ASICMINER: Entering the Future of ASIC Mining by Inventing It

[Franktank]

in short, it legitimizes B/bitcoin further which helps it for the long run.

I share the same mindset here also but the original question was aimed more towards the current situation of miners. Roughly speaking, there are hundreds of PH/s that will be coming online in the next couple months. A sudden down swing in price will having miners thinking twice about purchasing and bringing it online while an upswing could potentially send the network into the Exahash region.

Anyone care to share their speculative thoughts on which way it will swing (with semi-substantial rationale) and how AM might react to such a shift?

FYI: The U.S. Gov still owns ~144k Bitcoins so they still have a decent sum left in their wallets.

[Another User]

GHash's actions will force Friedcat's hand, or everyone will be left with worthless hardware.

[101111]

I think the US Gov sell-off is a storm in a teacup. I'd be surprised if there aren't already bids at or above market for the lot. So imho no effect on AM.

[Another User]

AM cannot sit idle much longer, no other entity can scale up in time. The balance must be restored.

[Swordsoffreedom]

I think the US Gov sell-off is a storm in a teacup. I'd be surprised if there aren't already bids at or above market for the lot. So imho no effect on AM.

Well considering they need to wire transfer 200,000 to the exchange before the auction
And that the bidding has a fixed period their probably are no bids yet lol
Until bidding starts that is

As for the hashrate well Friedcat is selling chips so their is always demand for those
Even DIY miners because of the open source project

[data]

How about ASICMINER tries to use this auction to scoop up some below market BTC? Alternatively push the price to market rates?

[101111]

I think the US Gov sell-off is a storm in a teacup. I'd be surprised if there aren't already bids at or above market for the lot. So imho no effect on AM.

Well considering they need to wire transfer 200,000 to the exchange before the auction
And that the bidding has a fixed period their probably are no bids yet lol
Until bidding starts that is

As for the hashrate well Friedcat is selling chips so their is always demand for those
Even DIY miners because of the open source project

Registration opens 23rd; I should have more explicitly stated bids prepared and ready to register. The point was the effect on AM though.

edit: such as these guys http://bitcoinvox.com/article/239/investment-firm-to-bid-for-seized-silk-road-bitcoins

[necro_nemesis]

in short, it legitimizes B/bitcoin further which helps it for the long run.

I share the same mindset here also but the original question was aimed more towards the current situation of miners. Roughly speaking, there are hundreds of PH/s that will be coming online in the next couple months. A sudden down swing in price will having miners thinking twice about purchasing and bringing it online while an upswing could potentially send the network into the Exahash region.

Anyone care to share their speculative thoughts on which way it will swing (with semi-substantial rationale) and how AM might react to such a shift?

FYI: The U.S. Gov still owns ~144k Bitcoins so they still have a decent sum left in their wallets.

AM is one of the few entities in position to compete through self mining if selling miners becomes questionable. They have the ability to cut out all the added incremental costs of supplying miners and employ their own product at lower startup costs if necessary. I believe with the cost of building miners we are still a ways from that point and the price of miners is currently set by what the market will accept while maximizing profits. This may be a reason to push for Gen4 sooner than later as efficiency will become an even more significant factor if the margins become so tight that the arms race is data center vs data center.

[chriswilmer]

I see a market opportunity for "defensive" mining opening up with all of this GHash based fear...

[silverfuture]

I wonder if FC is going to bid at the auction?

[yokione]

I wonder too. It's a good opportunity to convert the income fiat into BTC with low price.

I wonder if FC is going to bid at the auction?

[elasticband]

how much would the market move if someone tried to buy 144,000 btc on bitstamp.

I have a feeling the auction will end above market price but way bellow the price effect trying to buy 144,000 btc would have on a exchange price.

its a great entry opportunity for those with the capital to spare

[Another User]

WHERE IS THE HERO WE NEED BUT NOT DESERVE?!

[rudi]

WHERE IS THE HERO WE NEED BUT NOT DESERVE?!

Once AM starts self-mining again, I would really love to see them use p2pool.
I expect that more miners would jump into p2pool if p2pool's share of the total hashrate is greater than now (i.e. greater than ~1% of the total hashrate). This would really be great for all of bitcoin. As a side-effect it would also once again paint AM in a very positive light.

I noticed that this was proposed before, a very long time ago, when it was considered plausible that AM capture more than 50% of the total hashrate:

Yea that won't be a problem. The network is huge, even with massive production of ASICS it won't reach 51% and even if it would, they would have no incentive to attack the system as their whole investment is based on the Bitcoins they mine and that they can sell them off to make a profit. If they each 51% I suggest mining a p2pool.
//DeaDTerra

Thanks for answering when I was away. Yes, we are part of the Bitcoin world and rely on the security of Bitcoin to succeed. And if we ever reach 51%, we could use p2pool, or scatter our hashrates to different mining pools with explicit names like ASICMINER, and hence make the statistics public to all people who are concerned.

[Anotheranonlol]

With the dropping rate of the BTC from the U.S. Gov selling off the 29,656 BTC, does anyone anticipate any significant movement in the mining industry/total network hashrate? Since the drop of the news here, BTC has taken quite a tumble from mid 600 to now upper 500s.

Here is the timeline of event:

June 23rd: Bidder Registration
June 27th: Auction from 6am - 6pm EDT
June 30th: Winners notified
July 1st: Wire Transfer Deadline for Winning Parties

This is not meant to start a flame war about political views or speculation of BTC price in the coming weeks; rather how does this potentially effect all current miners with potential massive price swings in either way. Moreover, does this news mean a change of plans for the end of June and early July?

U.S. Marshall's Announcement of BTC Auction: http://www.usmarshals.gov/assets/2014/bitcoins/

Funniest part of that was the clause that $200k deposit is non refundable upon a late bid.

[NotLambchop]

WHERE IS THE HERO WE NEED BUT NOT DESERVE?!

Sorry for [kinda] OT, but...

Greetings Eligius miners,

So, after some investigation over the past month or so, it turns out a couple of clients/addresses were involved in a “block withholding attack” against Eligius which has cost us an estimated 300 BTC, and likely miners of other pools as well. A block withholding attack is where a miner submits low difficulty shares but does not submit block solutions— so they appear to be working for the pool and continue to get paid while not actually doing useful work for the pool.
[...]

[laustcozz]

https://i.imgur.com/FTRhqlb.png

WHERE IS THE HERO WE NEED BUT NOT DESERVE?!

Once AM starts self-mining again, I would really love to see them use p2pool.
I expect that more miners would jump into p2pool if p2pool's share of the total hashrate is greater than now (i.e. greater than ~1% of the total hashrate). This would really be great for all of bitcoin. As a side-effect it would also once again paint AM in a very positive light.

Either this or start our own pool that mimics the payouts of Ghash.io.  I think most people would like to get off of Ghash if there were an option as profitible to hop into.  Running a pool would be a really nice way to get continuing income as well.  With the hashrate we command it shouldn't be hard to get the ball rolling on a ghash competitor, maybe even just straight up buy out a smaller pool that already exists.

[TheJuice]

WHERE IS THE HERO WE NEED BUT NOT DESERVE?!

Once AM starts self-mining again, I would really love to see them use p2pool.
I expect that more miners would jump into p2pool if p2pool's share of the total hashrate is greater than now (i.e. greater than ~1% of the total hashrate). This would really be great for all of bitcoin. As a side-effect it would also once again paint AM in a very positive light.

Either this or start our own pool that mimics the payouts of Ghash.io.  I think most people would like to get off of Ghash if there were an option as profitible to hop into.  Running a pool would be a really nice way to get continuing income as well.  With the hashrate we command it shouldn't be hard to get the ball rolling on a ghash competitor, maybe even just straight up buy out a smaller pool that already exists.

A crowdfunded 0% pool would be nice. I wish I had more time to take up that endeavor.

[mc_lovin]

WHERE IS THE HERO WE NEED BUT NOT DESERVE?!

Once AM starts self-mining again, I would really love to see them use p2pool.
I expect that more miners would jump into p2pool if p2pool's share of the total hashrate is greater than now (i.e. greater than ~1% of the total hashrate). This would really be great for all of bitcoin. As a side-effect it would also once again paint AM in a very positive light.

Either this or start our own pool that mimics the payouts of Ghash.io.  I think most people would like to get off of Ghash if there were an option as profitible to hop into.  Running a pool would be a really nice way to get continuing income as well.  With the hashrate we command it shouldn't be hard to get the ball rolling on a ghash competitor, maybe even just straight up buy out a smaller pool that already exists.

ASICMINERPOOL.

DOOOOO EEEEEEET!

[raskul]

WHERE IS THE HERO WE NEED BUT NOT DESERVE?!

Once AM starts self-mining again, I would really love to see them use p2pool.
I expect that more miners would jump into p2pool if p2pool's share of the total hashrate is greater than now (i.e. greater than ~1% of the total hashrate). This would really be great for all of bitcoin. As a side-effect it would also once again paint AM in a very positive light.

Either this or start our own pool that mimics the payouts of Ghash.io.  I think most people would like to get off of Ghash if there were an option as profitible to hop into.  Running a pool would be a really nice way to get continuing income as well.  With the hashrate we command it shouldn't be hard to get the ball rolling on a ghash competitor, maybe even just straight up buy out a smaller pool that already exists.

mmpool.org does the same merge mining as ghash.io, and uses DGM, which is a more fair method of mining.
so, there is already a pool out there to compete with ghash.io.... you just need to point your workers there.

here's me: http://mmpool.org/user/rgs (that particular worker has been hashing there from ~46hours into this round)

if you feel the large pools are dominating, join a smaller pool... there are plenty of options if you want to choose something else.
but.. please, join mmpool.org if you feel ghash is becoming scarily close to a network breach.