[uncensored-r/Bitcoin] Pic for attention, but need help ASAP, so my antminer s5 won’t hash for some reason, everything i...
The following post by Grusome117 is being replicated because the post has been silently greylisted. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7v295g The original post's content was as follows:
Looking to spend around $500 for another miner maybe more if good deal. Want to pay with bitcoin. Any reliable place to do this? I dont want some cheap usb miners, looking to get at least 1TH more and not buy some power hungry old miner.
heya! so i've been reading and analyzing bitcoin for about a year now. I have just bought myself a gaming pc which has an AMD 5700XT as a gpu and I was thinking, would it be worth to make it mine bitcoin about 8-12h a day even tho it may wear out the gpu by alot? or would it be better to buy an Antminer S5 and make it my first bitcoin mining rig? also, I see alot of people recommending NiceHash to start mining, how much is the fee they are taking for every user using their software? wouldn't it be better to just run the algorithms on my own?
Regarding Threads on Bitmain and ASIC Resistance (Mega Thread!)
Guys, Let’s take a minute to talk about what’s going on. We need to make sure all users are on the same page and the falsifications and assumptions stop. I'm with you, and I understand that you feel betrayed. However, cleaning up after the constant bickering for those pro-fork and those anti-fork is growing tiresome. It's time we have a civil discussion and talk about facts.
Timeline of events
On 03/31/2018, a user from Ethfans.org posted a video on Telegram of a supposed Ethash ASIC. The video made its way to /Etherminingin a thread. It is important to mention that these values can be modified by changing “get_miner_status.cgi” and “minerStatus.cgi” and that there has been no credible evidence that has popped up in the nine days following the release of the supposed leak. Additionally, the following abnormalities should be noted:
The prefix “F” (e.g.: “F3”) falls outside of Bitmain’s typical naming convention. Historically, any Bitmain ASIC will have a family identification (e.g.: “S”), followed by a release generation. For example, the SHA257 miner is “S5/S7/S9”, the Scrypt miner is “L3/L3+”, etc… It is very unlikely that Bitmain has decided to use “F” as the prefix in addition to “E”.
The label is off-kilter with typical Bitmain quality. It is of asymmetrical quality when compared to the existing labels of on other Antminers
Also on 3/31/2018, a user on Russian site Bits.media noticed that the pre-order for the Bitmain E3 was already up. It was believed to be an April fools joke; needless to say, it wasn’t. On 04/02/2018, Bitmain launched the E3 and began taking pre-orders for a June delivery. At that time, the price was $800 and promised a hashing power of 180MH/s at 800 watts. On 04/06/2018, Ethereum core developers decided against hard-forking Ethereum at this time, as they weren't convinced that it would positively impact the community given a hard-fork's disruption and the unknown of how the ASIC worked (specifically if it was programmable). The community became upset over broken promises of ASIC resistance, and this has since spread to a full out finger pointing of who is wrong. On 04/08/2018, an apparently forged photo showed up showing a higher-hashing ASIC with far less power consumption. This is not only very unlikely, but the link in the photo was gibberish, whereas the E3's link was valid. We're writing that one up as FUD.
The "ASIC Resistance" Argument
At this point, I think that it’s I think it's important that we visit some key points of the Ethereum project. A lot of people have been quoting the whitepaper, calling ETH ASIC-proof and implying that the developers do not care about the problem. In actuality, Ethereum never promised that it would be ASIC-proof, merely that it would provide an economic incentive to be resistant to the development of an ASIC. I'd like to produce a quote from the Ethereum Wiki, found here.
Ultimately, perfect ASIC resistance is impossible; there are always portions of circuits that are going to be unused by any specific algorithm and that can be trimmed to cut costs in a specialized device. However, what we are looking for is not perfect ASIC resistance but rather economic ASIC resistance.
The problem is that measuring an economy in a secure way is a difficult problem. The most obvious metric that the system has access to is mining difficulty, but mining difficulty also goes up with Moore's law and in the short term with ASIC development, and there is no known way to estimate the impact of Moore's law alone and so the currency cannot know if its difficulty increased by 10x due to better hardware, a larger user volume or a combination of both. Other metrics, such as transaction count, are potentially gameable by entities that want the supply to change in a particular direction (generally, holders want a lower supply, miners want a higher supply).
This is solidified by revisiting the whitepaper, specifically the section which identifies how ASICs will be economically stymied:
This model is untested, and there may be difficulties along the way in avoiding certain clever optimizations when using contract execution as a mining algorithm. However, one notably interesting feature of this algorithm is that it allows anyone to "poison the well", by introducing a large number of contracts into the blockchain specifically designed to stymie certain ASICs. The economic incentives exist for ASIC manufacturers to use such a trick to attack each other. Thus, the solution that we are developing is ultimately an adaptive economic human solution rather than purely a technical one.
So with the Ethereum team providing only an economic reason to not develop an ASIC since the beginning, there has been no lie.
Second batch of E3s will not be profitable with Ethereum
As a response to the developers announcing that they are not initiating a hard fork, Bitmain raised the price of the second batch of E3s to $1800. With a PSU ($105) and shipping costs ($225), plus duty fees ($25). That brings each E3 up to $2,155, or $11.97 per MH. Comparatively, this is like paying $300 per GPU ($1800) plus Mobo/PSU/risers ($355). I have built rigs with similar hashrates for under $1,900 ($10.50 per MH). If we speculate that Casper is as close as we think (see below), coupled with the rising difficulty, the second batch of E3s are not likely to break-even with Ethereum as a whole. If ETH rises to its ATH, the second batch units may be profitable. Tis the risk of mining.
ASICs are bad!
In the Ethereum mining community, ASICs to be viewed as a formidable commodity, when they should rather be viewed as a tool. Tools are never inherently good or bad, but how they are used can be, and some developers intend for the coin to eventually be used with an ASIC. Some coins, such as Sia, were designed to specifically work with an ASIC. > 51% centralization is bad.
Bitmain has a better ASIC.
Probably. But this is an unknown. Speculation of an ASIC is not a reason to fork the second largest cryptocurrency.
Bitmain will be a cause for centralization
Everything should be a concern for centralization. Hell, early miners can be a bigger concern. The principals of economies of scale still apply to mining; so those who started out with a lot of GPUs are heavily mining. I've set up warehouses full of GPUs for clients, so if you think some of the guys here are big shots, I promise you there are larger concerns for the current state of centralization.
I will also note that yes, we will need to worry about a mass-manufacturer of just ASICs, especially if they are pumping out > 30,000 units per month at the current rate. But the firm that uncovered Bitmain's ASIC, Susquehannah, claims that there are at least three other ASIC manufacturers out there. This puts some silent competition on Bitmain.
Ethereum is not as centralized as Bitcoin
You'd think that, and the goal of the whitepaper was for Ethereum to be less centralized as bitcoin. It even mentions that "three mining pools indirectly control roughly 50% of processing power in the Bitcoin network." Ethereum is in this state already. Ethermine controls ~28% of the network hashrate, F2pool has ~17%, and SparkPool has ~15%. Arguably, the Ethereum network is in a more sensitive state.
Casper is right around the corner.
This has been speculation for some time now. Developers confirmed that testnet should be fully operational by August, meaning that we may be able to expect PoS hybrid by DecembeJanuary assuming everything goes as planned.
Dev team does not care about miners
In the project's current state, miners are a necessity. Remember that seigniorage must be sinigicant enough for miners to continue mining, otherwise, the network would slow and we'd have another Crypto Kitties incident on our hands. Until Ethereum is PoS, you are valid.
Dev team wants to get rid of miners
Well, yeah. That's what PoS is about. Ethereum will not be Proof of Work forever and that needs to be appreciated.
We should fork ourselves into an ASIC-proof currency
Do it! Take some initiative and work up a team, I'll be happy to help and support in any way that I can, including pointing my hashing power your way.
Ethereum decision governance
Right now, large decisions are made by the Ethereum core developers. This last decision to not hard-fork was not well received by the community. It feels to be almost an "electoral college" kind of deal, and that's something that has upset a lot of people. Is this the topic that we need to discuss in more detail?
So what is this thread?
For now, this is going to replace our weekly discussion for a few weeks until everything calms down. The sub is in a volatile state and everyone is slinging FUD at everyone else. We need to clean up and calmly discuss our position on the matter at hand. This means:
No more fighting about the ASIC in the comments
OUTSIDE OF THIS THREAD, please do not shitpost. Meaning, no more strongly worded threads about how you're out of mining completely because of the ASIC, or how the developers screwed you over because ETH was supposed to be ASIC proof, or how people are whining. I'm deleting threads left and right for people who are just using the sub as an outlet to name call on both sides.
As always, constructive threads are welcome, but shitposts are to be confined to this thread, please.
We all have different opinions
I am going to remain neutral on this topic. I mine with both GPUs and ASICs, and I've worked with countless numbers of people who do as well. We need to cooperate as a community instead of tearing each other apart over the issue. Let's think before we post and keep comments constructive. Happy mining!
I'd like to invest in some ASIC machines, any advice on which to chose?
I am thinking of buying one or two to start, to see if it's feasible to make some profit and then looking to invest in up to 20 if it works out. What are some of the better machines on the market, I'm basically looking for some Watt per GH figures and also which machines are reliable and which to stay away from. I should add that I am looking for some module / card type devices like this so I can scale up at comfortable rate. Thanks muchly.
Antminer S5. Description. Model Antminer S5 from Bitmain mining SHA-256 algorithm with a maximum hashrate of 1.155Th/s for a power consumption of 590W. Profitability . Period /day /month /year; Income: $0.10 (0 BTC) $3.12 (0.0002 BTC) $37.46 (0.0028 BTC) Electricity-$1.70-$50.98-$611.71 : Profit-$1.60-$47.85-$574.25: Exchange rate 1 BTC = $13,013.12 ... Bitmain Antminer S5 mines bitcoin at 1.15 TH/s - First Released Dec 2014 - Power Usage: 590W - Noise Emission: 65db. To find the exact profitability for Antminer S5, please enter 1.15 TH/s below and 590w for power consumption. Also enter your power cost KW/h (Kilowatt Per Hour) to properly calculate exact profitability at this time. To calculate Antminer S5 profitability, enter 1.15 Th/s and ... The AntMiner S5 Bitcoin miner was released by Bitmain in late 2014. It was one of the fastest and most efficient ASIC miners available during that period, and was a contender to the Spondoolies-Tech SP20. However it didn’t last long, because the S5 has long since been outshined by latest models. In terms of hashrate or power efficiency, the S5 can’t reasonably be competitive with modern ... Antminer S5 for mining SHA-256 - 1.155 TH/s hashrate and 590 W power consumption. ASIC can be used for mining 39 different coins. ANTMINER. The Antminer application-specific integrated circuit (ASIC) mining hardware series – proudly designed and manufactured by Bitmain – has established itself as household name in the blockchain community. Launched in 2013, the Antminer brand signifies leading technical specifications and excellence in product quality for ASIC mining ...
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