Topic: is it possible to make profit from 2 AntMiners S7 4.73 Th/s ??? (Read 5018 times)

Quote from: Pkzone on May 08, 2016, 05:10:03 AM

As I said.
The problem lies in the question.
Ethereum was never intended as a replacement to Bitcoin (as opposed to altcoins) nor like a currency ([1]), it was designed as a smart contracts platform.
Yet some people are using Ethereum as a replacement for Bitcoin or ALTERNATIVE Bitcoin ([2]), something that it was never intended to.
Now, people are spending their bucks for mining Ether extensively ([3]), yet the small altcoins that deserve mention are getting into oblivion by 51% attacks.
As of date, Ethereum is using (IMO, wasting) 2.8TH/s, which is too high for a hashing algorithm like Ethash.
People should support cryptocurrencies which have really something to do rather than putting all their GPUs and CPUs and everything else in mining Ether, that will make more decentralization than centralizing all in Ether...

[1]: Wikipedia
[2]: NYTimes article
[3]: Ethereum network hashrate

Basically he wanted this to be another type of Bitcoin 2.0 venture where it wasnt based on top of bitcoin.

Anyways, what we talk about is ROI. For people to invest in smart contracts they buy ether which brings the ether price up. And also, the coin had a great ROI, even now just look at $ invested and return rate is best in ethereum. They initially, I believe most people till February did it because they believed in the coin and were interested with the concept.

Miners then saw the profit and transferred there..

Its only a waste if the miners are not getting profit, and they are. They need a market where they can mine to supply the demand, which there is as people are investing in the early stages for early ETH projects like DAO and also people are investing before the next stage of the launch

A CRYPTOCURRENCY IS A CURRENCY, NOT A INVESTMENT,
I'll not repeat this again.

I am talking that is a waste of time in most miners perspective if it is not going to get an ROI... Whats wrong in that? Most are farms in bitcoins that earn money, and if dont they liquidate. But they invest because they see the potential for profit. Correct me if I am wrong...

Lutzow

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Quote from: manav1112 on May 07, 2016, 12:27:32 PM

Quote from: manav1112 on May 07, 2016, 12:27:32 PM

As I said.
The problem lies in the question.
Ethereum was never intended as a replacement to Bitcoin (as opposed to altcoins) nor like a currency ([1]), it was designed as a smart contracts platform.
Yet some people are using Ethereum as a replacement for Bitcoin or ALTERNATIVE Bitcoin ([2]), something that it was never intended to.
Now, people are spending their bucks for mining Ether extensively ([3]), yet the small altcoins that deserve mention are getting into oblivion by 51% attacks.
As of date, Ethereum is using (IMO, wasting) 2.8TH/s, which is too high for a hashing algorithm like Ethash.
People should support cryptocurrencies which have really something to do rather than putting all their GPUs and CPUs and everything else in mining Ether, that will make more decentralization than centralizing all in Ether...

[1]: Wikipedia
[2]: NYTimes article
[3]: Ethereum network hashrate

Basically he wanted this to be another type of Bitcoin 2.0 venture where it wasnt based on top of bitcoin.

Anyways, what we talk about is ROI. For people to invest in smart contracts they buy ether which brings the ether price up. And also, the coin had a great ROI, even now just look at $ invested and return rate is best in ethereum. They initially, I believe most people till February did it because they believed in the coin and were interested with the concept.

Miners then saw the profit and transferred there..

Its only a waste if the miners are not getting profit, and they are. They need a market where they can mine to supply the demand, which there is as people are investing in the early stages for early ETH projects like DAO and also people are investing before the next stage of the launch

A CRYPTOCURRENCY IS A CURRENCY, NOT A INVESTMENT,
I'll not repeat this again.

I agree, but people see it as investment. I think it will be better if you'll think that cryptocurrency is more of a driving force of those investments as you invest in foundations, services, etc.

Pkzone

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Activity: 154

Merit: 100

I2VPN Lead developer.Antidote to 3-letter agencies

As I said.
The problem lies in the question.
Ethereum was never intended as a replacement to Bitcoin (as opposed to altcoins) nor like a currency ([1]), it was designed as a smart contracts platform.
Yet some people are using Ethereum as a replacement for Bitcoin or ALTERNATIVE Bitcoin ([2]), something that it was never intended to.
Now, people are spending their bucks for mining Ether extensively ([3]), yet the small altcoins that deserve mention are getting into oblivion by 51% attacks.
As of date, Ethereum is using (IMO, wasting) 2.8TH/s, which is too high for a hashing algorithm like Ethash.
People should support cryptocurrencies which have really something to do rather than putting all their GPUs and CPUs and everything else in mining Ether, that will make more decentralization than centralizing all in Ether...

[1]: Wikipedia
[2]: NYTimes article
[3]: Ethereum network hashrate

Basically he wanted this to be another type of Bitcoin 2.0 venture where it wasnt based on top of bitcoin.

Anyways, what we talk about is ROI. For people to invest in smart contracts they buy ether which brings the ether price up. And also, the coin had a great ROI, even now just look at $ invested and return rate is best in ethereum. They initially, I believe most people till February did it because they believed in the coin and were interested with the concept.

Miners then saw the profit and transferred there..

Its only a waste if the miners are not getting profit, and they are. They need a market where they can mine to supply the demand, which there is as people are investing in the early stages for early ETH projects like DAO and also people are investing before the next stage of the launch

A CRYPTOCURRENCY IS A CURRENCY, NOT A INVESTMENT,
I'll not repeat this again.

manav1112

sr. member

Activity: 298

Merit: 250

Quote from: Pkzone on May 06, 2016, 02:48:59 PM

As I said.
The problem lies in the question.
Ethereum was never intended as a replacement to Bitcoin (as opposed to altcoins) nor like a currency ([1]), it was designed as a smart contracts platform.
Yet some people are using Ethereum as a replacement for Bitcoin or ALTERNATIVE Bitcoin ([2]), something that it was never intended to.
Now, people are spending their bucks for mining Ether extensively ([3]), yet the small altcoins that deserve mention are getting into oblivion by 51% attacks.
As of date, Ethereum is using (IMO, wasting) 2.8TH/s, which is too high for a hashing algorithm like Ethash.
People should support cryptocurrencies which have really something to do rather than putting all their GPUs and CPUs and everything else in mining Ether, that will make more decentralization than centralizing all in Ether...

[1]: Wikipedia
[2]: NYTimes article
[3]: Ethereum network hashrate

Basically he wanted this to be another type of Bitcoin 2.0 venture where it wasnt based on top of bitcoin.

Anyways, what we talk about is ROI. For people to invest in smart contracts they buy ether which brings the ether price up. And also, the coin had a great ROI, even now just look at $ invested and return rate is best in ethereum. They initially, I believe most people till February did it because they believed in the coin and were interested with the concept.

Miners then saw the profit and transferred there..

Its only a waste if the miners are not getting profit, and they are. They need a market where they can mine to supply the demand, which there is as people are investing in the early stages for early ETH projects like DAO and also people are investing before the next stage of the launch

Pkzone

full member

Activity: 154

Merit: 100

I2VPN Lead developer.Antidote to 3-letter agencies

As I said.
The problem lies in the question.
Ethereum was never intended as a replacement to Bitcoin (as opposed to altcoins) nor like a currency ([1]), it was designed as a smart contracts platform.
Yet some people are using Ethereum as a replacement for Bitcoin or ALTERNATIVE Bitcoin ([2]), something that it was never intended to.
Now, people are spending their bucks for mining Ether extensively ([3]), yet the small altcoins that deserve mention are getting into oblivion by 51% attacks.
As of date, Ethereum is using (IMO, wasting) 2.8TH/s, which is too high for a hashing algorithm like Ethash.
People should support cryptocurrencies which have really something to do rather than putting all their GPUs and CPUs and everything else in mining Ether, that will make more decentralization than centralizing all in Ether...

[1]: Wikipedia
[2]: NYTimes article
[3]: Ethereum network hashrate

manav1112

sr. member

Activity: 298

Merit: 250

Quote from: manav1112 on May 06, 2016, 04:45:31 AM

Quote from: Pkzone on May 05, 2016, 05:59:18 AM

Quote from: bitcoinisfurture on April 23, 2016, 11:16:17 AM

I think hardly bitcoin is profitable this days. Try for Ethereum or some alt coins in which you can earn better than Bitcoin.

Only if you were a little bit less dumb.
ETH is I think even more dumb, low ROI and many problems.
Wait, your reply is incompat. with the OP.
IF YOU DON'T KNOW.... ETH USES A CUSTOM POW ALGORITHM CALLED ETHASH https://github.com/ethereum/wiki/wiki/Mining which is incompatible with SHA256d used in Bitcoin.
So, his ASIC WON'T be able to mine ETH.
I'd recommend the topic poster to mine a more ROI-able altcoin and it'll be easy finding that on coinwarz.
Remember: the algorithm is SHA256d

What is the problems you state with Ethereum? I find it excellent and I achieved my ROI, and great to trade!

For the OP: Please research and learn about this first, and by the way, be wary of this Block halving soon.

The mining algorithm.
If you don't know and aren't tech-savvy.
Mining algo. is a specific series of tasks that need to be computed by a miner.
Bitcoin uses Double SHA256 (Part of SHA-2 family) as hash algorithm.
Whereas, Ether. uses Ethash that CAN NOT be computed by ASICs that are used to mining Bitcoin.
If you don't know about what I'm talking about, please don't talk about it.

lol yes I know that, I am talking about him investing in Ethereum by using Graphic Cards.

And yes, most algos do not have ASICs.

They wont even be able to develop ASICs for Ethereum because by the time they can even make a small ASIC for it, it will be long past Ethereums transition into a PoS coin..

I have been mining since 2012 (i remember getting the new ASIC block erupters later the next year haha) by the way so I have seen all the changes myself and I really think this Ethereum has been just outstanding in terms of mining performance. Right till the coin was presold, I believed in it that time itself and when the mining started I was ready to start mining it by December last year. I've had a great profit from this.

What is the problem if ASICs cant be used?

Its great because its easy to resale a graphics card and the resale value doesnt go down that much making liquidifying my assets a much more desirable process..

Oh and by the way, I wasnt referring the to your ethash part in my first post to you - I know that. I am referring to your part where you say

Quote from: bitcoinisfurture on April 23, 2016, 11:16:17 AM

I think hardly bitcoin is profitable this days. Try for Ethereum or some alt coins in which you can earn better than Bitcoin.

Only if you were a little bit less dumb.
ETH is I think even more dumb, low ROI and many problems.

How is it low ROI? Its still a much better ROI than bitcoin any day and much easier to get in as you can get the stuff you need readily available in the market.

I'll post on this tomorrow, I'm too sleepy..

No problem.

Pkzone

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Activity: 154

Merit: 100

I2VPN Lead developer.Antidote to 3-letter agencies

Quote from: manav1112 on May 06, 2016, 04:45:31 AM

Quote from: Pkzone on May 05, 2016, 05:59:18 AM

Quote from: bitcoinisfurture on April 23, 2016, 11:16:17 AM

I think hardly bitcoin is profitable this days. Try for Ethereum or some alt coins in which you can earn better than Bitcoin.

Only if you were a little bit less dumb.
ETH is I think even more dumb, low ROI and many problems.
Wait, your reply is incompat. with the OP.
IF YOU DON'T KNOW.... ETH USES A CUSTOM POW ALGORITHM CALLED ETHASH https://github.com/ethereum/wiki/wiki/Mining which is incompatible with SHA256d used in Bitcoin.
So, his ASIC WON'T be able to mine ETH.
I'd recommend the topic poster to mine a more ROI-able altcoin and it'll be easy finding that on coinwarz.
Remember: the algorithm is SHA256d

What is the problems you state with Ethereum? I find it excellent and I achieved my ROI, and great to trade!

For the OP: Please research and learn about this first, and by the way, be wary of this Block halving soon.

The mining algorithm.
If you don't know and aren't tech-savvy.
Mining algo. is a specific series of tasks that need to be computed by a miner.
Bitcoin uses Double SHA256 (Part of SHA-2 family) as hash algorithm.
Whereas, Ether. uses Ethash that CAN NOT be computed by ASICs that are used to mining Bitcoin.
If you don't know about what I'm talking about, please don't talk about it.

lol yes I know that, I am talking about him investing in Ethereum by using Graphic Cards.

And yes, most algos do not have ASICs.

They wont even be able to develop ASICs for Ethereum because by the time they can even make a small ASIC for it, it will be long past Ethereums transition into a PoS coin..

I have been mining since 2012 (i remember getting the new ASIC block erupters later the next year haha) by the way so I have seen all the changes myself and I really think this Ethereum has been just outstanding in terms of mining performance. Right till the coin was presold, I believed in it that time itself and when the mining started I was ready to start mining it by December last year. I've had a great profit from this.

What is the problem if ASICs cant be used?

Its great because its easy to resale a graphics card and the resale value doesnt go down that much making liquidifying my assets a much more desirable process..

Oh and by the way, I wasnt referring the to your ethash part in my first post to you - I know that. I am referring to your part where you say

Quote from: bitcoinisfurture on April 23, 2016, 11:16:17 AM

I think hardly bitcoin is profitable this days. Try for Ethereum or some alt coins in which you can earn better than Bitcoin.

Only if you were a little bit less dumb.
ETH is I think even more dumb, low ROI and many problems.

How is it low ROI? Its still a much better ROI than bitcoin any day and much easier to get in as you can get the stuff you need readily available in the market.

I'll post on this tomorrow, I'm too sleepy..

manav1112

sr. member

Activity: 298

Merit: 250

Quote from: Pkzone on May 05, 2016, 05:59:18 AM

Quote from: bitcoinisfurture on April 23, 2016, 11:16:17 AM

I think hardly bitcoin is profitable this days. Try for Ethereum or some alt coins in which you can earn better than Bitcoin.

Only if you were a little bit less dumb.
ETH is I think even more dumb, low ROI and many problems.
Wait, your reply is incompat. with the OP.
IF YOU DON'T KNOW.... ETH USES A CUSTOM POW ALGORITHM CALLED ETHASH https://github.com/ethereum/wiki/wiki/Mining which is incompatible with SHA256d used in Bitcoin.
So, his ASIC WON'T be able to mine ETH.
I'd recommend the topic poster to mine a more ROI-able altcoin and it'll be easy finding that on coinwarz.
Remember: the algorithm is SHA256d

What is the problems you state with Ethereum? I find it excellent and I achieved my ROI, and great to trade!

For the OP: Please research and learn about this first, and by the way, be wary of this Block halving soon.

The mining algorithm.
If you don't know and aren't tech-savvy.
Mining algo. is a specific series of tasks that need to be computed by a miner.
Bitcoin uses Double SHA256 (Part of SHA-2 family) as hash algorithm.
Whereas, Ether. uses Ethash that CAN NOT be computed by ASICs that are used to mining Bitcoin.
If you don't know about what I'm talking about, please don't talk about it.

lol yes I know that, I am talking about him investing in Ethereum by using Graphic Cards.

And yes, most algos do not have ASICs.

They wont even be able to develop ASICs for Ethereum because by the time they can even make a small ASIC for it, it will be long past Ethereums transition into a PoS coin..

I have been mining since 2012 (i remember getting the new ASIC block erupters later the next year haha) by the way so I have seen all the changes myself and I really think this Ethereum has been just outstanding in terms of mining performance. Right till the coin was presold, I believed in it that time itself and when the mining started I was ready to start mining it by December last year. I've had a great profit from this.

What is the problem if ASICs cant be used?

Its great because its easy to resale a graphics card and the resale value doesnt go down that much making liquidifying my assets a much more desirable process..

Oh and by the way, I wasnt referring the to your ethash part in my first post to you - I know that. I am referring to your part where you say

Quote from: bitcoinisfurture on April 23, 2016, 11:16:17 AM

I think hardly bitcoin is profitable this days. Try for Ethereum or some alt coins in which you can earn better than Bitcoin.

Only if you were a little bit less dumb.
ETH is I think even more dumb, low ROI and many problems.

How is it low ROI? Its still a much better ROI than bitcoin any day and much easier to get in as you can get the stuff you need readily available in the market.

Pkzone

full member

Activity: 154

Merit: 100

I2VPN Lead developer.Antidote to 3-letter agencies

Quote from: bitcoinisfurture on April 23, 2016, 11:16:17 AM

I think hardly bitcoin is profitable this days. Try for Ethereum or some alt coins in which you can earn better than Bitcoin.

Only if you were a little bit less dumb.
ETH is I think even more dumb, low ROI and many problems.
Wait, your reply is incompat. with the OP.
IF YOU DON'T KNOW.... ETH USES A CUSTOM POW ALGORITHM CALLED ETHASH https://github.com/ethereum/wiki/wiki/Mining which is incompatible with SHA256d used in Bitcoin.
So, his ASIC WON'T be able to mine ETH.
I'd recommend the topic poster to mine a more ROI-able altcoin and it'll be easy finding that on coinwarz.
Remember: the algorithm is SHA256d

What is the problems you state with Ethereum? I find it excellent and I achieved my ROI, and great to trade!

For the OP: Please research and learn about this first, and by the way, be wary of this Block halving soon.

The mining algorithm.
If you don't know and aren't tech-savvy.
Mining algo. is a specific series of tasks that need to be computed by a miner.
Bitcoin uses Double SHA256 (Part of SHA-2 family) as hash algorithm.
Whereas, Ether. uses Ethash that CAN NOT be computed by ASICs that are used to mining Bitcoin.
If you don't know about what I'm talking about, please don't talk about it.

manav1112

sr. member

Activity: 298

Merit: 250