BITMAIN did it again. Equihash has fallen, who is going to be next?
Today BITMAIN announced the release to market of their latest ASIC miner, the BITMAIN ANTMINER Z9 MINI. It supports Equihash algorithm and has a phenomenal hash to power ratio of 10KSol/s for 300W. BITMAIN SHOP. I’m scared to think what the regular non MINI version will be able to do. 20KSol/s? 30KSol/s?
Well folks, we all knew it was just a matter of time before Equihash, the algorithm that was supposed to bring us Equal share opportunities and real decentralization, got cracked from the ASIC manufacturers. What matters now is how will the Equihash Developers will react to this and what future will each coin choose.
The big boys from ZCash lead by Zooko gave us their statement already.
His statement showed us a side, no one knew. Apperantly there was a misconception that EQUIhash will bring us equal opportunities, but now it seems that the plan of Zcash foundation was not to be ASIC resistant at all. here is his statement HERE.
Zooko says: “I’m really chagrined that I let it sound like we were committing to a social contract of ongoing ASIC-resistance. That is absolutely never what I had intended to commit to…”
Well, lets look at the Equihash history. The algorithm was developed from scientists at the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust (SnT) and main purpose was to solve the issue of the emergence of specialized mining hardware: ASIC chips and miners.
ZCash was marketed as the one true ASIC resistant coin and milked dividends from it. Well apparently ASIC was just welcomed by ZCash with open arms. Mine what you can, as once the ASICs hit the streets you would not be seeing any more ZEC.
The problem here, that will probably make a lot of people angry is that no one never told us that ZCash would not defend its miners once the Equihash ASIC miners appeared. Even if the idea from the start was to allow ASICs at some point once they are developed, why did the ZCash fondation or Zooko not take action and clarified what their intentions were, when they saw the the world is talking how ZCash will be the coin with equal opportunity for the small miners? Well, it has given them fame and dividends, that is one reason to stay silent about it. Why ZCash has to be the latest coin that apparently have their own agenda and until it is too late, no one knew about it. People invested in rigs for mining ZCash only, believing in its future and ASIC resistance. Yes, you can mine other coins with them, but ZCash and Equihash was the reason so many NVIDIA cards were purchased and new people entered the Crypto World from May 2017 till now.
Well, it’s the end of the world as we know it, and you should feel fine to some extent. While the ZCash guys are explaining what they wanted their coin to be an year ago, but had no courage to tell us, the Bitcoin Gold founder Martin Kuvandzhiev has confirmed that he will hard fork the coin once the ASIC miners are out. That is good news for us, the little guys. Let’s hope that the Hard Fork will not be like the fiasco the Bitcoin Gold launch was. @Martin Kuvandzhiev – Please no more 2% hidden tax in the “free” pool software.
We have to wait and see how will the other Equihash coins react and will they give up and allow ASIC miners or protect their current miners. Only time will tell.
Until then here is a song we were all listening to while staying up late at night in the Bitcoin Gold Slack waiting for it to launch back in the day. Happy Mining!