ETH network hashrate going to the moon!!!!

[adaseb]

What happened to progpow?  Not sure why anyone would build / buy and ASIC with the threat of progpow. Or maybe progpow is like pos, never going to happen.

From what I last heard it was delayed. Basically they needed to do some audit to find out if its worth switching to ProgPOW and then they delayed it. Then they needed to get funding for the audit which last I heard they received and haven't heard anything since March-April 2019 really.

I remember that from some dev conference meeting they said that they would most likely switch to the ProgPOW barring any issues and that was pretty much it.

I've been following ETH since 2016 and one thing that is certain is that they always miss deadlines and always postpone everything. So who knows when ProgPOW will actually go live.

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[mihacrypto]

not only the ether grew hashrate, and the algorithm x11 waved up. this is probably a new asic device came from China

[yuzuak]

xwp swap coin with good inflation and the price is always on the rise. rigs xwp i did.

[DrG]

I think being 2weeks since July 24th we can conclude that the spike was not random network variance. The 10% spike was most likely new ASICs going online. The 10% gradual increase in the past 10 days was perhaps other algo users switching to ETH as their algos fell to ASIC (which is ironic since ETH is no longer a GPU haven).

Anybody mining ETH right now on GPU either has dirt cheap power or is mining Hopium because the cards like the 1070 and the 1080 are depreciating faster than the value of the ETH they can mine. Even Ryzen 2 CPUs are tanking in price with Ryzen 3 CPUs spanking everything.

[adaseb]

I think being 2weeks since July 24th we can conclude that the spike was not random network variance. The 10% spike was most likely new ASICs going online. The 10% gradual increase in the past 10 days was perhaps other algo users switching to ETH as their algos fell to ASIC (which is ironic since ETH is no longer a GPU haven).

Anybody mining ETH right now on GPU either has dirt cheap power or is mining Hopium because the cards like the 1070 and the 1080 are depreciating faster than the value of the ETH they can mine. Even Ryzen 2 CPUs are tanking in price with Ryzen 3 CPUs spanking everything.

Looking at https://etherscan.io/chart/hashrate

It doesn't seem like a huge spike. You might be right that its some new ASICs however there is also the possibility that the people who bought GPUs in 2017/2018 are powering their rigs back up again since Bitcoin and Cryptos seems mainstream again.

If those people sold GPUs back in 2018 then most likely there are other people who started to mine right now because they are expecting ETH to go to $1400 again. Many people think this because it looks like BTC might go back to the $20K ATH and they feel that ETH will be no different.

[soda37]

How about theory that hashrate increase may be caused by recent enhancements in Claymore's mining software and release of AMD mem tweak tool?

[33bitcoin]

I think being 2weeks since July 24th we can conclude that the spike was not random network variance. The 10% spike was most likely new ASICs going online. The 10% gradual increase in the past 10 days was perhaps other algo users switching to ETH as their algos fell to ASIC (which is ironic since ETH is no longer a GPU haven).

Anybody mining ETH right now on GPU either has dirt cheap power or is mining Hopium because the cards like the 1070 and the 1080 are depreciating faster than the value of the ETH they can mine. Even Ryzen 2 CPUs are tanking in price with Ryzen 3 CPUs spanking everything.

Drop the tinfoil hat, its not new asics coming online.  People are just mad that some huge farms are opening shop in countries with stupidly cheap electricity costs.

[DrG]

I think being 2weeks since July 24th we can conclude that the spike was not random network variance. The 10% spike was most likely new ASICs going online. The 10% gradual increase in the past 10 days was perhaps other algo users switching to ETH as their algos fell to ASIC (which is ironic since ETH is no longer a GPU haven).

Anybody mining ETH right now on GPU either has dirt cheap power or is mining Hopium because the cards like the 1070 and the 1080 are depreciating faster than the value of the ETH they can mine. Even Ryzen 2 CPUs are tanking in price with Ryzen 3 CPUs spanking everything.

Drop the tinfoil hat, its not new asics coming online.  People are just mad that some huge farms are opening shop in countries with stupidly cheap electricity costs.

Tinfoil hat? I've been around since 2011. I know there are new ASICs coming online but not from the normal players... I don't know what all the normal players are doing with their new hardware since China has clamped down on BTC again. There are no new places in the world with "stupid cheap electricity" that haven't been known since 2013.


I'll be in Shanghai shortly so I'll be able to see what new toys my Chinese buddies have.

Huge GPU farms my butt. Payback time on any card is still over 1 year with ETH. In that time you could pump and dump ETH/BTC and make 3x the money without lifting a finger.  Anybody with enough capitol for a "huge" farm isn't pushing GPU mining on ETH.

[Indamuck]

I think a lot of the new hashrate is simply gamers that don't have to pay for electricity, whether they live with other people, or have power included in their rental agreement.  They might as well mine when they are not gaming and make some free money with little work.  

[Piskeante]

nice comments all of you,

1º i don't think it's related to tweaking cars with software. Reality is people want 24 hours non stop mining rather than sometimes crashes by pumping some more hashrate. So i totally discard that. Moreover, software tweaking is not normally the most efficent since only applies configs that are "safe". And i don't know anyone into mining without flashing bios or investing a lot of time and effort in tweaking cards.

2º Mining with only one card is not profitable. Why? not because of the card, but because the whole extra Watts you have to deal with at profit time considering your gaming machine uses (big CPU, lot of ram, rgb lightning, big fans or even AIO or water cooling solutions. I don't see the point here. profit is next to 0. And also the return of very low amount of coin mined is neglectable.

3º I think this spike of 10% from 165.000 to 180.000GH/s should be ASIC. There is no other option. You cannot pump an already inflated hashrate the equivalent of 500.000 GPU at the same time. It's simply not possible. AT all.

4º Now, the option of people turning down machines, and after a period of time , put them online is possible, but how many people should do it at the same time to get the equivalent of 500.000GPU online?? No, sorry, that does not seem the answer.
And , BTW if you support the technology, you just continue mining even at a loss. If you stop, is because not only it's not profitable at that very moment, but also you consider the situation will not get better. Why would you stop mining and then continue doing it? you could have mined more coins and if it gets better, that would benefit you. So i don't get it.

5º According to ETH Devs, according to what has been said already, January 2020 is the time for the release. The problem is that i don't really know if they will just shut ASICs in the network, or will actually go total POS with 0 profit no matter what conditions you mine because they will reduce the block reward to 0.
Remember that inflation is a fact in ETH. The sooner they begin reducing inflation, the more value the coin will get (at least, that's how markets work). Many people say that BTC , once it's all mined, will pump brutally. Can this happen to ETH??

[Prospector_John]

WTF is happening???

In 4 min almost 1000GH/s entered the network. ETH is being mined by ASICS. This is disgusting. They are destroying the profit !

Destroying the profits? or earning them?? 

[fr4nkthetank]

Well at least 3-5% of that hashrate increase is due to wide availability of memory straps and ease of use - claymore's update.  New Asics maybe but they dont present a great advantage over a sub 80$ sub 100w rx470 running at 32mhs for example.  If they are adding asics it would be only because they are receiving them now - I highly doubt anyone is massively buying hashrate now.  I also highly doubt people are creating huge new farms with polaris gpus which are now 3 years old ?  Still looking at 7 months ROI on a used 470 about.  economics are broken, a used last gen card should ROI within 90days or else its a risk.  Then again, the market is changing - Some idiots think getting 20% return on capital is *really good* with mining.  Oh boy have you ever heard the phrase picking up nickels in front of a steam roller...

[Indamuck]

I'm still mining with my rigs, I don't make any profit, I actually lose a lot of money.  But it is ok since I'm just doing this for a fun hobby, some people like to spend money on video games while I like to spend my extra money on crypto mining.  I know it doesn't seem fun to mainstream people but I have a good time doing it.  Plus I help support the eth network, not everything is about money , it is about what you believe in.

This is what a lot of people don't realize, not everyone is mining to make a profit.  Some people enjoy doing it as a hobby and they don't mind if they lose a little bit of money having fun with it.

Plus some people are willing to buy mining gear and use it to get clean money even if they lose a bit of their dirty money in the process.

[Piskeante]

it seems that there is new players in the game

from 27 august, to today, we have gone from 170.000Gh/s to 189.000Gh/s. I haven't seen this enormous hashrate switch from any other coin. All other coins maintain normally their Hashrate. So this increase are new players. Big farms switching from place to get better price per kW? probably.

New ASIC coming online? probably.

is this madness going to continue?? are really people investing into new rigs to get something around from 10 to 40$ month profit after electricity? are people so desperate???

[sxemini]

it seems that there is new players in the game

from 27 august, to today, we have gone from 170.000Gh/s to 189.000Gh/s. I haven't seen this enormous hashrate switch from any other coin. All other coins maintain normally their Hashrate. So this increase are new players. Big farms switching from place to get better price per kW? probably.

New ASIC coming online? probably.

is this madness going to continue?? are really people investing into new rigs to get something around from 10 to 40$ month profit after electricity? are people so desperate???

LOL this is not much. Look at the overall network hashrate chart and you see this is normal. The diff increase a little bit and all dudes began to cry  

20.12.18 160.000GH and on 26.12.18 it has 189.000GH for example.

https://etherscan.io/chart/hashrate

[Piskeante]

it seems that there is new players in the game

from 27 august, to today, we have gone from 170.000Gh/s to 189.000Gh/s. I haven't seen this enormous hashrate switch from any other coin. All other coins maintain normally their Hashrate. So this increase are new players. Big farms switching from place to get better price per kW? probably.

New ASIC coming online? probably.

is this madness going to continue?? are really people investing into new rigs to get something around from 10 to 40$ month profit after electricity? are people so desperate???

LOL this is not much. Look at the overall network hashrate chart and you see this is normal. The diff increase a little bit and all dudes began to cry  

20.12.18 160.000GH and on 26.12.18 it has 189.000GH for example.

https://etherscan.io/chart/hashrate

your answer is just to simplistic. Let me tell you.

By 20-12-18, the price of ETH was nearly 90€. It was non profitable. But!!! and this is the issue, all the other alts were doing far worse than ETH. This made a huge amount of Hashrate from other alts switch to ETH.

But that case is not this one, since there is no hashrate switch from other algos to ETH. It's just new hashrate into the market. Which totally invalidates your statements.


It's not that i cry. i don't care. It's just how miserable you have to be, to turn on your gpus generating heat and big electricity bills to gain 30$ on a month.

[DrG]

We're over 200TH again as the price has slid from above the $216 support. Whoever is mining is doing it on the thinnest possible margins or has dedicated equipment (ASICs). With nvidia finally dropping the price on the Supers and the RTX series the residual value of 1xxx series cards is dropping faster than any mining value even if you had free electricity. I surmise there's a lot more ASIC and a lot less GPU in this new hash increase.

[adaseb]

We're over 200TH again as the price has slid from above the $216 support. Whoever is mining is doing it on the thinnest possible margins or has dedicated equipment (ASICs). With nvidia finally dropping the price on the Supers and the RTX series the residual value of 1xxx series cards is dropping faster than any mining value even if you had free electricity. I surmise there's a lot more ASIC and a lot less GPU in this new hash increase.

Last time we were at this exact hashrate was November 2018
https://etherscan.io/chart/hashrate

And at the end of november is when BTC broke the strong support and headed towards $3100 shortly after. ETH on the other hand was around $120 or so. Since price is almost double, it means that there is most likely tons of ASICs online or there are miners which are mining at a loss and hoping that ETH hits $500 or $1000 or so.

This is why its going to get interesting if ProgPOW actually is given a go in 2020. Because we would finally learn exactly how many miners are using ASICs and how many are on GPUs.

[badbart]

Innosilicon just released a 500 mhs miner at 750 watts, no sure who is buying a it with progpow algo change.

[stolarzz]

Innosilicon just released a 500 mhs miner at 750 watts, no sure who is buying a it with progpow algo change.

With progpow it's the same thing as with POS, they have a time... no rush