Asic Miner, Asic Miner Suppliers and Manufacturers

KJ-012 $199.99 Adba S5~1155Gh/s @ 0.51W/Gh 28nm ASIC Bitcoin Miner

KJ-012 $199.99 Adba S5~1155Gh/s @ 0.51W/Gh 28nm ASIC Bitcoin Miner submitted by ebocoolinc to u/ebocoolinc [link] [comments]

Antminer S5 1150 г 28NM BM1384 Bitcoin SHA256 ASIC miner Bitcoin биткоин...

Antminer S5 1150 г 28NM BM1384 Bitcoin SHA256 ASIC miner Bitcoin биткоин... submitted by SuspiciousDiscussion to u/SuspiciousDiscussion [link] [comments]

Bitcoin Discussion • Antminer S7 ~4.73TH/s @ .25W/GH 28nm ASIC Bitcoin Miner

submitted by btcforumbot to BtcForum [link] [comments]

Total Cyberwar : AntMiner S5 ~1155Gh/s @ 0.51W/Gh 28nm ASIC #Bitcoin #Miner - #CyberWar: Si Vis Pacem, Para Bellum http://bit.ly/2gtOmhs

Total Cyberwar : AntMiner S5 ~1155Gh/s @ 0.51W/Gh 28nm ASIC #Bitcoin #Miner - #CyberWar: Si Vis Pacem, Para Bellum http://bit.ly/2gtOmhs submitted by PatrolX to TotalCyberwar [link] [comments]

After two huge increases (10.44% and 8.77%) difficulty is expected to grow another 13.26%

See https://bitcoinwisdom.com/bitcoin/difficulty
What's driving this?
submitted by bobthesponge1 to Bitcoin [link] [comments]

Mining difficulty is now 267,731,249 (+41%)

Mining difficulty is now 267,731,249 (+41%) submitted by Dansuke to Bitcoin [link] [comments]

Obelisk's Sia ASICs - Full Details

https://obelisk.tech
Sia is releasing a 28nm, full-custom ASIC. This ASIC will be a complete package, similar to an antminer. You will receive a mining box that includes chips, power supplies, etc. Minimal setup will be required to get the miner working.
The miner is in early development already. We have begun the process of chip design, hardware design, and supply chain management. We have had conversations with previous ASIC manufacturers, and we have been warned about delays, unexpected costs, and myriads of pitfalls that throw off estimations. For this reason, we have set a conservative shipping date of June 2018. If the miners are ready sooner, they will be shipped sooner. If all goes well (and it rarely does, especially for first time manufacturers), we could see the miners shipping before March 2018.
Following the presale, we will be posting a development roadmap on our website that includes all the major steps of development. We will be crossing off steps in the roadmap as we complete them, which will allow the community to follow our progress, have visibility into delays, and will be able to see the places where we are ahead of or behind schedule.
The estimated hashrate is 100 GH/s. We will not know the exact hashrate until later in the development process, however we have confidence that 100 GH/s is a low bar to hit. We may end up shipping miners with a much higher hashrate, and will continue updating the estimated hashrate as we get more accurate estimates for how the chips will perform. The estimated power draw is 500w, though it may be significantly less.
The price of the unit is going to be $2499. Chip manufacturing is expensive, supply chains are expensive, and there are a lot of single-time costs that go into making miners. Future batches will likely have lower prices, however they will also ship later.
We will be selling the miners for Bitcoin. We expect the sale volume to be very large (in the tens of millions of dollars), and we feared that the Sia cryptocurrency would not have enough liquidity to handle all of that volume, resulting in the price rising quickly as people scramble to buy Siacoin for the ASIC, and then the price falling quickly as we convert the Siacoin to USD. This is the worst of both worlds - participants buy the siacoin at a premium, and then we sell them at a discount. Bitcoin has much, much deeper liquidity, and we can sell large volume of Bitcoin quickly without moving the price too much.
We will be converting the Bitcoin to USD as fast as possible. If the price fluctuates by more than 5% before we are able to convert, we will need to request more coins to cover the difference, or cancel the order. If the price fluctuates upwards by more than 5% before we convert, we will return the difference.
The sale and shipment of ASICs on the Sia network is going to dramatically increase the hashrate. When considering how much revenue you may get from a unit, please take into account the fact that we are selling enough units to potentially 10x or 100x the difficulty. If another ASIC manufacturer decides to start selling Sia ASICs, the hashrate may go up by more than just the number of units we sell. Please also consider that the block reward is decreasing. Today, the block reward is about 189,000 siacoins per block. By June 2018, our ship date, the block reward is going to be closer to 135,000 siacoins per block, decreasing by 1 siacoin per block (or 4320 siacoins per month).
The presale will be open for 7 days. There is no rush - people who buy on the fourth day will receive the same treatment as people who buy on the first day. The sale will not close early, and while we reserve the right to deny purchases, we have chosen not to put a cap on the number of units sold. We may pre-sell additional batches before the first batch ships. The first batch will have priority when we begin shipping, and if the later batches will be shipping shortly after, those later batches will be sold at a higher price. People who buy in on the first batch will receive both price preference and shipping date preference as a reward for taking on the most risk.
Obelisk is the company that will be producing these chips. Obelisk is a fully owned subsidiary of Nebulous Inc. Nebulous is the company that employs all of the Sia core developers.
Obelisk has plans for growth in the future. None of these plans are finalized as we are primarily focusing on shipping this miner, but potential future products include:
Finally, we plan to introduce decentralized mining pools into the Sia ecosystem before we ship the miners. Hosts will have the option of running their own mining pool, and then miners can detect the hosts by checking the blockchain and the peer network, forming payment channel contracts with them and participating in fully decentralized mining. This should help alleviate the pool centralization that is seen in most PoW cryptocurrencies.
We are very excited about our new company, and hope that you share in our excitement. Feel free to ask any questions.
submitted by Taek42 to siacoin [link] [comments]

My response to the Dev Fork decision

Since I penned the original Community Fork proposal, I felt the need to address the decision to fork and the medium post attempting to justify the radical departure from what the community sought. The italics are quotes from the post, the following text is mine.

The first several statements are in regard to what happened in January.

The core developers ultimately decided against forking.
--
This statement sets the table by clearly laying out what happened in January with a statement the project is centralized as Nebulous went against the community in not forking then. The same holds true on today's statement.

Decentralization is valuable because there is nobody in control, and we weren’t comfortable releasing an update that threatened to rip the community in half.
--
In other words, we asserted control and made a highly centralized decision to protect the community. It is Orwellian in attempting to explain that war is peace.

ironically the people leaving in the largest droves were those who most aggressively opposed the fork during the earlier debates
--
Even if evidence existed to determine this, it's doubtful. The people most active against the fork were A3 purchasers and those people had ROI to meet. Even if they decided the Discord was a bit toxic, they still fulfilled a role securing the network. The author frequently makes assertions that cannot be defended with fact.

Sia’s biggest supporters and believers were the ones that got hit hardest by the mining catastrophe, and despite this loss, they were also the ones who stuck through the hardest times.
--
What did they lose? Obelisks wouldn't ship for another 9 months. How was it a catastrophe? Was the network ever at risk? The use of hyperbole here is indicative of the lack of a serious argument.

They (innosilicon) have the only 14nm miner on the market, and as such they have the only rig capable of competing. Without competition, there is no price pressure, and it seems that there is close to, if not above, a 100% markup on their hardware. For every machine that gets sold, Innosilicon makes enough profit to produce a machine for themselves to mine.
--
The suggestion is that a highly competent manufacturer fairly competing to create the best possible solution is somehow in the wrong. It then goes on to suggest that gaining a financial reward for being highly competent is somehow wrong and further intimates the profits must be reinvested into working the Sia chain. In fact, Innosilicon didn't have an overly large hashrate until the discussion of a fork seemed inevitable. It seems reasonable they dumped the totality of their inventory online because they would not be able to sell them once a fork occurred. Arguing against capitalism and the freedom to earn profits is a dangerous slope, perhaps revealing underlying political motivations of the author.

For an ASIC that is going to obsolete existing hardware, margins can be anywhere from 50% to 100%. The story is different however for ASICs that intend to compete without being strong enough to become the new monopoly. For these machines, margins are likely to be less than 25% because the presence of competition heavily forces prices downwards.
--
The argument here is to somehow seek to fight Moore's Law. Just as GPUs defeated CPUs and ASICs defeated GPUs, the strongest ASICs will prevail. There are several manufacturers that can be sought out to compete if the result is a single dominant model. More importantly, Innosilicon sells the majority of it's mining rigs to decentralize the hashrate. A single dominant manufacturer does not guarantee or even make more likely the hashrate will centralize. Finally, seeking to protect less than competent or financially competitive manufacturers runs counter to much of the Satoshi manifesto.

When a manufacturer is also a miner, there is an incentive against manufacturing and selling more machines.
--
The Bitmain financials clearly show the company makes the overwhelming amount of their profitability on miner sales, not mining. This is likely true for nearly all coins as mining quickly becomes close to breakeven. Even the author later admits the margins on hardware make for a lucrative business model.

High manufacturer diversity is currently limited by the extreme barriers to entry...we like to see manufacturers that share the knowledge and encourage a vibrant competitive environment.
--
In no industry that I am aware of is sharing of proprietary knowledge common and especially not in highly competitive and extremely capital intensive industries. It's beyond naive to believe this should be a goal. The post continues with other hurdles that no rational enterprise would accept without some sort of regulatory framework. It cannot be fairly policed as we are seeing here. The author has made several statements based on conjecture and formulated a punishment with the entities having no rights of appeal or even an advance guideline to follow that would have avoided the issues.

For the Sia network, an important line was crossed when secret ASIC projects superseded a public project that had substantial community investment.
--
This may be accurate to the author but such a line was never laid out for the public and as such, crossing it cannot be penalized unjustly.

Sia did not fork initially because there was a lot of confusion, a lot of emotion, and a great fear that the heavy conflicts of interest would cause the development team to make the wrong decision. Since then, there has been time for emotions to cool, for level heads to prevail, and for a second community fork proposal to come forward. Unlike the first fork proposal by the community, this second proposal experienced widespread support and virtually no opposition at all from regular members of the community.
--
This is accurate in stating the Community Fork proposal enjoyed widespread support. it is totally off base in suggesting the Dev Fork even resembles the CF. This is using the community as a human shield due to the overwhelming lack of an argument. My guess is that the Dev Fork would not meet with anything near the kind of support the CF enjoyed.

Sia is forking today to reprimand the current ASIC monopoly for the damage it did to the Sia community, to make whole the supporters of Sia’s community ASIC project, and to send a clear message to all future Sia ASIC manufacturers: we will not tolerate an abusive ASIC monopoly.
--
Which is sort of a heavy handed way of saying there is one final boss at Sia and you made him mad to the point that he must now "reprimand" you. The items characterized as abusive were never outlined in advance and are highly debatable as to whether they actually are abusive, but again, Final Boss.

We fully expect that the 28nm Obelisk ASICs will be replaced by a 16nm chip from another manufacturer, who will become the new manufacturing monopoly for Sia... the Sia community is not afraid to take action a second time to break a parasitic or abusive ASIC monopoly.
--
Hopefully any manufacturer understands the shifting sands that exist within the Sia leadership could decide virtually any action to be harmful as there has been zero harm done up to now. There have been no attacks, no overt centralization and plenty of supporters own/mine with these company's devices.

Sia is an ungoverned blockchain. There is no built-in mechanism on the Sia network to change the consensus rules, and there is no mechanism in the software that the developers can use to force people to upgrade. The only way that Nebulous can encourage a fork is to release new code, and then encourage people to upgrade.
This leaves people with the opportunity to reject the upgrade, and to instead continue using the old software and the old blockchain. If enough people rally around the old software, there could be a network split, and Sia could divide into two blockchains, in the same way that Ethereum split into Ethereum and Ethereum Classic, and in the same way that Bitcoin became Bitcoin and Bitcoin Cash.
At Nebulous, we view these cryptocurrency splits as one of the most powerful innovations of the blockchain space. Under traditional governance structures, a single decision gets made and everyone has to live with that decision. But when the network is able to split, you can get solutions where two groups of people with incompatible demands can both get what they want.
We will be structuring the Sia hardfork code to enable a group of dissenters to easily split off and be on a separate blockchain where the hardfork was never implemented. The hardfork will be released as its own release, v1.3.6, where the only code updated is a handful of lines of code + tests required to implement the hardfork. The code will be implemented in a way that easily allows a dissenting group to remove the hardfork code and yet continue merging changes that are made to the primary Sia repo. So long as the siafund ownership is maintained on this fork, members of the dissenting community will be welcome in the Sia community, on the Sia discord, on the subreddit, and will be able to receive support and help directly from the Nebulous support staff.
Perhaps the most amazing thing about a potential Sia network split is that all users will be able to continue to use their current files that they have on Sia. Uploads and downloads will continue to work, no matter what side of the split you are on, and so long as the minority side of the split has enough hosts (50–80 is what most users will require), the repair mechanisms of the Sia network will be able to repair your files from across both networks and ensure that your files continue working into the future. If the minority side of the fork does not have enough hosts, users will have time (most users will have several weeks) after the split to download their files and find an alternative way to back them up.
--
These paragraphs are simply amazing. The author appears to be goading people resistant to his iron control over the project to continue the legacy chain. While this makes sense if you are simply building a protocol and have no interest in marketing and selling the tech to say, Fortune 1000 companies, it is a terrible message if you do plan to. You are seeking community schism, making a competitive environment for hosting when hosting is already horribly unprofitable and seeking to sow chaos in how the network evolves into the future. The logical approach would be to let dedicated foes seek out the info on their own if there is a desire to work the legacy chain, not encourage it. It continues to show the author, while a strong technologist is a weak business individual.

we like to see is low margins for miners and manufacturers. When there are high margins, at least one player (the benefactor of the high margins) is able to acquire hashrate more cheaply than everyone else, and therefore is able to more easily attack the network.
--
What is the evidence and argument here? That people with more money are more able to attack? People with large trust funds are equally likely to be more able to attack. High profit margins simply indicate a competent agency, nothing more.

ASIC manufacturers ultimately exist to serve the network, and specifically to protect the network against 51% attacks.
--
ASIC manufacturers exist to serve their customers, full stop. They have no role or responsibility to the network at all. Increasing a circle of responsibility to an entity with no control over how their products are used is silly.

Overall, I am disappointed the team chose to ignore the Community Fork proposal in order to run their own fork. But, this is a Nebulous project and ultimately they can do whatever they want. They cannot assert decentralization though and very little about this current action suggests there is a long term goal of decentralization. Decisions to exclude some faction today will most certainly arise down the road as the team concludes that certain storage customers or developers or vendors are unacceptable for various reasons. This hasn't even discussed the awkward part of the equation where Obelisk is owned by the author and stands to gain now and in the future when more powerful, 2nd gen ASICs can be created and no outside manufacturers wanting to risk losing on the Sia project.

The point of the post is to attempt to continue to get Mr. Vorick to recognize the issues with his sole governance of the Sia project. Even the most ill-willed posts from various authors have a goal of improving the project. It is hoped that at some point, Vorick will recognize his project is stronger with community participation, even to the point of going along with community desires sometimes even if it runs counter to his own desires. There is value in learning to negotiate. You learn what to give away and what is sacrosanct. In the end, the project will grow much stronger and there will be copious numbers of supporters ready to do battle against the hyper-competitive world of cloud storage.
submitted by FaustianAGI to siacoin [link] [comments]

ASICBOOST isn't an efficiency gain

Lets take a few hypothetical scenarios:
All ASIC's move from 28nm tech to 16nm tech.
-More work is being done, therefore more security
ASICBOOST is released for free and all ASIC's adopt it
-Same amount of work is being done, security is the same
ASICBOOST is patented and only specific miners can use it
-Same amount of work is being done, but causes miner centralization.
 
Bitcoin's security is provided by work (proof of work). Actual work has to be done to increase security. "Shortcuts" do not increase security. ASICBOOST doesn't do more work, it lets you pretend that you did more than you actually did. It is not an efficiency gain, it is a shortcut. It is disenguous to compare it to other efficiency gains where more work was done.
The correct terminology to describe ASICBOOST is that it is a cryptographic attack.
 
Definition:
A cryptographic attack is a method for circumventing the security of a cryptographic system by finding a weakness in a code, cipher, cryptographic protocol or key management scheme.
 
The cryptographic attack used by ASICBOOST is colliding message blocks.
This same cryptographic attack, colliding message blocks, was used by Google in February 2017 to decrease the security of SHA-1 from 2128 to 261. This allows anyone with a powerful computer cluster to produce full hash collisions for SHA-1, completely breaking its security. This means that an attacker can produce two files with the same hash if they execute this attack and compute 261 operations.
 
More about the SHA-1 attack here:
http://shattered.io
This page contains two different files with the same SHA-1 hash proving that SHA-1 is not secure and cannot be used to verify the integrity of files.
Whitepaper on the colliding message block attack on SHA-1 that was used by Google:
http://shattered.io/static/shattered.pdf
 
ASICBOOST uses colliding message blocks to reduce the security of SHA-256 from 2256 to approximately 2255.48. In practice, this is negligible. However, if a new attack similar to ASICBOOST was revealed that reduced the security to somewhere in the order of 261, Bitcoin mining would be completely broken. It would be possible to mine a block, no matter the difficulty, with 261 operations, which is very achievable with today's technology.
 
Calling ASICBOOST an efficiency gain is very wrong.
Leaving cryptographic attacks unpatched sets a bad precedent that we don't care about these kinds of attacks. When a more serious cryptographic attack is found people will point to this one and say "why was that one allowed". It needs to be clear that we will patch any vulnerabilities on SHA-256
submitted by cowardlyalien to Bitcoin [link] [comments]

Updated FAQs for newcomers

TL:DR: Don't bother mining if you want to get rich yo. You're way too late to the party.
Welcome to the exciting and often stressful world of bitcoin! You are wondering what looks like a once in a lifetime opportunity to get rich quick. Of course you guys probably heard about this "mining" process but what is this?
Simply put, a bitcoin mining machine that performs complicated calculations and when deemed correct by the network, receives a block which contains 25 bitcoins (XBT). This is how bitcoins are generated. So your brain instantly thinks, "Holy shit, how can I get on this gold rush?"
Before you proceed further, I would like to explain the concept of mining further. Bitcoin is limited 21m in circulation. It is coded to release a certain number of blocks at a certain time frame, ie: this year the network will release close to 500,000 bitcoins. What this means is that the more people (or specifically the amount of mining power) mine, the less each person gets. The network tries to keep to this time frame through the process of difficulty adjustments which makes the calculations harder and this happens every 2 weeks. So every 2 weeks, you get less bitcoins with the same hash rate (mining power) based on what the difficulty changes are. Recently, the changes have been pretty staggering, jumping 226% in 2 months. You can see the difficulty changes here.
Now, why are these changes so large?
A bit of a simple history. Bitcoin's algorithm runs on SHA-256. This algorithm can be solved using many hardware, from CPU to GPU and dedicated hardware (Application Specific Integrated Circuits). When bitcoin first started, mining on CPU was a trivial process, you can pretty much earn 50 XBT (the block size then) every few hours between Q1 and Q2 of 2010.
In late 2010, due to the difficulty increase that is reducing the effectiveness of CPU mining, people started to harness GPU mining. Only AMD GPU's architecture design are better optimized for bitcoin mining so this is what the community used. Immediate improvements of more than 10x was not uncommon.
In time of course, GPUs reached their limit and people started to build dedicated. In the same vein as the CPU to GPU transition, similar performance increase was common. These ASICs can only perform SHA-256 calculation so they can be highly optimized. Their performance mainly depends on the die size of the chips exactly like CPU chips.
In general, think of bitcoin mining's technological advancement no different to mining gold. Gold panning (CPUs) vs pickaxes (GPUs) vs machinery (ASICs) and we are still in the ASIC mining race.
ASIC mining started with ASICMiner and Avalon being first to the market, both producing 130nm and 110nm chips. The technology are antiquated in comparison to CPUs and GPUs which are now 22nm with 14nm slated for Q1 next year by Intel but they are cheap to manufacture and with performance gains similar to the CPU to GPU transition, they were highly successful and popular for early adopters. At that point in time since there were less competing manufacturers and the low batch runs of their products, miners became really rich due to the slow increase in difficulty.
The good days came to an end mid August with an unprecedented 35% increase in difficulty. This is due to existing manufacturers selling more hardware and many other players coming onto the market with better hardware (smaller die). Since die shrinking knowledge and manufacturing process are well known along with a large technological gap (110nm vs 22nm), you get an arms race. Current ASIC makers are closing in on our technological limit and until everyone catches up, the difficulty jumps will be high because it is just too easy to get a performance increase. Most newer products run at 28nm and most chips are not well optimized, so it will be around another 6 to 9 months before we see hit a hard plateau with 22nm or 14nm chips. The estimated time frame is because manufacturing chips at 22nm or 14nm is a more difficult and expensive task. In the meantime most manufacturers will probably settle at 28nm and we will reach a soft plateau in about 3 months.
Now, you might ask these questions and should have them answered and if you have not thought about them at all, then you probably should not touch bitcoin until you understand cause you are highly unprepared and probably lose lots of money.
No. If you have to ask, please do not touch bitcoin yet. You will spend more on electricity cost than mining any substantial bitcoin. Seriously. At all. A 7990 would produce a pitiful 0.02879 XBT (USD $14 @ $500/XBT exchange rate) for the next 30 days starting 23 Nov 2013 at 35% difficulty increase.
And if you think you can mine on your laptop either on a CPU or GPU, you are probably going to melt it before you even get 0.01 XBT.
Probably not because you probably forgot that GPUs and CPUs produce a ton of heat and noise. You can try but I see no point earning < $20 bucks per month.
No, because your machine will probably not mine as much as buying bitcoins. This situation is called the opportunity cost. While you can still make money if XBT rise in value, it is a fallacy.
IE: if you start mining on 1 Dec 2013, a KnC Jupiter running at 450Gh/sec (KnC lies as not all chips run at 550Gh/sec) will yield you a total revenue of 9.5189 XBT with a profit of 0.7859 XBT in profit by 30th Jan 2014 at a constant difficulty increase of 35%. The opportunity cost is: 8.5910 XBT @ USD $580/XBT with USD $5,000 which is the cost of a KnC Jupiter. This is the best you can earn and it's a bloody optimistic assumption because:
The only circumstances where you will earn money is when XBT exchange rates is so high that it makes the opportunity cost pales in comparison. Unfortunately this is not the case. If XBT stabilized at 900/XBT today (20 Nov 2013) then we might have a good case.
The risk is just generally not worth it. Unless you have at least a hundred thousand and can make a contract with a manufacturer for a lower cost, do not bother. Just wait until the arms race is over then you can start mining.
Okay, go buy an AsicMiner USB Block Erupter. They are cheap and pretty fun to have.
Sure, just read the answer below on who NOT to go for. You are doing bitcoin a service by securing the network and you have our (the users') gratitude.
You can check out the manufacturers and their products below along with a calculator here.
If you still insist on buying, do not to go for BFL. Their track record is horrid and borderline scammish. KnC fucked up a lot with defective boards and chips. Personally, I think CoinTerra is the best choice.
Alternatively, you can go on the secondary market to buy a delivered product. You can get a better deal there if you know how to do your "return on investment (ROI)" calculation. Personally, I will go for a 45%-50% difficulty increase for the next 3 months for my calculations and a 2% pool fee.
However, most products on ebay are sold at a cost much higher than it should. bitcointalk.org is a cheaper place because everyone knows what are the true value is so you will find less options. If you are unclear or need assistance, please post a question.
I actually do not use any of the pools recommended to the left because I think they lack features.
My favourite is Bitminter (Variable fees based on features used; max 2%). It has all advanced features for a pool, very responsive and helpful owner on IRC. Variable fees is good for those who do not need a large feature set, even with all features turned on, it is still cheap.
Eligius (0% fees) has high value for money but lacks features. It has anonymous mining which might be attractive to certain subset of people but not for others. Many other community member and I disagree highly with the opinions of the owner on the direction of bitcoin. I do use his pool for now but I do so only because I share my miners with a few partners and anonymous mining allows us to monitor the machines without using an account. Bitminter uses only OpenID which is problematic for me.
BTC Guild (3% fees) is another big pool and is fully featured and does charge a premium for their fees. That said, they are the most stable of the lot. I do use them but do so only because my hoster uses them for monitoring. I try not to use them because a pool with a very large hash rate (they are the largest) presents a large vulnerability to bitcoin's network if compromised.
All of them pay out transaction fees.
submitted by Coz131 to BitcoinMining [link] [comments]

Looking to buy my first miner - input appreciated. /r/BitcoinMining

Looking to buy my first miner - input appreciated. /BitcoinMining submitted by BitcoinAllBot to BitcoinAll [link] [comments]

KKK-003 300

KKK-003 300 submitted by ebocoolinc to u/ebocoolinc [link] [comments]

An Insiders Take on CoinTerra & the Bitcoin Mining Sector

Having been involved in Bitcoin since 2011 and on the inside of one of the 28nm Bitcoin mining contestants for the past two months, here is my story.
Feel free to skip the long intro to skip to the present: I added it because people might want to know where I'm coming from.
My elevator pitch is that I discovered Bitcoin in 2011 while traveling in Argentina, and after doing research I started recommending it as an investment to the subscribers of my financial newsletter in early 2012. BTC was $5 back then, so we did well with that.
Here are some links of the things that I've done in Bitcoin:
"Bitcoin seen through the eyes of a central banker"
Interview Keiser Report about Bitcoin, ECB & Argentina
"Why you should invest in Bitcoin"
"Cryptocurrency is the future of money, banking, and finance"
Since the beginning I've been thinking a lot about how I wanted to invest in Bitcoin. It has always made plain sense to me to begin with buying coins, as it is like an ETF on the entire Bitcoin economy.
However, in early 2012, just the idea of buying bitcoins was a pretty scary prospect. I consulted with two core developers who actually tried to dissuade me from looking at Bitcoin as an investment. One said it was still very much an experiment, the other said (correctly so) that there were still substantial security risks.
Eventually it was my experience in Argentina's difficult economy (rife with currency crackdowns and capital controls) that convinced me to take the leap - I decided that there was enough demand and enthusiasm for financial freedom in the world. Enough for some crazy people to keep funneling resources into Bitcoin, resources that would support the idealist hackers and maverick entrepreneurs to make the technology of cryptocurrency a success.
So I started buying bitcoins, considering myself lucky because my friends in Latin America had it much tougher: they had to mine most of their cryptocurrency in their basement with graphic cards because of the harsh capital controls that prevented them from sending money abroad and buying them on an exchange.
In all, 2012 was a difficult year for Bitcoin. The 'old' bitcoiners were still psychologically numbed from the huge decline in price, and the newbees were continually scared by new scandals: the Bitcoinica thefts in May and July, the BTC Savings and Trust-ponzi implosion in August, and the Bitfloor theft in September. The price of Bitcoin hovered between $5 and $13 all year, the mainstream media ignored or at best scorned Bitcoin, and I for one was mostly happy to still have an unscathed wallet.
Throughout the year I wrote about Bitcoin practically every week in my email updates and every month in my printed investment newsletter. It was often a frustrating job, because my many of my subscribers are babyboomers or from an older generation who don't intuitively grasp the concepts of peer-to-peer, open source, online, etc. I received a good number of emails accusing me of promoting a ponzi scheme, and my publisher (who does all the promotion for the newsletter) was very sceptical and tried to persuade me to write less about Bitcoin and more about traditional investments like gold and stocks.
I think this tension/struggle is part of what prevented me from exploring the investable side of the Bitcoin economy for quite a while, although I did buy a few Bitcoin mining stocks on the GLBSE. (Compliments to the miners that kept paying out dividends even after the wild ending of this stock exchange - COGNITIVE is one of them)
Attending the Bitcoin London conference organized by Amir Taaki in late 2012 was definitely a turning point for me. Cryptocurrency suddenly became tangible and real, and I think that was the case for many people there.
During Amir's conference, I made friends with Jim from MultiBit and Nejc from BitStamp. I likely missed an investment opportunity with BitPay (even though Tony Galippi was just as impressive back then as he is now), and I tried to persuade GLBSE's Nefario to start talking to a lawyer about the legal risks of running a Bitcoin denominated exchange. Josh from Butterfly Labs made an announcement there in London, and that was my first experience with the excitement and controversy that characterizes so much of the Bitcoin mining industry today.
Meanwhile my investment newsletter kept doing well, and I decided to make a move to South America to expand my horizon. That's how it happened that I was with my friends in Buenos Aires when the March-April 2013 explosion in price happened: an exhilarating time, and I'm still grateful for their long term Bitcoin experience which helped me make the right decisions for myself during this period.
Still I kept thinking about how I could invest some of my gains back in the Bitcoin economy. Chasing a dollar profit doesn't make sense to me, so I had to identify business models that gave perspective for making a multiple on my bitcoins.
Bitcoin mining felt like an interesting fit, for several reasons.
First, I spent the past few years studying the gold mining industry and the parallels and differences with Bitcoin mining are absolutely fascinating to me.
Next, in the short run I am not at ease regarding the authorities ability to attack or destabilize the BTC network. Many will object by saying that the Bitcoin network has a hashrate that's currently 40 times faster than top 500 supercomputers combined. However, that is misleading because the equation would change dramatically if those computers were equipped with specialized ASICs that can be produced for a couple of million dollars.
This is what Jim Rickards referred to when he said "technologists don't understand the world of power politics and malicious actors: there are people who don't care about the cost. (…) If they want to destroy a system, and they have to pay to do it, they'll do it. It's not necessarily more expensive than buying an aircraft carrier or building a submarine."
This is the reason why I think it's crucial to push up the network speed as close to the physical limits as possible. Once the miners are working on the smallest node and with the most efficient chip possible, it will be much more difficult for a malicious entity to do a 51% attack on the network.
(By the way, much respect to the small bitcoiners and basement miners for this: they are the ones that have been bankrolling the expensive development of ever more sophisticated ASIC chips. They are the ones that are slowly turning the once brittle skeleton of the Bitcoin network into an indestructible Adamantium shield.)
Finally, it seemed obvious to me that the Bitcoin mining market was about to enter a consolidation phase, in which the market would increasingly sponsor the more reliable and technically gifted chip producers, which will eventually create a more stable environment for everyone. How exciting, to try and witness from the first row how an entirely new industry grows from childhood/adolescence towards maturity!
Enter CoinTerra.
I first met Ravi Iyengar and his team members at the San Jose Bitcoin conference, where they pitched for an angel investment in their company. I was immediately impressed by their passion, technical pedigree, and understanding of the workings of Bitcoin.
I was definitely intrigued and after the conference we kept the communication lines open. Back in Belgium I met with two interested angels who happened to be Belgian, too. I then talked to different people with hardware backgrounds to verify whether Ravi's team really was that good judging by the industry standards. They were.
I started getting excited.
From there on, things began moving fast. The two Belgians got in and the more I talked to Ravi, the more I was impressed with his cogent reasoning, his decisiveness, and the speed by which he absorbs large amounts of new information. By mid July I finally made the decision to also come in as the third angel investor in CoinTerra.
When I talked about the company to Timo Hanke (German cryptographer and author of the Bitcoin Pay-to-Contract protocol) he was intrigued, did his own due dilligence, and soon after became an investor in, and later a team member of CoinTerra.
Other investors and advisors that came in on the angel round had reputable backgrounds in the software and hardware industries, precious metals, telecom, and law - all of whom shared a great and genuine passion for Bitcoin. I began feeling very fortunate to be able to follow this project from such a close perspective.
After some days, because of Ravi's high energy and magnetic enthusiasm, the following turned into involvement. When I was invited to come to Austin, Texas to help out, I jumped in with both feet - I've been here for a week now.
One thing I noticed when getting involved with CoinTerra more closely, is that the communications part of the equation needed improving. I can understand how the issue came to be. Ravi is in the first place an engineer and a team leader, and he started structuring his company from that same perspective. Even today most of his focus is directed to closely managing all the engineers (in Austin, in Raleigh, and also in India) to make sure that the risks involved are managed to the greatest possible extent.
The engineering roots of CoinTerra are also reflected in the initial vision behind the company: to build large and efficient mining data centers, deploy them worldwide, and to then offer cloud hashing services to the public. However, the still uncertain legal repercussions of that lead to a change in strategy. Instead, CoinTerra is now working on providing chips and rigs for the general public, and leaves it for the customers to decide where and how to mine with them.
Now, I understand and appreciate how very skeptical a large part of the Bitcoin mining community has become. People have invested a lot of resources in brave but often very inexperienced teams who have not always been able to deliver on their promises. It has been a road of trial and error, and the errors of some have proven painful to many.
I can say that I understand what it means to have skin in the game of the mining market; I am an investor in a company that has announced but not released a manufactured product on the market yet. And I stand by it: I think CoinTerra is working on fantastic products and has great future potential as a company. Would I like to make a return on my investment? Of course, that will be the best proof that it fulfills the potential that I see in Ravi and his team.
That said, even to just be involved in this technological arms race that is taking place in Bitcoin mining, where hyper competitive capitalism is miraculously creating a very pure public good, is a real privilege. I think the sector will further mature and that we will see more and more reliable companies emerge over time, and all the while the Bitcoin network will grow stronger and stronger.
I'm happy to take questions if you are interested.
Best wishes,
Tuur
submitted by dtuur to Bitcoin [link] [comments]

ASICBOOST isn't an efficiency gain

Lets take a few hypothetical scenarios:
All ASIC's move from 28nm tech to 16nm tech.
-More work is being done, therefore more security
ASICBOOST is released for free and all ASIC's adopt it
-Same amount of work is being done, security is the same
ASICBOOST is patented and only specific miners can use it
-Same amount of work is being done, but causes miner centralization.
 
Bitcoin's security is provided by work (proof of work). Actual work has to be done to increase security. "Shortcuts" do not increase security. ASICBOOST doesn't do more work, it lets you pretend that you did more than you actually did. It is not an efficiency gain, it is a shortcut. It is disenguous to compare it to other efficiency gains where more work was done.
The correct terminology to describe ASICBOOST is that it is a cryptographic attack.
 
Definition:
A cryptographic attack is a method for circumventing the security of a cryptographic system by finding a weakness in a code, cipher, cryptographic protocol or key management scheme.
 
The cryptographic attack used by ASICBOOST is colliding message blocks.
This same cryptographic attack, colliding message blocks, was used by Google in February 2017 to decrease the security of SHA-1 from 2128 to 261. This allows anyone with a powerful computer cluster to produce full hash collisions for SHA-1, completely breaking its security. This means that an attacker can produce two files with the same hash if they execute this attack and compute 261 operations.
 
More about the SHA-1 attack here:
http://shattered.io
This page contains two different files with the same SHA-1 hash proving that SHA-1 is not secure and cannot be used to verify the integrity of files.
Whitepaper on the colliding message block attack on SHA-1 that was used by Google:
http://shattered.io/static/shattered.pdf
 
ASICBOOST uses colliding message blocks to reduce the security of SHA-256 from 2256 to approximately 2255.48. In practice, this is negligible. However, if a new attack similar to ASICBOOST was revealed that reduced the security to somewhere in the order of 261, Bitcoin mining would be completely broken. It would be possible to mine a block, no matter the difficulty, with 261 operations, which is very achievable with today's technology.
 
Calling ASICBOOST an efficiency gain is very wrong.
Leaving cryptographic attacks unpatched sets a bad precedent that we don't care about these kinds of attacks. When a more serious cryptographic attack is found people will point to this one and say "why was that one allowed". It needs to be clear that we will patch any vulnerabilities on SHA-256
submitted by cowardlyalien to btc [link] [comments]

KKK-006 300

KKK-006 300 submitted by ebocoolinc to u/ebocoolinc [link] [comments]

Now offering A2 Terminator 76 mh/s ASIC scrypt miner on TransHash.com (not a pre-order)

This extremely powerful miner with 48-A2 28nm ASIC chips achieves 76 Mh/s (86 Mh/s in Turbo mode), while only drawing about 400-480 watts of power. It will exponentially increase the power of your mining rig, while also enabling you to contribute to securing the Litecoin network, and that of any other scrypt-based cryptocurrency you choose to mine, a task that is going to require substantial computing power going forward.
This is the first miner TransHash is offering (through a wholesale arrangement with an authorized distributor), and we realize ASIC mining of scrypt-based cryptocurrencies like litecoin is a controversial issue. We know that the conversation about its pros and cons should and will continue, and we hope that we can contribute in some way to it. We also hope you will take a look at this miner and offer your feedback on this product and/or the TransHash website. As an online retailer dedicated to serving users of digital currencies, TransHash only accepts litecoin, bitcoin, and dogecoin. http://www.transhash.com/product/76-mhs-28nm-scrypt-asic-miner
We will start the shipping process after payment processing (this could take a few days). Machines ship from our distributor or manufacturer. Shipping times will vary depending on distances.
** UPDATE: We appreciate all of the feedback we've received here and elsewhere about this product. As a result of the feedback, we have reduced the price of the A2 Terminator Scrypt ASIC miner to $12,000. Also, our distributor says that they will be making a video of the miner running this weekend for TransHash to post for our customers. Again, we appreciate all your input and look forward to continuing to hear from you.
submitted by TransHash to litecoin [link] [comments]

Is all mining now negative return-on-investment?

I have been closely watching the mining scene for only about 3 months, so excuse me if this sort of question is asked frequently, or is too speculative.
Is all BTC mining now underwater, with a negative ROI?
That's what it looks like to me. I initially got interested years ago, when the return was small and BTC was not worth much. I didn't mine because it seemed like a miniscule return on investment. Oh I wish I had started back then, those "worthless" BTCs would be worth a lot now.
But I started getting more interested again when that Ars Technica article on the BFL Jalapeno appeared. Holy crap, a machine that prints free money. He made hundreds of bucks in a week.
So I started checking it out. With the delays in BFL's product shipping, all the mining calculators show that any new investment in mining hardware will never break even. Difficulty is increasing so fast, that the only machines making money are already in place, and soon they won't even pay for the cost of electricity.
Now just to screw this up even further, BFL did a classic "Osborne Effect" announcement of their new Monarch board. Their existing ASIC machines are obsolete. The new 28nm machine that does not exist yet, is promised to deliver 600Gh for 350 watts, and costs $4680. I ran the numbers through the mining calculator at The Genesis Block. Unfortunately their calculator seems to be down at the moment, but I recall running numbers on a Monarch, delivered even in December, would not break even unless BTC went up to 2000 per dollar!
Now even accounting for BFL's broken promises, if I could buy mining hardware like this today and turn it on now, it would make a negative ROI. I run the numbers for every possible hardware I could buy, none of them are as cheap in dollars/Gh or Gh/watt as the Monarch. And none of them break even.
I decided to track the existing performance of mining using my dinky Mac mini's GPU. It won't mine much, and GPU mining will never break even in a network full of ASICs. But it would give a rough index of how difficulty is affecting mining. Here's a rough description of my results. At this point, it looks like mining is doubling in difficulty every month. Nobody can make money unless either BTC rises in value dramatically, or the majority of miners give up and unplug their unprofitable mining hardware.
So someone tell me if this assessment is realistic or not. At the moment, it looks like any new investment in mining hardware will result in turning every dollar of investment into 50 cents worth of BTC at most. With increasing difficulty, soon even existing mining hardware will be turning every dollar of electricity into less than a dollar worth of BTC. ROI is underwater now for new hardware, and soon will be underwater for all hardware, even advanced ASICs that haven't even shipped yet. There are only two ways that mining might ever make a profit. One is if almost everyone gives up when their miners become unprofitable. The other is if BTC goes up massively in value to like $2500/USD, which will only fuel the arms race even more.
Yeah, I know there is a big incentive to spread disinformation to convince people to drop out of mining. So don't try to BS me. Let me hear your honest assessments, or please point me in a direction where I can do research to figure this out.
submitted by nmrk to BitcoinMining [link] [comments]

02-25 12:53 - 'And yet they weren't the first, KNC could have made enough money from selling their entire 28nm production to beat Bitmain before they got off the ground. / Instead KNC (and Bitfury) were betting on making more money long term fr...' by /u/Agrroz removed from /r/Bitcoin within 4-14min

'''
And yet they weren't the first, KNC could have made enough money from selling their entire 28nm production to beat Bitmain before they got off the ground.
Instead KNC (and Bitfury) were betting on making more money long term from mining themselves. KNC also had a horribly inefficient/expensive product (comparatively), however that was a trade off to have fast time to market. KNC used a large monolithic die and used very expensive components for their VRMs, Bitmain simply beat them with a better design (and we want them to be punished for it?)
I have zero sympathies for the mining companies that are struggling/are out of business. Most of them fucked over customers in one way or another, many of them worse than Bitmain ever did. "But they are Chinese" some people will say, well tell that to all the people who got fucked over by Butterflylabs, I bet it will make them feel a lot better.
Ah ye who was it that got early miners from BFL now again? [link]1 I guess Bitmain has not sent enough hardware to Luke for "testing" to be on his good side. He also got one of the very first "minirigs" delivered, he might actually have paid for that one however (my memory is fuzzy). No question he jumped the queue however.
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: Agrroz
1: mi*ef*re*an.com/20**/*4/0*/l*k*-j**s*ow*-off-the-f*rst-but*e**y-*a*s-asic-bitc*i*-mine*/
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Building a Dual Rig (gaming and mining)

What is your intended use for this build? The more details the better.
I’d like to build a gaming/mining rig. I would like to run 6 graphics cards at one point, might not buy them all outright. So the goal. A gaming computer running the 1070 separately so I can still game and do stuff while the other 5 cards are mining. When im not using the computer, I have the option to put the 1070 to work as well. Is it a stupid idea to combine the two purposes into one super computer? Also, I’m having trouble finding a compatible motherboard and would love suggestions. Finally, I have tried reading on the riser connection info and I’m still not sure. Hopefully those are the correct risers?
If gaming, what kind of performance are you looking for? (Screen resolution, framerate, game settings)
Nothing too crazy. I have done the research on that side of things and the things selected should make me happy.
What is your budget (ballpark is okay)?
$2000-3000 (depending on how many gpu’s I buy at onece)
In what country are you purchasing your parts?
U.S.A (amazon, here is the link my current list. https://www.amazon.com/gp/registry/wishlist/2NAC9YOHISTRI/ref=nav_wishlist_lists_4)
Post a draft of your potential build here (specific parts please). Consider formatting your parts list. Don't ask to be spoonfed a build (read the rules!).
CPU:
AMD Ryzen 5 1600 Processor with Wraith Spire Cooler
Motherboard:
Im not sure!
Memory:
Corsair - Vengeance LPX 16GB (2 x 8GB) DDR4-3000
Storage:
Samsung 850 EVO 250GB 2.5-Inch SATA III Internal SSD (MZ-75E250B/AM)
WD Blue 1TB SATA 6 Gb/s 7200 RPM 64MB Cache 3.5 Inch Desktop Hard Drive (WD10EZEX)
Case:
Aluminum Stackable Mining Case Rig Open Air Frame For ETH/ETC/ ZCash (Black)
Power Supply:
(2) EVGA SuperNOVA 750 G2, 80+ GOLD 750W, Fully Modular, EVGA ECO Mode
Graphics Cards:
(5) XFX Rs XXX Edition Rx 570 4GB OC+ 1284Mhz DDR5 3xDP HDMI DVI Graphic Cards RX-570P4DFD6
(1) EVGA GeForce GTX 1070 SC GAMING ACX 3.0 Black Edition, 8GB GDDR5, LED, DX12 OSD Support (PXOC) 08G-P4-5173-KR
GPU Risers:
6-Pack VICTONY PCI-E 16x to 1x GPU Riser Adapter 60cm USB 3.0 Riser Flexible Extension Cable & MOLEX to SATA Power Cable,Powered Riser Adapter Card with LED Indicator
Would it also be possible to run a "Antminer S7 ~4.73TH/s @ .25W/GH 28nm ASIC Bitcoin Miner" on this set up if I increased the power suply?
I think it looks decent? But I’m happy to hear advice/suggestions. Thanks so much!
submitted by hayjay95 to buildapc [link] [comments]

Super cheap 1Th units are available on 3-14-14 for $5k .....wow..the Walmart effect is taking hold real fast.

I am pretty sure that with escrow and credit card purchase its safe to take the risk. I am wishing I would have not spent the money I have on miners and bough this. http://www.aliexpress.com/item/1TH-S-asic-bitcoin-miner-28nm-bitcoin-mining-machine-28nm-bitcoin-miner-pre-order-now-ship/1656827530.html
submitted by apollojmr to BitcoinMining [link] [comments]

Now offering a 76 mh/s ASIC scrypt miner on TransHash.com

This extremely powerful miner with 48-A2 28nm ASIC chips achieves 76 Mh/s (86 Mh/s in Turbo mode), while only drawing about 400-480 watts of power. It will exponentially increase the power of your mining rig, while also enabling you to contribute to securing the Dogecoin network, and that of any other scrypt-based cryptocurrency you choose to mine, a task that is going to require substantial computing power going forward.
This is the first miner TransHash is offering (through a wholesale arrangement with an authorized distributor), and we realize ASIC mining of scrypt-based cryptocurrencies like dogecoin is a controversial issue. We know that the conversation about its pros and cons should and will continue, and we hope that we can contribute in some way to it. We also hope you will take a look at this miner and offer your feedback on this product and/or the TransHash website.
*Edited: We accept dogecoin, bitcoin, and litecoin.
http://www.transhash.com/product/76-mhs-28nm-scrypt-asic-miner
We will start the shipping process after payment processing (this could take a few days). Machines ship from our distributor or manufacturer. Shipping times will vary depending on distances.
** UPDATE: We appreciate all of the feedback we've received here and elsewhere about this product. As a result of the feedback, we have reduced the price of the A2 Terminator Scrypt ASIC miner to $12,000. Also, our distributor says that they will be making a video of the miner running this weekend for TransHash to post for our customers. Again, we appreciate all your input and look forward to continuing to hear from you.
submitted by TransHash to dogemining [link] [comments]

The Pace of Technology: Putting a Ceiling on Difficulty

Disclaimer: I am no expert and some or all of my assumptions may be completely incorrect. That is why I am here.
The current state of the art for mining ASICs is 28nm. If we look at past trends, this size is fairly difficult to push down and something smaller may not appear for the next two years or so.
The most efficient ASIC I can find is the A1 chip from coincraft. It offers 0.35 W/GH when undervolted. (Please comment the model and a lower ratio if you can find it.)
We can also set an average electricity cost of a conservative 10 cents USD/kWh. This assumption based on miners distributed around the globe.
The third and most important assumption due to volatility is the price of bitcoin. Let us put it at $600. A price of somewhat long-term stability and easy to use for calculations. Also, there is a positive feedback loop of miners selling their coins to cover expenses that keeps the price down. No one can predict the price, and it is the most important factor in this discussion.
I tried doing the math but it didn't work out - anyone care to take a stab at it? Basically, at this price, what is the difficulty ceiling where people simply cannot pay for power?
Cheers.
submitted by pryce06 to BitcoinMining [link] [comments]

AntMiner S4 ~2000Gh s @ 0 69W Gh 28nm ASIC Bitcoin Miner GN 28nm ASIC + Yoli Evo Mining Board= 722 GH/s LIGHTNINGASIC 28NM LA90M SCRYPT MINER MINING WHOLE NIGHT. LIGHTINGASIC 28NM 85MHS SCRYPT MINER REAL SHOW2 BitcoinOrama - KnCMiner - How the Bitcoin Mining ASIC Modul

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AntMiner S4 ~2000Gh s @ 0 69W Gh 28nm ASIC Bitcoin Miner

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