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Question: Is traditional mining dying?  
dying
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Searing
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December 28, 2019, 10:00:18 PM
 #41


What I don't understand is the big risks and doubling down by Canaan and Bitmain on 5nm chips for the next set of ASIC miners, supposedly out in Q1 of 2020!

I mean from what I read, this is supposedly a 15% improvement in speed vs electric use. So at current BTC prices, this makes little or no sense to me.

Also, I'd imagine when they come out they will be in the $3k range and a 3 month pre-order too boot. This most likely will be after the BTC Halving before they arrive,

IMHO, so 'what'? Does this mean you are going to pay this kinda $$ for the same lousy ROI as you can get now with the current 7nm machines?

Really, why bother?

With no risk/pre-order/$$$ etc, etc, for every $1 BTC you get now 'supposedly,' you would get $2 BTC mining after the block reward downturn from

12.50 BTC a block to 6.25 BTC a block. I mean it seems a lot of development costs and effort just to find out once the units arrive you are basically

running in place!

So did I miss a memo? Why is everybody from Bitmain to Canaan to whomever, losing their frigging mind and buying ASIC's at these 'dubious' prices?

Are folks really, really, that frigging sure that the halving gonna DOUBLE the BTC price in a manner that makes these 5nm ASIC units make sense?

This is like the very wealthy in the Bitcoin Universe have just lost their minds after drinking the kool-aid and are running a amuck on the sugar high.

Again, for my above reasons, what the heck are they seeing that is escaping my notice on all this?

later

Brad

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December 29, 2019, 03:38:28 AM
 #42


What I don't understand is the big risks and doubling down by Canaan and Bitmain on 5nm chips for the next set of ASIC miners, supposedly out in Q1 of 2020!

snip

Brad

Isn't every ASIC that is released overpriced however? Even going back to the Antminer S5 which was released during a bear market. People said it was over-priced and then they slashed prices to compete with the SP 20 miner.

Same with the miners before that the Antminer S3 and S4, they were released during a sideways market, were overpriced and most likely any home miner which bought those never ROI'd if you took into account USD fiat rewards.

I am guessing that there are farms that get these miners at a discount and they got tons of capital to run them almost at break-even and they probably only sell during a bull rally. Why they don't just buy the BTC directly I don't understand however.

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DonValenteeno
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December 29, 2019, 10:44:28 AM
 #43


What I don't understand is the big risks and doubling down by Canaan and Bitmain on 5nm chips for the next set of ASIC miners, supposedly out in Q1 of 2020!

snip

Brad

Isn't every ASIC that is released overpriced however? Even going back to the Antminer S5 which was released during a bear market. People said it was over-priced and then they slashed prices to compete with the SP 20 miner.

Same with the miners before that the Antminer S3 and S4, they were released during a sideways market, were overpriced and most likely any home miner which bought those never ROI'd if you took into account USD fiat rewards.

I am guessing that there are farms that get these miners at a discount and they got tons of capital to run them almost at break-even and they probably only sell during a bull rally. Why they don't just buy the BTC directly I don't understand however.

That set me a-thinking. Who profits the most (if at all) from mining? Not the miners. But the equipment sellers. They know how to ride the cryptowave
Searing
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December 29, 2019, 07:49:30 PM
 #44


What I don't understand is the big risks and doubling down by Canaan and Bitmain on 5nm chips for the next set of ASIC miners, supposedly out in Q1 of 2020!

snip

Brad

Isn't every ASIC that is released overpriced however? Even going back to the Antminer S5 which was released during a bear market. People said it was over-priced and then they slashed prices to compete with the SP 20 miner.

Same with the miners before that the Antminer S3 and S4, they were released during a sideways market, were overpriced and most likely any home miner which bought those never ROI'd if you took into account USD fiat rewards.

I am guessing that there are farms that get these miners at a discount and they got tons of capital to run them almost at break-even and they probably only sell during a bull rally. Why they don't just buy the BTC directly I don't understand however.


I agree. But it is not just the big-time miners and data halls. It is Canaan and Bitmain as well, taking huge risks on their on data halls and 5nm chips by Q1. I mean I kinda get

HODL'ing BTC at this time, before halving. But sh*t, it is like anyone Whale with really big BTC hoards has drunk the kool-aid and is balls to the walls on equipment.

Indeed I would expect such equipment to be above 3.25k at least! For what a 15% improvement over 7nm?

Also, from what I can tell, (correct my math please if I'm way off), you will need like a BTC price of at least $10,500 USD at halving, to kinda be at the same mining profitability

as we are now...or at least treading water.

Maybe it is just balls to the wall, beanie baby or dust and Charge of the Light Brigade...but it is way over the top, IMHO, among big-money players in crypto to be swarming like this.

Brad

Check out the www.synchro.net Free BBS Package. Win 10/Linux. Updated 1/1/19. 5 min-Install to check it out. A nostalgic hoot! Smiley
arielbit
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December 30, 2019, 08:07:20 AM
 #45

there are a lot of degenerates out there with GPU's and new degenerates who just learned computers. mining might be dead for some but it is a huge world we live in folks  Wink
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