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“Within 24h of launch a majority of miners are already on strike” Consequences?

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Re: “Within 24h of launch a majority of miners are already on strike” Consequences?

#11

Post by kalium-xyz »

etaioinshrdlu wrote: post #10
vecio wrote: post #4

Earlier quoted context omitted.

Centralization of Filecoin is an issue, but not the point of these tweets. The tweets focus on rekt Filecoin miners, they have spent more than $200M on hardware, but seems impossible to get back that with FIL mining, and since most miners are from China, no west media report this thing yet.

Well, they can always sell their hardware as it's generic server equipment right? They can also sell their FIL holdings.

Its almost always specialized cause crypto mining software for proof of work extensively uses GPU to increase hashes per second rate.

Re: “Within 24h of launch a majority of miners are already on strike” Consequences?

#12

Post by rsa25519 »

kalium-xyz wrote: post #11
etaioinshrdlu wrote: post #10

Earlier quoted context omitted.

Well, they can always sell their hardware as it's generic server equipment right? They can also sell their FIL holdings.

Its almost always specialized cause crypto mining software for proof of work extensively uses GPU to increase hashes per second rate.

This is filecoin. Afaik it's storage-based, not compute-based.

Re: “Within 24h of launch a majority of miners are already on strike” Consequences?

#16

Post by mariopt »

etaioinshrdlu wrote: post #10
vecio wrote: post #4

Earlier quoted context omitted.

Centralization of Filecoin is an issue, but not the point of these tweets. The tweets focus on rekt Filecoin miners, they have spent more than $200M on hardware, but seems impossible to get back that with FIL mining, and since most miners are from China, no west media report this thing yet.

Well, they can always sell their hardware as it's generic server equipment right? They can also sell their FIL holdings.

Brand new hard drives drop a lot in value once used. Buying 256 gigs of RAM (specially ECC memory) and 2080 TI is not exactly cheap either.

Re: “Within 24h of launch a majority of miners are already on strike” Consequences?

#17

Post by mariopt »

Glad I dodged this bullet. Last year I dedicated my Intel Nuc i3, 8 gb Ram with a 500gb hard drive but the amount of files/contracts was so low that eventually I shut it down.

I'm very surprised about the 128 gigs of ram requirement, guess this network isn't that decentralized as promised. Anyway, from the beginning it easy to see that competing against something like AWS S3 would be super super hard if not impossible.

With a low token price, electricity costs, hardware costs and your ISP asking about your absurd bandwidth use, I would be shocked if anyone can actually make a profit on this.

Re: “Within 24h of launch a majority of miners are already on strike” Consequences?

#18

Post by vecio »

roywiggins wrote: post #9
vecio wrote: post #4

Earlier quoted context omitted.

Centralization of Filecoin is an issue, but not the point of these tweets. The tweets focus on rekt Filecoin miners, they have spent more than $200M on hardware, but seems impossible to get back that with FIL mining, and since most miners are from China, no west media report this thing yet.

My question is, why did the miners not anticipate this- aren't the rules more or less agreed to in advance? Or were the rules changed out from under them? Or is this something nobody anticipated would be an issue?

Like in the tweets, many miners don't understand this, nobody tell them the risks in the community, not even the Protocol Labs.

I think mining equipments are over sold, maybe 10 times, due to the lack of enough warnings.

Re: “Within 24h of launch a majority of miners are already on strike” Consequences?

#19

Post by vecio »

roywiggins wrote: post #9
vecio wrote: post #4

Earlier quoted context omitted.

Centralization of Filecoin is an issue, but not the point of these tweets. The tweets focus on rekt Filecoin miners, they have spent more than $200M on hardware, but seems impossible to get back that with FIL mining, and since most miners are from China, no west media report this thing yet.

My question is, why did the miners not anticipate this- aren't the rules more or less agreed to in advance? Or were the rules changed out from under them? Or is this something nobody anticipated would be an issue?

Most miners thought they bought 10TB storage, they will mine $FIL with that 10TB, but according to the rules, they can only start from like 1TB, most of the storage they bought are useless for mining.

Re: “Within 24h of launch a majority of miners are already on strike” Consequences?

#20

Post by jdmichal »

rsa25519 wrote: post #12
kalium-xyz wrote: post #11

Earlier quoted context omitted.

Its almost always specialized cause crypto mining software for proof of work extensively uses GPU to increase hashes per second rate.

This is filecoin. Afaik it's storage-based, not compute-based.

I looked at the requirements earlier and was blown away. Their official recommendation is three servers with some very expensive hardware. Three Epyc processors, one machine with 128GB of RAM (and a lot more swap space), and one with 2x GPUs. And all that to "seal" like one TB an hour. But it's OK, because this is totally not a proof of work system.

https://filecoin.io/vintage/mining-hardware-config-testnet-v...

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