AMD mining DEAD NOW with Bitmain E3

[QuintLeo]

The F3 at this point is a "one very short and VERY uninformative" video rumor.
There isn't even proof in the video that it is for Ethash AT ALL, presuming it actually exists.

The Monero miner fiasco just shows that Bitmain is capable of making major mistakes - they were probably working on it and were going to do their usual "introduce it out of nowhere" routing when they got undercut by Baikal introducing THEIR miner - and BOTH didn't bother paying attention to the long-standing statement by the Monero core dev group that they WOULD change the algorithm if an ASIC showed up.

ETH devs have already ruled out a fork due to the E3 - they rightly don't consider it a serious threat - though they did say they reserved the right to fork if a threat actually DID show up (like the possibility the F3 is real and goes into production and meets the claimed hashrate out of that video).


Do keep in mind that "faked" videos have appeared before - some with a lot more details than that "F3" video actually shows.

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[rednoW]

For the long run starting price of the device doesn't matter to much. Only efficiency (hash per watt) counts. At this sense bitmain e3 is no better than current gpu rigs.

[trrewqs]

I think that the ETH team will try to close the e3 mining. I will not panic, I will continue to gather at the Nvidia rig.

[Metroid]

Every popular coin has asics, soon will be time to mine only coins that have not been touched by asics.

[QuintLeo]

I think that the ETH team will try to close the e3 mining. I will not panic, I will continue to gather at the Nvidia rig.

Which part of "ETH devs have already ruled out a fork due to the E3" did you not see?

Like those of the rest of us that have ALSO crunched the numbers, they realize the E3 is not a significant short-term threat to GPU mining and probably won't have a major impact on ETH profitability by the time ETH goes full Proof of Stake.



There are a few "big cap" coins left that do not have an ASIC available yet are mineable - Zcash is probably the biggest-cap such coin at this point - but even with no ASIC those coins are going to take a serious profitability hit when ETH mining goes "poof, we're full POS now" and the ballpark 75-80% of all GPUs currently doing cryptocoin mining that are now on ETH are forced to look for something else to do.

[gameboy366]

I think that the ETH team will try to close the e3 mining. I will not panic, I will continue to gather at the Nvidia rig.

Which part of "ETH devs have already ruled out a fork due to the E3" did you not see?

Like those of the rest of us that have ALSO crunched the numbers, they realize the E3 is not a significant short-term threat to GPU mining and probably won't have a major impact on ETH profitability by the time ETH goes full Proof of Stake.



There are a few "big cap" coins left that do not have an ASIC available yet are mineable - Zcash is probably the biggest-cap such coin at this point - but even with no ASIC those coins are going to take a serious profitability hit when ETH mining goes "poof, we're full POS now" and the ballpark 75-80% of all GPUs currently doing cryptocoin mining that are now on ETH are forced to look for something else to do.

What do you think of ETC mining ?

[QuintLeo]

You DO know that ETC is an ethash coin, and therefore the E3 WILL mine it?

[Ademen]

You DO know that ETC is an ethash coin, and therefore the E3 WILL mine it?

The ETC will stay PoW, so it has more urgency to change the PoW to be more ASIC resistant. It is about 3.3% of the total hash of ETH.

I think about 40-60% of the current ETH hash is ASIC as around 60-70% of the Monero hash was ASIC. The Monero original hash is about 840MH/s while the V7 hash is about 250MH/s now.

So if ETC changes, it will attract more GPU miners and could raise the price of ETC.

[gameboy366]

You DO know that ETC is an ethash coin, and therefore the E3 WILL mine it?

Yes but as you said that it won't hurt eth mining much. I want to know your opinion about mining etc if could be more profitable in future or long term.

[swogerino]

AMD cards mining are far away from being dead at all. The E3 in hashrate is the same as a six cards rig , some modified rx 570 or rx 580. Won't hurt much and won't increase the network difficulty a lot more than they have already done when being used by Bitmain themselves.

You can point AMD cards to other coins, there are not only ethash coins to be mined.

[Ale-x1]

So Bitmain raised prices for E3 to $1800 
My old rig 6x ASUS RX 470 4Gb gives me 179 Mh/s and drain same power.
It cost me about $1150 and works flawlessly
Now the prices on GPUs go down and I hope we can see $200-250 per 570 card.

Why do I need to wait for E3 until July?

[DevelopmentBank]

ETH devs have already ruled out a fork due to the E3 - they rightly don't consider it a serious threat - though they did say they reserved the right to fork if a threat actually DID show up (like the possibility the F3 is real and goes into production and meets the claimed hashrate out of that video).

Knowing this, do you really believe that Bitmain would release the F3 for production and public? That would obviously rally the troops against them and would be such an unwise move. I don't believe Bitmain is a company of illiterate baboons who have no business acumen.

They are hiding their ASIC treasures and we as miners are paying the price. I'm all for ETH forking. If Monero could simply do it, then ETH devs are just being lazy.

[QuintLeo]

I'm still waiting for evidence that any ASIC was mining in quantity on Ethereum before Bitmain announced the E3 (and any evidence that one exists NOW in more than engineering sample quantities).

There were no "sudden huge surges" like Litecoin had in second week of December or even any sudden small surges, the growth was pretty steady and AMD cards in particular were certainly in short enough supply during that growth to explain ALL of the hashrate increase.

If someone was getting enough batches of ETH ASIC chips from a foundry and building them into miners to account for a significant amount of the current ETH hashrate, there should have been a SURGE somewhere, not a fairly steady growth curve.


Note that Bitmain's business model has always been more about "turn the miners, get the profits, so we can buy more chips to make the next batch and turn THAT", which makes them a lot more money SOONER than mining does.

[Branko]

Nothing will happen, doom-and-gloomers will be disappointed

[QuintLeo]

You DO know that ETC is an ethash coin, and therefore the E3 WILL mine it?

Yes but as you said that it won't hurt eth mining much. I want to know your opinion about mining etc if could be more profitable in future or long term.

Once ETH goes Proof of Stake fully, ETC will be INFINITELY more profitable to mine than ETH will be.

We just don't know "when" that will happen - even the devs can't give a firm date, just an estimated target (that they have missed a FEW times for various reasons).

[maXonja]

Once ETH goes Proof of Stake fully, ETC will be INFINITELY more profitable to mine than ETH will be.

For that to happen, price of ETC must go 20-30 times up

[QuintLeo]

Once ETH goes Proof of Stake fully, ETC will be INFINITELY more profitable to mine than ETH will be.

For that to happen, price of ETC must go 20-30 times up

The price won't matter, once ETH goes fully Proof of Stake income from mining it disappears as there will be NO MINING any more on it.

That's also going to dump profitability on ALL GPU mineable coins across the board though as the (currently) 9 million or more GPUs mining on ETH look for new homes, and will hammer profitability even harder on any remaining ethash coins as the E3 units in use by then look for new homes.

[Branko]

Once ETH goes Proof of Stake fully, ETC will be INFINITELY more profitable to mine than ETH will be.

For that to happen, price of ETC must go 20-30 times up

The price won't matter, once ETH goes fully Proof of Stake income from mining it disappears as there will be NO MINING any more on it.

That's also going to dump profitability on ALL GPU mineable coins across the board though as the (currently) 9 million or more GPUs mining on ETH look for new homes, and will hammer profitability even harder on any remaining ethash coins as the E3 units in use by then look for new homes.

But thats exactly why ETC price will have to rise to make it profitable

[maXonja]

But thats exactly why ETC price will have to rise to make it profitable

Exactly, that was the point of my post

[demitazh]

Is there any possibility that AMD will manufacture a new gpu with mining in mind ?

it seems like this will be very difficult, specifically for eth people mine using gtx, but it could be some time amd remove vga card support eth