that not everyone can buy ASIC miners, so for some GPU is easier choice. Also there are some features that GPU have which ASIC miners don't.

[Lunga Chung]

I think you are underestimating the number of manufacturers and there volume of productions, Sapphire can produce around 100k pcs a week (first hand info, they don't even negotiate with traders for less then 20k pcs) not to mention that in that total hashrate there are tone of rx550/560 cards from 2014/15 so the number of gpus could be higher, stretch that on 3 year of manufacturing you get like approximately   400k GPU's a month this is easily achieved with all the vendors combined 

[Metroid]

Keep in mind that not everyone can buy ASIC miners, so for some GPU is easier choice. Also there are some features that GPU have which ASIC miners don't.

I already expressed the same things already. Asics = unfair competition cause not everybody can buy it.

I think you are underestimating the number of manufacturers and there volume of productions, Sapphire can produce around 100k pcs a week (first hand info, they don't even negotiate with traders for less then 20k pcs) not to mention that in that total hashrate there are tone of rx550/560 cards from 2014/15 so the number of gpus could be higher, stretch that on 3 year of manufacturing you get like approximately   400k GPU's a month this is easily achieved with all the vendors combined  

All are related to how many chips memory makers can provide to them, how many chips amd can provide them, from december 2017 to now is impossible to have such hashrate with gpus. My point is to have that kind hashrate in 2 months took eth network 3 years. So is impossible eth network to double in 2 months with imaginary gpus, it took 3 years for that hashrate to happen and after they started putting asics on december 2017, it doubled in 2 months. So my point is imagine april 2015 to december 2017 let's say 10 million gpus and that is 3 years putting gpus in the network, now think about from december 2017 to january 2018, people add 10 more million gpus, is impossible cause manufactures cant manufacture or produce 10 million gpu that took them 3 years in 2 months.

So whoever says that network increase is gpu and not asics must go to a doctor and have the insanity test.

[Lunga Chung]

It didn't double in 2 months the hashing power was there all the time Byzantium fork just lower'd diff at one point and cut the block reward in from 5 to 3

https://i.gyazo.com/ff74625fba230d859b2f1c0a5fc8929c.png

It took almost the same time to get back to current difficulty from July 2017 to October 2017 and after the fork from October 2017 to January 2018

I'm not saying that there is no ETH ASIC out there I just think that they are not contributing to overall difficulty that much.

As discussed in other threads the ETH algo is heavy on memory and there are simply technical limitations in building ASICS with endless Ghs (unlike CN algo where you can easily surpass any rig by 20x)

[Metroid]

It didn't double in 2 months the hashing power was there all the time Byzantium fork just lower'd diff at one point and cut the block reward in from 5 to 3

Are you a mindless troll which don't know how to see things properly? I will explain one more time, the removal of the dif bomb made eth dif to go from 3.2 to 1.3 after the fork. After that there was no dif bomb anymore, and it rose from December 2017 1.4 to 2.6 January 2018, don't you get it? So no, the hashpower was not there cause what made eth to double the dif was the dif bomb which doubled the network before the fork, july/august to be precise, but as soon as eth dif bomb was removed after the fork then things went back to normal which means 1.3 dif to 2.6 with new added hashrate of asics.

[Vann]

The ETH network hash rate chart shows the current run up began on Novemebr 20th, EXACTLY when the ETH price run at the end of last year began and also the mining profitability increased bringing in TONS of new mining rigs to mine ETH.

https://bitinfocharts.com/comparison/ethereum-hashrate.html#6m

https://bitinfocharts.com/comparison/ethereum-price.html#6m

https://bitinfocharts.com/comparison/ethereum-mining_profitability.html#6m

Since the beginning of the year the ETH network hash rate has grown by ~100 TH or 65%. 100 TH is equivalent to roughly 2.6 Million P104 cards at 40 MH/s each that came out at the end of December. Combined with the Vega's switching from Cryptonight, AMD mining rigs coming online and more recently the P102 mining cards, it could easily explain the 100 TH increase from the beginning of the year.

[Metroid]

Since the beginning of the year the ETH network hash rate has grown by ~100 TH or 65%. 100 TH is equivalent to roughly 2.6 Million P104 cards at 40 MH/s each that came out at the end of December. Combined with the Vega's switching from Cryptonight, AMD mining rigs coming online and more recently the P102 mining cards, it could easily explain the 100 TH increase from the beginning of the year.

You know they never manufactured 2.6m p104, i would say not even 10% of that number. Also Vega cryptonight miners just moved recently to eth, so that rules out any vega added hashrate in january cause cryptonifght'd electroneum was twice more profitable than eth with vegas. 80% of that hashrate were asics. I just cant understand why you trolls cant accept the truth. Why you trolls defend bitmain and co so much, come on, give a break.

[Vann]

Since the beginning of the year the ETH network hash rate has grown by ~100 TH or 65%. 100 TH is equivalent to roughly 2.6 Million P104 cards at 40 MH/s each that came out at the end of December. Combined with the Vega's switching from Cryptonight, AMD mining rigs coming online and more recently the P102 mining cards, it could easily explain the 100 TH increase from the beginning of the year.

You know they never manufactured 2.6m p104, i would say not even 10% of that number. Also Vega cryptonight miners just moved recently to eth, so that rules out any vega added hashrate in january cause cryptonifght'd electroneum was twice more profitable than eth with vegas. 80% of that hashrate were asics. I just cant understand why you trolls cant accept the truth. Why you trolls defend bitmain and co so much, come on, give a break.

Nvidia had a record 4th quarter last year and as stated in their press release, in good part because of mining sales, as I'm sure it was for AMD with the price runnup in ETH.

https://www.techradar.com/news/nvidias-graphics-card-sales-surge-but-are-cryptocurrency-miners-the-major-buyers

Nvidia’s chief financial officer, Colette Kress, admitted that “strong demand in the cryptocurrency market exceeded our expectations”, on the one hand, and that GPUs sold to miners represented a “higher percentage of revenue” compared to the last quarter. Sales were up, then, and by a decent chunk by the sound of things.

This article estimates a combined almost $1B in AMD/Nvidia sales can be attributed to the most recent network hash rate increase of ETH. In addition most of the P104 sales were in the 1st quarter of this year as are the P102 sales.

https://seekingalpha.com/article/4147054-nvidia-amd-overestimate-time-bomb?page=3

As this post from RIGED shows, the collapse of Cryptonight profit compared to ETH for Vega's began at the end of January and it was nowhere near twice as profitable as ETH for weeks before then.

https://bitcointalk.org/index.php?topic=2549085.msg29249935#msg29249935

All of which without a doubt contibuted in large part to the network hash rate increase since the beginning of the year for ETH. In addition to the TONS of new rigs that came online and existing rigs that switched to ETH from record price at the beginning of the year.

[adaseb]

Last year during the big boom I think there was around ~900k GPUs added on ETH per month.

In January that figure went up to around 2.2m GPUs.

So it's hard to tell whether these are ASICs, most likely more gamers started to mine, people with old GPUs started to mine, or production increased at AMD/NVidia.

[Metroid]

....

First of all, was not only cryptonight profit that plummet, eth did too, matter of fact all coins had a dip in profit. Second, most places gpu's were almost sold out everywhere December to January, only few people and few places had gpus, so 80% of that hashrate was not from gpus, it was from asics.

So it's hard to tell whether these are ASICs, most likely more gamers started to mine, people with old GPUs started to mine, or production increased at AMD/NVidia.

Come on, January 2017 was a lot different than January 2018. January 2017 had abundant stock of rx and nvidias, January 2018 almost nothing, that hashrate could never have come from gpus.

[warning_btc]

He mining not secretly. Openly mining eth - reason is testing their asics.