A few days ago south korean giant Samsung announced that it has started to manufacture ASIC chips for a chinese mining equipment distribuitor. They are also planning to produce GPUs in the near future.
All of these makes me wonder what will happen with the mining business if Samsung and some other big tech companies start mass producing the hardware required to mine bitcoin and all of the others cryptocurrencies.
So the first thing that I think it would happen would be that the cost of mining hardware should go down. Way down.
This would make mining much more profitable, right? Absolutely not. All mining rigs currently active were already paid for in their old prices, only new rigs would enjoy the advantages of these discounts.
This would take down the only barrier that stops many people from starting in this activity, so we would have a massive influx of new miners and mining hashrate with it. Then the mining difficulty would skyrocket and all that people that are currently mining would see how their income would go down.
At first this could be terrible for old miners, particularly those who have yet not recover their investments. But it would level the playfield allowing to distribute the same amount of freshly mined crypto into a much larger pool of people.
And THIS, could propel mass adoption and the use of cryptocurrencies among a whole new group of people wich could help to raise the market in the next few months.
Do you agree with this? What do you think about Samsung entering in crypto?
Again, thanks for sharing your thoughts
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Samsung will take away a huge profit with a huge capital!
we are already wasting an insane amount of electricity mining, and now people are glad people are making it worse? What's wrong with you?
"One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week"
https://motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change
Mass adoption of something like bitcoin will literally fuck humanity over in the name of profit.
One of the biggest problems of capitalism is that even if people realise this, literally anybody else who wants profit will fuck us over without us being able to do anything about it.
I completely agree that Bitcoin can not be the future! But their are many other promising projects out their who try to cut down on the electricity costs and transfercosts as well! Blockchain will be the future but it has to be used efficiently!
haha Jihan must be shitting his pants right now that the big boys area entering the arena. Aint no way he can compete with a behemoth like Samsung.
I don't see mass adoption of miners. The energy to mine cryptocurrencies is still too costly for the average "Apple computer owner" to turn a profit. With the difficulty increasing constantly it will require more TH than most people are willing to invest.
There are some countries where electricity is cheap enough to be profitable. I think it's going to be much harder to make millions by mining but it will be easier for small miners to have a little income on the side
There are other "costs" besides electricity costs as well though. Quality of life at home is impacted with the noise and heat produced by mining hardware. Not everyone will have the ability to segment parts of their home to where the heat and noises is minimally invasive on their home environment. That being said, as hardware becomes more efficient in it's use of power, reducing the heat dissipation and fans, this could turn into something more palatable for the returns on mining. I think it is good to see Samsung putting their effort behind it, since it could accelerate that ability.
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Now imagine they do something legendary like putting some chips in your TV or Washing Machine ect and offering some share of the profit for running their products.
With the abundance of smart machines in our microwaves, fridges, washing machines, I feel there's a lot of potential vulnerabilities security wise. Imagine your IoT connected devices being hacked and used as a mining machine in the background. It's something that could just happen and nobody would notice. Although minor processing power, it's like those hacks which use computers to mine on the cloud.
Technology is impressive yet potentially dangerous...
WHO CARES FREE MONEY!!!! WOOHOO!
I'm there will be another consensus model that takes over and is more efficient maybe POS, DPOS, POC. Or maybe POW will still be around for a long time.
Well at least GPU prices would finally go down, have you seen the prices lately?!!?
Ridiculous
even harder too find one to buy let alone prices
PoW is out in my opinion. It is such a waste of energy and there are many other possibilities like PoS. Ether is also starting switching to PoS and many others will follow in my opinion so I do not see a bright future for all the miners.
I don't think PoS is the solution. It's cheaper but it brings so many problems in terms of security and distribution that PoW has already solved. Maybe Proof of Capacity could achieve to replace PoW as the main way to produce new cryptocurrencies
Yes, there are many posibilities for proof, so I think that PoW is not the future
I think it's still the best solution for the present. But I agree with you, PoW is not the best option for the future
if sumsung come in cryptocurrencies i think cryptocurrencies is going more profits and they have more value
i agree with this amazing step by sumsung
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Hopefully they won’t be overpriced glamor chips...
No, honestly I think it’s a solid sign that there is a world wide interest in crypto.
Here is Full Information of Samsung Mining Hardwere / Processors
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Hey there!
I think that it's a case to case basis which everything was a mixed bag such as with the mass production taking place that old miners get a hit, evening the playing field, increasing mining difficultly and a lot more.
To be honest that I would like to witness of what happens next though.
Cheers!
What I am waiting is that.... Samsung signed a contract to tie up with steem. Other cryptocurrency will affected and show a good price.
i agree this
This is really nice......keep it up🙌
It seems to us that this is more of a play by Samsung to be associated with crypto and appease investors, as opposed to any serious venture. Last month, the Chinese government has actively tried to curb crypto-related activities, instructing provincial governments to 'actively guide' companies to exit the cryptocurrency mining industry - we highly doubt this can go unnoticed by Samsung.
The need nowadays to be associated with crypto and blockchain technologies has seen countless companies rebrand or establish new business divisions:
Samsung's latest venture doesn't seem to be a play on materially boosting company revenue or profits, but can certainly convey positive signals to attract investors.
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i agree this
Thank you for the info
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Good post. Very intresting.
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Well given that Samsung DRAM is the best, I love this. Samsung produces quality electronics at scale! I couldn't care less about BTC mining equipment as I don't think BTC will be around in a few years, however the more video cards means more profits mining alt-coins. I think it's a huge win!
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Informative post. Keep posting good content.