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Ethereum mining has seen massive improvements in industrialization of GPUs, says Monero’s Riccardo Spagni

Priya

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Ethereum mining has seen massive improvements in industrialization of GPUs, says Monero's Riccardo Spagni
Source: Unsplash

Riccardo Spagni, the lead developer of Monero, opined on whether Monero [XMR] was currently more decentralized than Bitcoin [BTC], during an interview with Monero Talk. This argument was put forth after taking into consideration the fact that Bitcoin was purely ASIC mined, in a market where only a handful of manufacturers produced the ASICs and big mining pools ran those ASICs.

Spagni began the discussion by stating that he was “hesitant” to say that Monero was more decentralized than Bitcoin. He also pointed out the fact that despite a lot of ASIC manufacturers being in China, there were several others across the globe producing “interesting things to a greater or lesser degree,” which were “quite promising.” He added,

“[…] as 7nm ASICs come out, I think we’re going to come up against the performance wall very quickly. So, manufacturers will not be able to present new equipment that have massive gains because they’ll all be manufacturing on roughly the same level and the jump from 7nm to 5nm is massive and that’s many many years away[…]”

FluffyPony also stated that Bitcoin miners were spread out around the world, adding that mining was previously dominated by Chinese miners. It has since decreased owing to a “big scare” about the government placing a ban on it, he said. Spagni further stated that at present, there were large mining farms in the United States, Europe, and particularly, Sweden, Norway, Greenland, and Iceland.

Spagni stressed on the relative increase in the number of mining farms in places with cheap power and “where the weather plays its part.” He added that this was, on the contrary, not the case with Saharan Africa, South Africa, or Australia as these places did not have a combination of the factors required for mining. He said,

[…] frankly, there’s a limited number of countries where you can build an efficient mining farm; partly because you need reasonably good internet access, you need weather that is predominantly cool or at least cool for some months of the year, you need access to cheap power.”

This was followed by Spagni stating that mining would be dominated by large mining farms, regardless of whether its ASIC mining or GPU mining. He stated that these farms would exist in roughly 30-40 countries, adding that this was “how mining was going to be centralized in the future and will continue to.”

Spagni then stated that Monero was on the same track as that of Bitcoin. He said that people often forget that CPU and GPU mining “appears to be egalitarian” in terms of “reward size.” However, as the value of Monero increases, the potential reward for miners also increases, and this in turn will lead to professional miners stepping into the market, resulting in “small home users crowded out.” He said,

“[…] you really have are like highly competitive large-scale farms you know that are competing against each other and then a couple of kids and dorm rooms that are abusing the free electricity and that’s your mining component. And I think that’s where Bitcoin has gone and honestly ASICs help with that […]”

He went on to state that the reason for this was that it would be easier to build an industrial-class ASIC, than creating an industrial level mining computer. He added,

[…] It’s easy to cool them you know you can do all sorts of fancy things like you can buy a container filled with Asics to mine Bitcoin you dropped the container down wherever plugging power plug it, in turn, it off you go and they exist right now you can go buy them […]”

Spagni clarified that this was not the case with GPU mining yet, adding that it was not “quite the economies of scale,” as with ASICs. Nevertheless, FluffyPony stated that GPU mining would reach the same level as ASICs if Monero continued to gain in value. He stated,

“[…] we’ve seen massive improvements in industrialization of GPUs for Ethereum mining because Ethereum mining has been so profitable. So, you know, if Monero mining has the potential to be that profitable, we’re gonna see exactly the same thing happen.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development

Akash Anand

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Tron CEO claims stablecoins will be the key focal point for cryptocurrency development
Source: Pixabay

The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.

Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,

“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”

Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,

“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”

The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,

“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”

This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.





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