Scrypt mining is dead

[kalus]

This is what will happen when the market is flooded with scrypt ASIC's.
It's the reason why algo's like X11 will be sole survivors in just a few months from now:

I was experimenting with alternate algorithms for a couple of weeks, but ultimately i gave up.

x11 et al. are far more fascinating to miners than to users of cryptocurrency.    having scrypt N is no reason for the coin to be intrinsically worth more.  to the end user, it makes no difference whether e.g. dogecoin is scrypt, scrypt + digishield, scryptn, or x11.  it's just a coin.  miners make more noise about alternate algorithms, but nobody has justified a higher value over plain scrypt coins. 

a few other posters, including Markm, have pointed out the expense of securing a blockchain, and how ephemeral GPU miners are.  it is the ASICS that will protect a coin based on a blockchain, not energy hog GPU mining operations. if a coin developer specifically intends to thwart the supposed threat of asics they are excluding the most efficient way to protect their coin's blockchain.  I think the long term prospects would be dire. 

[1713518123]

1713518123

[1713518123]

1713518123

[1713518123]

1713518123

[1713518123]

1713518123

[1713518123]

1713518123

[1713518123]

1713518123

[vrm86]

This is what will happen when the market is flooded with scrypt ASIC's.
It's the reason why algo's like X11 will be sole survivors in just a few months from now:

I was experimenting with alternate algorithms for a couple of weeks, but ultimately i gave up.

x11 et al. are far more fascinating to miners than to users of cryptocurrency.    having scrypt N is no reason for the coin to be intrinsically worth more.  to the end user, it makes no difference whether e.g. dogecoin is scrypt, scrypt + digishield, scryptn, or x11.  it's just a coin.  miners make more noise about alternate algorithms, but nobody has justified a higher value over plain scrypt coins. 

a few other posters, including Markm, have pointed out the expense of securing a blockchain, and how ephemeral GPU miners are.  it is the ASICS that will protect a coin based on a blockchain, not energy hog GPU mining operations. if a coin developer specifically intends to thwart the supposed threat of asics they are excluding the most efficient way to protect their coin's blockchain.  I think the long term prospects would be dire. 

I don't think, that enormous instant grow in scrypt coins supply would help with anything. Most of the ASICs owners will be looking for ROI at all costs, as it's not assured that scrypt mining business will last long enough. Things are changing much more faster than 2-3 years ago.

[TrollboxChamp]

So youre renting rigs to power mine this coin? Everyone dump their stash! 

[a20756079]

从谁偷了一堆的功能从darkcoin一个人的白皮书？

[kalus]

Most of the ASICs owners will be looking for ROI at all costs, as it's not assured that scrypt mining business will last long enough. Things are changing much more faster than 2-3 years ago.

if we look at bitcoin's trajectory, there is an expansion of mining activity from asics.

asics are specialised equipment, and the people that buy those are dedicated miners.  I still see first generation sha asics being used in people's 'post your rig' threads, and bitcoin asics were an order of magnitude better than these scrypt versions. 

As markm also pointed out, most people mining on gpus on e.g. dogecoin are ephemeral miners that will move from meme to meme.  GPU/CPU mining doesn't provide the stable baseline hashrate a datacentre of asics would. 

I don't think, that enormous instant grow in scrypt coins supply would help with anything.

New incoming asics will help already established coins like litecoin.  litecoin is currently vulnerable to attack, despite it being worth $300,000,000.  when doge started rising in profitability, it outran litecoin's network hashrate.  by deploying a number of asic miners to secure the litecoin blockchain we would have a scrypt coin worth holding and secured by its hashrate. 

most other coins will be even more vulnerable than they are now, and asics will kill two birds with one stone by reducing the incentive to clone coins while also securing the surviving currencies. 

[godwits]

imagine amd and intel decided to make asic chips for mining? lmao! just saying

[startcoin568]

 I tracked the launch, it was not good. If you have the block explorer, chech the early blocks, where did they all go cause ppl reported that there were some blocks mined when they joined. Diff retarget was designed to instamine like 15k blocks really fast. 5-6k blocks intamined in 1-2 hrs, rest 6-11k blocks in next ~5 hrs.

[Coinmin]

scrypt is undoubtedly dead, but not because of asic(not yet at least) but because of market dilution due to shitclones spammed every day

anyway anti asic coin are already there

100% premined coin are anti-mining

Yes. And these coins more and more. So, GPU Mining will develop their own way, apart from the ASICs.

[neflihim]

从谁偷了一堆的功能从darkcoin一个人的白皮书？

What he said. 

[InsertUsernameHere]

When are the ETA's on these Scrypt ASIC's?

[BohemianStalker]

There are none and it is all just one big speculation based on few pictures.

[Severaz]

gridseed scrypt asics have been out for a while theres just bigger better ones on the way

[cryptohunter]

i see talk on nearly every coin thread of going x11, qrk, heavycoin algo.....  new scrypt coin releases will be gone long before scrypt asics get here.

they will about as popular as sha256 releases now.

Come to think of it all new coins getting released now have about 20% of the excitement of a month ago..... soon all new coin releases regardless of algo will be mostly ignored by everyone except the very latest noobs that are just dribbling in now rather than pooring.

The 3rd wave is over ... doge was the big hit of that wave..... a few others will rise perhaps black,drk and a couple more.

If the coin is not ground breaking now.... it is practically dead before it gets off the ground.

I Wonder what will trigger wave 4 and when it will happen.....  perhaps when btc hits 5k

Using this title to draw people to shill hiro coin the drk coin fork is a bit naff

This coin was a ninja launch that was super instamined.  The dev seems to know some shit but he knew what he was doing when he ninja launched this coin at 7am euro zone time on a saturday morning.... majority of the US and Europe were sleeping and he had plenty of time with his pals to super instamine this coin.  It has warnings all over it.

Why not start a real thread discussing scrypt mining is dead or not... not bumping hiro coin

https://bitcointalk.org/index.php?topic=548612.0

[Joerii]

I Wonder what will trigger wave 4 and when it will happen.....  perhaps when btc hits 5k

I think before that. A new "wave" comes ion everytime BTC spikes upwards. It's been quit for a while, and even with all the bad news, Bitcoin is holding quite steadily. A few big, positive newstories and BTC will explod again, next time it will likely pass the 2k mark.

That will draw in a huge new crowd into the altcoin scene. And guess which coins they will mine ? Certainly not Scrypt, because newbies won't have ASICS.

[markm]

It does not matter what coins a bunch of kids with GPUs in their mother's basements mine, what is important to investors and to any sane rational person using a financial system, payment system etc is whether the thing is secure.

Enough kids with enough GPUs might be fine using their GPUs to secure a pocketmoney coin to buy marbles and bubblegum and maybe even pop or, if mom and dad don't mind the risk to the lunch money, even lunch. But for real world serious finances something secure is needed.

Ten thousand or even a hundred thousand or few hundred thousand 4chan weenies hardly seems a more secure distribution of hashing power for securing a financial network than even just one world class massive super-datacentre mining operation per sovereign nation, let alone umpteen different major corporations in umpteen sovereign nations plus gosh knows how many serious businesses running mining operations of their own to provide their customers with preferential ability to get their transactions into blocks and so on and so forth.

-MarkM-

[Spoetnik]

4chan weenies lol ..led by their king, The grand Reddiot in the news now proclaiming Doge coin is great few days back ahaha
But seriously though you made a razor sharp point.. well said !
And i am not sure i like how it all actually works but i like seeing things as they are.. and not deluding myself with bs.

anyway i just wanted to say it agitates me people are always comparing BTC asics to Scrypt asics..
we need to be cautious making predictions i think because BTC was and is a new coin.. it was pretty much the first. sort of anyway lol
so we can't assume what has happened with the first coin that went to a grand + is going to happen to the next and maybe all others..
it seems to me a huge leap is made with assumptions combined with comparing Apples to Oranges.. think about it.