Thoughts on returning to mining

Bitcoin
1

I’m curious about whether I should return to mining on the legacy chain or should I wait awhile?

Hashrate at OCEAN on the legacy chain is 16 Eh/s which is about half of what it has been for the past 3 months. I see the BIP-110 chain has about 6 Eh/s as of this am. Neither chain is preforming that well at the moment and it defiantly looks like a lose, lose+, lose++ situation.

Thought?

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2

I guess it depends on your situation. If you hobbyist mine and can afford the loss or do it strictly for profit, in which case I’d say buy the coin and wait for bull market.

In my opinion it will take some patience and optimism to mine the 110 chain but Roughnecks believe in it and the difficulty adjustment is “only” 11 days away.

Personally I hope Saylor and Blackrock does a mass selloff and cause a big price drop so we can get rid of Wall Street, but then again some might call it believing in Santa.

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3

Difficulty adjustment is not time based. It’s block based. So it is most definitely not only 11 days away. It’s more like a year or more away.

4

For mining on the stalled chain, it might be more cost effective to get a used ASIC which uses the Blake2b hashing algorithm that Chris Guida is writing into the hard fork. The main coin that uses this currently is Sia. There is of course a risk that a rig built for Sia won’t directly map to Bitcoin, but looking at Chris’ code (here for example) we can see that conceptually, he is setting up a process:

Bitcoin 80-byte header
      ↓
selected PoW hash
      ↓
256-bit hash
      ↓
compare with target

Which is conceptually identical to Sia’s:

80-byte header
      ↓
   BLAKE2b
      ↓
256-bit hash
      ↓
compare with target

Which I doubt is coincidental (they are probably coding for compatiblity with existing Sia ASICs). On the other hand, it may be wise to wait for confirmation that they have tested the new POW logic with Sia ASICs. It would actually be kind of cool if it wasn’t compatible (folks could potentially mine Bitcoin on GPU for a while before the ASIC manufacturers caught up)

As for mining on the legacy chain, I don’t see any reason not to resume if you have switched back to it.

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5

Like I said before the 8th, exciting times! I’m looking forward to going back to decentralized pleb mining! :slight_smile:

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6

Interesting times ahead :smiley:

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Yes you’re of course right and according to BIP110 Situation Monitor: Live estimated next diff adjust will happen in around 4.8 years :scream: :sweat_smile:

8

Yes…there are a lot of discussion on the Knots Discord about how to proceed. It appears testing is being done with both pre and post 2018 sia miners. It looks like folks are trying to hunt down Goldshell HS Box II and Goldshell SC Lite. At the moment the Lite’s are flying out the door at https://aslminer.com/

It might be impossible (for awhile) to find anything but there is still a lot of code to be written and tested before any SIA asic should be purchased I’d imagine.

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