Ethereum GPU mining?

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Feld

Senior member
Aug 6, 2015
287
95
101
Damn, prices are dropping to the levels where I sold out. Doesn't make me feel any better though. I might have to take the miner rigs down in this keeps up.

@Feld, I have to say I am a little disappointed with how slowly they are moving on sharding. Buterin et al were trading banter earlier this year about how they had testnet-ready code that could get sharding implemented for 10k/s transactions "today", but nobody has even bothered trying it out yet. The LN project showed us how things can get out of hand quickly, so some caution is understandable, but . . . they need to do something to attract attention to the product, unless they just don't care that ETH value is dropping.

Maybe the EF and most "serious" Ethereum developers don't care about that.
I remember reading a while back about how sharding wasn't going to be realistically achievable until proof of stake is implemented. Technically it would be possible, but the complexity of doing it on a proof of work system would be enormously higher, and likely not worth the effort for a crypto that is moving to staking anyway until after the switch. Maybe I was misinformed, but the jist was that splitting up nodes into shards in a way that distributes transactions relatively evenly and efficiently is difficult with the randomness and huge number of miners under proof of work, whereas things are a little more predictable under proof of stake.

Anyway, I just mean to say that I think it's Casper that's holding things back. Even though Casper itself will only increase capacity modestly, it's the last piece of the foundation needed before the true scaling projects can be expected to go live. At least as I understand it. Of course, Casper has been delayed significantly already. I hear you on that. But Ethereum is still way out in pole position with the Lion's share of developers, and I'd rather they take their time to do it right than have another DAO-like incident because that actually might threaten Ethereum's future. Though I do hope it comes pretty quickly.

Edit: I forgot to say, I do think Plasma doesn't rely on PoS, and supposedly OMG is on the verge of releasing their version of it. So the first step in scaling may actually come from that route. It just won't hit Visa+ levels of transaction capacity until sharding is also online.
 

DrMrLordX

Lifer
Apr 27, 2000
21,637
10,855
136
Ignore the tech. At the moment all cryptos are store of value. The governments are retarded, and interest rates are record low, so people moved to cryptos.

Paying attention to the tech is what attracted me to Ethereum in the first place. The out-of-control price spikes pushed me back out. Eventually valuation will be based on technical merit as much as anything else, once we can put a "real world" price on the capabilities of any individual blockchain/project. My primary concern is that the insane valuations - along with the contingent price instability - may wipe out good projects and/or push investment dollars into bad ones over good ones.

I do want to know that EF has a solid plan though.

Ditto. If the EF can't continue to iterate on their plan at a steady pace, they run the risk of getting crowded out by inferior projects with superior hype machines. See comments below related to Casper.

I remember reading a while back about how sharding wasn't going to be realistically achievable until proof of stake is implemented.

PoS is long overdue. I was trying to hold my ETH long enough to stake or get into a staking pool or something, but it took so long and the price just kept going up . . . they haven't even launched FFG yet!

Edit: I forgot to say, I do think Plasma doesn't rely on PoS, and supposedly OMG is on the verge of releasing their version of it. So the first step in scaling may actually come from that route. It just won't hit Visa+ levels of transaction capacity until sharding is also online.

Plasma is off-chain, so it isn't reliant on the Ethereum blockchain changing much (or at all). Casper + sharding + Plasma today would be a game-changer . . . not so sure if the EF has to wait another 5+ years to get there.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
Right now, Ethereum seems to be price tracking Bitcoin and Litecoin. Take a look at the 1 month chart for each one... the price swings are almost identical.
 

IntelUser2000

Elite Member
Oct 14, 2003
8,686
3,785
136
Paying attention to the tech is what attracted me to Ethereum in the first place.

Plasma is off-chain, so it isn't reliant on the Ethereum blockchain changing much (or at all). Casper + sharding + Plasma today would be a game-changer . . . not so sure if the EF has to wait another 5+ years to get there.

Tech is what got me too, but real world impact on a scale where it'll impact everyday life is 5-10 years away at least. This is a huge change. Hybrid PoS version of Casper(Casper FFG) is widely expected end of the year. May take another year to get to the final version of Casper which ditches PoW altogether.

PoS on the scale Ethereum is trying to accomplish has never been done before, so a successful implementation is going to take a lot of work. They are forging a new frontier.

I don't think it'll take 5 years for full implementation as you suggested, but everyday impact will take at least that long. It may be after something akin to a dot-com crash happening in the crypto world, along with whirlwind like changes happening before we see that though. Average Joe adoption is really the key and it won't happen with proper, balanced regulation so the average investor or the participant doesn't get seriously hurt.
 

Red Squirrel

No Lifer
May 24, 2003
67,403
12,142
126
www.anyf.ca
I did read the government of Canada actually wants to look at using Ethereum for some purposes like tracking expenses or something like that I forget the details. If the government actually embraces it instead of trying to kill it, that will help a lot for it's value.
 

MrTeal

Diamond Member
Dec 7, 2003
3,569
1,699
136
I did read the government of Canada actually wants to look at using Ethereum for some purposes like tracking expenses or something like that I forget the details. If the government actually embraces it instead of trying to kill it, that will help a lot for it's value.
I'm guessing you're thinking of this trial where the NRC is using Ethereum to publish IRAP grant funding.
 

Charlie22911

Senior member
Mar 19, 2005
614
228
116
FB and Google banning ads even tangentially related to crypto, SK seizing 3 crypto exchanges, etc:
https://www.financemagnates.com/cryptocurrency/news/south-korea-seizes-3-cryptocurrency-exchanges-‎embezzlement-‎-allegations/

I don't think any of this is bad IMHO. Every crypto related AD I've seen is pretty shady.
Also, regulation of exchanges will help legitimize crypto I think; there have been some scummy things that exchanges have done and I'd like to see them held accountable for it.
 
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IntelUser2000

Elite Member
Oct 14, 2003
8,686
3,785
136

Headfoot

Diamond Member
Feb 28, 2008
4,444
641
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I think they swung too far in the opposite direction on the Ad ban, but that having a more sensible policy is good long term. I'd much rather FB and Google get out ahead of it than bureaucrats who take years and years to update regulation and usually just get bought off anyways.

I think ads for ICOs are very different than ads for "cryptocurrency related content" like a blog about crypto for example. Im sure its easier to ban "crypto related content" than to try and train a workforce to fairly pick out the differences between a generalized cryptocurrency blog and a trading advice ICO plugging shill blog. So I get why they did it, but this is revolutionary tech and painting it all with the same brush is like saying the Internet wont catch on and banning "internet related ads" if you were a newspaper. A bit of a conflict of interest in some regards I think too.
 
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thilanliyan

Lifer
Jun 21, 2005
11,871
2,076
126
Anyone know if syncing with the light option (only takes like 5 mins) is still contributing to the network? I'm not using it to make any transactions, just want to contribute to the network, and I don't have a spare SSD to do the full sync.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
An analyst is confirming that Bitmain is releasing Ether ASIC miner:
https://www.smarteranalyst.com/rese...nc-amd-hit-downgrade-back-ethereum-asic-risk/

“We confirm a Bitmain Ethereum ASIC. In today’s “The Steam Shovel Cometh… ETH Mining Gets its ASIC”

Would this really cut down on GPU mining, or would GPU miners just switch to another coin?

Probably just switch to another coin. There are new ones coming out to mine every day.

Hell, even our forums have their own cryptocurrency now. You can't mine that one, though! Send me a PM, and I'll hook you up with some.
 
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thilanliyan

Lifer
Jun 21, 2005
11,871
2,076
126

AdamK47

Lifer
Oct 9, 1999
15,233
2,852
126
This Ethereum GPU mining is looking pretty bad right about now.

How are you guys holding up?
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
Personally, I'd move onto mining a more profitable cryptocurrency. There are some new ones out there that look promising.

I'm not saying which one I'm going for until I've collected a small horde of it for myself :)