Last week when I got snowed in from work I had some time alone to figure out why my mining earnings from XMR depreciated dramatically.
Last week post (more than 7 days old so please don't waste your vote on post.)
https://steemit.com/xmr/@mawit07/gpu-mining-will-become-oboslete
Well bitmain recently came out with a pre-order for their ASIC miner that can potentially mine XMR.
https://shop.bitmain.com/productDetail.htm?pid=000201803162235598599JzqU03h0693
The specs has it at 220Kh/s for 550 Watts. Yes read that again 220 Kh/s!
That is equivalent to 100 Vega video cards but the price of the bitmain X3 is $1,900.
Bitmain also posts disclaimer notes and one that stands out is that they do not allow refunds if XMR developers indeed are able to block the X3 from mining XMR.
One major cryptocurrency which is using CryptoNight hash function is about to change their PoW algothrim, and according to their public statement, it is purposely to brick ASIC mining rigs including X3. When you buying it, you are betting that they are wrong
A lot of history of bitmain selling old/used units after they have mined the coin for weeks to months. I have a feeling the recent drawback in coin prices could have been a flood of cryptonite coins on to the market. Note cryptocurrency is still in its infancy so liquidity is not solid. Want more proof: Bitmain last year 2017 earned more than Nvidia! Link
I am starting to believe that proof of work coins have a significant drawback due to big players having the majority control of mining those specific coins. It has happened from bitcoin, litecoin, dash, and now XMR. Bitmain is simply going down the marketcap with all coins that are POW and basically making big profits out of the rest of the crypto investors. Of course bitmain is not alone, but they have done it so many times and at such vigor it can not be unnoticed.
The X3 will likely still sell out quickly do in part that there are a lot of other cryptonite coins that can still be mined if not XMR. Hardware for mining is evolving swiftly and now coin developers are behind way behind. XMR developers have a work around and promised to get it up and running on April 6th. Yet what about all those months before when bitmain was using their X3 to mine the XMRs? They did not react then so why now? When the machines sell publicily? Almost feels like the developers were somewhat in on this whole scheme. Does it not?
Thanks for reading.
