AMA Recap: CRYPTO MINERS X BITMAIN X LITECOIN X ETHEREUM CLASSIC X MONERO

BITMAIN is the world’s leading manufacturer of digital currency mining servers through its brand ANTMINER, which has long maintained a global market share and leading position in technology, serving customers across over 100 countries and regions. The company has subsidiaries in the United States, Singapore, Malaysia, Kazakhstan, and other locations. BITMAIN offers cutting-edge technology in power efficiency, providing the global blockchain network with the industry’s best computational infrastructure and solutions. BITMAIN is focused on the field of digital currency mining servers, adhering to the values of win-win cooperation, long-term value, and trustworthy partnerships. BITMAIN supports the global blockchain network in achieving a healthy and stable growth in computational power through continuous business cooperation and loyal partnerships. BITMAIN and its partners work together to deal with industry fluctuations, sharing the risks and rewards.

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin. Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.

Ethereum Classic (ETC) is a hard fork of Ethereum that launched in July 2016. Its main function is as a smart contract network, with the ability to host and support decentralized applications (DApps). Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time. Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH. Ethereum Classic is in fact the legacy chain of Ethereum, and its true creators are therefore the original Ethereum developers — Vitalik Buterin and Gavin Wood. Ethereum Classic is an open source, blockchain-based distributed computing platform featuring smart contract functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine.

Monero is a privacy-focused, censorship-resistant blockchain that enables anonymous transactions for users of its cryptocurrency, XMR. Monero uses the RandomX proof-of-work algorithm, which was developed by Monero community members to prevent application-specific integrated circuit (ASIC) mining equipment dominating the network hashrate. ASIC miners are capable of producing significantly higher hashes per second than laptops and other ordinary devices used by Monero miners. The equipment gives their owners an unfair advantage over other miners. Monero allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography.

We hosted a panel discussion with Litecoin, Ethereum Classic, Monero and Bitmain on 19th July.

Mr. Ramsy was the host from Crypto Miners and Mr. David from Litecoin MWEB, Miss Nanli from Ethereum Classic, Mr. Justin from Monero and Miss Xmei from Bitmain was the guests. They shared delightful knowledge about the importance of PoW over PoS.
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Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 and welcome to the Crypto Miners Grand AMA 🔥 session With BitMain, LiteCoin, Etherum Classic, Monero

To help us learn more about PoW and The Projects We’re Lucky To Joined By Mr. David Burkett, Miss Xmei_lin, Mr. Justin and Miss Nanli

Justin:
Hello everyone! Happy to be here :)

nanli:
Thank invitation, I am nanli777 from ETC, it is a great honor to participate in this AMA

Xmei Lin:
-Hi I am Xmei Lin, I am the head of marketing at BITMAIN. Nice to meet you guys! Thanks for the invitation of Crypto miners and I am so happy to have the opportunity to talk about the importance of PoW with Nanli777, Justin, and David. I also want to say hello to all community members of ETC, LTC, and XMR. Welcome to follow my Twitter xmei_lin.

Ramsy | Crypto Miners:
Hey Guys 👋

Justin:
I am Justin Ehrenhofer from Monero.com, a popular website and mobile wallet for Monero. Our sister wallet Cake Wallet also supports Bitcoin and Litecoin. I’m happy to be here primarily chatting about Monero, a PoW mined coin that uses the CPU-optimized algorithm RandomX.

Ramsy | Crypto Miners:
Glad To See You Here Guys ❤️

Nice To Meet You Justin, Xmei, Nanli 🤝

David Burkett:
Hi! I’m David Burkett, developer of MWEB on litecoin, a new privacy layer we recently released. I also work on BTC miners by day, so this is an exciting topic for me :)

Ramsy | Crypto Miners:
Nice to meet you too David 🥂

Thanks Guys For The Self Introduction to the community 😍

nanli:
Hello everyone, I’m nanli777 from the Ethereum Classic community, I’m very happy to share Ethereum Classic with you here, I’m from ETC China promoter, we have been working hard to promote and ecologically develop ETC

Ramsy | Crypto Miners:
I’m pretty sure that our Community is very much excited to the Discussion ✌️

So Let’s get started if you guys are ready!!

Xmei Lin:
Sure

nanli:
Sure

Justin:
Yes

Ramsy | Crypto Miners:
So let’s get started 👍

Please Give Us a summarised Introduction About Bitmain.

The First Question is for Miss Xmei

Xmei Lin:
BITMAIN is a global blockchain technology pioneer and is especially famous for its world’s leading blockchain server “ANTMINER”.

We are devoting ourselves to contributing to blockchain technology to create a better digital world for all human beings. Here I attach our official website www.bitmain.com and Twitter https://twitter.com/BITMAINtech

Ramsy | Crypto Miners:
Thanks Xmei For this well introduction 👍

Please Give Us a Brief Introduction About Ethereum Classic.

Now it’s your turn mate Nanli✌️

nanli:
Because of The DAO Hack, Ethereum split into Ethereum Classic and Ethereum. Most developers and ecosystems have gone to Ethereum, and Ethereum Classic has been in community development in recent years, but Ethereum Classic is still the fifth largest pow coin until this year. Etccooperative received $5 million in development funds from Grayscale, and Ethereum was ready to upgrade to POS. More and more people began to pay attention to Ethereum Classic, the original Ethereum network.

At present, there are not many development teams on Ethereum Classic. EtccooPerative is responsible for the development and maintenance of Ethereum Classic network, and Hebe Team is responsible for the basic ecological development on Ethereum Classic, such as domain name system（.etc）, swap, desktop client, mobile wallet, and extension wallet.

etccooperative：https://etccooperative.org
Hebe Team : https://hebeblock.com

Ramsy | Crypto Miners:
Thanks Nanli For the introduction about Etherum Classic

nanli:
Thanks

Ramsy | Crypto Miners:
Please Give Us a Short Introduction About Monero, Mr Justin

Justin:
Monero (XMR) is the leading private digital payment method. It started in 2014 and has focused on the goals of private, efficient, and fungible money ever since.

Monero has more private transactions than all other cryptocurrencies combined, making it the clear privacy leader.

Monero has been entirely PoW mined since launch, with no plans to switch. Monero is unique in that it chooses a CPU-optimizing mining algorithm. Initially at launch, this was poorly optimized with CryptoNight, so it took some tweaks before the much better algorithm RandomX went live in 2019.

Many members of the Monero community believe that CPU mining is important to have an efficient, decentralized, and censorship-resistant protocol.

Ramsy | Crypto Miners:
Please Give Us a Brief Introduction About Litecoin, Mr David

David Burkett:
Litecoin was one of the earliest altcoins, with 100% uptime since its launch over 10 years ago. It remains a fast, low-fee, reliable source of payments, and the go-to choice for a growing number of users. We recently introduced our largest enhancement ever, MWEB, which is a privacy layer that aims to provide users with a more money-like experience, without all the surveillance that’s becoming commonplace in crypto.

Ramsy | Crypto Miners:
Thanks Guys for this well Start:)

That’s the wrap up of our Introduction Part 👍

Let’s now proceed to our Main Segment — Discussion About Importance Of PoW

i hope you guys are ready for that!!

Justin:
Yes

nanli:
sure

Ramsy | Crypto Miners:
So The First Question is…

Segment 2️⃣: Importance of PoW

1)Please Give a Briefly explain the term PoW to our audience in Lyman words. Also tell us a bit about mining.

Xmei Lin:
Sure.

I will explain it in very Lyman words

PoW is proof of work. Proof of Work is the full name of the concept. For example, if a designer works a day’s shift and completes an output and then presents it to his superior, this output is proof of the designer’s workload completed for the day. The designer’s superior does not need to keep an eye on the designer’s every move all day.

PoW for blockchain works in the same way. The specific cryptocurrency will reward miners who make the greatest contributions, and miners must pay a certain cost (such as electricity expenses) to mine bitcoin. Minting digital currencies such as bitcoin are valuable due to their intrinsic value and have commodity features. In a free market, miners will determine whether or not to mine based on the market’s supply and demand connection（the price of bitcoin）.

Miners have to “solve mathematical problems,” and their “Proof of Work” is the efficiency of doing math problems. Bitcoins will be awarded to the miner who solves the correct answer within 10 minutes.

Mining is the only way to issue Bitcoin (other pow cryptocurrencies) which is an ongoing process by miners across the network to form the blockchain. To explain in vernacular, mining is to record the transactions generated on the blockchain in the ledger. This process will generate certain rewards to stimulate all miners to continue mining and jointly operate the entire bitcoin network.

Ramsy | Crypto Miners:
Thanks Xmei For this explanation About PoW 👍

Now let’s see our second question from this segment

2. What is the difference between PoW and PoS? How PoW is better than PoS? What are its benefits over PoS?

Justin:
PoW proponents argue that the requirement for ongoing work on an equal playing field offers a high degree of security when many people are participating in the mining challenge. They would say that PoS doesn’t really replicate this well; while cost of capital may apply, crypto assets are thought more of investments than common money.

PoW also can assist with a fairer distribution. A common criticism of PoS is that it allocates money to people who already have money. It’s true that rich people can mine at larger scale than poorer people (if they wanted to), but it requires ongoing work at least. For PoS, there’s usually less “work” component.

That said, people definitely have different opinions. Some well-respected researchers are PoS proponents. Monero sticks with PoW because:

1. It’s what the community wants
2. It’s hard to do PoS privately, well
3. It’s mitigated many of the PoW centralization concerns
4. PoW is seen as more secure and fair

Ramsy | Crypto Miners:
Moving on…

3.What Is the Main Difference Between ASIC Mining and CPU Mining? Which One Better For Normal Miners?

Xmei Lin:
Mining is a process of computational power competition. So firstly, you need hardware to start the computation. For example, Bitcoin, as is more and more widely accepted, and so do the mining hardware — CPU, GPU, FPGA, and ASIC — which have undergone constant iterations and enhancements. Now basically all people use ASIC miners for Bitcoin mining. （Others are different, some people use GPU miners to mine ETC; I think for Monero, CPU mining is more popular)

The full name of ASIC is Application-Specific Integrated Circuit, which refers to an integrated circuit specially designed to complete specific computational tasks. ASIC mining machine is a special device used for efficient mining of cryptocurrencies, and the mining efficiency can reach several times that of general-purpose hardware.

Justin:
Monero has taken specific actions to make ASIC mining inefficient, yes

People have different opinions. But most people in the Monero community believe that CPU mining is more accessible and better for decentralization.

The phone you’re using right now to read this message can mine Monero. It can’t realistically mine Bitcoin.

CPU mining tends to be more “retail”, and the market is more “boring” from being very efficient. People can easily mine when profitable and not mine when unprofitable.

Ramsy | Crypto Miners:
4. It is said that PoW consumes too much energy and it is harmful to the environment. What are your views and thoughts on it?

nanli:
PoW is a good thing to turn waste into treasure, not a tragedy of wasting energy

The ecology of the PoW mechanism, from chip manufacturing, mining machine manufacturing, mining farm construction, transportation, power consumption…, the entire ecology has produced huge wealth, provided a large number of jobs, and everyone in the entire ecology benefits, no one Because of this ecological damage

Electricity is not storable now and in the future, Pow can use this unstorable electricity to convert it into a new resource for circulation

Due to the rise of Pow, everyone is thinking about how to use natural energy for mining, and Pow is promoting energy development，The latest energy technology in the future will appear because of Pow

David Burkett:
PoW does consume a large amount of energy, but an increasing amount of it comes from renewable energy sources, some of which would’ve otherwise been curtailed. This was often the case with miners in China.

The energy mining does consume provides a lot of benefits. An obvious benefit is that bitcoin and other cryptocurrencies make banking more efficient, with the potential to eliminate enormous waste in the legacy banking industry, which indirectly helps reduce the amount of energy used by the existing financial sector.

Also, by monetizing excess energy, mining encourages investment in new renewable energy infrastructure. This helps improve the efficiency and stability of local power grids, making them more ready to provide power in times of abnormally high demand, such as during the 2021 Texas power crisis.

One of my current tasks at my day job is actually to help implement a system that quickly winds down the amount of mining we do in times when energy is in high demand (and therefore, more expensive), which would make power shortages exceedingly rare in areas where our miners are concentrated.

Xmei Lin:
Let me attach a picture. Global PoW mining (mainly Bitcoin mining) only consumes 0.16%. Thinking about the employment, the revenue, and the benefits it brings. How could it be too much? PoW never consumes too much energy but creates several new industries with tens of thousands of employments.

As for it’s harmful to the environment, it’s totally not reasonable. Miners (or mining kits) only consume electricity. they don’t consume gasoline and emit air pollution. To be honest a running miner doesn’t emit any air pollution or any other pollution. If people think an electric car is good for the environment, why a miner that only consumes electricity is harmful to the environment. I don’t understand. PoW mining only consumes electricity, and it never emits any pollution air. It could never harm the environment.

Ramsy | Crypto Miners:
Thanks guys for making this clear

5. How Bitmain is developing betterments in PoW and what are the upcoming updates in it?

Xmei Lin:
As I said before BITMAIN is a global blockchain technology pioneer and is especially famous for its world’s leading blockchain server “ANTMINER”. We are devoting ourselves to contributing to blockchain technology to create a better digital world for all human beings. We will continue to produce high-quality miners that can help to protect network safety perfectly.

Also, we are improving the technology of our miners. We are working very hard on the miner efficiency in order to release more and more energy-saving miners into the market.

Recently we launched new hydro miners, it has nearly zero noise and is truly more environmentally friendly. Also, the heat of mining can be used for public heating and swimming pool. We want miners can not only be environmentally friendly but also bring true benefits to the local community.

Besides these, we are working on the PoW consensus research and public education too. We want more and more people to know what’s PoW and reduce misunderstanding. In the future, We will provide more support to the PoW blockchains (for example, etc, LTC, and Monero haha) and the developers to create a thriving PoW ecosystem.

Ramsy | Crypto Miners:
6.Now Share About How Monero’s Mining Geting Started, What Hardware Do We Need to Mine Monero? Also What is a good hash rate for Monero mining?

Justin:
Really any CPU will do! The best are the modern AMD Ryzens or EPYCs. Phone CPUs do really well for hashes per watt.

Keep in mind that Monero is a very BORING mining situation. You’re not going to magically discover a gold mine of huge profitability. If there’s profit, more people will start mining instantly with their CPUs. If it’s unprofitable, people will stop mining. Monero is basically always just BARELY profitable.

Ramsy | Crypto Miners:
👌

7.Can You tell us that how a common user can start the mining of any asset with Bitmain and PoW? Many users have interest in it but they don’t know how to start mining which is more beneficial.

Xmei Lin:
Sure

BITMAIN is the world’s largest ASIC developer, dedicated to developing efficient, stable, and powerful mining machines. Start your journey now by visiting (shop.bitmain.com) and learning which cryptocurrencies can be mined by different models of Bitmain’s Antminers using different algorithms.

After you get an ASIC miner and connect it to the electricity, running the algorithms, you’d better to connect it to a pool. Why do we need a mining pool? With the rising of computational power across the network, it has become progressively more difficult for individual miners to mine coins, and mining pools have emerged as a way to accumulate the computational power of a group of miners together.

Miners simply connect their machines to a pool’s online servers to pool their computational power with other miners, thereby increasing their probability of finding new blocks. Once the mining is successful, each miner in the pool gets his share of the reward, depending on the miner’s contribution and the pool’s rules. It’s more reasonable.

For more instructions, please refer to the mining resource page on our official website https://www.bitmain.com/. You can also click the Mining Profit Calculator to see how much could you earn per day!

ASIC Mining sometimes is truly very profitable. But you need to be very careful and learn more about it!

This website will be a good reference too: https://www.asicminervalue.com

Justin:
For Monero, people can easily mine with p2pool (a decentralized mining pool sidechain) using the Monero GUI. I think that’s one of the easiest places to get started with hardware you already own. you can download the GUI and p2pool is bundled.

Ramsy | Crypto Miners:
So let’s hear our last question from this segment

8. What do you think about the future of PoW? How will it change the technology of blockchain and mining?

Justin:
The future of PoW is hopefully very boring from a user perspective.

I want people who want to set up their own machines to be able to easily set them up and mine using hardware they already have. A lot of people already just download a program that can mine many coins and set it to Auto.

I hope ASIC competition increases, since that’s important. Mining should be an efficient commodity market where it’s hard to get any profitability. Profitability is basically the same as a gap in network security that should be greater, but isn’t for some real-life reason.

Xmei Lin:
The future of PoW may more focus on applications and dapps. Because PoW is not only about mining, pow it’s a fundamental consensus, the key point is how to build more thing on a pow blockchain. As for the mining, since it’s already an industry, I believe this industry will thrive in the future.

Ramsy | Crypto Miners:
That’s the wind up of our Topic Discussion

Now Moving on to our last segment — Live Q&A

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1) 𝙈𝙧. 𝙏𝙖𝙢𝙗𝙤𝙪𝙧𝙞𝙣𝙚 𝙈𝙖𝙣:
Hello Justin Sir, you said Monero has taken specific actions to make ASIC mining inefficient. What does it mean? can you please make it clear?

Justin:
It took three stages:

1. Monero launched with a (pretty bad) “ASIC resistant” algorithm called CryptoNight. ASIC-resistant community ethos was born.
2. People started mining with ASICs, so Monero tweaked CryptoNight into different variants that broke any ASICs made for it at the time.
3. Since #2 is very disruptive, Monero’s community worked hard for a more permanent solution RandomX. RandomX isn’t a “tweak”, it’s a ground-up rewrite using much more comprehensive protections. This went live in 2019.

The point isn’t to prevent all ASICs. That’s not possible. The point it to make ASIC profitability much smaller, and to put ASIC manufacturers in direct competition with the innovation by Intel, AMD, and NVIDIA, and the existing CPUs that everyone already has.

More info: https://www.getmonero.org/2020/09/01/note-scheduled-upgrades.html

2) Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?

nanli:
1.When eth turns to pos, most of the professional miners of etc will give priority to etc.
2.By combining the technology of ETH with the philosophy of BTC, ETC is uniquely positioned to be the Smart Contract Platform of the future, as other chains become compromised or captured by special interests.
3.The Etc team has no funds in the past few years, and this year has obtained $5 million in grayscale funds for development

Update information you can check etc website：https://ethereumclassic.org/

3) Xenon ~ I Never ask for login details or funds in PM:
Miss Xmei lin, According to you
“PoW mining only consumes electricity, and it never emits any pollution air. It could never harm the environment”

Major part of electricity supply comes from burning of fossil fuels, which not only is limited and also gives pollution and is so playing its part in harming nature
What you have to say in it?
Why not POS after all
Nature is everything for a nature lover like me

Xmei Lin:
An electric car consumes electric, people call it “clean”; But miners only consume electricity, then you call it not “clean”? it’s not reasonable. If most electricity for human is from burning of fossil fuels, then it’s the problem of the human energy resource structure, you can’t blame it to Mining. As I know, most Bitcoin mining companies are turning to clean energy mining and they are becoming the main proponent and contributor to clean energy industry too. Mining industry is helping us turning into more clean energy source.

* This segment ends here *

Ramsy | Crypto Miners:
Thankyou so much Guys For your valuable answers and information,
It Was Pleasure Hosting An Ama With You Guys

Time To Conclude Our AMA Session

Xmei Lin:
Thanks! Really a good AMA

Ramsy | Crypto Miners:
Guys,Is there anything else you would like to share or you want us to know ?

Justin:
Make sure to follow Monero! Monero mining is a great place to start!

Ramsy | Crypto Miners:
Great 👌

Xmei Lin:
Btw BITMAIN will hold a world digital summit in Miami 26th July! Welcome!

BITMAIN is hosting the World Digital Mining Summit in Miami on July 26. This year, WDMS focuses on mining, finance, and energy resources to create new investment opportunities. Register for Free! https://www.bitmain.com/wdmsRegional

Thank you 😊

nanli:
Please follow ethclassic , Join us after eth switch to pos

Thanks!

Ramsy | Crypto Miners:
So Once Again Thankyou So much Guys For Tonight ❤️

Good Night Guys

Learn more here:

LITECOIN

Website: https://litecoin.org
Twitter: https://twitter.com/LitecoinProject
Telegram: https://t.me/litecoin
Reddit: https://reddit.com/r/litecoin

ETHEREUM CLASSIC

Website: https://ethereumclassic.org
Twitter: https://twitter.com/eth_classic
Telegram: https://t.me/ethclassic
Reddit: https://reddit.com/r/EthereumClassic

MONERO

Website: https://www.getmonero.org
Twitter: https://twitter.com/monero
Telegram: https://t.me/monero
Reddit: https://reddit.com/r/monero

BITMAIN

Website: https://www.bitmain.com
Twitter: https://twitter.com/BITMAINtech
Telegram: https://t.me/bitmain
Reddit: https://www.reddit.com/r/BITMAIN