Just how large is bitfury because as of the last 24hrs....

TheRealSteve

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Quote from: scarsbergholden on July 07, 2015, 08:54:10 AM

There needs to be a miner foundation so they could at lease set some mining rules between those that join the miner foundation

And the benefits of that foundation would be...? Because for a mining op, I can certainly see downsides.

5 major Chinese pools - F2Pool, Antpool, BW Pool, BTC China and Huobi - do meet up from time to time and make some agreements. Most recently in supporting an 8MB block size maximum; https://www.reddit.com/r/Bitcoin/comments/3a5qj5/draft_signed_by_f2pool_antpool_bw_btcchina_huobi/
But (last I checked), only 3 somewhat embedded this decision in the block chain. Not that there's any official acceptance to this embedding anyway (and only one of them uses a semi-official one).

Ultimately, we shouldn't rely on a foundation or any other sort of semi-central authority

scarsbergholden

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There needs to be a miner foundation so they could at lease set some mining rules between those that join the miner foundation

TheRealSteve

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Quote from: Amph on July 07, 2015, 05:28:14 AM

yeah i remember about ghash, they were not that stupid to take advantage of their huge controlling of the network

There was some incident about them possibly facilitating a double spend attack - but I don't know the details and a cursory glance at google results yields mostly rumors. I think there was a proper analysis somewhere, but I'd have to dig through reddit comments to figure out where that went.

But yes, in principle there's nothing wrong with a pool having the majority if are honest. Problem with them having the majority is that it becomes difficult to tell if they're being honest

Amph

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Quote from: Amph on July 07, 2015, 01:25:04 AM

Quote from: TheRealSteve on July 07, 2015, 04:34:02 AM

, but they are intelligent enough(i would hope) to not reach a dangerous %

Together they already have a 'dangerous %', see also the recent snafu resulting from glitches they shared

Individually, presuming there'd be a market panic, I guess they could increase fees (short term win for them) and wait for miners to shift over to other pools, but that hasn't always been to great effect in the past. There were fears Ghash.io was reaching 51% in the past.. the first time people were discouraged from using, and some left... but most (and a good chunk of this was BitFury) stayed, and eventually people came back. The second time around BitFury ended up leaving, and then more people left until it was almost completely marginalized.

yeah i remember about ghash, they were not that stupid to take advantage of their huge controlling of the network, we have honest miners apparently, or maybe they did calculate that it wasn't worth it to perform the infamous attack

TheRealSteve

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Quote from: Amph on July 07, 2015, 01:25:04 AM

i can still see antpool above them, so they are not that large

Antpool is also a significant chunk of third party miners, not just their own farms. There's quite a few threads around from people leaving BTC Guild due to shutdown going to Antpool, people who don't understand variance (or prefer more stable, albeit smaller, payouts) leaving other small pools for Antpool.

Quote from: Amph on July 07, 2015, 01:25:04 AM

obviously those chinese pool are scary they keep growing at high speed

F2Pool has been seeing a bit of a decline, but the only one really 'growing at a high speed' at this time is BitFury:

Quote from: Amph on July 07, 2015, 01:25:04 AM

, but they are intelligent enough(i would hope) to not reach a dangerous %

Together they already have a 'dangerous %', see also the recent snafu resulting from glitches they shared

Individually, presuming there'd be a market panic, I guess they could increase fees (short term win for them) and wait for miners to shift over to other pools, but that hasn't always been to great effect in the past. There were fears Ghash.io was reaching 51% in the past.. the first time people were discouraged from using, and some left... but most (and a good chunk of this was BitFury) stayed, and eventually people came back. The second time around BitFury ended up leaving, and then more people left until it was almost completely marginalized.

Amph

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i can still see antpool above them, so they are not that large

obviously those chinese pool are scary they keep growing at high speed, but they are intelligent enough(i would hope) to not reach a dangerous %

i don't believe that they are sitting on new chip with better efficiency, they are just adding new miners in bulk

alh

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I personally think that 24 hours is just too short an interval to consider to determine if BitFury is "on fire". You click on the "4-Day view", and Bitfury shrinks down from 21 to 17% of the network.

jimmothy

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Quote from: GenTarkin on July 06, 2015, 07:41:18 PM

Those greedy fucks, I assume noone can even buy their equipment publicly? They are just self mining bastards right?!

http://bitfury.com/products

They only sell B2B which is really the way to go.

GenTarkin

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Quote from: philipma1957 on July 06, 2015, 07:36:00 PM

Quote from: GenTarkin on July 06, 2015, 07:25:54 PM

https://blockchain.info/pools?timespan=24hrs

This is the last 24hrs!!!!

yeah I saw that 19% is a lot.

Big move on their part. I wonder how this shakes out. we are closing in on the ½ ing from 25 to 12.5 btc a block.

down to 35 weeks or so.

If the bitfury chip does not well under .3 watts at the wall in big machines they need to be careful that they have not

over-expanded. Now if the gear is under .2 watts at the wall and no one can match it they should be good to go.

Or the price just crash really low and they are fucking broke and outta business, that would be optimal. Take out all the other large mines too.

Those greedy fucks, I assume noone can even buy their equipment publicly? They are just self mining bastards right?!

philipma1957

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Quote from: GenTarkin on July 06, 2015, 07:25:54 PM

https://blockchain.info/pools?timespan=24hrs

This is the last 24hrs!!!!

yeah I saw that 19% is a lot.

Big move on their part. I wonder how this shakes out. we are closing in on the ½ ing from 25 to 12.5 btc a block.

down to 35 weeks or so.

If the bitfury chip does not well under .3 watts at the wall in big machines they need to be careful that they have not

over-expanded. Now if the gear is under .2 watts at the wall and no one can match it they should be good to go.

GenTarkin

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https://blockchain.info/pools?timespan=24hrs

This is the last 24hrs!!!!

philipma1957

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'The right to privacy matters'

well we made 176 blocks yesterday. so i guess they made 30 blocks.

xstr8guy

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Quote from: philipma1957 on July 06, 2015, 07:10:53 PM

Quote from: GenTarkin on July 06, 2015, 07:00:44 PM

They are the single largest entity mining. So much for btc's decentralized future.
FUCK YOU BITFURY!

Are they at like 90PH or something?

link please show me the link

https://blockchain.info/pools

Currently 17% of the network.

xstr8guy

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Glow Stick Dance!

Quote from: GenTarkin on July 06, 2015, 07:00:44 PM

They are the single largest entity mining. So much for btc's decentralized future.
FUCK YOU BITFURY!

Are they at like 90PH or something?

Hmmm, must be those new, super-efficient chips that no one believed would come fruition.

philipma1957

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'The right to privacy matters'

Quote from: GenTarkin on July 06, 2015, 07:00:44 PM

They are the single largest entity mining. So much for btc's decentralized future.
FUCK YOU BITFURY!

Are they at like 90PH or something?

link please show me the link

GenTarkin

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They are the single largest entity mining. So much for btc's decentralized future.
FUCK YOU BITFURY!

Are they at like 90PH or something?

Topic: Just how large is bitfury because as of the last 24hrs.... (Read 1002 times)