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Author Topic: Scrypt mining is dead - a real thread discussing what the title says  (Read 3391 times)
cryptohunter
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March 29, 2014, 07:33:53 PM
 #1

Scrypt mining for GPU miners is about to become a thing of the past


Scrypt ASIC miners are about to be unleashed on the market.

KnC, a reputable ASIC manufacturer and  Alpha Technologies, a promising new player, are racing to be the first to deliver super powerful rigs that will blow GPU miners out of the water.

ASIC miners are custom designed machines with chips build specifically to tackle hashing of a particular algorithm. They are much more efficient and the Titan and Viper both look to be around a hundred times more powerful than a Radeon R9 290X, and because they use a fraction of the power to hash, they can mine profitably when GPU’s are reduced to noisy and expensive heating devices.

Thousands of miners with GPU rigs are about to be outcompeted by these new ASIC miners. What happened to SHA-256 based coins when Bitcoin ASICS were launched is about to happen to Scrypt. Bye bye profit.


So you want alternatives....


Darkcoin, qrk, heavycoin....... some algos that are for now asic resistant...

there are others coins also so check them out lots of scrypt jane and quite a few qrk and x11 too.


Is it worth ordering a scrypt asic now or will most of the hot coins switched to x11, qrk, heavy, scryptN, scrypt Jane by then and it would have been a waste of money??

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1513161187
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markm
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March 30, 2014, 07:08:41 AM
 #2

The kids who operated their toy mining operations too ineffectively to be able to afford ASICs will try to make more and more toy coins to play with, but there is no good reason for serious money to buy such toy garbage, rather the serious investors will want to invest in secure currencies, and that means families of merged mined coins secured by ASICs.

(Assuming they are going to invest in proof of work blockchain based currencies at all, of course.)

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Sirrah
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March 30, 2014, 08:30:03 AM
 #3

Sweet, with Litecoin out of the way hopefully AMD GPUs will be cheaper thanks to the significantly lowered demand (if anything supply may overshoot demand because of this). Nice time for me to pickup a high graphics card then.

Anyways, on topic, I'm highly doubtful of anyone making a significant profit from mining given the power consumption and the capital necessary to start mining at this point. Not to mention all the delays with preorders and such.
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March 30, 2014, 09:50:31 AM
 #4

There will definitely be downward pressure on GPU prices.

I agree cPoW will take over long term as I predicted,  but I think Scrypt will still be relevant.

Especially if economics of competition and scale drive the "grid seed" type miners way down, (20 30 $) similar to the BE.

This will allow for the market to still churn out some Scrypt junk , and the spammers that are pathetically trying to " inflate" crypto to death will have to move to cPoW.

So basically everything is as it should be.

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March 30, 2014, 10:36:58 AM
 #5

i think amd will release a beast of a gpu at somepoint, they wont settle for massive profit loss's due to asic
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March 30, 2014, 10:38:45 AM
 #6

i think amd will release a beast of a gpu at somepoint, they wont settle for massive profit loss's due to asic
How much profit can amd gain just by making a card built for mining?
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March 30, 2014, 10:40:11 AM
 #7

AMD can potentially build their own asic for each scrypt algo, and take on the chain with a 51% attack in no time, if they really want lol
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March 30, 2014, 10:41:27 AM
 #8

AMD can potentially build their own asic for each scrypt algo, and take on the chain with a 51% attack in no time, if they really want lol
lol google/yahoo/avatar movie sever farm going down in a day just to mine, just imagine
stokecrypto
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March 30, 2014, 10:42:09 AM
 #9

i think amd will release a beast of a gpu at somepoint, they wont settle for massive profit loss's due to asic
How much profit can amd gain just by making a card built for mining?

they wont build a card just for mining, they will probley just implement somthing into their cards at a guess
Equate
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March 30, 2014, 10:44:27 AM
 #10

There is always a coin for GPU miners.
Amph
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March 30, 2014, 10:45:48 AM
 #11

AMD can potentially build their own asic for each scrypt algo, and take on the chain with a 51% attack in no time, if they really want lol
lol google/yahoo/avatar movie sever farm going down in a day just to mine, just imagine

lol yeah forgot about google power, even btc would be screwed if they build an asic farm for it
JesseCoin
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March 30, 2014, 10:58:13 AM
 #12

Its coming but i suspect as the GPU's become useless, they will switch to more ASIC resistant coins and start pumping those
softron
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March 30, 2014, 11:28:01 AM
 #13

I expect some coins wil change algorithm. Although d first people to use those asic scrypt miners would profit greatly

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March 30, 2014, 11:37:21 AM
 #14

Even with ASIC, the mining mode will be discarded by the users.
Look at the coinmarketcap, a lot of Scrypt coins with GH/s hashpower and tens BTC IPO have only the similar value as those free distributed coins, such as C2 and Faircoin.

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markm
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March 30, 2014, 12:51:00 PM
 #15

Scrypt is such a fragmented space that it is a disaster zone, even ASICs likely cannot save it unless the vast majority of scrypt miners merged mine the same collection of merged mined scrypt coins, and how likely is that?

Will scrypt and DOGE, or even either one of them, implement the ability to be secondary chain in a merge?

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cryptohunter
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March 30, 2014, 01:08:00 PM
 #16

Scrypt is such a fragmented space that it is a disaster zone, even ASICs likely cannot save it unless the vast majority of scrypt miners merged mine the same collection of merged mined scrypt coins, and how likely is that?

Will scrypt and DOGE, or even either one of them, implement the ability to be secondary chain in a merge?

-MarkM-


If LTC and DOGE did this then i think it would be very beneficial to both of those coins.

Although wait i see already LTC is turning x11 now Smiley

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anonuser777
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March 30, 2014, 01:11:14 PM
 #17

Even with ASIC, the mining mode will be discarded by the users.
Look at the coinmarketcap, a lot of Scrypt coins with GH/s hashpower and tens BTC IPO have only the similar value as those free distributed coins, such as C2 and Faircoin.

I can't see that situation lasting long. Faircoin was recently 51% attacked, forked, and then dumped on next-e and poloniex. It's changing to POS to prevent it happening again. C2 is likely next.
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March 30, 2014, 01:12:08 PM
 #18

A litecoin fork is proposing to turn X11. Provided enough separation is kept between the real network and the X11 fork network, people could spend their litecoin on the X11 network to buy real litecoins, they'd love that.

After the snapshot of the blackchain is taken, move all your coins to new addresses on the real network, so that only the X11 network will let you spend them. Then use them to buy real litecoins if the X11 fork ever actually gets on an exchange or you can find a sucker willing to trade.

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markm
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March 30, 2014, 01:13:37 PM
 #19

Even with ASIC, the mining mode will be discarded by the users.
Look at the coinmarketcap, a lot of Scrypt coins with GH/s hashpower and tens BTC IPO have only the similar value as those free distributed coins, such as C2 and Faircoin.

I can't see that situation lasting long. Faircoin was recently 51% attacked, forked, and then dumped on next-e and poloniex. It's changing to POS to prevent it happening again. C2 is likely next.

I thought faircoin was PoS in the first place? Evidently though PoS is not as secure as advertised?

Maybe because they forgot to have the first X number of blocks not require aged coins in order to start PoS mining or something?

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March 30, 2014, 01:22:31 PM
 #20

The kids who operated their toy mining operations too ineffectively to be able to afford ASICs will try to make more and more toy coins to play with, but there is no good reason for serious money to buy such toy garbage
This.

I've been saying over and over that the vast majority of altcoins are just toys for whiny kids who wanted to "play miner" and couldn't do it any more with their dad's PC.
This, and scammers.
The sooner they start crumbling, the better.

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