@Trololino I have yet to see any evidence supporting the accusation that ASIC miners are dumping coins anymore than GPU miners. The problem lies with the ASIC manufacturers ability to rapidly increase their own hashrate at will and secretly accumulate the majority of block rewards. And that’s a bigger problem than miners dumping coins in my opinion. Who would want to use ZEC if the majority of the supply was being hoarded by Bitmain? Sounds like BCH all over again.
Even if Bitmain is mining them, its not keeping them. You can see their report recently when they applied for IPO. You can also see that by the amount of sell pressure on Zcash charts.
Bitmain doesn’t pre-mine. Innosilicon pre-mines.
@Trololino Bitmain’s IPO disclosure was only up to Q1 2018, so any accumulation of ZEC wouldn’t show up on their financial statements until Q3 2018.
@root I know Bitmain claims they don’t pre-mine, but I doubt that entirely. What caused the roughly 400M Sol/s hashrate spike in the last 12 hours? Looks a lot like a batch of 10,000 full Z9 units being “tested”.
I think it’s Innosilicon. They have been selling a lot of Z9 masters
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I checked my node this afternoon when I left my shop and it is reporting 1.5+ GH/s network power. This is a 50%+ increase in network hashpower since I setup the node 6 days ago.
many sad face
so difficulty
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There have been many reports of units with more then just a few days of dust on the fans(Months worth). This didnt just land there and collect after they finished making the units. Why would they make a unit, store it in a warehouse and let it collect a months worth of dust, then ship it out?
Zooko is even quoted talking about the issue…
“Someone privately sent me these allegations (in Chinese) that Bitmain sold some miners as new that arrived caked with dust, along with Bitmain’s response. The communication gap between the West and China makes it hard to disentangle,” said Wilcox.
Many others have claimed the same thing, but Root is always defending Bitmain, because why would they lie? They would never use their huge 10x efficiency gap to make money, no way.
Also looking over Bitmains website, it does not say anywhere on there the ASIC is new and never been used, so there is no reason they cant ship used ones.
Hehe also have you ever bought any electronic device that had only 2 months worth of warranty ?
I guess none of us would be against a hard fork in April since we won’t make much anyway by that time. It would be worth it to get back at a business(s) that has no respect for its’ customers.
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It wouldn’t be until April. How much you think we will be making by then? It will be.0.5 ZEC per month or less per mini by then, and probably closer to 0.25.
Holy crap… just noticed on MPH that mining XMR is now considered more profitable than ZEC on Nvidia.
That’s just wrong…
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It’s also slightly more profitable to mine on Horizen right now as well
Also a 51% attack on BCH is theoretically cheaper than Zcash (these 2 things don’t have anything to do with each other…or do they)
Difficulty going up a lot lately. Only got a few zec cents in the last 24h. Too bad!
My poor minis are barely making what a 1080 ti made last year
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It won’t and this is just the beginning…my ZCash node is reporting 1.6GH.s r/n on the network. That’s ~40,000 ASICs if my math is correct (which it is). ZEC may not be mooning, but the goddam difficulty sure is.
Dont fight the difficulty increase, embrace it. The bigger the difficulty, price will go higher.
Where’s the proof of that?
I did a while ago a calculation on how much electricity is needed to mine 1 Zcash. It turned out to be 8$ at that time. Today, its 14-15$. More electricity needed = less dumping by miners or at least at higher price.
That’s a fools statement. It doesn’t matter how much electricity it takes to create a single ZEC, it has absolutely no impact on the value of the coin. The only thing that can drive price is the market, and peoples confidence or lack of confidence in the coin itself. Currently all coins are tied at the hip to BTC whether they like it or not (thank the exchanges for these pinnings really), regardless on whether they have a gateway to FIAT directly or not. The market doesn’t care how much money you spend to create a coin, the market doesn’t care about ASIC or GPU or CPU. Heck half the big investors in BTC and Alt Coins don’t even “know” which coins are CPU, GPU, or pure ASIC. Nor do they really care. All they focus on is trends, market sentiment, and whether to go long, or short the heck out of it to maximize profits.
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Maybe in bull market price is driven by FOMo and HYPE, but in bear market, any PoW coin value is tied to electricity needed to mine it. Now i am not saying its 1:1. By my calculations if the electricity cost needed to mine coin is 4x less than value of the coin, the price wont drop any further, as you have to also take in price of hardware used to mine the coin as well. So atm ZCash (which you need 15$ electricity to make) has a line it wont drop bellow and its 60$. The coins you are talking about that investors know nothing about, I could argue that buying them is just like going to a casino and playing roulette.
Difficulty is increasing fast with new batches, so this line is being moved up. The faster it moves, faster Zcash will start going up again. I am not talking here about temporary pumps like the Sappling upgrade will cause. I am talking about the support level that wont be broken that is being moved up constantly with difficulty increase.