Topic: Anyway to block miners in China? (Read 2930 times)

Well...they keep DDOSing our datacenters so maybe we should. 

Another stupid thread....
Go learn about tunneling and VPN before you make any more stupid suggestions....

I think they mined with their right hands, and they didn't produce bitcoins.

Lol, yea, let's DDOS China. They have it coming.

Dude you have completely contradicted yourself - first you say no one would mine with off the shelf hardware and then go on to say that GPU's were very profitable in 2011. Which one is it - people do or do not mine with off the shelf hardware?

The difference between a 5830 and a 5970 is not 100X like the jump from GPU's to ASICs.

And furthermore what ASICs? There have been 3 batches of AVALON units with all of batch 2 not even been delivered yet - let alone batch 3 - Very few USB Erupters because at the price ASICminer were charging they would never pay for themselves and most people could do the maths on that one.

AVALON have been selling chips with only the developer samples actually delivered. BFL have delivered at best maybe 1000 5ghs and a few 500ghs units. Who else is there?

So in essence very few people have them yet they are now cornering the market - which again is totally against the ethos of bitcoins.

I am willing to bet that are more people mining with ASICs today (including USB block eruptors) than there were CPU miners in late 2010.

That wasn't my point though. Mining will always be competitive and the so-called "elitists" will always control the hashrate. For example, in early 2011 when GPU mining was very profitable picking up ATI 5870's and 5970's were is short supply. People like Vladimir who had direct access to a hardware distributor cornered all the available high end GPUs and built his giant GPU farm. Other people like myself were left with low-end 5830's. (I still manged to mine over 1000 BTC with 8 5830's in the spring of 2011).

This guy nailed it...

That argument is so flawed - so no one was mining bitcoins until ASICS became available? So what were people mining with back in 2008? I think you will find a great deal more people were mining Bitcoins with off the shelf hardware than they were with ASICS for the past 5 years.

When ASICs become readily available you will have to spend $100,000 on hardware just to have any kind of decent profit. I don't know many people accept for large businesses that will throw $100,000 at hardware so kind of putting it in the elitist territory.

And if hardware could be bought off the shelf for next day delivery, then most people would not bother to mine because they would only be earning pennies on top of ROI.

Don't worry though, the day will come when ASICs become a readily available commodity. Once that happens people will be spending their resources searching for other things, such as cheap 0.02 cent/Kwh electricity.

This is an example of the BFL 2 week delay that keeps adding up until it reaches 18 months past the time the last satoshi is mined.

I think he was joking. BFL couldn't catch a cold.

Unless "later" means delivered around 2140, just in time to mine the last satoshi.

Any source? or is it just a conjecture?

Don't worry, BFL will catch up later with 2PH, so far they just warmed up

If someone is late to the mining game, it doesn't mean the concept of a digital currency is a lost cause, it just means that they lost their chance to be among the early adopters who got the highest return on their investment. Bitcoin is an idea, and a new medium of exchange bypassing the negative ROI that is fiat currency. Losing interest in bitcoin because the ability to mine for yourself is becoming less profitable, is like saying that people wouldn't use or invest in gold because they lost their chance to start a gold mining company.
Not to mention the fact that if it does increase in popularity and make its own niche into mainstream usage, then some of the predictions of increase in value (that are fairly well researched and thought out such as this for example http://www.youtube.com/watch?v=K7LQu-eIOO0) it would still give people who are buying and using them now, quite a good ROI in the long run, even if the true value 5 years from now falls well short of some of these predictions...

This is 100% correct.

There is no difference between central banks and massive centralised "corporate" mining operations. (Technically there is a difference - but to the man on the street their is none) ASICS's have driven DOWN the price of Bitcoins.

Looking at ASICMiners charts it looked as though they used to use mining pools to spread some of the hashing power - now they mine solo.

http://www.asicminercharts.com/

Their infrastructure is an absolute joke - no resilience - no redundancy - Look at the massive swings in their network hashing power - What are their disaster recovery plans - I would hazzard a guess and say none. The chances of them having another data centre mirroring their primary with the equivalent number of ASICS is zero - because they would just mine with those as well. All they care about is filling their pockets as quickly as possible.

If they go offline because of a Data Centre fire then what?

Zero commitment to ensuring the stability of bitcoin - recently there have been massive variations in transaction times due to ASICminer.

They have gone completely against the ethos of Bitcoin.

If hardware can not be bought off the shelf for next day delivery then it just makes the entire mining game and ELITIST business just like the banks.

AVALON mining with customers fully paid hardware driving up the difficulty then making all kinds of bullshit excuses just so they can fully "rape" their customers equipment.

BFL don't even start me on those comedians - honestly I have never seen such a level of incompetence in my entire life - literally stringing their customers along with the 2 week story.

If asics had been rolled out in a fair and even manner then it would be slightly different. But the case is this I would estimate that 70% - 80% of the network hashing power is asics - considering fewer than 10% of miners actually have them does not make for a level playing field, causes resentment and hence the rise of the ALT scrypt coins.

Hold on cowboy,

let's get an open-source, crowd sourced, asic developed instead, and convince intel or glofo to manufacture it for us. I donot see any other means to stop the AM tsunami.

I feel trolled after reading this... I really do

Anyway, this thread has been likely created by someone whos GPU mining operation is getting less profitable by the hour.

Those guys should switch to the next most promising Altcoin, check out this thread:
https://bitcointalksearch.org/topic/most-promising-altcoin-for-the-future-of-mining-224383

For $75 I can produce a 1st board of a design run that will use that chip.  Later boards should drop to about $20.

bitcoin miners are basically dead.
there is no way for any individual to profit from it aside from spending, at this moment, tens and thousands of dollars to merely compete.
this is a phase of adjustment and we'll see how this goes, but the only refuge at the moment is litecoin.

After reading this thread, I wish Bitcoin would ban blue people.