Bitmain Intros Antminer E3 for Ethereum, GPU Prices Could Finally Cool Down

[Fabio]

Hate crypto at your heart's content, but an used GPU is worth more than an obsolete ASIC which is effectively 0.

yes, that's true, indeed. but, what's the point of buying 5, 6 7 hundred dollars gpu, place them to mine and wait 12-16 months before see them repaied? with the risk of lose money indeed, because a gpu can break before roi, a psu of the rig can break, a board can brake. Just a problem and you lose al the little profit... there are smartest way to use money other then mine, today.

 

[ironcerealbox]

Both of you are wrong in your calculations as an optimised RX580 when mining ethash draws only 90-100W. So, the GPUs remain more efficient (+30%) and can be resold easily when mining loses its interest. Those ASICs are good only for whoever wants fast profits from mining for 3-6 months and has big money to burn. In the long run, efficiency and zero resale value doesn't add up to make those systems desirable enough.

I think you missed the exercise in math there. Just math. Nothing more. Efficiency, strictly in the definition, is higher MH/W is better or lower W/MH is better. Nothing more, my man.

 

[TheoneandonlyMrK]

so its not epic then, that's clear , it is'nt gamer's saviour that's also clear.

But who's making the asic itself Bitmain i assume.

that leaves a question for me,how good are this parts competitors going to be and what Has Samsung cooked up for algos, they have touted their manufacturing of a new asic , was it this For bitmain??, themselves or someone else?

whats next?

 

[zelnep]

180 MH/s on 800w right now = 2,50$/day . but what is more funny? a 500$ spent on RX 580 = 0,50$/day... I hope some miners that bought any used or new rx 580 for 500+$ (and did drive up these ridiculous prices) are reading this comment and trying to figure out - if to dump his rx 580's for 250$ now or to wait for the "big crypto come back"

 

[trog100]

180 MH/s on 800w right now = 2,50$/day . but what is more funny? a 500$ spent on RX 580 = 0,50$/day... I hope some miners that bought any used or new rx 580 for 500+$ (and did drive up these ridiculous prices) are reading this comment and trying to figure out - if to dump his rx 580's for 250$ now or to wait for the "big crypto come back"

i am trying to figure out whether or not to dumps 8 x 1070 cards while they are still worth something.. maybe bitmain thinks there will be a big come back in eth mining otherwise there would be no point at all in bringing these things to market.. or just maybe they have just got it wrong.. who the f-ck knows..

currently one 1070 card priced in the UK at over £500 quid will produce one US dollar per day minus electricity.. eth mining is already dead unless prices go up by large amount..

where this leaves bitmain i havnt a clue.. but it aint in a nice place..

trog

 

[zelnep]

currently one 1070 card priced in the UK at over £500 quid

that is very optimistic price for "currently", check prices today (not from what you remember 2weeks ago) - trust me - you will be surprised (negatively). in case if you see 500£ or even 500$ for gtx 1070 (no ti) - I mean sell ASP and laugh for poor sucker who bought those... because I bet it is more like 450$ and 350-400£ is the numbers what you will see

 

[trog100]

that is very optimistic price for "currently", check prices today (not from what you remember 2weeks ago) - trust me - you will be surprised (negatively). in case if you see 500£ or even 500$ for gtx 1070 (no ti) - I mean sell ASP and laugh for poor sucker who bought those... because I bet it is more like 450$ and 350-400£ is the numbers what you will see

i just checked Scan UK prices five minutes ago.. decent 1070 cards are in stock and can be bought (assuming anyone wants to) for £500 pounds... i expect a rapid price drop over the next few days.. maybe down to £400.. its taken a while to sink in but as i keep saying eth gpu mining is currently dead.. gpu prices just have to come down and they are doing..

if i was to strip my rig and sell the 1070 cards i would not expect to get more than £200 each for them.. rightly or wrongly i will hodle on and hope for a crypto rebirth.. he he

trog

 

[Captain_Tom]

Considering the lack of hash to watt improvement vs bitcoin asics, you'll likely be sorely dissapointed.

Yeah if you crunch the numbers this "ASIC" is likely just 6 modified RX 580's lol. 12nm GPU's are on the way too, and if they mine 50% better than their previous generations it will make this "ASIC" nothing special.

Definitely interesting. Rumors had this priced in the $2500-$3000 range a couple of weeks ago, so 180 Mh/s for $800 is a pretty major game changer. If the difficulty spike and dropping coin prices weren't enough to kill Eth mining, this will be.

That's not some big game changer Bitmain had planned all long, they lowered the price because no one would buy it if it was priced any higher. I really can't emphasize this enough: Bitmain only sells bad deals. They do not believe in the concept of win-win, and if you buy from them you have lost.

Their entire business model is the following:

1) Design ASIC around the most profitable mining coin at the moment.
2) Mine with them for months until production fully ramps up to make a quick buck with unfairly powerful machines.
3) Once they are dirt cheap to make, put them on sale for a price that makes it barely possible for the buyer to profit.
4) Start looking into its replacement while the suckers mine with your old used product.


Now take a closer look at this "ASIC" they have for sale:

1) 160MH/s @ 800w isn't any more efficient than what you can do with a 14/16nm mining rig right now. Heck I could probably do better with 6 x 28nm Fury Nano's!

2) That $800 price tag does not include shipping or a PSU. That brings the total price likely to ~$1000! [For reference I paid $1200 for a 150 MH/s rig that has been mining for a year!]

3) Any profitability calcs you do now are meaningless. This thing ships in July, delays are expected with ASIC's, and it will probably take a couple weeks to arrive after shipping. So this won't get to you until around the end of August. By then who knows how high the network difficulty will be, and more importantly:

4) 12nm GPU's will be on sale before this arrives! Consider the fact that a rig made up of 3 x V100's does 240MH/s at 750w! This "ASIC" is grossly less efficient than what I can build right now, and "Turing" will likely make this ASIC stupid before it even comes out.

In summary, I would buy this ASIC in a heartbeat if it was on sale on Amazon for $800 RIGHT NOW. But it isn't, and most informed people will know that their existing rigs have another 4 months of mining before this even gets into customer's hands, and you may even be able to get superior "Turing Rigs" before this comes out.

 

[Jem991]

Eth ready the hardfork if this asicc release the jully eth network hardforked and all asicc miner mine old blockchain like ethereum clasic real ethereum contuniue the asiccresistant

https://github.com/ethereum/EIPs/issues/958

 

[R-T-B]

Eth ready the hardfork if this asicc release the jully eth network hardforked and all asicc miner mine old blockchain like ethereum clasic real ethereum contuniue the asiccresistant

https://github.com/ethereum/EIPs/issues/958

I don't even see the point of a hardfork at these specs: These ASICs are a joke.

resolded easily? sure, but before new gpu came out this summer. After they are just old gen abused gpu... worthless imho

In your opinion, which fortunately dictates nothing market wise.

At any rate, I'd buy a used mining GPU BEFORE I bought a used gaming one, (and then likely mine with it for many years).

I'd rather just collect empty bottles and cans than waste my money for toy money.

I have a feeling you're not going to do either and are just wasting our time.

 

[TheoneandonlyMrK]

well I think it might retire some rigs, I built an 8x1060 rig that does 180 Mh/s at 760 watts(not my rig someone elses) but its paying £3.49 a day on nicehash so after electric that's not paying anything in the uk, if things dont pick up it'll be stripped in a week and sold as parts , all will be tested obviously prior to selling though,and have had easy not hard lives.

 

[Athlonite]

I have some bad news for you, there's dozens of different mining algorithms (and hundreds of coins that use them) and this machine only works with one. It's not going to have any effect on GPU mining.

oh So I am shows I shouldn't attempt math after work when the brain is on a go slow

 

[Captain_Tom]

oh So I am shows I shouldn't attempt math after work when the brain is on a go slow

Or talking apparently lol

 

[Fabio]

people be smart, dont buy gpu that miners now start to sell, they are greedy and sell higher then msrp almost at the same price of new hw. Let them cook slowly... soon they will discount their hw

 

[techy1]

yea - this ASIC is meh compared to those bitcoin ASICs when those came out.
But question for all existing miners who wait for crypto comeback (+200?+300%?):
why dont you just buy crypto then? I mean if you know that "future is here to stay" - sell your mining rig (while it still has close to MSRP some value) and for that $$$ buy and hold that crypto and cash in those +300% later. in case if cryptos will stay as low as now (or probably go even lower - because you see the trend, right?) you will aslo lose lot of value of your existing gpus (you see that all gpus are like -30% of what prices were just 4 weeks ago, right?) and your mined pennies in your crytpos will be even less worth - I mean either you mine or not - you should consider your self and act as a casual crypto trader - your income will be detemined only from crypto daytraders speculation volume not "the future technology".

 

[R-T-B]

people be smart, dont buy gpu that miners now start to sell, they are greedy and sell higher then msrp almost at the same price of new hw. Let them cook slowly... soon they will discount their hw

The discount is already happening, and rapidly. Won't be long before a used gpu is a used gpu again.

Honestly, I view that as a good thing.

yea - this ASIC is meh compared to those bitcoin ASICs when those came out.
But question for all existing miners who wait for crypto comeback (+200?+300%?):
why dont you just buy crypto then? I mean if you know that "future is here to stay" - sell your mining rig (while it still has close to MSRP some value) and for that $$$ buy and hold that crypto and cash in those +300% later. in case if cryptos will stay as low as now (or probably go even lower - because you see the trend, right?) you will aslo lose lot of value of your existing gpus (you see that all gpus are like -30% of what prices were just 4 weeks ago, right?) and your mined pennies in your crytpos will be even less worth - I mean either you mine or not - you should consider your self and act as a casual crypto trader - your income will be detemined only from crypto daytraders speculation volume not "the future technology".

I agree, you'll always make more money investing than mining.

That's not why I mine though. I do it for fun, for jounalism at TPU, and for learning.

Others may have different reasons.

 

[R0H1T]

yea - this ASIC is meh compared to those bitcoin ASICs when those came out.
But question for all existing miners who wait for crypto comeback (+200?+300%?):
why dont you just buy crypto then? I mean if you know that "future is here to stay" - sell your mining rig (while it still has close to MSRP some value) and for that $$$ buy and hold that crypto and cash in those +300% later. in case if cryptos will stay as low as now (or probably go even lower - because you see the trend, right?) you will aslo lose lot of value of your existing gpus (you see that all gpus are like -30% of what prices were just 4 weeks ago, right?) and your mined pennies in your crytpos will be even less worth - I mean either you mine or not - you should consider your self and act as a casual crypto trader - your income will be detemined only from crypto daytraders speculation volume not "the future technology".

The problem with that is no one knows when or if crypto currencies will bounce back & to what levels. Personally I'd rather invest directly in them, as you say, but the argument I've heard from many, who use GPU(s) for mining, is that with the hardware they get at least some form of safety (in selling GPU) should their currency of choice plunge in value.

 

[Fabio]

The problem with that is no one knows when or if crypto currencies will bounce back & to what levels. Personally I'd rather invest directly in them, as you say, but the argument I've heard from many, who use GPU(s) for mining, is that with the hardware they get at least some form of safety (in selling GPU) should their currency of choice plunge in value.

i know you do for knowledge sake, when i spit some poison sure im not referring to you at all.

 

[trog100]

well I think it might retire some rigs, I built an 8x1060 rig that does 180 Mh/s at 760 watts(not my rig someone elses) but its paying £3.49 a day on nicehash so after electric that's not paying anything in the uk, if things dont pick up it'll be stripped in a week and sold as parts , all will be tested obviously prior to selling though,and have had easy not hard lives.

there are few thousand others thinking the same thing.. it will be interesting seeing what happens to the graphics card market when they stop thinking and actually do it.. he he

as for buying coin directly i have already done that.. money invested in coin £6900.. price up (quite quickly) to £14000 a couple of months or so back.. all looking very good.. now its down to £5000... its the same problem as selling a mining rig.. to sell now while its worth what it is or hold on and hope it all starts to go up again..

this is not one coin thing.. its all of them..

trog

 

[Fabio]

there are few thousand others thinking the same thing.. it will be interesting seeing what happens to the graphics card market when they stop thinking and actually do it.. he he

as for buying coin directly i have already done that.. money invested in coin £6900.. price up (quite quickly) to £14000 a couple of months or so back.. all looking very good.. now its down to £5000... its the same problem as selling a mining rig.. to sell now while its worth what it is or hold on and hope it all starts to go up again..

this is not one coin thing.. its all of them..

trog

in any case, actual rig are useless now. If coins still crash, then it' s better to sell rigs when they still worth something. If coins start to grow again, then, many other will invest on new hw and soon old gpu will became unprofittable.
If i were a miner now, i'll sell soon

 

[trog100]

in any case, actual rig are useless now. If coins still crash, then it' s better to sell rigs when they still worth something. If coins start to grow again, then, many other will invest on new hw and soon old gpu will became unprofittable.
If i were a miner now, i'll sell soon

if i was giving out advice to others i would probably say exactly the same thing.. but i not not very good at taking my own advice.. he he

if coins go up mining profits will go up again.. i built my rig back in august last year.. mining only really got profitable when the price of eth shot up to near $1200 a couple of months back.. with eth back down to $400-ish what was $50 dollars per day is now less than $10 for me..

its been an exciting ride.. thats for sure..

trog

 

[Renald]

Calculation done with actual price : https://www.cryptocompare.com/minin...mption=800&CostPerkWh=0.10784&MiningPoolFee=1
That's if you're paying normal electricity price in Europe @home.

So, ETH can go down to 155$ until this can't be run by anyone.

2 options :

• Market fall before and only a few will invest in those machines
• Many people will invest because it's better than GPU and the mining power is going to raise in peak, and then crash when hitting the 155$ cap.

Anyway, GPU mining is over very very soon.

 

[trog100]

what is "normal" electricity prices for europe.. in the UK i am pretty sure mine are a fair bit higher than those used in the calculation..

trog

 

[Renald]

I made a ratio for 24/7 running @ home with around 0,087€ per kWh for 6h during the night and 0,11€ per kWh for 16h during the day if I remember well.
I took thoses prices from my bill as a simple customer.

In France we produce a lot of energy, so I think it's cheaper than in other countries (we have around 60 nuclear plant if I remember well).

 

[zelnep]

I made a ratio for 24/7 running @ home with around 0,087€ per kWh for 6h during the night and 0,11€ per kWh for 16h during the day if I remember well.
I took thoses prices from my bill as a simple customer.

In France we produce a lot of energy, so I think it's cheaper than in other countries (we have around 60 nuclear plant if I remember well).

well France is the only country in the world with Nuclear power of 75% (of total France electricity produced) source_link and Nuclear power do need to run at steady load all the time (no matter if peak hours in afternoon or middle of the night when all sleep) that is why France offers the cheapest electricity in Europe at night hours ... in fact France could set a giant mining farm that runs only at night and it would be literally emission free mining.