Discussion about Primecoin and its infra. Primecoin is a very innovative cryptocurrency, being the 1st non Hash-Cash PoW crypto, naturally scarce (not artificially), with very fast confirmations (1min), elastic readjusting reward & a useful mining (byproducts are primes). Primecoin is sustainable (miners are guaranteed to have revenues), and decentralized (ASIC/FPGA are not particularly advantaged). Sidechain for decentralized data applications (e.g. Storj) currently in development.
New Company Claims to be Selling ASIC For Bitcoin Mining
A new website; www.asxproject.com (from Shenzhen, China) claims to be selling ASIC mining systems with hashrates ranging from 25-125 GH/s when they open in 3 days. According to their RSS feed they have no customer service office and are an online based company. Does anybody have a legitimacy confirmation or information about them?
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Bitcoin mining evolves from GPU to FPGA and now custom ASIC
Bitcoin mining used to be rows of consumer gpu's brute-forcing the sha-256 encryption (max 2000 Mhash/s). After that people and companies started using expensive fpga setups to do it faster (100-25000 Mhash/s). Now companies have developed custom ASIC for bitcoin mining. (Avalon , Bitforce , Deepbit). It has an impressive speed of 4.5K -> 1500K Mhash/s . This increase of computing ability will probably put the gpu mining out of business and shake up the market abit. Some numbers: https://en.bitcoin.it/wiki/Mining_hardware_comparison
Why is Bitcoin mining affecting the market for GPUs? Aren't GPUs long since unprofitable given ASICs?
(Not actually a beginner, but thought this was a stupid question and figured it was most appropriate here.) I mined myself in the GPU days and I can understand why it was causing shortages. But how can it be profitable now? GPUs are ridiculous expensive (in both initial cost and power) compared to ASICs, and with the difficulty so high, why would anyone be buying them to mine? Edit: Thanks for the quick answers. Edit2: Relatedly, looks like Monero is trying to prevent ASICs from being possible.
What is an ASIC Bitcoin Miner? ASIC stands for the application-specific integrated circuit. These schemes do not perform general functions but act only in a strict framework to solve a specific problem. Therefore, to mine the Bitcoin through ASICs is chip then using another Bitcoin mining hardware. Furthermore, Bitcoin ASIC technology keeps getting faster, more efficient and more productive so it keeps pushing the limits of what makes the best Bitcoin mining hardware. Some models of Bitcoin miners include Antminer S5, Antminer U3, ASICMiner BE Tube, ASICMiner BE Prisma, Avalon 2, Avalon 3, BTC Garden AM-V1 616 GH/s, VMC PLATINUM 6 MODULE ... On its inception, Bitcoin Mining was a simple task and any home computer or low-end laptops could easily take part in the network. However, with time and interest Bitcoin mining, its difficulty has exploded requiring specialized ASIC Bitcoin miner to do the job. Given the payback period, as well as the prospects of SHA-256 algorithm and the demand for Bitcoin, this ASIC can still be considered as a budget entry to mining cryptocurrency. Antminer R4 ASIC miner Antminer R4 is a product of the well-known manufacturer Bitmain, featuring a high hashrate of up to 8.7 TX/s and relatively low power consumption ... These figures are staggering, but Bitmain’s monopoly of the Bitcoin ASIC market may come to an end, following the release of Halong Mining’s DragonMint 16T ASIC. About the DragonMint 16T Designed with brand new technology and boasting 16 TH/s per miner, the 16T is the most powerful and efficient Bitcoin miner to date.
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