AMD destroys Nvidia at Bitcoin mining, can the gap ever be bridged?

[JAG87]

Here are 3 houses for sale for bitcoin:






There were others, but they have already sold.

As far as your devalued currency, I can buy it with my bitcoins anytime I need any. Just transferred $1000 out of mtgox to cover a new bed & mattress I'm planning to buy this weekend. My bitcoin savings grow daily as the USD falls lower and lower

Well, I apologize. That wasn't intended. Just a tip though, I'd avoid bitcoin threads in the future, you may upset yourself if you look in 10 years and find that the peanuts you could have mined are now worth $100,000.

Yea, those are one in a million examples. I'm sure if I look hard enough I can also find someone selling something in exchange for marshmellows.

And my tip for you is, I'd avoid looking at smart investments after 10 years, you may upset yourself when you realize that the piece of land you could have bought today for $100,000 is now worth over 1M.

And remember Chiropteran, whenever something becomes big enough to entice those who have power (something bitcoin hasn't done yet for the same reason that were arguing about), history demonstrates that laws are made and certain practices become illegal. So don't be surprised if 10 years from now you are asked to pay income and transfer taxes on your bitcoin transactions.

Keep dreaming for now...

 

[Eureka]

I mean, those original Magic the Gathering and Pokemon cards are probably worth quite a large penny now. If you only bought them up back then...

I remember some guy trading up to buy a house starting with a paper clip.

There are always success stories for anything. BTC is no different. I would say it's profitable enough to play short term, but generally very few will make any good money off it. It's really is just stocks at this point.

Just remember, for every dollar you make on the up, someone else is losing it on the down.

 

[philipma1957]

At this point I think it is better to simply let the haters continue to hate. They're arguing about if they consider bitcoins to be real currency vs. what you and I have already done and will continue to do while profitable - sell bitcoins and made money in doing so.


What they fail to realize is that something has value if someone is willing to pay you for it or accept it in a trade for other goods/services. I cannot think of one good reason to not mine in your downtime, assuming a GPU that can provide a decent hash rate and bitcoin trading prices and electric cost continue to make it worthwhile.

amen to this bro. Today my power bill 12 bucks my bit coins .47 or about 55 usd.

 

[birthdaymonkey]

I just sold my GTX 670 and bought a 7950 to mine alongside my 5870 and 7790. The game performance is pretty much the same, and if I can sell the Never Settle bundle for $40 or $50, then I come out $20 ahead.

Anything I get in mining profits from now until it's no longer practical is gravy.

Also, just mining on an old 5870 (which I got in exchange for a 560Ti) since October, I've made about $500. I have to pay for electric heat, so I might as well generate BTC on the side.

 

[Spike]

I bought my 7970 using ~$300 in bitcoin money (mined previously, sold when coins hit $200) and so I was only out $100. I'm using the card to mine when I'm not home and game when I am so it seems like a pretty fair trade to me. Sure it's a hobby, but I'm happy making money that isn't earmarked for anything else. Once the 7970 is fully paid off any additional profits are going towards scotch

 

[Xtrem]

What's the going rate for electricity for you miners

 

[Cloudfire777]

What an absolutely USELESS article.

First it was the CPUs, now its GPUs time to die. Highly unefficient, getting stomped on by FPGA and ASICs. AMD GPUs are pure garbage compared. 60Gh/s on 800Watt compared to a lousy 1.2Gh/s on two 7970s.

The difficulty have increased a whole lot since the start, once the next wave of ASICs and FGPA hits the pools, GPUs will have a hard time mining even a single Bitcoin.

Doesn`t matter if its AMD or Nvidia. Both extremely poor at mining. GPU mining is dead.

/discussion

 

[philipma1957]

What's the going rate for electricity for you miners

16 cents a k watt in New Jersey pretty high for the USA lower 48 states.

 

[hokies83]

11 cents per k

 

[cmdrdredd]

amen to this bro. Today my power bill 12 bucks my bit coins .47 or about 55 usd.

English please...english

 

[birthdaymonkey]

I pay $0.10 per kw.

 

[Will Robinson]

What an absolutely USELESS article.

First it was the CPUs, now its GPUs time to die. Highly unefficient, getting stomped on by FPGA and ASICs. AMD GPUs are pure garbage compared. 60Gh/s on 800Watt compared to a lousy 1.2Gh/s on two 7970s.

The difficulty have increased a whole lot since the start, once the next wave of ASICs and FGPA hits the pools, GPUs will have a hard time mining even a single Bitcoin.

Doesn`t matter if its AMD or Nvidia. Both extremely poor at mining. GPU mining is dead.

/discussion

Wow,nice thread crap...why are you in it again?

 

[Xtrem]

Yeah, electricity rates are all over the place and it really depends on where you are... Here in SoCal, rates are about 15 cents/kWh WITH TIERS(use too much in a month and it could easily double your rates).

 

[Will Robinson]

Yea, those are one in a million examples. I'm sure if I look hard enough I can also find someone selling something in exchange for marshmellows.

And my tip for you is, I'd avoid looking at smart investments after 10 years, you may upset yourself when you realize that the piece of land you could have bought today for $100,000 is now worth over 1M.

And remember Chiropteran, whenever something becomes big enough to entice those who have power (something bitcoin hasn't done yet for the same reason that were arguing about), history demonstrates that laws are made and certain practices become illegal. So don't be surprised if 10 years from now you are asked to pay income and transfer taxes on your bitcoin transactions.

Keep dreaming for now...

You asked for examples of your Marshmallow analogy and he provided them.
Admitting he was right would have been a cooler response instead you throw more marshmallow responses at him then claim you can find them.
Can't wait to see your links to houses for sale...?

 

[Will Robinson]

To this day I've cleared over $20,000 with my mining farm.

That is just outrageous.
Wow!!D::biggrin:

Hard to decide which is more compelling...Physx or BitCoin speed

 

[chimaxi83]

What an absolutely USELESS article.

First it was the CPUs, now its GPUs time to die. Highly unefficient, getting stomped on by FPGA and ASICs. AMD GPUs are pure garbage compared. 60Gh/s on 800Watt compared to a lousy 1.2Gh/s on two 7970s.

The difficulty have increased a whole lot since the start, once the next wave of ASICs and FGPA hits the pools, GPUs will have a hard time mining even a single Bitcoin.

Doesn`t matter if its AMD or Nvidia. Both extremely poor at mining. GPU mining is dead.

/discussion

Uh huh, bet if it was Nvidia that mined well, you wouldn't be saying anything, would you? Anyway, GPU mining is dead, guess the other 10 BTC I cashed in for $970 a few days ago was fake.

 

[BallaTheFeared]

To sum this up...

My dad can beat up your dad, and my mom makes more money than yours.

 

[AnandThenMan]

I wish more people would consider mining a useless waste of time. In fact it is a big waste of time, don't do it. No money to be made, move along nothing to see here. :sneaky:

 

[nightspydk]

Maybe as a total annon way of paying your dues?.

 

[MrK6]

A few points:

Past is not present or future--difficulty was way lower back then and difficulty is super high now and will get even higher as ASICs keep streaming in. Prices also not guaranteed to stay this high.

I'm not sure what your point is, especially in reference to my post since you quoted it. As Chiropteran pointed out, it's actually more profitable to mine now than it was four months ago. I'm still clearing over $500 a month after electricity costs, which really are free considering I use the heat generated to heat my condo.

Revenue is not profit.. how much did the graphics cards and electricity cost you in dollars as well as time and effort?

Revenue is probably a couple thousand higher. It costs on average ~$110-150 to run my whole farm per month. However, half the year that's free since it's electricity I would have used to heat my condo anyway. All the hardware I used for my four and now three boxes was ~$1000. Also, miners literally take an hour to set up with ubuntu, and it's a one time event. The only maintenance I do is reboot them once a month and dust them maybe once every 6 months, nothing hard. I'm still at about $22,000 profit after all this.

Lastly, opportunity cost is everything. Your mining profits pale in comparison to what people made over the same time period buying and holding BTC. Instead of spending $thousands on GPUs, if you had bought BTC directly you would have potentially gained $263 on every single coin. ($266 - $3). Say you blew $10k on GPUs and electricity over the last year and a half, if you had bought BTC instead at $3 with that $10k and sold at $266, you'd be sitting on ~$860k. That's a best-case scenario but even if you didn't have perfect timing you still would have cleared many more times what you did mining. And that's without leverage.

So because I didn't make maximum profits none of it counts at all? This is the perfect example of the sour grapes, grasp-at-anything crying and complaining that has been going on in this thread. I enjoy computers and technology, talking about them, building them, tweaking them, and geeking out whenever I can. Bitcoin mining is an awesome techie's hobby, and like I said, everyone here complaining about this or that is just trying to heal their bruised egos from missing out.

 

[BallaTheFeared]

I think some people are sensationalizing more than just their profits.

 

[hokies83]

I can get 170$ per coin selling 1/10ths on ebay thats whats up yo

http://www.ebay.com/itm/190827527928?ssPageName=STRK:MESOX:IT&_trksid=p3984.m1561.l2649

 

[Cloudfire777]

I think some people are sensationalizing more than just their profits.

Its sheep mentality. Most people are clueless, they just spread false information about Bitcoins because they heard that its so great.

7970 running 24/7 will net you $95 for a whole month. That means running it day and night. That is with todays Bitcoin value (which have regulary been way lower) and with the difficulty we are at now.

Difficulty have gone through the roof the last 4 months and it will go way higher than that once the ASIC and FPGA keeps pouring in. Meaning GPUs will mine less Bitcoins and earn less. GPUs will go the same road as CPUs did, it will be pretty useless unless you own a big GPU farm with 50+ GPUs. And even if you did, with todays difficulty you will have to mine many months before even breaking even. With the increasing difficulty and because GPUs are highly inefficient, its game over for GPUs.

So thats why this article is USELESS. AMD do beat Nvidia GPUs with mining, but to call it "destroying" is BS at best, because what would you call 60GHz ASIC vs 1.8GHz 7970s that use the same power?
And the "gap" will never be bridged because there won`t even be a bridge there in 2-3 months. It will be a gigantic hole that have swallowed any GPUs.

This article came 1 year too late, and it builds up expectations that is totally false.

Here is a 7970 running 24/7 on Bitmining and what it will net you. As you can see, after a month you are still $300 below breaking even. It will take you 4 months on 24/7 Bitmining just to break even for the GPU. Then we have rest of the system for those who build a Bitminer. It will take a year before breaking even today with the difficulty we are at now.

Here is the difficulty and how it have increased

 

[wand3r3r]

Its sheep mentality. Most people are clueless, they just spread false information about Bitcoins (What am I doing here?).

7970 running 24/7 will net you $95 for only a month. That is with todays Bitcoin value (which have regulary been way lower (forgot to mention but also way higher)) and with the difficulty we are at now.

So thats why this post is USELESS. AMD do beat Nvidia GPUs with mining, but to call it "destroying" is BS at best (WTH? mkay!), because what would you call 60GHz ASIC vs 1.8GHz 7970s that use the same power?

This article came 1 year too late, and it builds up expectations that is totally false.

Here is a 7970 running 24/7 on Bitmining and what it will net you. As you can see, after a month you get a 7970 for $300 (so what's the point here...). It will take you 4 months on 24/7 Bitmining just to break even for the GPU (IN 4 MONTHS GPU is FREE which is bad bad bad). Then we have rest of the system for those who build a Bitminer. (How do you think they are on this forum?)

It will take a year before breaking even today with the difficulty we are at now. (potentially a Free PC in a year, bad bad bad!)

FTFY.

Not sure why you're in here so desperate to discourage anyone from bitmining?

I don't encourage people go drop thousands on gpus for this, but it is interesting to watch. The most avid NV fans speak the loudest against it, who cares? So what if you can't mine... Yeah it will get harder over time. Ever since it's inception people have been complaining about how it will fail, so far if you had done it right you could be fine. Either way the risk is minimal.

I don't fold, but I'm not going to sit in the folding thread and complain about it non-stop (and they don't get paid).

 

[SlowSpyder]

Its sheep mentality. Most people are clueless, they just spread false information about Bitcoins because they heard that its so great.

7970 running 24/7 will net you $95 for a whole month. That means running it day and night. That is with todays Bitcoin value (which have regulary been way lower) and with the difficulty we are at now.

Difficulty have gone through the roof the last 4 months and it will go way higher than that once the ASIC and FPGA keeps pouring in. Meaning GPUs will mine less Bitcoins and earn less. GPUs will go the same road as CPUs did, it will be pretty useless unless you own a big GPU farm with 50+ GPUs. And even if you did, with todays difficulty you will have to mine many months before even breaking even. With the increasing difficulty and because GPUs are highly inefficient, its game over for GPUs.

So thats why this article is USELESS. AMD do beat Nvidia GPUs with mining, but to call it "destroying" is BS at best, because what would you call 60GHz ASIC vs 1.8GHz 7970s that use the same power?
And the "gap" will never be bridged because there won`t even be a bridge there in 2-3 months. It will be a gigantic hole that have swallowed any GPUs.

This article came 1 year too late, and it builds up expectations that is totally false.

Here is a 7970 running 24/7 on Bitmining and what it will net you. As you can see, after a month you are still $300 below breaking even. It will take you 4 months on 24/7 Bitmining just to break even for the GPU. Then we have rest of the system for those who build a Bitminer. It will take a year before breaking even today with the difficulty we are at now.

Here is the difficulty and how it have increased

C'mon now, are you really going to argue the semantics of if Radeons 'destroy' GeForce cards at bitcoin mining? FFS dude. Radeons are way faster at this task, its ok. There are other jobs that fly on Nvidia cards and are slower on Radeons... this happens, no need to get defensive.

Someone already posted earlier, now is a fantastic time to mine. Yea, the difficulty is going up, but the current bitcoin value makes mining still quite profitable for Radeon owners.

No one is suggesting that everyone go out and buy a bunch of 7970's. At least not here that I've seen. But if you're in the market for a video card, and you wouldn't mind the trade offs that come with running the system 24/7, you can make money doing this right now.