Top US graphics card makers threatened by crypto rival

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Dereo ethereum mining, the Chinese manufacturer of mining equipment, recently developed Asics for Monero and Ethereum. While Monero switched to a new Asic-resistant mining algorithm via Hardfork, the Ethereum community is still undecided.

An Asic is a special computer chip built for one task. He performs this task unbeatably well, while he is not useful for everything else. These chips are perfect for tasks like mining Bitcoins, where the computer has to re-calculate the same algorithm over and over again. Since mid, the Asics have begun to dominate bitcoin mining. This ended the time in which hobby miners could use their graphics cards or build mining rigs with multiple graphics cards.

Mining meant investing in a relatively expensive machine, making initial investment costs the most important mining cost factor - while Asics manufacturers became the ones who benefited the most. Due to dereo ethereum mining usual chip manufacturing structures, the markets for Asics centralized rapidly. Today one can say that there is hardly a manufacturer of relevance except Bitmain. There are different views to the Asics.

Some say they are bad because they centralize mining; the dereo ethereum mining say they are good because they dramatically increase the security of the network in proportion to the consumption of electricity, and by investing heavily in specialized equipment, incentivize miners to remain loyal to the system.

While Bitcoin is proud to have formed the world's most powerful computer network through the Asics, many people in the cryptocoin scene outweigh the disadvantages. Not a few altcoins dereo ethereum mining have the explicit goal of being resistant to Asics. In addition, algorithms have been developed that make mining more complex in order to reduce the benefits of Asics or increase the effort required to develop them.

While the algorithms of Litecoin Scrypt and Dash X11 dereo ethereum mining long been cracked by Asics, the algorithms of Monero Cryptonight and Ethereum Ethash have resisted dereo ethereum mining a long time. Both communities are not pleased, but react quite differently.

The goal of the CryptoNight algorithm used by Monero was explicitly to make mining egalitarian. While it is unavoidable in the long term that an Asic will be formed for this as well, the Monero developers believe that "the transition to an Asics-dominated network should be as egalitarian as possible to maintain decentralization.

This is not the case with Bitmain's Asic. The recently introduced X3 is about 10 times more effective than a graphics card, which is little compared to the benefits of Bitcoin-Asics, but enough to be threatening.

Because CryptoNight makes the production of Asics dereo ethereum mining difficult, market leaders like Bitmain have a huge advantage. The Chinese company is effectively a monopolist for Monero-Miner, and if it succeeds in further improving the Asic, while its competitors fail to bring the complex CryptoNight algorithm into an Asic, Bitmain threatens an unhealthily large impact dereo ethereum mining Monero to obtain.

This threat can destroy the whole network. Similarly, governments may require miners to have a license to operate an Asic to limit mining dereo ethereum mining a specific group of people. Finally, the licensing could go hand in hand with miners having to blacklist certain transactions The developers consider it important that Monero remains Asic-resistant. They therefore promise to neutralize any threat from Asics with a Hardfork. In addition, to preserve decentralization and discourage Asics' development, Monero will modify the mining algorithm with every regular semi-annual Hardfork.

This will drastically reduce the half-life of new miners, and it will not really be worthwhile developing miner for Monero. On April 6, a Hardfork took place and splitted Monero into 5 new chains. Bitmain's Antpool has already announced that it will be keeping an X3-compatible fork from Monero alive. Whether this coin will have a lasting value, is not yet in sight.

The Monero community dereo ethereum mining to be relatively unanimous behind the Fork. The X3 miners will lose value rapidly, but at least they can be used for other CryptoNight coins. Dereo ethereum mining at Ethereum the community reacts little pleased, since the mining algorithm was specially designed to be resistant to Asics. As with Monero, many in dereo ethereum mining scene demand that Ethereum change the mining algorithm to eliminate Asics.

EIP "explicitly seeks to gain time by making it more difficult to develop new Asic technologies as we explore ways to maintain resistance to Asics in the long run. However, there are also various concerns. Some users agree with the goal itself, but first want to know more about Dereo ethereum mining manufactured Asic before implementing a sustainable-resistant algorithm. Others say that the advantage brought by the Asics is not big enough to take dereo ethereum mining risk of a Hardfork an E3 is about 6x as fast as a good video cardand yet others find the transition to proof of stake the Asics will turn off anyway.

Because it is planned that Ethereum in the coming years, the mining completely gives up, and no longer requires work evidence for finding blocks, but evidence of having Ethers. At the latest then it can be assumed that there is a fork through which the miners continue a second Classic variant of Ethereum. Derek Hsue dereo ethereum mining TokenEconomy magazinehowever, writes that an Anti-Asic Hardfork involves a number of risks, but is never a definitive solution, but just another round of cat-and-mouse play.

It makes more sense to make the algorithms as Asic-friendly as possible in order to promote competition in the Asic market. That this is not a recipe for success, however, shows the dominance of Bitmain for the very asic friendly Bitcoin mining algorithm SHA But if Ethereum attaches so much importance to the resistance against the Asics that the community risked a possibly controversial Hardfork, is not yet decided.

As it seems, however, there are only a few fans of Asics at Monero and Ethereum. Have a nice day! I understand the dev team's reluctance to do anything however, as PoS is coming, which solves the problem in a different way This worked out nicely dereo ethereum mining me at least! Wow great article danyelk! I really enjoy reading your posts! By the way, I post similar dereo ethereum mining on my blog, we should follow each other!

You got a Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of postpromoter and the bot tracker please vote for yabapmatt for witness!

Very well written article. Excited to read more of your articles. You gave me some idea about this hardware miners. I thought there's only one miner we can dereo ethereum mining haha how stupid of me. Hardfork against the new Asics X3 and E3 from Bitmain! Post header created by myself https: Authors get paid when people like you upvote their post.

I think the hashrate drop of the network, is especially dereo ethereum mining kick of old softwares dereo ethereum mining And here i was, planning on starting to use the old equipment. Thanks for this information. You can still use the old equipment. Coins mentioned in post: I like your cryptocurrency dereo ethereum mining. Thank you for the information. I still dereo ethereum mining the old hard drive.

There has to be a better solution then forking every 6 months?

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Nick Szabo NickSzabo4 is a polymath. The breadth and depth of his interests and knowledge are truly astounding. Nick also designed Bit Gold , which many consider the precursor to Bitcoin. This podcast is brought to you by FreshBooks. FreshBooks is the 1 cloud bookkeeping software, which is used by a ton of the start-ups I advise and many of the contractors I work with. It is the easiest way to send invoices, get paid, track your time, and track your clients. FreshBooks tells you when your clients have viewed your invoices, helps you customize your invoices, track your hours, automatically organize your receipts, have late payment reminders sent automatically and much more.

You do not need a credit card for the trial. To claim your free month and see how the brand new Freshbooks can change your business, go to FreshBooks. This podcast is also brought to you by Audible. I have used Audible for years, and I love audiobooks. I have two to recommend:. All you need to do to get your free day Audible trial is visit Audible. Choose one of the above books, or choose any of the endless options they offer.

That could be a book, a newspaper, a magazine, or even a class. What was your favorite quote or lesson from this episode? Please let me know in the comments. Many of the world's most famous entrepreneurs, athletes, investors, poker players, and artists are part of the book. The tips and strategies in Tribe of Mentors have already changed my life, and I hope the same for you. Here's a very partial list: Check it all out by clicking here. You are commenting using your WordPress.

You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. Notify me of new posts via email. Remember what Fonzie was like? Have fun and thanks for adding to the conversation! Thanks to Brian Oberkirch for the inspiration. Like Liked by 1 person. Like Liked by 2 people. Tim, thank you for this. Now is tomorrow is now.. Any chance your podcasts will have transcripts soon?

Very glad to see this discussion on here! Imagine if every time you upvoted, commented, or created content, it was mining cryptocurrency. Also, imagine if your biggest fans could get cryptocurrency rewards for promoting your work.

Like Liked by 3 people. I totally agree with David Kadavy, Steem has been one of the best things that I came across in the cyptocurrency world the community is just amazing!

Great suggestion but I think this is messy. Tim already has a loyal following who trust him and purchase anything he puts out. STEEM requires time to master and might not be worth it for someone who already has so much clout.

Thank you for this episode! One of my favs, loved the talk on Pascal scams quite a golden nugget. Any updates on when it will? Really looking forward to this one as I just made the the jump into cryptocurrency as my first ever investment! Unable to play the episode.

Have not had an issue before. Nick and Naval seemed to suggest that there was a limit on the number of transactions per block apparently a hotly debated topic. From what I understand of the blockchain, each block only has the root of a Merkle tree in it and so there theoretically could be any number of transactions in the block. Where does the limitation come from?

Good episode, and good info. Dash solved the blockchain size problem in one day. Dash pro-actively solved the slow transaction problem by having incentivised masternodes to produce a huge and robust infrastructure of more than 4, active nodes. AND designing and implementing Instant send. Sent in a few seconds, not minutes or hours or days.

You should have a conversation with Amanda B. Johnson to fill in these gaps in your knowledge base. Considering that, historically, the NSA is years ahead of anything we already publicly have. Tim released this episode during a bullish market as a bubble was growing. As always thanks for the awesome podcast!! This podcast was very helpful and definitely helped in breaking it down into simpler terms.

Big fan of all of your stuff…own every book and am starting to listen to your podcasts now too! Some of our partners include U. Live Prompter is completely subsidized by Facebook, so its free for you to use and will honestly just improve the quality of your Live sessions.

I dont mean to spam you here, but just am trying everything I can to get in touch. Feel free to email me if interested in learning more. For some reason this is still not coming up on Pocket Casts andorid. Any idea why this may be? Excited for this episode. I listen to a lot of your stuff and this was the best. This is going to be a huge space — please give us more crypto information! Great interview, I just wish Naval would have let Nick answer the questions you originally pointed directly to Nick.

Understandable if he was sharing the stage with someone of lesser knowledge or intellect, but the title of your Podcast was about Nick. While I understand the logic of bringing in Naval to co-host, it really turned into a Naval interview, not a Nick interview, and I was left longing for more.

A follow-up podcast with Nick would be greatly appreciated if the the crypto space holds your curiosity and you feel more comfortable going one on one with him. If not, consider bringing on Andreas Antonopolis to co-host. I originally thought this is who you were going to bring on when you asked subscribers for questions.

Frustrating that he kept speaking for Nick. Almost found Naval rude in how he would force his dialogue. I listened to every minute some podcasts I skip around a bit and listened again to some of the higher level concepts.

Cryptocurrency makes way more sense now! Hugely informative, thank you Tim! Are the audio products available in a format that Hard of Hearing folks can access? Captions or the script would be wonderful. Good mix of theory and practice on cryptocurrency as well as other thought provoking ideas and concepts.

I was excited to hear that you were putting on this podcast with Nick and the questions were great. If I had to adjust something, it would be nice if Tim reigned in Naval on some the conversation, Naval tends to go on and on and sometimes off topic to always make some sort of point rather than being informative. This was effectively an interview of Naval Ravikant. He answered half or more of the questions himself. Did much more talking than Szabo.

Nick assumed a lot of knowledge that non-tech people would not understand, and Naval possibly even recorded explainers after the show that were then inserted. My question is, now that the worlds largest banks are finally jumping on board, and are in fact creating their very own cryptocurrencies, how will this effect other currencies like bitcoin, ethereum, litecoin etc.?

Negatively or in a positive way? I really hope not, but this is where my mind immediately goes when I think of the pound gorilla entering the room. Singapore is working on a tokenized currency based on the Ethereum platform. Other countries doing something like this makes a lot more sense than building their own currency from scratch. Using Ethereum as a common protocol allows for much easier interoperability between currencies.

One of the best explanations of the phenomenon to date.