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Author Topic: Ethereum network Total has rate keeps dropping.  (Read 630 times)
mineshop.eu (OP)
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September 12, 2018, 09:44:13 AM
 #1

We have reached now lowest point at Ethereum network hash-rate since January.


Think we will find the bottom very soon, only scam can go to 0, dont think ETH is any Scam.

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September 12, 2018, 10:09:25 AM
 #2

The hash rate is still higher than in early April. So it could go down further.
mineshop.eu (OP)
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September 12, 2018, 10:27:00 AM
 #3

It should go under 250TH in next few days if nothing changes.
It looks similar to 2016 October-November Drop, when total hasrate droped from 7.9TH to 3.8TH
Also at that time we didnt have ASIc miners on ethereum. (so probably wee need about 30-40% drop now , before we can start going up again)

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September 12, 2018, 10:28:54 AM
 #4

No wonder, I have seen many people trying to sell off their rigs , the price have gone down significantly after all the shit airdrops and garbage tokens.. In India local section itself I have seen two members selling the whole farm..
mineshop.eu (OP)
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September 12, 2018, 10:32:23 AM
 #5

No wonder, I have seen many people trying to sell off their rigs , the price have gone down significantly after all the shit airdrops and garbage tokens.. In India local section itself I have seen two members selling the whole farm..
Also it never should go up so high. People to greedy BTC

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September 12, 2018, 10:43:12 AM
 #6

No wonder, I have seen many people trying to sell off their rigs , the price have gone down significantly after all the shit airdrops and garbage tokens.. In India local section itself I have seen two members selling the whole farm..
Also it never should go up so high. People to greedy BTC
its not normal people dude , asics bloated the hash rate fpgas too
in thier greed they ruined it for everyone, hopefully they go bankrupt
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September 12, 2018, 10:43:50 AM
Merited by suchmoon (4)
 #7

At current prices, breakeven for ETH mining is now at approx $0.14/KWh (for a standard GPU mining rig). So yeah. A lot of people have stopped their rigs (or switched to something else). The upcoming reward reduction will take care of the rest (if price does not increase).

Vitalik and his buddies might actually come to regret some of the decisions that were made lately.
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September 12, 2018, 10:49:08 AM
 #8

At current prices, breakeven for ETH mining is now at approx $0.14/KWh (for a standard GPU mining rig). So yeah. A lot of people have stopped their rigs (or switched to something else). The upcoming reward reduction will take care of the rest (if price does not increase).

Vitalik and his buddies might actually come to regret some of the decisions that were made lately.

oh they will sir, and now with only huge asics farms left on the network, fully centralized pow they will become vulnerable to coordinated 51% attacks and double spends since eth is on so many exchanges.

with low profit anyways it only takes 3 or 4 huge asic farms to coordinate behind closed doors and screw up the network.  You cant tell me these guys don’t coordinate , they kept the secret of thier asic mining as a grpup

for like two years before the coordinated to dump thier worthless hardware this april.

they did it to btg and bci

lol eth is fucked
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September 12, 2018, 10:53:17 AM
Merited by suchmoon (4), mdayonliner (1)
 #9

Anybody who was hoping for a recovery - consider this: the thing that made ETH run up (because sheer exuberance itself cuz moon) was ICO purchases that tied up ETH. Now all those fake or weak project are dumping their ill gotten gains and trashing the market.  They still have a long, long way to go. They will keep liquidating as they too get scared. Hell if you scammed $100 million in USD of ETH out of stupid investors and it's now worth $10 million - it's better to cash out now and have $10 million than wait for it to become $5 million. Many of these ERC20 tokens will be cosbycoins.

I would be surprised at any sustained bull activity before Q2 of 2019.
mdayonliner
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September 12, 2018, 11:57:13 AM
 #10

~
I dropped my last sMerit to you. It make sense to me.

I am just not sure if this is good for ETH or not. I was never into mining, calculating hash etc etc however what I heard is - dropping hash rate is good for miners (?) they can mine more blocks for less expense (?)

I always had/have good expectation from ETH and I am sure the recent drop is just a part of the game.

Be happy be at peace. Looking forward to BTC at $1M
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September 12, 2018, 12:03:15 PM
 #11

Anybody who was hoping for a recovery - consider this: the thing that made ETH run up (because sheer exuberance itself cuz moon) was ICO purchases that tied up ETH. Now all those fake or weak project are dumping their ill gotten gains and trashing the market.  They still have a long, long way to go. They will keep liquidating as they too get scared. Hell if you scammed $100 million in USD of ETH out of stupid investors and it's now worth $10 million - it's better to cash out now and have $10 million than wait for it to become $5 million. Many of these ERC20 tokens will be cosbycoins.

I would be surprised at any sustained bull activity before Q2 of 2019.

Perfect sense, I'd always taken a bit of comfort from the fact that all those ERC20 tokens need gas, so while ETH dumps might (and will) happen, there are hundreds/thousands of legit businesses in there that would stop tomorrow if they had no ETH.

Also, while you're right about the megahype curve over the last 6-7months, there are new ICOs planned for the future, so it's not 'dead' just tanking in an apocalyptically bad way. Q2 2019 is a good bet I reckon...

For the latest Crypto news and alts info check out https://coinsjar.info/
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September 12, 2018, 12:19:55 PM
 #12

The cost of the ETH falls and immediately begins a huge mess! This is the tradition of the forum Grin
Who earned the coins in an easy way will sell. Miners and Holders are unlikely to sell coins at a low price.

Markets can not fall for long, be careful.
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September 12, 2018, 12:26:24 PM
 #13

No wonder, I have seen many people trying to sell off their rigs , the price have gone down significantly after all the shit airdrops and garbage tokens.. In India local section itself I have seen two members selling the whole farm..
Also it never should go up so high. People to greedy BTC

I have found throughout my travels.  Honest businesses don’t grow nearly as fast. Hell most close up shop if your too honest and actually want to help people.  The system isn’t designed for that.  It’s cut throats or be the the one getting cut. Sad world with the tech we created never being used for good. Only for the rich to get richer.  Let me ask you all something.  All the tech advances we have.  Has any of it led to you working less hours?  Just allows us to get more done. What a nice way to put it. Smiley. Ugh silly humans.

BR

As in nature, all is ebb and tide, all is wave motion, so it seems that in all branches of industry, alternating currents - electric wave motion - will have the sway. ~Nikola Tesla~
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September 12, 2018, 01:20:02 PM
 #14

There is still a huge amount of people mining, very few even at loses (which is dumb and utterly stupid). Most ETH hashrate is related to ASIC mining and free or nearly free electricity , specially in China.

In Europe , you should be counting the people mining with your two hands (considering they are not stupid)

The real question is: will ETH recover?? my bet is NO. it will die, and it's dying fast. I stopped mining months ago, when profit after electricity costs was less than 100$.


Total hashrate , by this time, should have been no more than 100.000GH/s

BTC no more than 6k by end of 2019. ETH no more than 300$ by end 2019. Huge market manipulation, huge amount of scammers and hypers.
dragonmike
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September 12, 2018, 01:36:14 PM
 #15

while ETH dumps might (and will) happen, there are hundreds/thousands of legit businesses in there that would stop tomorrow if they had no ETH.
...you are not saying ETH is "too big to fail"... or are you?
Bring in the cavalry! Help us Janet Yellen! Bail us out!

Grin
huntingthesnark
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September 12, 2018, 01:51:40 PM
 #16

while ETH dumps might (and will) happen, there are hundreds/thousands of legit businesses in there that would stop tomorrow if they had no ETH.
...you are not saying ETH is "too big to fail"... or are you?
Bring in the cavalry! Help us Janet Yellen! Bail us out!

Grin

Anything 'too big to fail' is of course already f***ed by the time anyone says that ;-)

The really worrying thing is if you widen the scope a little, especially in Europe/UK. Nothing really banging a drum that doesn't say 'bury the money and panic buy baked beans'...

For the latest Crypto news and alts info check out https://coinsjar.info/
mineshop.eu (OP)
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September 12, 2018, 03:40:58 PM
 #17

Grin
[/quote]

Anything 'too big to fail' is of course already f***ed by the time anyone says that ;-)

The really worrying thing is if you widen the scope a little, especially in Europe/UK. Nothing really banging a drum that doesn't say 'bury the money and panic buy baked beans'...

[/quote]
I do believe there is Tech behind it and it is actually the most used block-chain with average daily transactions 500-600k .
Only scam can go to 0 .
This is only market correction, we have had these in past in 2016 October when ethereum network hasrate drooped by 50% in matter of couple weeks and we are only now at 10-15% hasrate drop.
Yes there is Asics now, but they are not nearly as powerful as they are for example new equihash asics where some of them are 100x more efficient as gpu rigs.



Seen a lot of people in last few days doubting Ethereum existence , think we are very close to bottom out. But do not thing we are nowhere near for another bull market. My thoughts could be closer to end 2019. First ethereum needs to scale and we need to see those millions of transactions per second.

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September 12, 2018, 05:02:02 PM
 #18

I am just not sure if this is good for ETH or not. I was never into mining, calculating hash etc etc however what I heard is - dropping hash rate is good for miners (?)
Yes, that means many miners leave the network. I can't confirm if it's good/bad because it depends on the conditions. for example it can't be worth when the ETH price is sinking and can't cover the cost of electricity, but it can be said a good/worth when the hash rate dropped, and the ETH price is like 2017.

they can mine more blocks for less expense (?)
yes, for miners who have GPU / ASICs / FPGA farms and who have cheap electricity, let alone free electricity if the hashrate drops

I always had/have good expectation from ETH and I am sure the recent drop is just a part of the game.
I hope
mdayonliner
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September 12, 2018, 05:44:43 PM
 #19

when the ETH price is sinking and can't cover the cost of electricity, but it can be said a good/worth when the hash rate dropped, and the ETH price is like 2017.
Lately, I am thinking about joining the mining business, I am still gathering information though. If ETH price keeps dropping then I may start with mining ETH to get the test. There are too many coins out there and I have very little knowledge about most of them. I am familiar with few good coins only and among them I feel comfortable with ETH. So why not take the chance of less hash rate and keep mining and holding until I have a good price to sell.

All these are in my thoughts yet.


Be happy be at peace. Looking forward to BTC at $1M
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September 12, 2018, 07:10:16 PM
 #20

Most likely I think what is happening now is miners aren't shutting off their rigs they are just mining other coins like XMR.

The XMR profit with a RX GPU is pretty much the same and it uses slightly less power.

Last time our difficulty was this low was back in April 2018. So not that much of a steep drop.



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