Rumors Of Ethereum ASIC Miner
According to a bitcoin news outlet, Bitmain has plans to release an ASIC mining machine for Ethereum. The reported name for the new mining machine is the "F3" which follows Bitmains typical naming conventions. But I find myself asking, how legitimate is this news?
The news comes from a website called "Technews." When I visited to the website to find out how much validity this rumor had, I had to click the translate button to translate from Chinese. I dont know if technews is actually a popular Chinese website, but if it is then I give it and F+ rating for name creativity.
What Would This Mean For GPU Mining?
Of course no one really knows what would happen to GPU mining but I would be willing to bet that more GPUs were purchases specifically for mining Ethereum than any other Altcoins. Does that mean that GPU mining will die? No, but mining ETH with GPUs would certainly die. Personally, most of the people that I know that are GPU mining are using nicehash or going for low priced altcoins hoping for massive returns. So it probably wouldn't effect them that much, just like the release of the Siacoin miner didn't matter to them either.
Do I think that GPU prices would slow down? Not really. I think that interest in cryptocurrency is growing so fast that nothing is going to solve the current supply bottleneck, at least for quite some time more. I will admit, although I don't think GPU mining is dead, I am glad that I didn't invest in GPUs the last few months and although I am not the biggest fan of Bitmain I would probably snag one of these machines early if I were able to.
Tell Me Your Thoughts
What do you think would happen as a result of this release if this rumor is verified? Thanks for reading!
Sources
Tech News Website - Might need to translate - http://technews.cn/2018/02/12/bitmain-tsmc-dram/
News Story About "Tech News" - http://news.8btc.com/bitmain-to-release-ethereum-asic-miner-f3-with-72gb-ddr3-dram-in-q2
Bitcoin Talk Article - https://bitcointalk.org/index.php?topic=2932282.0
What's the point, though, since Ethereum will be moving to Proof of Stake?
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People have been saying that for years, and if im not mistaken I believe the date for POS has changed before. But it's a great point! But if the ASIC was the most efficient way to mine ETH and you plan to participate in POS, why wouldn't you stack ETH with ASIC miner? Right?
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Maybe... But I'm not thinking about staking it. I usually have very few ETH at any given time, since I invest it all in ICOs.
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I will be impressed if they can produce a cost effective device with the amount of hash power they claim they are going to get.... I still call BS that they are going to design anything more than a GPU rig.
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This post has received a 2.33 % upvote from @aksdwi thanks to: @skyefox.
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You got a 5.26% upvote from @luckyvotes courtesy of @skyefox!
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You got a 3.15% upvote from @minnowvotes courtesy of @skyefox!
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this will be cool until smart contracts are introduced to end this:
From the Ethereum white paper:
"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."
ethereum has the largest development community of any other crypto asset. I'm confident that if a company such as Bitmain wants to try to disrupt the ecosystem, the development community will respond.
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I really like this post skyefox! keep it up!
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This post has received a 2.52 % upvote from @drotto thanks to: @skyefox.
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