Bitcoin Mining - List Wiki

PoW or PoS: The Difference Between Mined and Non-Mined Crypto

PoW or PoS: The Difference Between Mined and Non-Mined Crypto
The whole crypto world discusses how Ethereum will switch from Proof of Work to Proof of Stake now. This change can significantly affect the cryptocurrency market. What are the positive and negative sides of PoW and PoS?
Cryptocurrencies can be divided into two types: those that can be mined (Bitcoin, Litecoin, Monero) and pre-mined ones (Ripple, Stellar, Cardano, EOS, NEO).

What is the big difference?

Although they differ in the method of generation, the basis of both types of crypto is the same: verification. Every transaction processed by the network must be verified by someone to ensure that virtual money has not been spent twice. Here we are talking about the difference in the verification process. Transaction groups are combined into a block; after verification, the block joins other previously confirmed blocks, and create a chain of transactions, or blockchain.

PoW: Mined Crypto

Mining is a process in which individuals, groups, or companies solve complex mathematical equations to verify transaction blocks using powerful computers. These math problems are part of the encryption process that protects transactions from cybercriminals and third party access.
The first who solves the problem and signs a block of transactions receives a reward. The miner, who confirmed the block of transactions e.g. in the Bitcoin network, receives a reward in BTC.

Disadvantages of Mined Crypto

  • Mining can be very expensive due to the large amounts of electricity consumed. In mined crypto with less capitalization, competition is usually lower than in BTC.
  • BTC mining requires special ASIC chips, that are combined into huge farms. Electricity is one of the main expenses for these projects. That is why China, where electricity is relatively cheap, has become a home to four of the five largest Bitcoin mining companies in the world.
  • Mining farms have to spend significant money funds on new equipment, which becomes out of date very fast.
  • Large projects need additional cooling, as servers and graphics cards heat up to high temperatures during operations.
  • The Proof-of-Work model is potentially vulnerable to a 51% attack (when a group of people with 51% of the computing power gains control of the network and its participants). For popular cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), and Monero (XMR) this is not a problem due to their large capitalization. However, minor cryptocurrencies with long block processing times and low daily volumes are risking a lot.

PoS: Non-Mined Crypto

At the other end of the spectrum are pre-mined cryptocurrencies such as Ripple (XRP), Stellar, Cardano, EOS, and NEO.
In the PoS model, super-powered computers are not needed, and participants do not compete for the right to sign the next block. Thus, the costs of this approach are significantly lower. Transaction verification is carried out by cryptocurrency owners. The more cryptocurrencies you have, the longer you own it, the higher the probability that you will be selected to check the transaction block.
Certain mechanisms are built into the system that prevents the dominance of large cryptocurrency holders over the verification process. There are many random ways to select owners who get the right to sign a transaction block. This ensures that small holders have a chance to participate in the process.

Disadvantages of Non-Mined Crypto

Despite the fact that the costs of the Proof-of-Stake method are lower, PoS has its drawbacks.
  • Such cryptocurrencies are not threatened by an attack of 51%, however, another trouble replaces it — a person who posses 51% of all tokens in circulation can gain control of the network and its participants. Of course, in the case of cryptocurrencies with high capitalization, the possibility of this scenario is low, but small partners may suffer from this vulnerability.
  • The Proof-of-Stake model also gives major owners additional votes in determining the future development of the network. Most NEO tokens) belong to several founders, for instance. This helps increase transaction speed and reduces consensus-building time, but also makes cryptocurrency too centralized. In other words, in the PoS model, large players gain significant power, which is theoretically impossible with the PoW model.

Which method is better?

Both methods have their pros and cons. Nevertheless, sooner or later, some of the largest mined currencies (e.g. BTC) will reach their token limit. At this point, they will have to switch to Proof-of-Stake. Since it significantly reduces power consumption and doesn't require powerful computers, gradually all crypto including BTC will switch to a non-mined model just like Ether did.

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ProgPoW resources

Informational

May 2, 2018 EIPs/eip-1057.md at master · ethereum/EIPs · GitHub
May 3, 2018 ProgPOW/README.md at master · ifdefelse/ProgPOW · GitHub
May 3, 2018 EIP-ProgPoW: a Programmatic Proof-of-Work - EIPs - Fellowship of Ethereum Magicians
May 29, 2018 The Problem with Proof of Work - K. L. Minehan - Medium
October 25, 2018 Understanding ProgPoW - IfDefElse - Medium
Nov 17, 2018 progpow-wiki/ProgPoW.md at master · MariusVanDerWijden/progpow-wiki · GitHub
December 10, 2018 ProgPoW - A Programmatic Proof of Work by Kristy-Leigh Minehan (Devcon4) - YouTube
January 10, 2019 ProgPoW FAQ - IfDefElse - Medium
January 14, 2019 What GPU miners may not know about ProgPoW - Andrea Lanfranchi - Medium
January 17, 2019 ProgPoW: Progress Update #1 - IfDefElse - Medium
February 14, 2019 Council of Denver - HackMD
February 17, 2019 The Miners Benchmark ProgPoW - Theodor Ghannam - Medium
February 21, 2019 Ethereum ProgPoW Explained - Crypto Mining Blog
March 18, 2019 13 Questions about Ethereum’s Movement to ProgPow by Jon Stevens - Medium
March 20, 2019 Skeptical about #ProgPoW? I am too! - Bryant Eisenbach - Medium
March 27, 2019 Comprehensive ProgPoW Benchmark by Theodor Ghannam - Medium
March 28, 2019 My stance on Progpow by Martin Holst Swende
March 30, 2019 The Cost of ASIC Design - IfDefElse - Medium
April 12, 2019 Ethereum ProgPoW Update - Crypto Mining Blog
September 23, 2019 In Defense of ProgPow : ethereum
February 4, 2020 Antminer E3 Stops Mining Ethereum Classic, Just Over a Month Remaining for Ethereum - Crypto Mining Blog

Ethereum Magicians

August 2, 2108 Final Request From the GPU Mining Community - EIPs - Fellowship of Ethereum Magicians
August 26, 2018 EIP-1355: Ethash 1a - EIPs - Fellowship of Ethereum Magicians
September 3, 2108 What has to be done to get ProgPoW on Ethereum - EIPs - Fellowship of Ethereum Magicians
January 1, 2019 Guidelines for ProgPow Hardware Developers - Primordial Soup - Fellowship of Ethereum Magicians
February 2, 2019 On the progpow audit - Action Item - Fellowship of Ethereum Magicians
March 3, 2019 My technical take on ProgPow’s weakest link - EIPs - Fellowship of Ethereum Magicians
March 4, 2019 Governance concerns after listening to ~all ProgPow discussions on Core Dev calls - Process Improvement - Fellowship of Ethereum Magicians
March 29, 2019 Motion to NOT include ProgPow without audit - EIPs - Fellowship of Ethereum Magicians
March 30, 2109 ProgPoW - A Compilation of Reference Material - Core EIPs - Fellowship of Ethereum Magicians
May 23, 2019 ProgPoW Audit Delay Issue - EIPs - Fellowship of Ethereum Magicians
July 8, 2019 Ensuring ETH 1.x’s Success Without Disenfranchising The Community - Ethereum 1.x Ring - Fellowship of Ethereum Magicians
August 8, 2019 EIP-centric forking - Process Improvement - Fellowship of Ethereum Magicians

YouTube

October 8, 2018 Cardano Rust Project | Petro Public Sale | ProgPow | WSJ Attacks Shapeshift (October 2nd, 2018) - YouTube
October 23 2018 Ethereum Mining News | FPGA’s Mining | ProgPoW LIKELY | Profitability | Hard Fork Delayed 2019 - YouTube
December 13, 2018 Why ProgPoW is BAD for Ethereum - YouTube
December 19, 2018 Bitcoin Rallies Towards 4k - Why? Ethereum Launches ProgPoW GPU Mining Testnet | New HD Minable Coin - YouTube
January 4, 2019 Ethereum moving to PROGPOW! What’s it mean for Miners? - YouTube
January 4, 2019 Ethereum ProgPoW CONFIRMED! - YouTube
January 5, 2019 Mining on the ProgPoW Gangnam Ethereum Testnet! - YouTube
January 6, 2019 6 x Asus RX 570 4GB ProgPoW Gangnam Ethereum Testnet TEST! - YouTube
January 7, 2019 ProgPOW Explained - A Brave New World for Ethereum Miners? - YouTube
January 20, 2019 CES2019 - North American Bitcoin Conference - GRIN / BEAM - PROGPOW and more! - YouTube
January 23, 2019 Ethereum to ZERO? Eth Chain Split. ProgPow & ETC 51 % Attack. GPU vs ASIC Miners. - YouTube
January 29, 2019 Nick Johnson: Future of the Ethereum Name Service and thoughts on ProgPOW - YouTube
February 19, 2019 Ethereum Hard Fork Soon? ProgPoW Voting? - YouTube
February 20, 2019 ProgPoW Merged Into Parity Ethereum | ETHNews Brief - YouTube
February 25, 2019 How does R7 370, R9 380,380x,390 and more perform on PROGPOW and other Cryptocurrencies in 2019? - YouTube
March 7, 2019 PROGPOW Explained in under 4 min. & why it matters to GPU Miners - YouTube
March 19, 2019 What is BBT doing with PROGPOW, Why all of the testing? - YouTube
March 25, 2019 eVGA RTX 2080Ti FTW3 11GB DDR6 Cryptocurrency Performance Test PROGPOW ETH RVN BEAM GRIN29 GRIN31 - YouTube
March 29, 2019 Ethereum & ProgPoW… What Is Going On? - YouTube
May 2, 2019 Ethereum ProgPow Audit Has Been Funded & Approved - YouTube
July 5, 2019 Mining News! Monero RandomX | Ethereum ProgPoW 2019 Update | Grin Embraces ASIC miners | Zel Zelhash - YouTube
July 24, 2019 Ethereum ProgPoW AUDIT Is Finally Getting Started… - YouTube
September 13, 2019 Ethereum ProgPoW Algorithm Audits Finalized - YouTube
September 24, 2019 An Argument Against ProgPoW a Day - Part 1 - YouTube
October 4, 2019 82 - Defending ProgPoW with Kristy-Leigh Minehan - YouTube
October 10, 2019 #36 - Kristy-Leigh of ProgPow discusses the EIP, Satoshi, Code Contributions, and Crypto Mining 2020 - YouTube
November 24, 2019 Ethereum Classic REJECTS ProgPoW… - YouTube
December 16, 2019 Ethereum ProgPoW Implementation Is STILL Coming Right? - YouTube
December 26, 2019 Panel: Least Authority’s ProgPoW Audit (Devcon5) - YouTube

Podcasts

April 11, 2019 https://podcasts.apple.com/us/podcast/blockchannel/id1307284590?i=1000434669782
September 10, 2019 https://podcasts.apple.com/us/podcast/ethhub-weekly-recap-78-ethboston-compound-drama-eth2/id1443920565?i=1000449269536
September 25, 2019 https://podcasts.apple.com/us/podcast/ethhub-weekly-recap-80-progpow-discussion-doj-extortion/id1443920565?i=1000451214746
October 4, 2019 https://podcasts.apple.com/us/podcast/82-defending-progpow-with-kristy-leigh-minehan/id1436674724?i=1000452312677

Official Updates

May 18, 2019 Dev Call #38 - May 18, 2018
August 24, 2018 Dev Call #45 - August 24, 2018
September 28, 2018 Dev Call #47 - September 28, 2018
January 4, 2019 Dev Call #52 - January 4, 2019
January 18, 2019 Dev Call#53 - January 18, 2019
February 1, 2019 Dev Call #54 - February 1, 2019
February 11, 2019 Ethereum Cat Herders Update#1 : EthereumCatHerders
March 15, 2019 Dev Call #57 - March 15, 2019
May 24, 2019 Dev Call #62 - May 24, 2019
July 18, 2019 Dev Call #65 - July 18, 2019
September 10, 2019 ProgPoW Audits Released - Ethereum Cat Herders - Medium
September 6, 2019 Dev Call #70 - September 6, 2019
November 1, 2019 Dev Call #74 - November 1, 2019
December 13, 2019 Dev Call #77 - December 13, 2019
January 24, 2019 Dev Call #79 - January 24, 2020
February 21, 2020 Dev Call#81 - February 21, 2020

News Articles

January 4, 2019 Ethereum Core Devs to Move Forward With ASIC-Resistant PoW Algorithm
January 5, 2019 Ethereum (ETH) Developers Plan to Implement ASIC-Resistant Proof of Work Mining Algorithm
January 7, 2019 BREAKING: Ethereum Classic (ETC) Hit With 51 Percent Attack A Week Before Ethereum (ETH) Constantinople Hard Fork – Crypto.IQ | Bitcoin and Investment News from Inside Experts You Can Trust
January 8, 2019 ETH Dev Suggests Moving to ‘ASIC-Friendly Algorithm’ After ProgPoW Decision
January 8, 2019 Ethereum Miner Linzhi Calls Out Project Coders for Proposed ASIC Ban - CoinDesk
January 8, 2019 Ethereum (ETH) Core Developers Propose an ASIC Resistant Upgrade - Ethereum World News
January 9, 2019 Ethereum Classic (ETC) 51% attack proof that shitcoins have no hope of succeeding? | CaptainAltcoin
January 9, 2019 What’s ProgPoW? Meet the hot new debate in the Ethereum community | finder.com.au
January 18, 2019 Ethereum Core Devs Constantinople Meeting to Be Held on Jan 18
February 1, 2019 Ethereum Core Dev Call #54: Waiting for ProgPoW - The Block
February 3, 2019 Will Ethereum Adopt ‘ProgPoW,’ the ASIC-Resistant Mining Algorithm? | CryptoSlate
February 4, 2019 Is Ethereum Going to be Adopting ASIC-Resistant ‘ProgPow’ as a Mining Algorithm?
February 15, 2019 Ethereum Core Dev Call #55: ProgPoW audits and Vitalik’s Phase 2 updates - The Block
February 15, 2019 Recompensas por minería en Ethereum llegan a mínimo histórico | CriptoNoticias
February 28, 2019 Coinhive dice adiós a la minería web por caída del mercado | CriptoNoticias
March 6, 2019 Ethereum Core Dev Meeting : ProgPow Implementation Receives More Than 50 Percent Votes from Miners - CryptoNewsZ
March 7, 2019 The ASIC Resistant Mining Campaign from Ethereum Miners Is Just Getting Started
March 12, 2019 Ethereum’s ProgPoW Proposal: An Expensive Game of Whack-a-Mole - CoinDesk
March 12, 2019 Ethereum’s ProgPoW Mining Change to Be Considered for Istanbul Upgrade - CoinDesk
March 14, 2019 As ProgPoW Aimed at Stopping ASIC Mining Gets Supporting Votes, New Conspiracies and Debates Appear
March 15, 2019 Ethereum’s ProgPow Mining Change Approved Again, But Timeline Unclear - CoinDesk
March 17, 2019 Ethereum Devs Once Again Approve ASIC-Resistant Algorithm ProgPoW
March 18, 2019 Ethereum (ETH) to Be ASIC-Resistant, No Date Set However - Cryptovest
March 27, 2019 Aumentan desacuerdos en Ethereum por decisión de avanzar con ProgPoW | CriptoNoticias
March 29, 2019 Bitmain Co-founder, Jihan Wu: ASIC Miners Makes a Blockchain Network More Decentralized - Coindoo
April 8, 2019 A Fight Over Specialized Chips Threatens an Ethereum Split | WIRED
April 26, 2019 Funding Approved for Audit of Ethereum’s ProgPoW Mining Proposal - CoinDesk
April 28, 2019 Ethereum Core Devs: Funding for ProgPoW 3rd-Party Audit Approved
April 20, 2019 Ethereum’s Recent Decline in Hashrate ‘Not Surprising’: Cyber Threat Expert Explains | CryptoGlobe
June 14, 2019 Proposed Ethereum Istanbul Hard Fork Combed With A Fine Tooth at Cat Herders Meeting
July 13, 2019 ¿Qué es ProgPoW? La propuesta de algoritmo contra mineros ASIC en Ethereum | CriptoNoticias
August 17, 2019 Ethereum: ProgPow will be activated on the mainnet next year as a part of Istanbul 2 - AMBCrypto
August 18, 2019 Ethereum’s ProgPoW To Be Released The First Quarter Of 2020 | UseTheBitcoin
August 19, 2019 Ethereum to Switch to ProgPoW Mining Algorithm in Upcoming Istanbul Hard Fork
September 8, 2019 Ethereum: ProgPoW high level design goals are reasonable towards achieving its intended economic effect - AMBCrypto
September 11, 2019 Chinese Firm Linzhi Set To Mass Produce Ethereum and ETC ASIC Miners As Tests Go Live
September 18, 2019 Ethereum ProgPOW author uninvited from ETC Summit due to Craig Wright association | CryptoSlate
September 19, 2019 Ethereum reveals launch dates for testing Istanbul - Decrypt
September 19, 2019 Hashing Out: ProgPoW Debate Kicks Up in Ethereum Community Again
September 19, 2019 ETC Summit Invitees List Has No Space for Kristy Minehan
September 22, 2019 Ethereum ProgPoW upgrade causing chain split more likely to be from the user side instead of the miner side - AMBCrypto
September 23, 2019 ProgPow advocate uninvited to Ethereum Classic Summit over links to Craig Wright
September 24, 2019 ProgPoW backer steps down from controversial role - Decrypt
September 25, 2019 ProgPOW author steps down as Core Scientific CTO, vows to implement algorithm on Ethereum | CryptoSlate
September 25, 2019 Ethereum ProgPoW proponent Kristy-Leigh Minehan steps down citing perceived conflict of interest - AMBCrypto
September 25, 2019 Core Scientific CTO Steps Down To Push Through Ethereum ProgPOW
September 25, 2019 ProgPoW author Kristy-Leigh Minehan resigns as CTO of Core Scientific | Cryptopolitan
September 26, 2019 New Ethereum ASIC dominates GPU mining performance | CryptoSlate
September 26, 2019 New Ethereum ASIC Fuels Discord Among Ethereum Community
September 28, 2019 The (alleged) plot against the Ethereum network - Decrypt
October 9, 2019 ProgPoW, the Algorithm Dividing the Ethereum Community: a GPU Manufacturer Ploy? - Ethereum World News
October 9, 2019 Ethereum Hard Fork Is Coming — Here’s What You Need to Know About ‘Istanbul’ – BeInCrypto October 27, 2019 Ethereum ProgPoW’s raison d’etre: To be or not to be - AMBCrypto
November 4, 2019 Aragon Opposes Change to Ethereum’s Mining Algorithm Before 2.0 Version
November 7, 2019 Aragon community against Ethereum ProgPOW
November 8, 2019 Ethereum Istanbul Hard Fork Release Date Confirmed By Core Developer
November 16, 2019 Ethereum ProgPoW audit contributors on Gitcoin to be refunded in full - AMBCrypto
November 26, 2019 Ethereum’s Buterin: PoW algorithms offering medium-level ASIC resistance can be created - AMBCrypto
December 17, 2019 Ethereum devs move ProgPoW into ‘Eligible for Inclusion’ list - AMBCrypto
January 1, 2020 [Is the ASIC Resistance dream closer to reality, despite claims of it being a myth? - AMBCrypto](https://eng.ambcrypto.com/is-the-asic-resistance-dream-closer-to-reality-despite-claims-of-it-being-a-myth/
submitted by greerso to ethereum [link] [comments]

Canaan's new ASIC is a Pipe Dream, not an Ethereum Threat

So, yesterday Kristy-Leigh Minehan posted on Twitter that a company named Canaan announced an ASIC that is capable of 0.68W/Mhs
That's 2200Mh/s running at 1500w
https://twitter.com/OhGodAGirl/status/1176938519866089473
Here is a list of how it compares to other ASICs and GPUs.
https://blog.miningstore.com/blog/ethereum-mining-hardware-for-2019
She used this tweet to promote the need for ProgPoW
Today, I am attempting to explain that Canaan is not a threat to centralize Ethereum mining with their ASICs.
First, I cannot find any information regarding Canaan announcing an Ethereum ASIC other than Kristy's twitter post
There is only one article written about it and it uses Kristy's twitter post as their source.
https://cryptoslate.com/ethereum-asic-dominates-gpu-performance/
Nothing on Canaan's website talks about this miner
Nor does Canaan's twitter account mention anything like this.
If we look closely at Kristy's twitter picture, you can see the Canaan Ethereum miner will be called the V10.
I cannot find any info anywhere on this miner.
You would think that if Canaan is unveiling a new product, they would be talking about it more to spread awareness and raise hype, but they aren't.
I mean, they made a big to-do when they announced the A10 bitcoin miner in March, so why are they posting nothing about the V10 ethereum miner.
https://twitter.com/canaanio/status/1111513725733724160
And a google search will show many many more articles written about the bitcoin A10 after its announcement.
I'm not saying the announcement isn't real, just that I find it odd that the company isn't talking about it themselves.
Canaan did respond to a tweet from “cryptoState”, the writer's of the article based on Kristy's tweet.
Canaan replied that the v10 is not an official worldwide Canaan product.
https://twitter.com/canaanio/status/1177088253431668736
and further in the cryptostate article, Canaan says “It is a little hard to explain, but those are not products designed and built by Canaan engineering. They are products sold by the domestic sales team and are not an official worldwide Canaan product,”
I do not know what that means exactly. If it means it's not an official Canaan product, or that it won't be available worldwide, or what.
But this is the first clue to me that it isn't anything to worry about.
If it's not an official Canaan product, then it doesn't seem like it will have support from Canaan to bring it to market.
It won't be marketed by Canaan, use it's supply chain, it's business resources and contacts, use it's support system, or be built by Canaan.
Next, yes 0.68W/Mhs is more efficient than GPUs, but that isn't all that matters when miners choose the devices to use.
What matters also is how much the machine costs.
If the V10 is price too high, then it's not something to worry about.
Without a price, Kristy can't claim in good faith that the V10 is something Ethereum needs to worry about and a reason ProgPoW needs to be adopted.
I'm not sure how to price the thing, myself, but at current ETH prices and hashrate, it would make $2200 in 4 months.
I think generally ASIC mfgs price their machines to break even in 3-4 months.
So that would be the machine will cost around $2200.
BUT, that's only if ONE machine is running on the network.
The more machines on the network, the less profitable they are.
If we look at the Avalon A1066, it's november batch costs $1390, and has a break-even time of 464 months at current bitcoin prices.
So it seems to me the Canaan V10 will be quite a bit more expensive than $2200.
Which doesn't make it feasible for that many people to buy.
Next, there was no product on display at the New Era Mining Summit, where this product was announced.
Only some graphics of numbers they claim.
Nor can I find any technical documentation talking about how they plan to achieve the advertised hashrate
I tweeted Kristy telling her that this seems, at best, like just an idea to me, to help them raise money and that it takes more than an idea to bring an ASIC to market.
https://twitter.com/AltcoinXP/status/1177290387205054464
Kristy then blocked me on Twitter and told me to stop spreading misinformation.
https://imgur.com/lWEAWbd
So, now let's talk about the article I replied to her with, claiming that Canaan doesn't have enough funding for this.
Granted, I said this without doing as much research as I could've, but let's see if what I said holds true.
Here is the article I linked in the tweet.
https://www.coindesk.com/avalon-bitcoin-miner-maker-canaan-is-plotting-another-ipo-attempt
Notice the date this article was published. March 27th 2019.
Notice that Avalon announce their Bitcoin A10 miner the next day.
https://twitter.com/canaanio/status/1111513725733724160
Perhaps to help attract funding from new investors, which the Coindesk article says they haven't been able to bring on any new investors in a long time.
I'm not going to cite the whole article here, read it for yourself, but it generally explains that Canaan is unable to attract new funding.
Also, Xianfu Lui, a 17.2% shareholder in Canaan left the company in February, so I doubt he invested money into Canaan.
https://www.coindesk.com/co-founder-quits-avalon-mining-chip-maker-canaan-over-differences
Here are some more Coindesk articles speaking about Canaan trying to raise money.
https://www.coindesk.com/huobi-plans-backdoor-ipo-attempt-in-hong-kong-document-suggests
“After mining giant Bitmain’s IPO attempt in Hong Kong was allowed to expire, apparently due to reluctance from HKEX, it’s reportedly now planning to list in the U.S. Another miner manufacturer, Canaan Creative, is also reported to have already confidentially filed in the U.S. after a failed HKEX attempt. “
https://www.coindesk.com/bitcoin-miner-maker-canaan-confidentially-files-for-ipo-in-us-report
https://www.coindesk.com/bitcoin-miner-canaans-ipo-likely-delayed-after-hong-kong-filing-expires
“The Reuters report, citing anonymous sources, further said the HKEX and financial regulators in Hong Kong have raised questions over Canaan’s business model, given the volatile nature of cryptocurrencies. As such, the news agency said the IPO might not go ahead this year, since there have been no updates from a listing hearing with the HKEX. “
So seems to be Caanan is having a hard time finding funding for their endeavors. Pretty much every single article on Coindesk about them is about them trying to get funding and failing at it.
So do they have enough money to bring the V10 to market AND bring enough V10s to be a problem?
They would need to produce 45,000 units to get 50% of the Ethereum mining power.
Current network is 197TH/s https://bitinfocharts.com/ethereum/
Currently Bitmain is estimated to have produced less than 20,000 units since the Antminer E3's announcement in April 2018.
https://www.reddit.com/ethereum/comments/d8fuvj/an_argument_against_progpow_a_day_part_1/f1axc2c/
https://www.coindesk.com/bitmain-confirms-release-first-ever-ethereum-asic-miners
Bitmain being a much larger company than Canaan, it seems unlikely they will produce 45,000 units quick enough to become a problem.
Anyway,
For those of you that don't know, Canaan manages the Avalon bitcoin ASICs and have done so since 2014. Canaan is fulling in charge of Avalon.
https://en.bitcoin.it/wiki/Avalon
Maybe I should've said that sooner, I don't know. I'm just typing as I come up with stuff.
But we can look at Avalon's bitcoin past to determine what the future ethereum miner supply might look like. Keep in mind though, this was also during a time when they were well-funded.
I'm not sure what their bank account looks like now, but they have been in the red every year since their existance, so I have to assume they have less money now than when they were releasing bitcoin miners
Avalon announce the A10 March 2019, and started shipping pre-orders in October 2019.
If the V10 follows suit, we won't see a V10 in the hands of miners until April 2020
https://www.coindesk.com/demand-for-new-bitcoin-miners-is-again-outstripping-supply
Ok, I'm done. That's all I put together and why I don't believe the Canaan ASIC that was announced is a concern warranting the immediate adoption of ProgPoW
Thanks for reading.
submitted by Anthony-AltcoinXP to ethereum [link] [comments]

Video card prices and cryptocurrency mining v.2: electric boogaloo

Six months ago, I put together a post on the impact of cryptocurrency mining on the prices of video cards. The hope was that supply would increase, demand would drop, and prices would return to normal. Unfortunately, prices are on the rise again.
I've therefore updated and rewritten the original post to reflect a situation that affects a large number of the builders on /buildapc.
So, you may have noticed a resurgence in discussion about the current hike in the price of video cards. Or you may have found the price of certain cards (especially, but not limited to, AMD's RX 570/580 and Nvidia's 1060/1070) higher than you expected.
You know, I did. What's going on?
In effect, cryptocurrency mining (the solving of complex mathematical problems that underlies the transactions for a given currency) continues to drive up demand for video cards, both new and used, as people invest in consumer hardware to get involved. Consequently, the availability of cards is low, and prices are high.
With major retailer stock running low, it's hard to get an idea of the inflation at play. As a very general idea, here's a basic rundown of mid-tier recommended retail prices compared to current reseller prices on Amazon:
Card RRP (USD) Amazon
RX 570 4GB ~$179 ~$400+
RX 580 8GB ~$229 ~$500+
GTX 1060 6GB ~$249 ~$400+
GTX 1070 8GB ~$379 ~$600+
GTX 1070 Ti 8GB ~$450 ~$750+
This again? Why now?
Cryptocurrency prices are spiralling, and people are looking to mine whatever they can. Moreover, the nature of new cryptocurrencies encourages the purchase of consumer hardware:
Bitcoin remains the largest of these currencies, but increasing concern about transaction speed and cost has recently led to a rise in alternatives. The most prominent of these is Ethereum.
Ethereum is designed to be resistant to ASICs - chips designed specifically for cryptocurrency mining - which means that potential miners must stick to consumer video cards.
What happens next?
Anyone who can confidently predict the long term fortunes of the cryptocurrency market probably isn't browsing /buildapc threads on the prices of computer hardware.
Still, eventually™ it is intended that Ethereum will switch from a proof of work (i.e. mining) to a proof of stake (based on possession of currency) system. Long story short, this will mean no more video card demand from Ethereum miners.
Unfortunately, there is no fixed date for when the switch is due to occur. Not to mention that this says nothing of other coins that users may try to mine.
What can I do in the meantime?
Further reading (updated):
PC Gamer - Hang onto your graphics cards, as cryptocurrency mining spikes GPUs prices
Tweaktown - Mid/high-end GPU prices to increase because of mining & PUBG
With this in mind, please refrain from creating new discussion threads about the effect of mining on the price of video cards, and include any specific questions as part of build help threads or in the daily simple questions post. Thanks!
submitted by CustardFilled to buildapc [link] [comments]

Video card prices and Cryptocurrency mining - what's going on?

In response to calls for a post addressing current GPU trends, this summary has been written up. It is neither exhaustive nor applicable in all regions, so be sure to research your own builds thoroughly.
Recently, you may have noticed discussion surrounding the current hike in the price of video cards. Or you may have found the price of certain cards (e.g. AMD's RX 570/580 and Nvidia's 1060/1070) higher than you expected.
So what's going on?
A sharp increase in cryptocurrency mining (the solving of complex mathematical problems that underlies the transactions for a given currency) has driven up demand for video cards, both new and used, as people invest in consumer hardware to get involved. Consequently, availability of cards is low, and prices are high.
As a very general idea, here's a basic rundown of recommended retail prices compared to current reseller prices on Amazon:
Card RRP (USD) Amazon
RX 570 4GB ~$179 ~$400+
RX 580 8GB ~$229 ~$500+
GTX 1060 6GB ~$249 ~$400+
GTX 1070 8GB ~$379 ~$500+
Why now?
There are a number of different cryptocurrencies. Bitcoin remains the largest, but increasing concern about transaction speed and cost has recently led to a rise in alternatives. The most prominent of these is Ethereum.
Ethereum is designed to be resistant to ASICs - chips designed specifically for cryptocurrency mining - which means that potential miners must stick to consumer video cards.
What happens next?
Eventually™, it is intended that Ethereum will switch from a proof of work (i.e. mining) to a proof of stake (based on possession of currency) system. Long story short, this will mean no more video card demand from Ethereum miners.
Unfortunately, there is no fixed date for when the switch is due to occur. There are rumours of plans to introduce cards aimed at cryptocurrency miners, which may help to lower prices of mainstream cards.
In the meantime:
Further reading:
ExtremeTech - Cryptocurrency Craze Sends GPU Prices Skyrocketing — Again
Tom's Hardware - GTX 1070 Prices Soar Alongside The 'Ethereum' Cryptocurrency
With this in mind, please refrain from creating new discussion threads about the effect of mining on the price of video cards, and include any questions as part of build help threads or in the daily simple questions post. Thanks!
submitted by CustardFilled to buildapc [link] [comments]

Long live decentralized bitcoin(!) A reading list

Newbs might not know this, but bitcoin recently came out of an intense internal drama. Between July 2015 and August 2017 bitcoin was attacked by external forces who were hoping to destroy the very properties that made bitcoin valuable in the first place. This culminated in the creation of segwit and the UASF (user activated soft fork) movement. The UASF was successful, segwit was added to bitcoin and with that the anti-decentralization side left bitcoin altogether and created their own altcoin called bcash. Bitcoin's price was $2500, soon after segwit was activated the price doubled to $5000 and continued rising until a top of $20000 before correcting to where we are today.
During this drama, I took time away from writing open source code to help educate and argue on reddit, twitter and other social media. I came up with a reading list for quickly copypasting things. It may be interesting today for newbs or anyone who wants a history lesson on what exactly happened during those two years when bitcoin's very existence as a decentralized low-trust currency was questioned. Now the fight has essentially been won, I try not to comment on reddit that much anymore. There's nothing left to do except wait for Lightning and similar tech to become mature (or better yet, help code it and test it)
In this thread you can learn about block sizes, latency, decentralization, segwit, ASICBOOST, lightning network and all the other issues that were debated endlessly for over two years. So when someone tries to get you to invest in bcash, remind them of the time they supported Bitcoin Unlimited.
For more threads like this see UASF

Summary / The fundamental tradeoff

A trip to the moon requires a rocket with multiple stages by gmaxwell (must read) https://www.reddit.com/Bitcoin/comments/438hx0/a_trip_to_the_moon_requires_a_rocket_with/
Bram Cohen, creator of bittorrent, argues against a hard fork to a larger block size https://medium.com/@bramcohen/bitcoin-s-ironic-crisis-32226a85e39f#.558vetum4
gmaxwell's summary of the debate https://bitcointalk.org/index.php?topic=1343716.msg13701818#msg13701818
Core devs please explain your vision (see luke's post which also argues that blocks are already too big) https://www.reddit.com/Bitcoin/comments/61yvvv/request_to_core_devs_please_explain_your_vision/
Mod of btc speaking against a hard fork https://www.reddit.com/btc/comments/57hd14/core_reaction_to_viabtc_this_week/d8scokm/
It's becoming clear to me that a lot of people don't understand how fragile bitcoin is https://www.reddit.com/Bitcoin/comments/59kflj/its_becoming_clear_to_me_that_a_lot_of_people/
Blockchain space must be costly, it can never be free https://www.reddit.com/Bitcoin/comments/4og24h/i_just_attended_the_distributed_trade_conference/
Charlie Lee with a nice analogy about the fundamental tradeoff https://medium.com/@SatoshiLite/eating-the-bitcoin-cake-fc2b4ebfb85e#.444vr8shw
gmaxwell on the tradeoffs https://bitcointalk.org/index.php?topic=1520693.msg15303746#msg15303746
jratcliff on the layering https://www.reddit.com/btc/comments/59upyh/segwit_the_poison_pill_for_bitcoin/d9bstuw/

Scaling on-chain will destroy bitcoin's decentralization

Peter Todd: How a floating blocksize limit inevitably leads towards centralization [Feb 2013] https://bitcointalk.org/index.php?topic=144895.0 mailing list https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2013-February/002176.html with discussion on reddit in Aug 2015 https://www.reddit.com/Bitcoin/comments/3hnvi8/just_a_little_history_lesson_for_everyone_new_the/
Nick Szabo's blog post on what makes bitcoin so special http://unenumerated.blogspot.com/2017/02/money-blockchains-and-social-scalability.html
There is academic research showing that even small (2MB) increases to the blocksize results in drastic node dropoff counts due to the non-linear increase of RAM needed. http://bravenewcoin.com/assets/Whitepapers/block-size-1.1.1.pdf
Reddit summary of above link. In this table, you can see it estimates a 40% drop immediately in node count with a 2MB upgrade and a 50% over 6 months. At 4mb, it becomes 75% immediately and 80% over 6 months. At 8, it becomes 90% and 95%. https://www.reddit.com/Bitcoin/comments/5qw2wa_future_led_by_bitcoin_unlimited_is_a/dd442pw/
Larger block sizes make centralization pressures worse (mathematical) https://petertodd.org/2016/block-publication-incentives-for-miners
Talk at scalingbitcoin montreal, initial blockchain synchronization puts serious constraints on any increase in the block size https://www.youtube.com/watch?v=TgjrS-BPWDQ&t=2h02m06s with transcript https://scalingbitcoin.org/transcript/montreal2015/block-synchronization-time
Bitcoin's P2P Network: The Soft Underbelly of Bitcoin https://www.youtube.com/watch?v=Y6kibPzbrIc someone's notes: https://gist.github.com/romyilano/5e22394857a39889a1e5 reddit discussion https://www.reddit.com/Bitcoin/comments/4py5df/so_f2pool_antpool_btcc_pool_are_actually_one_pool/
In adversarial environments blockchains dont scale https://scalingbitcoin.org/transcript/hongkong2015/in-adversarial-environments-blockchains-dont-scale
Why miners will not voluntarily individually produce smaller blocks https://scalingbitcoin.org/transcript/hongkong2015/why-miners-will-not-voluntarily-individually-produce-smaller-blocks
Hal Finney: bitcoin's blockchain can only be a settlement layer (mostly interesting because it's hal finney and its in 2010) https://www.reddit.com/Bitcoin/comments/3sb5nj/most_bitcoin_transactions_will_occur_between/
petertodd's 2013 video explaining this https://www.youtube.com/watch?v=cZp7UGgBR0I
luke-jr's summary https://www.reddit.com/Bitcoin/comments/61yvvv/request_to_core_devs_please_explain_your_vision/dficjhj/
Another jratcliff thread https://www.reddit.com/Bitcoin/comments/6lmpll/explaining_why_big_blocks_are_bad/

Full blocks are not a disaster

Blocks must be always full, there must always be a backlog https://medium.com/@bergealex4/bitcoin-is-unstable-without-the-block-size-size-limit-70db07070a54#.kh2vi86lr
Same as above, the mining gap means there must always be a backlog talk: https://www.youtube.com/watch?time_continue=2453&v=iKDC2DpzNbw transcript: https://scalingbitcoin.org/transcript/montreal2015/security-of-diminishing-block-subsidy
Backlogs arent that bad https://www.reddit.com/Bitcoin/comments/49p011/was_the_fee_event_really_so_bad_my_mind_is/
Examples where scarce block space causes people to use precious resources more efficiently https://www.reddit.com/Bitcoin/comments/4kxxvj/i_just_singlehandedly_increased_bitcoin_network/
https://www.reddit.com/Bitcoin/comments/47d4m2/why_does_coinbase_make_2_transactions_pe
https://www.reddit.com/Bitcoin/comments/53wucs/why_arent_blocks_full_yet/d7x19iv
Full blocks are fine https://www.reddit.com/Bitcoin/comments/5uld1a/misconception_full_blocks_mean_bitcoin_is_failing/
High miner fees imply a sustainable future for bitcoin https://www.reddit.com/BitcoinMarkets/comments/680tvf/fundamentals_friday_week_of_friday_april_28_2017/dgwmhl7/
gmaxwell on why full blocks are good https://www.reddit.com/Bitcoin/comments/6b57ca/full_blocks_good_or_bad/dhjxwbz/
The whole idea of the mempool being "filled" is wrong headed. The mempool doesn't "clog" or get stuck, or anything like that. https://www.reddit.com/Bitcoin/comments/7cusnx/to_the_people_still_doubting_that_this_congestion/dpssokf/

Segwit

What is segwit

luke-jr's longer summary https://www.reddit.com/Bitcoin/comments/6033h7/today_is_exactly_4_months_since_the_segwit_voting/df3tgwg/?context=1
Charlie Shrem's on upgrading to segwit https://twitter.com/CharlieShrem/status/842711238853513220
Original segwit talk at scalingbitcoin hong kong + transcript https://youtu.be/zchzn7aPQjI?t=110
https://scalingbitcoin.org/transcript/hongkong2015/segregated-witness-and-its-impact-on-scalability
Segwit is not too complex https://www.reddit.com/btc/comments/57vjin/segwit_is_not_great/d8vos33/
Segwit does not make it possible for miners to steal coins, contrary to what some people say https://www.reddit.com/btc/comments/5e6bt0/concerns_with_segwit_and_anyone_can_spend/daa5jat/?context=1
https://keepingstock.net/segwit-eli5-misinformation-faq-19908ceacf23#.r8hlzaquz
Segwit is required for a useful lightning network It's now known that without a malleability fix useful indefinite channels are not really possible.
https://www.reddit.com/Bitcoin/comments/5tzqtc/gentle_reminder_the_ln_doesnt_require_segwit/ddqgda7/
https://www.reddit.com/Bitcoin/comments/5tzqtc/gentle_reminder_the_ln_doesnt_require_segwit/ddqbukj/
https://www.reddit.com/Bitcoin/comments/5x2oh0/olaoluwa_osuntokun_all_active_lightning_network/deeto14/?context=3
Clearing up SegWit Lies and Myths: https://achow101.com/2016/04/Segwit-FUD-Clearup
Segwit is bigger blocks https://www.reddit.com/Bitcoin/comments/5pb8vs/misinformation_is_working_54_incorrectly_believe/dcpz3en/
Typical usage results in segwit allowing capacity equivalent to 2mb blocks https://www.reddit.com/Bitcoin/comments/69i2md/observe_for_yourself_segwit_allows_2_mb_blocks_in/

Why is segwit being blocked

Jihan Wu (head of largest bitcoin mining group) is blocking segwit because of perceived loss of income https://www.reddit.com/Bitcoin/comments/60mb9e/complete_high_quality_translation_of_jihans/
Witness discount creates aligned incentives https://segwit.org/why-a-discount-factor-of-4-why-not-2-or-8-bbcebe91721e#.h36odthq0 https://medium.com/@SegWit.co/what-is-behind-the-segwit-discount-988f29dc1edf#.sr91dg406
or because he wants his mining enterprise to have control over bitcoin https://www.reddit.com/Bitcoin/comments/6jdyk8/direct_report_of_jihan_wus_real_reason_fo

Segwit is being blocked because it breaks ASICBOOST, a patented optimization used by bitmain ASIC manufacturer

Details and discovery by gmaxwell https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-April/013996.html
Reddit thread with discussion https://www.reddit.com/Bitcoin/comments/63otrp/gregory_maxwell_major_asic_manufacturer_is/
Simplified explaination by jonny1000 https://www.reddit.com/Bitcoin/comments/64qq5g/attempted_explanation_of_the_alleged_asicboost/
http://www.mit.edu/~jlrubin/public/pdfs/Asicboost.pdf
https://medium.com/@jimmysong/examining-bitmains-claims-about-asicboost-1d61118c678d
Evidence https://www.reddit.com/Bitcoin/comments/63yo27/some_circumstantial_evidence_supporting_the_claim/
https://www.reddit.com/Bitcoin/comments/63vn5g/please_dont_stop_us_from_using_asicboost_which/dfxmm75/
https://www.reddit.com/Bitcoin/comments/63soe3/reverse_engineering_an_asic_is_a_significant_task/dfx9nc
Bitmain admits their chips have asicboost but they say they never used it on the network (haha a likely story) https://blog.bitmain.com/en/regarding-recent-allegations-smear-campaigns/
Worth $100m per year to them (also in gmaxwell's original email) https://twitter.com/petertoddbtc/status/849798529929424898
Other calculations show less https://medium.com/@vcorem/the-real-savings-from-asicboost-to-bitmaintech-ff265c2d305b
This also blocks all these other cool updates, not just segwit https://www.reddit.com/Bitcoin/comments/63otrp/gregory_maxwell_major_asic_manufacturer_is/dfw0ej3/
Summary of bad consequences of asicboost https://www.reddit.com/Bitcoin/comments/64qq5g/attempted_explanation_of_the_alleged_asicboost/dg4hyqk/?context=1
Luke's summary of the entire situation https://www.reddit.com/Bitcoin/comments/6ego3s/why_is_killing_asicboost_not_a_priority/diagkkb/?context=1
Prices goes up because now segwit looks more likely https://twitter.com/TuurDemeestestatus/849846845425799168
Asicboost discovery made the price rise https://twitter.com/TuurDemeestestatus/851520094677200901
A pool was caught red handed doing asicboost, by this time it seemed fairly certain that segwit would get activated so it didnt produce as much interest as earlier https://www.reddit.com/Bitcoin/comments/6p7lr5/1hash_pool_has_mined_2_invalid_blocks/ and https://www.reddit.com/Bitcoin/comments/6p95dl/interesting_1hash_pool_mined_some_invalid_blocks/ and https://twitter.com/petertoddbtc/status/889475196322811904
This btc user is outraged at the entire forum because they support Bitmain and ASICBOOST https://www.reddit.com/btc/comments/67t43y/dragons_den_planned_smear_campaign_of_bitmain/dgtg9l2/
Antbleed, turns out Bitmain can shut down all its ASICs by remote control: http://www.antbleed.com/

What if segwit never activates

What if segwit never activates? https://www.reddit.com/Bitcoin/comments/6ab8js/transaction_fees_are_now_making_btc_like_the_banks/dhdq3id/ with https://www.reddit.com/Bitcoin/comments/5ksu3o/blinded_bearer_certificates/ and https://www.reddit.com/Bitcoin/comments/4xy0fm/scaling_quickly/

Lightning

bitcoinmagazine's series on what lightning is and how it works https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-building-a-bidirectional-payment-channel-1464710791/ https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-creating-the-network-1465326903/ https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-completing-the-puzzle-and-closing-the-channel-1466178980/
The Lightning Network ELIDHDICACS (Explain Like I Don’t Have Degrees in Cryptography and Computer Science) https://letstalkbitcoin.com/blog/post/the-lightning-network-elidhdicacs
Ligtning will increases fees for miners, not lower them https://medium.com/lightning-resources/the-lightning-paradox-f15ce0e8e374#.erfgunumh
Cost-benefit analysis of lightning from the point of view of miners https://medium.com/@rusty_lightning/miners-and-bitcoin-lightning-a133cd550310#.x42rovlg8
Routing blog post by rusty https://medium.com/@rusty_lightning/routing-dijkstra-bellman-ford-and-bfg-7715840f004 and reddit comments https://www.reddit.com/Bitcoin/comments/4lzkz1/rusty_russell_on_lightning_routing_routing/
Lightning protocol rfc https://github.com/lightningnetwork/lightning-rfc
Blog post with screenshots of ln being used on testnet https://medium.com/@btc_coach/lightning-network-in-action-b18a035c955d video https://www.youtube.com/watch?v=mxGiMu4V7ns
Video of sending and receiving ln on testnet https://twitter.com/alexbosworth/status/844030573131706368
Lightning tradeoffs http://www.coindesk.com/lightning-technical-challenges-bitcoin-scalability/
Beer sold for testnet lightning https://www.reddit.com/Bitcoin/comments/62uw23/lightning_network_is_working_room77_is_accepting/ and https://twitter.com/MrHodl/status/848265171269283845
Lightning will result in far fewer coins being stored on third parties because it supports instant transactions https://medium.com/@thecryptoconomy/the-barely-discussed-incredible-benefit-of-the-lightning-network-4ce82c75eb58
jgarzik argues strongly against LN, he owns a coin tracking startup https://twitter.com/petertoddbtc/status/860826532650123264 https://twitter.com/Beautyon_/status/886128801926795264
luke's great debunking / answer of some misinformation questions https://www.reddit.com/Bitcoin/comments/6st4eq/questions_about_lightning_network/dlfap0u/
Lightning centralization doesnt happen https://www.reddit.com/Bitcoin/comments/6vzau5/reminder_bitcoins_key_strength_is_in_being/dm4ou3v/?context=1
roasbeef on hubs and charging fees https://twitter.com/roasbeef/status/930209165728825344 and https://twitter.com/roasbeef/status/930210145790976000

Immutability / Being a swiss bank in your pocket / Why doing a hard fork (especially without consensus) is damaging

A downside of hard forks is damaging bitcoin's immutability https://www.reddit.com/Bitcoin/comments/5em6vu/what_happens_if_segwit_doesnt_activate/dae1r6c/?context=3
Interesting analysis of miners incentives and how failure is possible, don't trust the miners for long term https://www.reddit.com/Bitcoin/comments/5gtew4/why_an_increased_block_size_increases_the_cost_of/daybazj/?context=2
waxwing on the meaning of cash and settlement https://www.reddit.com/Bitcoin/comments/5ei7m3/unconfirmed_transactions_60k_total_fees_14btc/dad001v/
maaku on the cash question https://www.reddit.com/Bitcoin/comments/5i5iq5/we_are_spoiled/db5luiv/?context=1
Digital gold funamentalists gain nothing from supporting a hard fork to larger block sizes https://www.reddit.com/Bitcoin/comments/5xzunq/core_please_compromise_before_we_end_up_with_bu/dem73xg/?context=1
Those asking for a compromise don't understand the underlying political forces https://www.reddit.com/Bitcoin/comments/6ef7wb/some_comments_on_the_bip148_uasf_from_the/dia236b/?context=3
Nobody wants a contentious hard fork actually, anti-core people got emotionally manipulated https://www.reddit.com/Bitcoin/comments/5sq5ocontentious_forks_vs_incremental_progress/ddip57o/
The hard work of the core developers has kept bitcoin scalable https://www.reddit.com/Bitcoin/comments/3hfgpo/an_initiative_to_bring_advanced_privacy_features/cu7mhw8?context=9
Recent PRs to improve bitcoin scaleability ignored by the debate https://twitter.com/jfnewbery/status/883001356168167425
gmaxwell against hard forks since 2013 https://bitcointalk.org/index.php?topic=140233.20
maaku: hard forks are really bad https://www.reddit.com/Bitcoin/comments/5zxjza/adam_greg_core_devs_and_big_blockers_now_is_the/df275yk/?context=2

Some metrics on what the market thinks of decentralization and hostile hard forks

The price history shows that the exchange rate drops every time a hard fork threatens: https://i.imgur.com/EVPYLR8.jpg
and this example from 2017 https://twitter.com/WhalePanda/status/845562763820912642
http://imgur.com/a/DuHAn btc users lose money
price supporting theymos' moderation https://i.imgur.com/0jZdF9h.png
old version https://i.imgur.com/BFTxTJl.png
older version https://pbs.twimg.com/media/CxqtUakUQAEmC0d.jpg
about 50% of nodes updated to the soft fork node quite quickly https://imgur.com/O0xboVI

Bitcoin Unlimited / Emergent Consensus is badly designed, changes the game theory of bitcoin

Bitcoin Unlimited was a proposed hard fork client, it was made with the intention to stop segwit from activating
A Future Led by Bitcoin Unlimited is a Centralized Future https://blog.sia.tech/a-future-led-by-bitcoin-unlimited-is-a-centralized-future-e48ab52c817a#.p1ly6hldk
Flexible transactions are bugged https://www.reddit.com/Bitcoin/comments/57tf5g/bitcoindev_bluematt_on_flexible_transactions/
Bugged BU software mines an invalid block, wasting 13 bitcoins or $12k
https://www.reddit.com/Bitcoin/comments/5qwtr2/bitcoincom_loses_132btc_trying_to_fork_the/
https://www.reddit.com/btc/comments/5qx18i/bitcoincom_loses_132btc_trying_to_fork_the/
bitcoin.com employees are moderators of btc https://medium.com/@WhalePanda/the-curious-relation-between-bitcoin-com-anti-segwit-propaganda-26c877249976#.vl02566k4
miners don't control stuff like the block size http://hackingdistributed.com/2016/01/03/time-for-bitcoin-user-voice/
even gavin agreed that economic majority controls things https://www.reddit.com/Bitcoin/comments/5ywoi9/in_2010_gavin_predicted_that_exchanges_ie_the/
fork clients are trying to steal bitcoin's brand and network effect, theyre no different from altcoins https://medium.com/@Coinosphere/why-bitcoin-unlimited-should-be-correctly-classified-as-an-attempted-robbery-of-bitcoin-not-a-9355d075763c#.qeaynlx5m
BU being active makes it easier to reverse payments, increases wasted work making the network less secure and giving an advantage to bigger miners https://www.reddit.com/Bitcoin/comments/5g1x84/bitcoin_unlimited_bu_median_value_of_miner_eb/
bitcoin unlimited takes power away from users and gives it to miners https://medium.com/@alpalpalp/bitcoin-unlimiteds-placebo-controls-6320cbc137d4#.q0dv15gd5
bitcoin unlimited's accepted depth https://twitter.com/tdryja/status/804770009272696832
BU's lying propaganda poster https://imgur.com/osrViDE

BU is bugged, poorly-reviewed and crashes

bitcoin unlimited allegedly funded by kraken stolen coins
https://www.reddit.com/btc/comments/55ajuh/taint_analysis_on_bitcoin_stolen_from_kraken_on/
https://www.reddit.com/btc/comments/559miz/taint_analysis_on_btc_allegedly_stolen_from_kraken/
Other funding stuff
https://www.reddit.com/Bitcoin/comments/5zozmn/damning_evidence_on_how_bitcoin_unlimited_pays/
A serious bug in BU https://www.reddit.com/Bitcoin/comments/5h70s3/bitcoin_unlimited_bu_the_developers_have_realized/
A summary of what's wrong with BU: https://www.reddit.com/Bitcoin/comments/5z3wg2/jihanwu_we_will_switch_the_entire_pool_to/devak98/

Bitcoin Unlimited Remote Exploit Crash 14/3/2017

https://www.reddit.com/Bitcoin/comments/5zdkv3/bitcoin_unlimited_remote_exploit_crash/ https://www.reddit.com/Bitcoin/comments/5zeb76/timbe https://www.reddit.com/btc/comments/5zdrru/peter_todd_bu_remote_crash_dos_wtf_bug_assert0_in/
BU devs calling it as disaster https://twitter.com/SooMartindale/status/841758265188966401 also btc deleted a thread about the exploit https://i.imgur.com/lVvFRqN.png
Summary of incident https://www.reddit.com/Bitcoin/comments/5zf97j/i_was_undecided_now_im_not/
More than 20 exchanges will list BTU as an altcoin
https://www.reddit.com/Bitcoin/comments/5zyg6g/bitcoin_exchanges_unveil_emergency_hard_fork/
Again a few days later https://www.reddit.com/Bitcoin/comments/60qmkt/bu_is_taking_another_shit_timberrrrr

User Activated Soft Fork (UASF)

site for it, including list of businesses supporting it http://www.uasf.co/
luke's view
https://www.reddit.com/Bitcoin/comments/5zsk45/i_am_shaolinfry_author_of_the_recent_usedf1dqen/?context=3
threat of UASF makes the miner fall into line in litecoin
https://www.reddit.com/litecoin/comments/66omhlitecoin_global_roundtable_resolution/dgk2thk/?context=3
UASF delivers the goods for vertcoin
https://www.reddit.com/Bitcoin/comments/692mi3/in_test_case_uasf_results_in_miner_consensus/dh3cm34/?context=1
UASF coin is more valuable https://www.reddit.com/Bitcoin/comments/6cgv44/a_uasf_chain_will_be_profoundly_more_valuable/
All the links together in one place https://www.reddit.com/Bitcoin/comments/6dzpew/hi_its_mkwia_again_maintainer_of_uasfbitcoin_on/
p2sh was a uasf https://github.com/bitcoin/bitcoin/blob/v0.6.0/src/main.cpp#L1281-L1283
jgarzik annoyed at the strict timeline that segwit2x has to follow because of bip148 https://twitter.com/jgarzik/status/886605836902162432
Committed intolerant minority https://www.reddit.com/Bitcoin/comments/6d7dyt/a_plea_for_rational_intolerance_extremism_and/
alp on the game theory of the intolerant minority https://medium.com/@alpalpalp/user-activated-soft-forks-and-the-intolerant-minority-a54e57869f57
The risk of UASF is less than the cost of doing nothing https://www.reddit.com/Bitcoin/comments/6bof7a/were_getting_to_the_point_where_a_the_cost_of_not/
uasf delivered the goods for bitcoin, it forced antpool and others to signal (May 2016) https://bitcoinmagazine.com/articles/antpool-will-not-run-segwit-without-block-size-increase-hard-fork-1464028753/ "When asked specifically whether Antpool would run SegWit code without a hard fork increase in the block size also included in a release of Bitcoin Core, Wu responded: “No. It is acceptable that the hard fork code is not activated, but it needs to be included in a ‘release’ of Bitcoin Core. I have made it clear about the definition of ‘release,’ which is not ‘public.’”"
Screenshot of peter rizun capitulating https://twitter.com/chris_belcher_/status/905231603991007232

Fighting off 2x HF

https://twitter.com/MrHodl/status/895089909723049984
https://www.reddit.com/Bitcoin/comments/6h612o/can_someone_explain_to_me_why_core_wont_endorse/?st=j6ic5n17&sh=cc37ee23
https://www.reddit.com/Bitcoin/comments/6smezz/segwit2x_hard_fork_is_completely_useless_its_a/?st=j6ic2aw3&sh=371418dd
https://www.reddit.com/Bitcoin/comments/6sbspv/who_exactly_is_segwit2x_catering_for_now_segwit/?st=j6ic5nic&sh=1f86cadd
https://medium.com/@elliotolds/lesser-known-reasons-to-keep-blocks-small-in-the-words-of-bitcoin-core-developers-44861968185e
b2x is most of all about firing core https://twitter.com/WhalePanda/status/912664487135760384
https://medium.com/@StopAndDecrypt/thats-not-bitcoin-this-is-bitcoin-95f05a6fd6c2

Misinformation / sockpuppets

https://www.reddit.com/Bitcoin/comments/6uqz6k/markets_update_bitcoin_cash_rallies_for_three/dlurbpx/
three year old account, only started posting today https://archive.is/3STjH
Why we should not hard fork after the UASF worked: https://www.reddit.com/Bitcoin/comments/6sl1qf/heres_why_we_should_not_hard_fork_in_a_few_months/

History

Good article that covers virtually all the important history https://bitcoinmagazine.com/articles/long-road-segwit-how-bitcoins-biggest-protocol-upgrade-became-reality/
Interesting post with some history pre-2015 https://btcmanager.com/the-long-history-of-the-fight-over-scaling-bitcoin/
The core scalabality roadmap + my summary from 3/2017 https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-Decembe011865.html my summary https://www.reddit.com/Bitcoin/comments/5xa5fa/the_core_development_scalability_roadmap/
History from summer 2015 https://www.reddit.com/Bitcoin/comments/5xg7f8/the_origins_of_the_blocksize_debate/
Brief reminders of the ETC situation https://www.reddit.com/Bitcoin/comments/6nvlgo/simple_breakdown_of_bip91_its_simply_the_miners/dkcycrz/
Longer writeup of ethereum's TheDAO bailout fraud https://www.reddit.com/ethereumfraud/comments/6bgvqv/faq_what_exactly_is_the_fraud_in_ethereum/
Point that the bigblocker side is only blocking segwit as a hostage https://www.reddit.com/BitcoinMarkets/comments/5sqhcq/daily_discussion_wednesday_february_08_2017/ddi3ctv/?context=3
jonny1000's recall of the history of bitcoin https://www.reddit.com/Bitcoin/comments/6s34gg/rbtc_spreading_misinformation_in_rbitcoinmarkets/dl9wkfx/

Misc (mostly memes)

libbitcoin's Understanding Bitcoin series (another must read, most of it) https://github.com/libbitcoin/libbitcoin/wiki/Understanding-Bitcoin
github commit where satoshi added the block size limit https://www.reddit.com/Bitcoin/comments/63859l/github_commit_where_satoshi_added_the_block_size/
hard fork proposals from some core devs https://bitcoinhardforkresearch.github.io/
blockstream hasnt taken over the entire bitcoin core project https://www.reddit.com/Bitcoin/comments/622bjp/bitcoin_core_blockstream/
blockstream is one of the good guys https://www.reddit.com/Bitcoin/comments/6cttkh/its_happening_blockstream_opens_liquid_sidechain/dhxu4e
Forkers, we're not raising a single byte! Song lyrics by belcher https://gist.github.com/chris-belche7264cd6750a86f8b4a9a
Some stuff here along with that cool photoshopped poster https://medium.com/@jimmysong/bitcoin-realism-or-how-i-learned-to-stop-worrying-and-love-1mb-blocks-c191c35e74cb
Nice graphic https://twitter.com/RNR_0/status/871070843698380800
gmaxwell saying how he is probably responsible for the most privacy tech in bitcoin, while mike hearn screwed up privacy https://www.reddit.com/btc/comments/6azyme/hey_bu_wheres_your_testnet/dhiq3xo/?context=6
Fairly cool propaganda poster https://twitter.com/urbanarson/status/880476631583924225
btc tankman https://i.redd.it/gxjqenzpr27z.png https://twitter.com/DanDarkPill/status/853653168151986177
asicboost discovery meme https://twitter.com/allenscottoshi/status/849888189124947971
https://twitter.com/urbanarson/status/882020516521013250
gavin wanted to kill the bitcoin chain https://twitter.com/allenscottoshi/status/849888189124947971
stuff that btc believes https://www.reddit.com/Bitcoin/comments/6ld4a5/serious_is_the_rbtc_and_the_bu_crowd_a_joke_how/djszsqu/
after segwit2x NYA got agreed all the fee pressure disappeared, laurenmt found they were artificial spam https://twitter.com/i/moments/885827802775396352
theymos saying why victory isnt inevitable https://www.reddit.com/Bitcoin/comments/6lmpll/explaining_why_big_blocks_are_bad/djvxv2o/
with ignorant enemies like these its no wonder we won https://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16/page-999 ""So, once segwit2x activates, from that moment on it will require a coordinated fork to avoid the up coming "baked in" HF. ""
a positive effect of bcash, it made blockchain utxo spammers move away from bitcoin https://www.reddit.com/btc/comments/76lv0b/cryptograffitiinfo_now_accepts_bitcoin_cash/dof38gw/
summary of craig wright, jihan wu and roger ver's positions https://medium.com/@HjalmarPeters/the-big-blockers-bead6027deb2
Why is bitcoin so strong against attack?!?! (because we're motivated and awesome) https://www.reddit.com/btc/comments/64wo1h/bitcoin_unlimited_is_being_blocked_by_antivirus/dg5n00x/
what happened to #oldjeffgarzik https://www.reddit.com/Bitcoin/comments/6ufv5x/a_reminder_of_some_of_jeff_garziks_greatest/
big blockers fully deserve to lose every last bitcoin they ever had and more https://www.reddit.com/BitcoinMarkets/comments/756nxf/daily_discussion_monday_october_09_2017/do5ihqi/
gavinandresen brainstorming how to kill bitcoin with a 51% in a nasty way https://twitter.com/btcdrak/status/843914877542567937
Roger Ver as bitcoin Judas https://imgur.com/a/Rf1Pi
A bunch of tweets and memes celebrating UASF
https://twitter.com/shaolinfry/status/842457019286188032 | https://twitter.com/SatoshiLite/status/888335092560441345 | https://twitter.com/btcArtGallery/status/887485162925285377 | https://twitter.com/Beautyon_/status/888109901611802624 | https://twitter.com/Excellion/status/889211512966873088 | https://twitter.com/lopp/status/888200452197801984 | https://twitter.com/AlpacaSW/status/886988980524396544 | https://twitter.com/BashCo_/status/877253729531162624 | https://twitter.com/tdryja/status/865212300361379840 | https://twitter.com/Excellion/status/871179040157179904 | https://twitter.com/TraceMayestatus/849856343074902016 | https://twitter.com/TraceMayestatus/841855022640033792 | https://fs.bitcoinmagazine.com/img/images/Screen_Shot_2017-08-18_at_01.36.47.original.png
submitted by belcher_ to Bitcoin [link] [comments]

Asicpower AP9-SHA256 Review


Asicpower AP9-SHA256 Review

Bitmain is regarded as one of the most influential companies in the ASIC mining industry. It is estimated that they have manufactured approximately 53% of all mining equipment.Without including their mining profits, that’s around $140 million dollars in sales. These figures are staggering, but Bitmain’s monopoly of the Bitcoin ASIC market may come to an end, following the release of PowerAsic’s asicpower AP9-SHA256.

About the asicpower AP9-SHA256

Designed with brand new technology and boasting 94 TH/s per miner, the AP(-SHA256 is the most powerful and efficient Bitcoin miner to date.PowerAsic claims they spent $12 million dollars on research, development, and prototypes.PowerAsic also noted that their miners take advantage of ASICBOOST, an exploit of Bitcoin’s algorithm which improves mining efficiency by 20%.An unusual approach separate Powerasic’s miner to the other manufactures is the implementation of copper heat-sink claimed to have a superior thermal conductivity 69% better than aluminium. Don’t take their words for it but confirm the facts are correct on widely well known and published science documents as this one.The first batch of miners were announced and made available for order in August of 2019, with start scheduled for shipment in September, 2019.
Powerasic claims that the machines are around 40 percent more productive than the most proficient ASIC on the market, Bitmain’s Antminer S17.According to PowerAsic, they started a mining project with the aim to bring much needed competition to the market…We want to ‘make SHA256 great again.Sitting at the hefty price of $2,795.00, the powerasic AP9-SHA256 is far from affordable for the average person. Fortunately, due to the newly born rivalry between Bitmain and Powerasic, the price will probably lower with time and competition.The power supply for this unit is included and integrated in the top-box also including the controler card as a one unit. You will also get standard power cable, network cable, manual and software in the packet. In comparison to the price of the Antminer S17 , the Powerasic AP9-Sha256 is a better value.

Power Supply

The integrated PSU 3300W has a inputVoltage 220V 50Hz 30A. There are 2 fan 40mm., 1 fan 60mm to keep it cool and the power cable 3 legs following CEE 7 standard.Professional mining hardware runs optimally at 220-240V, hence why mining farms step down their own electricity supply to 220-240V. Note that 220V current is only found outside of the US – American outlets are 110V by default. Unless you want to hire an electrician, this could cause some people trouble adapt to the eficient and recomended 220V power needed, still 110V will get the job done, but they are not ideal for optimum mining performance.

Power Consumption

Thanks to the powerasic AP9-HA256’s new 7nm generation of ASIC chips, the AP9-SHA256 has become the most electrically-efficient miner on the market.Consuming merely 30.J/TB, or 2860W from the wall, the 16T is 30% more electrically-efficient than the Antminer S17.

Profitability

Powerasic ’s new ASIC technology is impressive. When compared to its closest competitor, the Antminer S17, the powerasic AP9-HA256 is the clear winner. It hashes at 94 TH/s, as opposed to the S17’s 56 TH/s. Moreover, the the AP9-HA256 consumes 30J/GH, whereas the S17 consumes 39-45J/TB.The difference in power consumption is miniscule, but when it comes to large-scale mining, the the AP9-HA256’s edge will drastically increase the profitability of a mining operation. This ASIC is profitable not only for mining on a large scale, but for the individual miner as well.Take a look at the projected mining profitability of a single miner:Note that is appears profitable even with high electricity costs ($0.1 per KW/h). With $0.05 / KW/h it’s even more profitable:📷Each powerasic AP9-HA256 will generate about $6,009 per year (calculated with 1 BTC=$10,141.5). Mining profitability may vary. You can usethis free profitability calculator to determine your projected earnings.

Is powerasic AP9-HA256 a Scam?

There is been a lot of talk on Twitter that powerasic AP9-HA256 is a scam. It appears it is not, as many users are already claiming to have received their miners.Slush, the creator ot Slush Mining Pool and the TREZOR hardware wallet, claims on Twitter that he has seen units and knows people who have had their miners delivered:

Verdict: Is The Antminer S17 Outdated?

When the first batch of Bitmain’s Antminer S17 ASICs reached the eager hands of miners, they were all the rage. The S17 was renowned as the most efficient ASIC miner on the market. Many used the S17 as the industry’s golden standard.Up until the launch of the powerasic AP9-HA256, it was the golden standard.But, now?Things have changed.Not only is the powerasic AP9-HA256 more powerful than its predecessor from Bitmain, but also more efficient, and therefore, more profitable.Ever since the announcement of the new ASIC, there was widespread speculation of its legitimacy – and rightly so.The Bitcoin community has been plagued with small, phony companies manipulating images of preexisting antminers as a ploy to hype up their fake products. Nevertheless, powerasic AP9-HA256 is taking things seriously, and their first batch of miners have lived up to expectations.The fact of the matter is, Bitmain’s most powerful and efficient antminer has been dethroned by the new reigning king of ASICs: The powerasic AP9-HA256.

Conclusion

Bitmain has dominated the ASIC market since its inception in 2013.There are a few other companies producing ASICs. However, before the creation of PowerAsics AP9-SHA256., Bitmain was the only company with a proven track record that sold efficient miners directly to the public.Powerasic AP9-HA256 has the potential to bring Bitmain’s monopoly to an end. Powerasic AP9-HA256 has a bright future ahead of them. Now that Bitmain has noteworthy competition, it will be interesting to see how it affects the market. The powerasic AP9-HA256 is the best option (for now) for anyone getting started with mining. Powerasic’s innovation should force other ASIC producers to innovate and force other companies to release new miners with better efficiency. So whether you’re buying a miner now or soon, you’re likely to benefit from the development of this new miner. For more, Visit Us: https://asicpower.net/product.php
submitted by farwa786 to u/farwa786 [link] [comments]

Technical Cryptonight Discussion: What about low-latency RAM (RLDRAM 3, QDR-IV, or HMC) + ASICs?

The Cryptonight algorithm is described as ASIC resistant, in particular because of one feature:
A megabyte of internal memory is almost unacceptable for the modern ASICs. 
EDIT: Each instance of Cryptonight requires 2MB of RAM. Therefore, any Cryptonight multi-processor is required to have 2MB per instance. Since CPUs are incredibly well loaded with RAM (ie: 32MB L3 on Threadripper, 16 L3 on Ryzen, and plenty of L2+L3 on Skylake Servers), it seems unlikely that ASICs would be able to compete well vs CPUs.
In fact, a large number of people seem to be incredibly confident in Cryptonight's ASIC resistance. And indeed, anyone who knows how standard DDR4 works knows that DDR4 is unacceptable for Cryptonight. GDDR5 similarly doesn't look like a very good technology for Cryptonight, focusing on high-bandwidth instead of latency.
Which suggests only an ASIC RAM would be able to handle the 2MB that Cryptonight uses. Solid argument, but it seems to be missing a critical point of analysis from my eyes.
What about "exotic" RAM, like RLDRAM3 ?? Or even QDR-IV?

QDR-IV SRAM

QDR-IV SRAM is absurdly expensive. However, its a good example of "exotic RAM" that is available on the marketplace. I'm focusing on it however because QDR-IV is really simple to describe.
QDR-IV costs roughly $290 for 16Mbit x 18 bits. It is true Static-RAM. 18-bits are for 8-bits per byte + 1 parity bit, because QDR-IV is usually designed for high-speed routers.
QDR-IV has none of the speed or latency issues with DDR4 RAM. There are no "banks", there are no "refreshes", there are no "obliterate the data as you load into sense amplifiers". There's no "auto-charge" as you load the data from the sense-amps back into the capacitors.
Anything that could have caused latency issues is gone. QDR-IV is about as fast as you can get latency-wise. Every clock cycle, you specify an address, and QDR-IV will generate a response every clock cycle. In fact, QDR means "quad data rate" as the SRAM generates 2-reads and 2-writes per clock cycle. There is a slight amount of latency: 8-clock cycles for reads (7.5nanoseconds), and 5-clock cycles for writes (4.6nanoseconds). For those keeping track at home: AMD Zen's L3 cache has a latency of 40 clocks: aka 10nanoseconds at 4GHz
Basically, QDR-IV BEATS the L3 latency of modern CPUs. And we haven't even begun to talk software or ASIC optimizations yet.

CPU inefficiencies for Cryptonight

Now, if that weren't bad enough... CPUs have a few problems with the Cryptonight algorithm.
  1. AMD Zen and Intel Skylake CPUs transfer from L3 -> L2 -> L1 cache. Each of these transfers are in 64-byte chunks. Cryptonight only uses 16 of these bytes. This means that 75% of L3 cache bandwidth is wasted on 48-bytes that would never be used per inner-loop of Cryptonight. An ASIC would transfer only 16-bytes at a time, instantly increasing the RAM's speed by 4-fold.
  2. AES-NI instructions on Ryzen / Threadripper can only be done one-per-core. This means a 16-core Threadripper can at most perform 16 AES encryptions per clock tick. An ASIC can perform as many as you'd like, up to the speed of the RAM.
  3. CPUs waste a ton of energy: there's L1 and L2 caches which do NOTHING in Cryptonight. There are floating-point units, memory controllers, and more. An ASIC which strips things out to only the bare necessities (basically: AES for Cryptonight core) would be way more power efficient, even at ancient 65nm or 90nm designs.

Ideal RAM access pattern

For all yall who are used to DDR4, here's a special trick with QDR-IV or RLDRAM. You can pipeline accesses in QDR-IV or RLDRAM. What does this mean?
First, it should be noted that Cryptonight has the following RAM access pattern:
QDR-IV and RLDRAM3 still have latency involved. Assuming 8-clocks of latency, the naive access pattern would be:
  1. Read
  2. Stall
  3. Stall
  4. Stall
  5. Stall
  6. Stall
  7. Stall
  8. Stall
  9. Stall
  10. Write
  11. Stall
  12. Stall
  13. Stall
  14. Stall
  15. Stall
  16. Stall
  17. Stall
  18. Stall
  19. Read #2
  20. Stall
  21. Stall
  22. Stall
  23. Stall
  24. Stall
  25. Stall
  26. Stall
  27. Stall
  28. Write #2
  29. Stall
  30. Stall
  31. Stall
  32. Stall
  33. Stall
  34. Stall
  35. Stall
  36. Stall
This isn't very efficient: the RAM sits around waiting. Even with "latency reduced" RAM, you can see that the RAM still isn't doing very much. In fact, this is why people thought Cryptonight was safe against ASICs.
But what if we instead ran four instances in parallel? That way, there is always data flowing.
  1. Cryptonight #1 Read
  2. Cryptonight #2 Read
  3. Cryptonight #3 Read
  4. Cryptonight #4 Read
  5. Stall
  6. Stall
  7. Stall
  8. Stall
  9. Stall
  10. Cryptonight #1 Write
  11. Cryptonight #2 Write
  12. Cryptonight #3 Write
  13. Cryptonight #4 Write
  14. Stall
  15. Stall
  16. Stall
  17. Stall
  18. Stall
  19. Cryptonight #1 Read #2
  20. Cryptonight #2 Read #2
  21. Cryptonight #3 Read #2
  22. Cryptonight #4 Read #2
  23. Stall
  24. Stall
  25. Stall
  26. Stall
  27. Stall
  28. Cryptonight #1 Write #2
  29. Cryptonight #2 Write #2
  30. Cryptonight #3 Write #2
  31. Cryptonight #4 Write #2
  32. Stall
  33. Stall
  34. Stall
  35. Stall
  36. Stall
Notice: we're doing 4x the Cryptonight in the same amount of time. Now imagine if the stalls were COMPLETELY gone. DDR4 CANNOT do this. And that's why most people thought ASICs were impossible for Cryptonight.
Unfortunately, RLDRAM3 and QDR-IV can accomplish this kind of pipelining. In fact, that's what they were designed for.

RLDRAM3

As good as QDR-IV RAM is, its way too expensive. RLDRAM3 is almost as fast, but is way more complicated to use and describe. Due to the lower cost of RLDRAM3 however, I'd assume any ASIC for CryptoNight would use RLDRAM3 instead of the simpler QDR-IV. RLDRAM3 32Mbit x36 bits costs $180 at quantities == 1, and would support up to 64-Parallel Cryptonight instances (In contrast, a $800 AMD 1950x Threadripper supports 16 at the best).
Such a design would basically operate at the maximum speed of RLDRAM3. In the case of x36-bit bus and 2133MT/s, we're talking about 2133 / (Burst Length4 x 4 read/writes x 524288 inner loop) == 254 Full Cryptonight Hashes per Second.
254 Hashes per second sounds low, and it is. But we're talking about literally a two-chip design here. 1-chip for RAM, 1-chip for the ASIC/AES stuff. Such a design would consume no more than 5 Watts.
If you were to replicate the ~5W design 60-times, you'd get 15240 Hash/second at 300 Watts.

RLDRAM2

Depending on cost calculations, going cheaper and "making more" might be a better idea. RLDRAM2 is widely available at only $32 per chip at 800 MT/s.
Such a design would theoretically support 800 / 4x4x524288 == 95 Cryptonight Hashes per second.
The scary part: The RLDRAM2 chip there only uses 1W of power. Together, you get 5 Watts again as a reasonable power-estimate. x60 would be 5700 Hashes/second at 300 Watts.
Here's Micron's whitepaper on RLDRAM2: https://www.micron.com/~/media/documents/products/technical-note/dram/tn4902.pdf . RLDRAM3 is the same but denser, faster, and more power efficient.

Hybrid Cube Memory

Hybrid Cube Memory is "stacked RAM" designed for low latency. As far as I can tell, Hybrid Cube memory allows an insane amount of parallelism and pipelining. It'd be the future of an ASIC Cryptonight design. The existence of Hybrid Cube Memory is more about "Generation 2" or later. In effect, it demonstrates that future designs can be lower-power and give higher-speed.

Realistic ASIC Sketch: RLDRAM3 + Parallel Processing

The overall board design would be the ASIC, which would be a simple pipelined AES ASIC that talks with RLDRAM3 ($180) or RLDRAM2 ($30).
Its hard for me to estimate an ASIC's cost without the right tools or design. But a multi-project wafer like MOSIS offers "cheap" access to 14nm and 22nm nodes. Rumor is that this is roughly $100k per run for ~40 dies, suitable for research-and-development. Mass production would require further investments, but mass production at the ~65nm node is rumored to be in the single-digit $$millions or maybe even just 6-figures or so.
So realistically speaking: it'd take ~$10 Million investment + a talented engineer (or team of engineers) who are familiar with RLDRAM3, PCIe 3.0, ASIC design, AES, and Cryptonight to build an ASIC.

TL;DR:

submitted by dragontamer5788 to Monero [link] [comments]

Decred Journal — June 2018

Note: You can read this on GitHub, Medium or old Reddit to see the 207 links.

Development

The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal.
Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue.
dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues.
Ticket splitting: 11-way ticket split from last month has voted (transaction).
Ethereum support in atomicswap is progressing and welcomes more eyeballs.
decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page.
decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here.
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)

Network

Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1.
Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).

ASICs

Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.comtranslated, also on asicminervalue)
dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.

Integrations

bepool.org is a new mining pool spotted on dcred.eu.
Exchange integrations:
Two OTC trading desks are now shown on decred.org exchanges page.
BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features.
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.

Adoption

Merchants:
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining Decred.

Events

Attended:
Upcoming:

Media

stakey.club: a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian.
Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Videos:
Audio:
Featured articles:
Articles:

Community Discussions

Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS.
A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article was discussed on Reddit and #governance.
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here.
Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.

Markets

DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.

Relevant External

Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version).
A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download.
Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)

About This Issue

This is the third issue of Decred Journal after April and May.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
submitted by jet_user to decred [link] [comments]

Mining has tripled from a year ago, the chips added cost $300M+. Now the network uses at least 300MW of electricity continuously at a cost of $50M/year. This is about what a city of 200k Americans use.

tl;dr: Bitcoin network is running on at least 230k Antminer S9s, using 320MW (~$50M/year), with $345M worth of chips coming online in the past year.
Someone check my napkin math, I was looking at hashrate charts and just started writing stuff.
Antminer S9 is the most efficient and popular miner right now so I'm using their stats. I expect efficiency to improve marginally in the future but at a much reduced rate.
$2,200 capital cost 13.5 TH/s 1400 W 104 J/TH
Network hash rate is 3,155,225 TH/s. If we go with a conservative estimate of power consumption, lets assume the entire network is Antminer S9. This gives 232,000 Antminers, which would use 327MW, for a total consumption of 2,866,000,000 kWh/year. The scale is sort of crazy to think about, the network uses about 10% of the electricity generated by some of the worlds biggest hydroelectric plants. It's not insignificant, but it's going to have to grow a lot to be noticeable at the world scale.
The average American uses 1,380 watts. So instead of running the bitcoin network, you could run a city that provides for 237k Americans.
This means 1 bitcoin represents roughly the consumption of 1/89th of an American. Consumption is roughly the same order of magnitude as production, so lets just say that a bitcoin is 1/100th the output of the average American, including all children and unemployed people. So if you own 100 bitcoins you basically own the equivalent production of a human being, in that the bitcoin commands a certain fraction of continuous energy expenditure in the form of hashpower. After all what is human labor except for skilled energy expenditure? (Not totally serious about this, it's fun to abuse units.)
Maybe the more interesting story is the real money expenses. Here things are a little bit more fuzzy because we don't know what it actually costs bitmain to make an S9. Regardless, we can assume that facility costs add a little, and use $2,200 as an estimate for capex necessary to get one operational.
Hash rate has tripled since a year ago. This means at minimum, 157k S9s have come online in the past year. Using $2,200, this is capex of $345M. (Important to note, part of bitcoin's security is that these chips are specific purpose SHA256(SHA256()), so this capex can't just flee to mining ethereum or something, it's in bitcoin for the long haul.)
The electricity costs are also pretty fuzzy, in America it's ~$0.12/kWh on average, in China it can be $0. If you use American retail average, this is another $340M a year (this is ridiculous, don't quote me on this, no miners are using PG&E). If you take a conservative estimate of $0.02kWh, you still get $57M.
I don't know how to estimate the cooling costs, maybe someone can just let me know if it's significant relative to the chip usage. If it's 1% of what the chips use then meh, but if it's 2x what the chips use then I'll put more effort into estimating it.
Hopefully this gives you some ammunition for the next time someone asserts that bitcoin is ethereal or can vanish like tulips. Tulips don't run on hundreds of thousands of computers in datacenters around the world using the electricity of a small country.
submitted by Polycephal_Lee to BitcoinMarkets [link] [comments]

[Very long, very serious] Development summary week ending 18th April 2014

When I got my first full time job, I used to try implementing requests from everyone as they came in, and for a while people really loved that I listened to their requests. Over time, however, things started to go wrong. I’d apply a change someone asked for, and in doing so would break something elsewhere in the code, in some subtle way that was missed in short-term testing. I’d fix that second bug and reveal a third. I’d fix that just in time for a new request to come in, and the process repeat. This led to the term “Bug whack-a-mole”, wherein I was spending time mostly fixing bugs introduced to live systems through rushing through earlier bug fixes.
So this week, we’ve had a lot of people asking about changes to proof-of-work, especially X11, or even moving to proof of stake, primarily in an attempt to address risk of a 51% attack. A 51% attack is where one actor (person, group, organisation, whatever) gains control of enough resources to be able to create their own blockchain, isolated from the main blockchain, at a rate at least as quickly as the main blockchain is being created. They can then spend Dogecoins on the main blockchain, before releasing their fake blockchain; if their fake blockchain is longer than the existing blockchain, nodes will switch to the new blockchain (as they would when repairing a fork), and essentially the spent Dogecoin on the main blockchain are reversed and can be spent again. This is mostly of consequence to exchanges and payment processors (such as Moolah), who are most likely to end up holding the loss from the double-spend.
The concern about a 51% attack stems from a couple of weeks ago now, when Wafflepool was around 50% of the network hashrate (mining power). It’s still high (at the time of wring about 32GH/s out of almost 74GH/s, or about 43%), but it is diminishing as a proportion.
Lets talk about proof of stake first, as this one’s simpler. Proof of stake has been suggested as a way of avoiding the risk of Wafflepool having control of too many mining resources by itself, by changing from securing the blockchain through computational resources (work), to using number of Dogecoin held. The theory is that those with most Dogecoins have most to lose, and will act in their own interests. Major examples of proof of stake coins include Peercoin, Mintcoin and more recently Blackcoin.
However, this essentially means we take control from Wafflepool, and hand it to Cryptsy (who are considered most likely to be the holder of some of the huge Dogecoin wallets out there). I by no means expect either organisation to attempt a 51% attack, but hopefully it’s clear that simply switching risks isn’t actually improving things. I’ve also had significant concerns raised from the merchant/payment processor community about potential impact of proof of stake, and that it may encourage hoarding (as coins are awarded for holding coins, rather than for mining). The price instability of Mintcoin and Blackcoin (and that Peercoin appears to only avoid this through very high transaction fees to keep the entire network inert) does not encourage confidence, either. For now, proof of stake remains something we’re keeping in mind, primarily in case price does not react as anticipated to mining reward decreases over time, but certainly we’re not eager to rush into such a change.
Before I get into a discussion on proof of work, let me summarise this quickly; right now, uncertainty about changes is holding back our community from adopting ASICs. It’s high risk to spend hundreds, thousands or in some cases significantly more on ASIC hardware which could be left useless if we move. Those who have already purchased ASICs to support the Dogecoin hashrate would most likely have to mine Litecoin to recover sunk costs, if we did move. ASICs are virtually inevitable, and in our assessment we are better off pushing for rapid adoption, rather than expending resources delaying a problem which will re-occur later.
At the time of writing the development team has no plans to change proof of work algorithm outside of the eventuality of a major security break to Scrypt. We are focusing on mitigation approaches in case of a 51% attack, and adoption of the coin as the most sustainable approaches to dealing with this risk.
The X11 algorithm has been proposed as an alternative proof of work algorithm. X11, for those unaware, was introduced with Darkcoin. It’s a combination of 11 different SHA-3 candidate algorithms, using multiple rounds of hashing. The main advantage championed for Darkcoin is that current implementations run cooler on GPU hardware. Beyond that, there’s a lot of confusion over what it does and does not do. As I’m neither an algorithms or electronics specialist, I recruited a colleague who previously worked on the CERN computing grid to assist, and the following is primarily his analysis. A full technical report is coming for anyone who really likes detail, this is just a summary:
A lot of people presume X11 is ASIC resistant; it’s not. Candidate algorithms for SHA-3 were assessed on a number of criteria, including simplicity to implement in hardware. All 11 algorithms have been implemented in FPGA hardware, and several in ASIC hardware already. The use of multiple algorithms does significantly complicate ASIC development, as it means the resulting chip would likely be extremely large. This has consequences for production, as the area of a chip is the main determining factor for likelihood of an error in the chip.
The short version being that while yes it would take significant resources to make an efficient ASIC for X11, for a long time Scrypt was considered infeasible to adapt to ASICs. As stated earlier, any move would most likely be nothing more than an extremely expensive and risky delaying manoeuvre. ASIC efficiency would also depend heavily on ability to optimise the combination of the algorithms; a naive implementation would run at around the rate of the slowest hashing algorithm, however if any common elements could be found amongst the algorithms, it may be that this could be improved upon significantly
There are also significant areas of concern with regards to X11. The “thermal efficiency” is most likely a result of the algorithm being a poor fit for GPU hardware. This means that GPU mining is closer to CPU mining (the X11 Wiki article suggests a ratio of 3:1 for GPU/CPU mining performance), however it also means that if a way of was found to improve performance there could be significantly faster software miners, leading to an ASIC-like edge without any of the hardware development costs. The component algorithms are all relatively new, and several were rejected during the SHA-3 competition for security concerns (see http://csrc.nist.gov/groups/ST/hash/sha-3/Round2/documents/Round2_Report_NISTIR_7764.pdf for full details). Security criteria for SHA-3 algorithms was also focused on ability to generate collisions, rather than on producing hashes with specific criteria (such as number of leading 0s, which is how proof of work is usually assessed).
X11 is a fascinating algorithm for new coins, however I would consider it exceptionally high risk for any existing coin to adopt.
Beyond algorithm analysis, this week has been mostly about testing 1.7. Last weekend Patrick raised the issue that we had been incorrectly running the automated tests, which had led to several automated test failures being missed earlier. This led to other tasks being dropped as we quickly reworked the tests to match Dogecoin parameters instead of Bitcoin. So far, all tests have passed successfully once updated to match Dogecoin, however this work continues. On the bright side, it turns out we have a lot more automated tests than we realised, which is very useful for later development.
The source code repository for Dogecoin now also uses Travis CI, which sanity-checks patches submitted to the project, to help us catch any potential problems earlier, thanks to Tazz for leading the charge on that. This is particularly important as of course we’re developing on different platforms (Windows, OS X, Linux) and what works on one, may not work on others. Over time, this should be a significant time saver for the developers. For anyone wanting to help push Dogecoin forward, right now the most productive thing to be doing is testing either Dogecoin, or helping Bitcoin Core test pull requests. Feel free to drop by our Freenode channel for guidance on getting started with either.
Right now, I’m working on the full technical report on X11, and will then be back working on the payment protocol for Dogecoin. I’ve approached a few virus scanning software companies about offering their products for Dogecoin, with so far no response, but will update you all if I hear more.
Lastly, the next halvening (mining reward halving) is currently expected late on the 27th or early on the 28th, both times GMT. Given that it was initially expected on the 25th, we’re obviously seeing some slippage in estimates, and a total off the top of my head guess would be that we’ll see it around 0500 GMT on the 28th at this rate. I have taken the 28th off from the day job, and will be around both before and after in case of any problems (love you guys, not getting up at 5am to check on the blockchain, though!)
submitted by rnicoll to dogecoin [link] [comments]

Welcome to Bytom - Read this to get started

Welcome!

Here is some important information to help educate you on the Bytom Blockchain

[Rules]

With the magical influx of new readers, I would like to warmly welcome everyone to BytomBlockchain. Please protect this community's philosophy by respecting our rules:
  1. No inappropriate behaviour. This includes, but is not limited to: personal attacks, threats of violence, slurs of any kind, posting people's private information.
  2. No misleading titles.
  3. No duplicated questions that are addressed in FAQ. If the current answer to the FAQ lacks details, use the comment function to ask more specific.
  4. English language only.
Our goal is to keep a good information / noise ratio at BytomBlockchain and we therefore ask for your understanding if we delete submissions violating any of the rules outlined above.

[About Bytom]

  1. Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.
  2. Economic Whitepaper, Technical Whitepaper.
  3. 8btc Founder Chang Jia Discusses the Bitcoin Ecosystem and the Bytom Project
  4. Decentralized Platform Bytom Works to Bridge Digital World and Physical World
  5. Bytom:Transfer assets from atomic world to byteworld(video)

Mission statement of Bytom

  • "Our mission is to bridge the atomic(physical) world and the byte(digital) world, to build a decentralized network where various byte assets and atomic assets could be registered and exchanged"

8 Innovations of Bytom

  • Compatible with the UTXO Design of Bitcoin
  • General address format
  • Compatible with National Encryption Standard
  • Asset naming using ODIN
  • POW algorithm that is friendly to AI ASIC-chips
  • Cross-chain asset transactions and dividends distribution though side-chain
  • Quasi "Segregated Witness" design
  • Enhanced trading flexibility

Platform Model: Three-layer Structure

  • Application Layer
  • Contract Layer
  • Ledger Layer

Assets on Bytom network

"There are two types of assets running on Bytom Network: Bytom Tokens (BTM) and Assets."
  • Tokens: Distributed to miners and nodes. Main uses are:
    • Transaction fee for asset trading
    • Dividends of income assets
    • Deposits for asset issuance
  • Assets: three types of assets on Bytom Blockchain:
    • Income assets
    • Equity assets
    • Securitized Assets

Distribution of BTM

Total supply of coins : 2.1 Billion
  • 30% ICO - 630,000,000
  • 7% Private Distribution - 147,000,000
  • 20% Reserve - 420,000,000
  • 10% Business Dev - 210,000,000
  • 33% Mining - 693,000,000

[FAQ]

https://www.reddit.com/BytomBlockchain/wiki/index

[News]

  1. Bytom Weekly News(October 2nd week)
  2. China Hangzhou’s First Public Chain Bytom Releases The Alpha Testnet BigBang
  3. The Bytom Team Takes Home the Second Prize in the 2nd Cosmos Hackathon
  4. Co-Founder of Bytom Duan Xinxing:Code is not only a tool to manage assets but also a current asset itself

MORE INFO TO COME....

submitted by BYTOM_OFFICIAL to BytomBlockchain [link] [comments]

What Is Bytom (BTM)?

What Is Bytom (BTM)?
The world today has been massively influenced by the information revolution of the last few years. More and more elements of the physical world are getting transmitted into the digital world. With the rising relevance of big data, computing power plays a more central role in technological advancement.
First came the tools that allowed us to work via digital platforms, such as email and software. Then came currencies that allowed peer-to-peer transfer of value over the digital world, such as Bitcoin. The next phase in consideration is a system where every valuable thing (that can be exchanged) is migrated to the digital world. Examples of things like that include equities, securitized assets, dividends, bonds, and so on.
Bytom is a protocol and a blockchain for the exchange and interaction of real-world assets. Bytom is different from Ethereum, as it focuses on putting real-world assets on its blockchain.
Specifically, Bytom focuses on avoiding the replication of real-world assets on the blockchain, resolving compliance issues as digital assets are linked to physical assets, and bridging the gap between the physical world and the digital world.

What Does Bytom Do?

Bytom is basically a digital asset layer protocol. It enables individuals and institutions to build financial and digital asset applications. Stocks, bonds, and any kind of secure data can also be exchanged on the blockchain.
Bytom aims to map assets in the physical world to the digital world and create an ecosystem where there is interoperability between these 2 forms.
There are 3 types of assets on the Bytom blockchain that can be exchanged:
  • Income assets, which include non-performing assets, fixed local government investments, home-stay properties, etc.
  • Equity assets, which include equity of non-listed companies, equity of private funds, etc. Transferring equity assets requires qualified investor verification.
  • Securitized assets, which includes debts, automobile loans, etc. Generally, these are assets that can generate predictable cash flows.
These assets are tradable on-chain with the Bytom protocol. Bytom cuts out the middlemen in asset transfers and recordkeeping, which leads to faster transactions and lower costs. Also, the assets are more secure on a blockchain than with a third-party organization.
Users can create their asset-backed security on the Bytom blockchain by registering and tokenizing their assets via smart contract. Bytom can also function as a platform for fundraising or ICOs.

Bytom’s Consensus Model

Bytom uses a Proof-of-Work consensus model, the mechanism currently used by Bitcoin and Ethereum. It is important that the blockchain is not vulnerable to the Sybil attack and the 51% attack. This is because Bytom deals with assets. To be realistic with the demands of the blockchain system, it prioritizes decentralization and security over performance.
Bytom’s consensus mechanism is designed to be “friendly to AI ASIC chips,” as described in the whitepaper. This means that the miners can be used for AI hardware acceleration services. Bytom implements cross-chain asset transactions and dividend distribution via side-chain. It also has a quasi SegWit design.

History of Bytom

Started in January 2017, Bytom was founded by Chang Jia (former sci-fi writer and creator of 8btc) and Duan Xinxing (former Vice President of OKCoin).
The Bytom token sale took place from June 20 to July 20, 2017, and raised 8,400 Bitcoins. 30% of the total supply was distributed during ICO. 20% was reserved for the Bytom Foundation, 7% for private equity investors, 10% for business development, and 33% for mining.

The Bytom Team

The Bytom team is headed by its founders, Chang Jia, and Duan Xinxing. Duan functions as the CEO of Bytom. The CTO is Lang Yu (former senior systems engineer for Alipay). The COO is Qu Zhaoxiang and the CFO, Li Zongcheng.
The team further consists of developers and managers committed to the mission of Bytom.
The Bytom Foundation is based in Singapore, where the government favors blockchain developments and the environment enables growth in the ecosystem.

Bytom Roadmap and Achievements

The Bytom mainnet was officially launched on April 24, 2018. The token swap of the ERC-20 Bytom tokens for the native Bytom coins took place in June 2018 across several exchanges.
As indicated on their roadmap, Bytom then released smart contract functionality on their platform on July 26, 2018. Their roadmap can be seen below.
roadmap
Bytom is taking steps to bring its vision to life through partnerships.
A notable partnership so far is with East Lake Big Data Asset Exchange, an organization committed to providing big data solutions for Chinese government agencies. The organization collaborates with Bytom in the area of blockchain innovation and data assets trading.

The Bytom Token (BTM)

The Bytom blockchain has a native token known as BTM. The main uses of BTM are as a transaction fee for asset trading, dividends for income assets, and deposits for asset issuance.
The maximum number of Bytom tokens is 2.1 billion. Currently, over 1 billion BTM coins are already in circulation. The current price of Bytom is close to US$0.20.
Bytom coins can be bought with other cryptocurrencies on several exchanges, such as RightBTC, Huobi, OKEx, KuCoin, and Bibox.
BTM coins can be stored in Bytom’s official wallet. This wallet is available for download on Windows, Linux, and macOS.

Conclusion

Bytom creates the opportunity to move real-world assets into the digital world. This interoperability will open both blockchain and the tech world as a whole to more innovative ideas that will move civilization forward.
One standout feature of Bytom is that the team has hit the milestones set out on their roadmap.
The problem Bytom seeks to solve will be a necessity in a few years, if the world continues with this heavy trend of decentralization. However, it is still too early to determine how successful Bytom is going to be.
submitted by DickQAQ to BytomBlockchain [link] [comments]

The Concept of Bitcoin

The Concept of Bitcoin
https://preview.redd.it/5r9soz2ltq421.jpg?width=268&format=pjpg&auto=webp&s=6a89685f735b53ec1573eefe08c8646970de8124
What is Bitcoin?
Bitcoin is an experimental system of transfer and verification of property based on a network of peer to peer without any central authority.
The initial application and the main innovation of the Bitcoin network is a system of digital currency decentralized unit of account is bitcoin.
Bitcoin works with software and a protocol that allows participants to issue bitcoins and manage transactions in a collective and automatic way. As a free Protocol (open source), it also allows interoperability of software and services that use it. As a currency bitcoin is both a medium of payment and a store of value.
Bitcoin is designed to self-regulate. The limited inflation of the Bitcoin system is distributed homogeneously by computing the network power, and will be limited to 21 million divisible units up to the eighth decimal place. The functioning of the Exchange is secured by a general organization that everyone can examine, because everything is public: the basic protocols, cryptographic algorithms, programs making them operational, the data of accounts and discussions of the developers.
The possession of bitcoins is materialized by a sequence of numbers and letters that make up a virtual key allowing the expenditure of bitcoins associated with him on the registry. A person may hold several key compiled in a 'Bitcoin Wallet ', 'Keychain' web, software or hardware which allows access to the network in order to make transactions. Key to check the balance in bitcoins and public keys to receive payments. It contains also (often encrypted way) the private key associated with the public key. These private keys must remain secret, because their owner can spend bitcoins associated with them on the register. All support (keyrings) agrees to maintain the sequence of symbols constituting your keychain: paper, USB, memory stick, etc. With appropriate software, you can manage your assets on your computer or your phone.
Bitcoin on an account, to either a holder of bitcoins in has given you, for example in Exchange for property, either go through an Exchange platform that converts conventional currencies in bitcoins, is earned by participating in the operations of collective control of the currency.
The sources of Bitcoin codes have been released under an open source license MIT which allows to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the software, subject to insert a copyright notice into all copies.
Bitcoin creator, Satoshi Nakamoto
What is the Mining of bitcoin?
Technical details :
During mining, your computer performs cryptographic hashes (two successive SHA256) on what is called a header block. For each new hash, mining software uses a different random number that called Nuncio. According to the content of the block and the nonce value typically used to express the current target. This number is called the difficulty of mining. The difficulty of mining is calculated by comparing how much it is difficult to generate a block compared to the first created block. This means that a difficulty of 70000 is 70000 times more effort that it took to Satoshi Nakamoto to generate the first block. Where mining was much slower and poorly optimized.
The difficulty changes each 2016 blocks. The network tries to assign the difficulty in such a way that global computing power takes exactly 14 days to generate 2016 blocks. That's why the difficulty increases along with the power of the network.
Material :
In the beginning, mining with a processor (CPU) was the only way to undermine bitcoins. (GPU) graphics cards have possibly replaced the CPU due to their nature, which allowed an increase between 50 x to 100 x in computing power by using less electricity by megahash compared to a CPU.
Although any modern GPU can be used to make the mining, the brand AMD GPU architecture has proved to be far superior to nVidia to undermine bitcoins and the ATI Radeon HD 5870 card was the most economical for a time.
For a more complete list of graphics cards and their performance, see Wiki Bitcoin: comparison of mining equipment
In the same way that transition CPU to GPU, the world of mining has evolved into the use of the Field Programmable Gate Arrays (FPGA) as a mining platform. Although FPGAs did not offer an increase of 50 x to 100 x speed of calculation as the transition from CPU to GPU, they offered a better energy efficiency.
A typical HD/s 600 graphics card consumes about 400w of power, while a typical FPGA device can offer a rate of hash of 826 MH/s to 80w of power consumption, a gain of 5 x more calculations for the same energy power. Since energy efficiency is a key factor in the profitability of mining, it was an important step for the GPU to FPGA migration for many people.
The world of the mining of bitcoin is now migrating to the Application Specific Integrated Circuit (ASIC). An ASIC is a chip designed specifically to accomplish a single task. Unlike FPGAs, an ASIC is unable to be reprogrammed for other tasks. An ASIC designed to undermine bitcoins cannot and will not do anything else than to undermine bitcoins.
The stiffness of an ASIC allows us to offer an increase of 100 x computing power while reducing power consumption compared to all other technologies. For example, a classic device to offer 60 GH/s (1 hashes equals 1000 Megahash. 1GH/s = 1000 Mh/s) while consuming 60w of electricity. Compared to the GPU, it is an increase in computing power of 100 x and a reduction of power consumption by a factor of 7.
Unlike the generations of technologies that have preceded the ASIC, ASIC is the "end of the line" when we talk about important technology change. The CPUs have been replaced by the GPUs, themselves replaced by FPGAs that were replaced by ASICs.
There is nothing that can replace the ASICs now or in the immediate future. There will be technological refinements in ASIC products, and improvements in energy efficiency, but nothing that may match increased from 50 x to 100 x the computing power or a 7 x reduction in power consumption compared with the previous technology.
Which means that the energy efficiency of an ASIC device is the only important factor of all product ASIC, since the estimated lifetime of an ASIC device is superior to the entire history of the mining of bitcoin. It is conceivable that a purchased ASIC device today is still in operation in two years if the unit still offers a profitable enough economic to keep power consumption. The profitability of mining is also determined by the value of bitcoin but in all cases, more a device has a good energy efficiency, it is profitable.
Software :
There are two ways to make mining: by yourself or as part of a team (a pool). If you are mining for yourself, you must install the Bitcoin software and configure it to JSON-RPC (see: run Bitcoin). The other option is to join a pool. There are multiple available pools. With a pool, the profit generated by any block generated by a member of the team is split between all members of the team. The advantage of joining a team is to increase the frequency and stability of earnings (this is called reduce the variance) but gains will be lower. In the end, you will earn the same amount with the two approaches. Undermine solo allows you to receive earnings huge but very infrequent, while miner with a pool can offer you small stable and steady gains.
Once you have your software configured or that you have joined a pool, the next step is to configure the mining software. The software the most populare for ASIC/FPGA/GPU currently is CGminer or a derivative designed specifically for FPGAS and ASICs, BFGMiner.
If you want a quick overview of mining without install any software, try Bitcoin Plus, a Bitcoin minor running in your browser with your CPU. It is not profitable to make serious mining, but it is a good demonstration of the principle of the mining team.
submitted by Josephbitcoin to u/Josephbitcoin [link] [comments]

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German Bitcoin Mining www Unknown BCT a 2013-Jul-05 chip . Unknown status, generally presumed to have been dishonest in their presentation using edited images of existing mini-ITX cases, and has gone out of business without any further details on offerings. Global Mining Hardware Solutions www Unknown BCT a 2013-Aug-31 28nm 15Gh/s 0.7J/Gh chip . ASIC vs CPU mining []. An ASIC Bitcoin miner is designed exclusively for the purpose of mining bitcoin. Though significantly more expensive to purchase, they are far more powerful (higher hash rate) and electricity-efficient than CPUs and GPUs (graphics cards) – used for mining in the early days of bitcoin – and even FPGAs (field programmable gate arrays), which were, in 2011, the most BitFury – BitFury is one of the largest producers of Bitcoin mining hardware and chips. Its hardware is not available for purchase. Bitcoin Mining Equipment. In addition to a Bitcoin mining ASIC, you’ll need some other Bitcoin mining equipment: Power Supply – Bitcoin rigs need special power supplies to funnel and use electricity efficiently. Buy ASIC miners and a power supply for your mining rig. An ASIC miner is an application-specific integrated circuit (ASIC) designed specifically to mine Bitcoin. Essentially, it's a computer chip that needs a power supply to run it. ASIC miners vary in price depending on their hashing power and their efficiency. Canaan Creative, known simply as Canaan, is a computer hardware manufacturer with specific integrated circuit design skills based in Beijing, China founded by N.G. Zhang in 2013. Canaan invented the first Bitcoin mining processors and computers and leads bitcoin hardware mining by using advanced ASIC semiconductor manufacturing processes. Canaan is known for its quality hardware paired with

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How To Setup Gekko Science 2Pac USB Mining Bitcoin Algorithm SHA 256

User guide: https://images-na.ssl-images-amazon.c... Information Gekko Science 2Pac ASIC chip type: BM1384 Hashrate: Hash rate up to 25 GH/s (when overclocked and voltage regulated). Active ... I combined a V9 and S7 to bring you the first ever....US SV79 mining Bitcoin (SHA-256) @ 5.5 THs on normal and 8.2 THs on overclocked. ... I know the asic chips are mining if they light up red or ... New 7nm technology ASIC chips to be integrated in BITCOIN miners. ... Bi•Fury - Fastest USB ASIC Bitcoin Miner in the world! - Duration: 1:03. FP IT Management 276,849 views. www.plugnmine.com Plugnmine ASIC Litecoin Miner review bitcoin ltiecoin dogecoin feathercoin scrypt mining. ... Bitcoin Miner 500GH/s+ 28nm ASIC chips - unboxing and setup 1080p - Duration: 4:18. Data Center Bitcoin Mining with ASIC Chips - Duration: 1:46. SOLVEFORCE 75 views. 1:46. Professor Eric Laithwaite: Magnetic River 1975 - Duration: 18:39. Imperial College London Recommended for you.

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