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Hash rate on the rise


  • Spammer Banned

    CheckaZ just alerted me to the fact that the hashrate is on the rise. Usually we’re at about 5 gh, as of right now it’s pushing over 20.

    My assessment is inconclusive. As best I can tell the blocks contain valid transactions. However this is subject to change. With over 75% of the mining power, they can pretty effectively lock out everyone else, and ACP will do nothing to help. (Have I mentioned I don’t like ACP for this reason?)

    So far I’ve not seen any major reorgs, but then I’m not looking very hard, and I’m hoping someone with more experience with these matters can take a look and tell us what’s going on.


  • Regular Member

    No need to panic. Looks like it was someone testing out their ASICs.


  • Moderators

    is there any chance to determine where the additional hashrate is comming from?


  • Regular Member

    [quote name=“Wellenreiter” post=“50873” timestamp=“1389251414”]
    is there any chance to determine where the additional hashrate is comming from?
    [/quote]

    No but if you’re clever you can run analysis on things like the frequency of the hashrate to develop a signature pattern that can be compared to a database patterns. But this is like way out of my depth. All you can do is speculate.


  • Moderators

    [quote name=“chrisj” post=“50872” timestamp=“1389251357”]
    No need to panic. Looks like it was someone testing out their ASICs.
    [/quote]

    Well, ASICs at least give me a headache. They’ll make GPU mining more or less useless and many people may leave feathercoin as GPU mining will not be profitable anymore.
    The result would be a centralized mining, driven by a small number of miners, who can afford to buy the ASICs.


  • Regular Member

    [quote name=“Wellenreiter” post=“50876” timestamp=“1389251683”]
    [quote author=chrisj link=topic=6739.msg50872#msg50872 date=1389251357]
    No need to panic. Looks like it was someone testing out their ASICs.
    [/quote]

    Well, ASICs at least give me a headache. They’ll make GPU mining more or less useless and many people may leave feathercoin as GPU mining will not be profitable anymore.
    The result would be a centralized mining, driven by a small number of miners, who can afford to buy the ASICs.
    [/quote]

    Actually no, if you look at what @Lizhi is doing in the recent newsletter it looks like it may be quite affordable. It needs to be managed well, which is where we come in.


  • Spammer Banned

    [quote name=“chrisj” post=“50877” timestamp=“1389251995”]
    [quote author=Wellenreiter link=topic=6739.msg50876#msg50876 date=1389251683]
    [quote author=chrisj link=topic=6739.msg50872#msg50872 date=1389251357]
    No need to panic. Looks like it was someone testing out their ASICs.
    [/quote]

    Well, ASICs at least give me a headache. They’ll make GPU mining more or less useless and many people may leave feathercoin as GPU mining will not be profitable anymore.
    The result would be a centralized mining, driven by a small number of miners, who can afford to buy the ASICs.
    [/quote]

    Actually no, if you look at what @Lizhi is doing in the recent newsletter it looks like it may be quite affordable. It needs to be managed well, which is where we come in.
    [/quote]

    +1 Chris.

    This idea that GPU mining shouldn’t become obsolete, and ASICs will be unreachable expensive is just anti-progressive nonsense and unfounded rumors. I’m not going to miss the heat issues and crazy power requirements for a couple measly megahashes, say nothing of the insane build and power costs. These things and their predecessors will be produced by the billions in the next 10 years, will entrench an embedded market increasing the coin’s utility and therefore value, and produce 10x the hashrate at 1/10th the cost. Pools ensure a competitive market for your hashes, and the community will sort out the rest, just like it happened with Bitcoin. Bitcoin is on ASICs, all your GPU is worthless as of this year, and adoption rates are stronger than ever. Feathercoin couldn’t have had the timing more right, because unlike all the coins that will come out in 2014, Feathercoin will have had the opportunity to get up and be stable before the real whales decide to move into this space and make everyone who’s holding insanely rich.

    I for one welcome our new ASIC overlords, and when the next generation of hashing chip comes out, I’ll scoff at all you pathetic ASIC miners too. You can’t stop progress.


  • Regular Member

    I think that someone is buying time and trying to make FTC not much attractive for ASIC mining.

    Scenario:
    1. Haters ( if there are any 😃 ) of FTC are mining coins with GPU ( they have already paid of the hardware for mining with another crypto ) and they are releasing them to the market/exchanges.
    2. In that way the price drops and real miners ( FTC lovers ) will come to the situation were they just quit/switch to another currency. After certain amount of time there will be enough coins that will guide the new ASIC miners to avoid FTC as the first choice of mining => low hashrate / difficulty => low price :s
    3. Go to step 1 and switch the word GPU with n-th generation of scrypt ASIC.

    Disclaimer: This was my first attempt to write scenario for the soap series 😃


  • Regular Member

    ASICs will be the future be part of it adopt it and use it … 😎



  • I’m gonna be blunt. I’m new and uneducated.

    If it is even feasible, would hardforking ftc to a new algo make or break us.

    When everyone can afford asics for ftc, it shall be glorious. BUT, would it be a smart move to change our algo to a new one when there are currently no ASICS in circulation.

    Or, once again, hypothetically, if we changed our algo on the week the scrypt asics come out, would it be beneficial in the long term.

    Would it be wise to stall until we can swap back to scrypt when the average user can afford the gear?

    Am I been hedonistic, controversial, or just naive? Maybe on the off chance, this is a good idea, I’ve always wanted to get every ones opinion on the matter. Sorry fellow noobs, but I am sorta more interested in the Devs opinions here. (Although I do want to hear what everyone has to say)

    Looking at you, Bushstar and friends.


  • Moderators

    [quote name=“chrisj” post=“50877” timestamp=“1389251995”]

    Actually no, if you look at what @Lizhi is doing in the recent newsletter it looks like it may be quite affordable. It needs to be managed well, which is where we come in.
    [/quote]

    I agree, that @Lizhi’s approach will mitigate the effect of expensive ASICs showing up.
    I’ll happily go for some of his devices, if they are affordable

    [quote author=Kevlar link=topic=6739.msg50883#msg50883 date=1389255911]
    +1 Chris.

    This idea that GPU mining shouldn’t become obsolete, and ASICs will be unreachable expensive is just anti-progressive nonsense and unfounded rumors.


    I for one welcome our new ASIC overlords, and when the next generation of hashing chip comes out, I’ll scoff at all you pathetic ASIC miners too. You can’t stop progress.
    [/quote]

    I don’t want to stop progress, but I also don’t want to spend a fortune to continue mining and stay up to date with the increasing hashrates. Sorry, if my remark was misleading here.


  • Moderators

    [quote name=“Calem” post=“50914” timestamp=“1389271850”]
    I’m gonna be blunt. I’m new and uneducated.

    If it is even feasible, would hardforking ftc to a new algo make or break us.

    When everyone can afford asics for ftc, it shall be glorious. BUT, would it be a smart move to change our algo to a new one when there are currently no ASICS in circulation.

    Or, once again, hypothetically, if we changed our algo on the week the scrypt asics come out, would it be beneficial in the long term.

    Would it be wise to stall until we can swap back to scrypt when the average user can afford the gear?

    Am I been hedonistic, controversial, or just naive? Maybe on the off chance, this is a good idea, I’ve always wanted to get every ones opinion on the matter. Sorry fellow noobs, but I am sorta more interested in the Devs opinions here. (Although I do want to hear what everyone has to say)

    Looking at you, Bushstar and friends.
    [/quote]

    you can’t swap hashing algorithms that easy!!!

    changing the algo -if it is possible- means a hard fork and that generates a big disturbance, as all miners need to update their mining configuration and/or software as well as the wallet and this must be done in one day or less.

    Simply take it as a NoGo


  • Regular Member

    [quote name=“Wellenreiter” post=“50916” timestamp=“1389272090”]

    I don’t want to stop progress, but I also don’t want to spend a fortune to continue mining and stay up to date with the increasing hashrates. Sorry, if my remark was misleading here.
    [/quote]

    Exactly Wellenreiter, neither i want to spend a fortune to continue this madness race of hashrates, look at bitcoin. Right now is a freaking madness.

    If i had enough knowledge and time i will make a new type of coin encryption to keep GPU mining and not the incoming ASIC RACE. For me ASIC means power for those who sell or the first owners of these machines “BATCH 1”. When ASIC comes it will be the same as BITCOIN.

    Anyone here knows the reason of the apparition of Litecoin? was a consecuence of the incoming ASICS or just new type of coin?



  • [quote name=“Wellenreiter” post=“50917” timestamp=“1389272317”]
    Simply take it as a NoGo
    [/quote]

    That is what I thought. I didn’t mean to rock the boat but this is a question I have been wanting to make public since I found out that ASIC’s can be developed for scrypt coins.

    Fingers crossed, Lizhi’s miners can be distributed across the feathercoiners here for an achievable price.


  • Regular Member

    [quote name=“Calem” post=“50925” timestamp=“1389272912”]
    [quote author=Wellenreiter link=topic=6739.msg50917#msg50917 date=1389272317]
    Simply take it as a NoGo
    [/quote]

    That is what I thought. I didn’t mean to rock the boat but this is a question I have been wanting to make public since I found out that ASIC’s can be developed for scrypt coins.

    Fingers crossed, Lizhi’s miners can be distributed across the feathercoiners here for an achievable price.
    [/quote]

    Finger crossed 😠


  • Spammer Banned

    Hard forks can be accomplished. They can be miner forks, which require a percentage of the network to be of a specific version before the change kicks in. This means the code can be deployed for a long time before activating, allowing for gradual change overs before the event and ensuring a statistically significant acceptance of the new protocol on the network. Hard forks don’t have to be difficult.

    But they are economically devastating. A hard fork means that the blockchain continues in two incompatible directions, which means the pre-fork coins being spent can now be spent twice, once on the pre-fork chain, and once on the post-fork chain. If even a small minority continues on the pre-fork chain, this can have devastating economic effects as confusion ensues about which blockchain is the ‘real’ blockchain, and chaos ensues. Scisms can form between mining pools and exchanges making them mutually incompatible, dogs start sleeping with cats, and Cutuhlu rises again.

    Besides, I’ve not actually heard a good argument for not embracing progress. ASICs are nothing but a good thing for the longevity of the coin.



  • Well. Ok.

    So the asics come out and the difficulty goes way up. Early adopters see way beyond their ROI.

    New adopters continue with GPU’s cause they can’t afford asics till they drop in price. So what little coin they can mine, in relation to what was possible pre asic, they still have the same ROI because the price of the coin will jump. (Mechanisms for price increase don’t need justifying)

    If anything. Hardforking will be more hassle and cause more grief than its actually worth.

    This is all considering the fact that scrypt is still essentially asic proof considering the vram bandwidth/cost catch?

    Am I on the same page?


  • Moderators

    Back to the original question, Worldcoin would seem to have been attacked / higher hash rates directed towards it 4 dec to 32st Dec then left at high difficulty.

    Chinacoin, p2pool is being DDoS today.

    I think Feathercoin (luckily) got too much hash power now to be 51 %, the best anyone could do is try to drive the difficulty up, and drop it high.

    However, from what I’ve seen of new members who say they were starting to mine, the current steady increase in Feathercoin Hash appears entirely consistent with ~5% new members getting a rig together since 9th November 2013, 1 month member increase rush.



  • Thanks for the anaylsis Wrapper I had wondered how many new users were starting to mine and if 5% are the ones that have posted then we can probably account for others that have not come onto the forum to say that they are new miners 🙂


  • Moderators

    Another point to watch for the future is that the GPU miners on Litecoin (some of which moved from Bitcoin) will try / need to switch somewhere.

    I’ve been predicting to myself that someone will come up with a new algorithm to defeat the Scrypt ASIC. That would be the coin to look to develop. It is the opposite to BitFeather which I proposed as a deliberate ASIC friendly SHA256 coin.


 

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