ETH Asic Miner Released, Decentralized Mining in Jeopardy, Bitmain Likely Been Mining and Selling ETH for Months
https://twitter.com/BITMAINtech/status/981169456411021312?s=19
https://twitter.com/BITMAINtech/status/981169456411021312?s=19
Ethereum is supposed to be ASIC resistant, or at least ASICs shouldn't be able to mine ETH better than normal hardware. Bitmain is putting an ETH ASIC miner out anyway.
https://coincodex.com/article/1473/bitmain-introduces-ethereum-asic-miner-how-will-the-ethereum-community-respond/
I saw this also. It really makes me wonder what has been going on that we are unaware of. If they were mining with these for months it could very well be responsible for some of the huge value lost in that time. I hope that more info will be available soon about this.
Well,
From what I understand the ASIC manufacturers have made huge orders for ASIC chips for Bitcoin mining (Sha).
Made a huge order for ASICs for Cryptonight mining.
And, made huge orders for ASICs for Ethereum mining.
This equates to a huge dump of Bitcoins/Cryptonight Coins/Dagger Coins by ASIC manufacturers to pay for these orders, which appears to have triggered a wider sell down of crypto-currencies.
Unlike Decred or Sia algorithms, where ASIC manufacturer had permission to produce this hardware prior to advertising the sale of this equipment, it appears this is a hostile or aggressive launch of mining hardware.
The Monero developer is forking their algorithm tomorrow to remove the Cryptonight ASICs. Sumokoin developers are following Monero soon.
It appears, that no prior permission has been sought for ASIC mining equipment to be launched from the Ethereum Foundation. Certainly, there has been no official announcement by Ethereum Foundation of the acceptance of ASIC mining equipment for the network. It has not been brought up on Youtube Livestream of Core Developers Meetings.
Therefore, it is very likely Ethereum will fork the algorithm to remove these ASICs from the Ethereum Network.