GPU mining really can't get any deader, so I doubt falling coin prices will release much new GPU stock.
Miners still hanging on to big stock of idle GPUs are living in denial, and it will take a long time to shake them out of that.
Bitcoin will fall to 12K within a week, and eventually below 10K. Mining is dead and GPU prices are about to have a bigger collapse.
Not sure if serious. It's not profitable right now, but not actually "dead", either.GPU mining really can't get any deader
It's not profitable right now, but not actually "dead", either.
3070 for $419 before tax. Never heard of the brand.
Are you a human?
www.newegg.com
Edit: Appears to be a 3rd party seller in China. Perhaps not a good example.
FTX was running a ponsi scheme with the Almenda parent company. It very much shouldn't have survived. The bigger problem for crypto is that it asks the same question of all the other exchanges - how many are doing something similar? I bet most of them - I get the feeling they all make money by taking the collateral they are meant to keep safe so your coins can be sold and doing some magic tricks where they can re-invest it in other things that in turn make the owner of the exchange money. Any run on the exchange and it'll be unable to pay out, fall over and the owner will disappear.Your better off buying solar panels with a grid tied inverter, as the ROI is greater then mining at the moment.
And that is also dependent on your cost of electricity.
GPU mining is dead... crypto itself has a very shaky future with FTX collapsing.
Honestly CZ @ Binance was a hostile move where he thought he could kill FTX and he did along with crypto.
If he didn't dump all those FTX tokens and announce it, i think FTX may of survived.
At the very least they could of reallocated.
CZ caused a mass panic withdrawl ultimately killing FTX because investors were afraid and predicting another Celsius and voyage to happen.
The irresistible temptation to a financial "innovator", of resources sitting there doing "nothing".FTX was running a ponsi scheme with the Almenda parent company. It very much shouldn't have survived. The bigger problem for crypto is that it asks the same question of all the other exchanges - how many are doing something similar? I bet most of them - I get the feeling they all make money by taking the collateral they are meant to keep safe so your coins can be sold and doing some magic tricks where they can re-invest it in other things that in turn make the owner of the exchange money. Any run on the exchange and it'll be unable to pay out, fall over and the owner will disappear.
But then this is hardly surprising - there is no oversight, crypto was all about freedom from traditional money markets and their regulation. The only way that was ever going to work is if everyone was honest, and that was never going to happen.
To each their own, I feel like it's similar to BOINC people, but instead of research (msot of it probably useless anyway), people are just interested in cryptotech, perhaps some like trading too. Frankly, buying computer hardware just for hardware itself is quite similar. Most hobbies are frankly nonsensical from purely logical perspective.Yeah, without the profitability I just can't understand the hobby value of mining. It's just spending a ton of money on GPUs and electricity for literally nothing. It's almost like doing it just to test the coolers or something, like a pointless stress test. It's like buying 10 toilets from Home Depot, plumbing them up all in a row, and flushing dollar bills down them every day while paying extra on your water bill for the privilege of doing it. Youtubers all be like "look how efficient and clean my toilet line is. My plumbing is tiiiight."
To each their own, I feel like it's similar to BOINC people, but instead of research (msot of it probably useless anyway), people are just interested in cryptotech, perhaps some like trading too. Frankly, buying computer hardware just for hardware itself is quite similar. Most hobbies are frankly nonsensical from purely logical perspective.
There are some really good BOINC projects that actually do something good (like WCG, help researches to study cancer, C19, gut microbiome and etc) and then there are some rather silly ones or purely academic ones (like PrimeGrid, you just count primes, that's all). And you can do BOINC projects and mine at the same time. Then you go to the other side and realize that there are some mining projects that do things differently, try new things, innovate and might lead to some new tech, some others are just fascinated with cryptocoins. The thing that people really dislike about crypto, isn't even the tech by itself, they dislike speculators "influencers" (aka pumpers) and lots of other scummy financial crud, but let's be honest, every financial instrument has those and that's especially more expected to happen if they aren't regulated yet. And while those same unpleasant people caused one GPU shortage (in 2018), it wasn't exactly as obvious in 2020-2021. In fact, there were multiple problems working together: 1) GPU markets had shortage at first due to C19 pandemic 2) Many OEMs like Zotac, Giga, eVGA scalped hard themselves 3) Used car buyers jacked up prices 3) nV and AMD raised prices to survive C19 shortages, but not by a lot, only by 20-40% 4) Worldwide inflation rose a lot 5) Many semiconductor factories had to shut down due to C19 6) Supply chain still was weak after recovery and many raw material prices were temporarily or not so temporarily up 7) Major launches of consoles 8) Retailers themselves scalped hard due to shortages or even mined themselves 9) There was and still is a massive shortage of older node or trailing edge transistors and transistors needed for machines that make transistors 10) nVidia and AMD launched AI and Ml GPUs, a market that has insane growth and they both prioritize them due to superior margins. So actually nV and AMD were better prepared than before to avoid 2018 meltdown, but so many other things lead to shortages and insane prices. So I find blaming miners for everything to be a bit silly and not really fair, they are just convenient scapegoat to imperfectly explain why there was shortage and crazy prices in 2020-2021 and why prices are still high.Yeah, BOINC is a good example. The one I prefer to remember fondly is SETI@home. I used to let my laptop run that in the hopes that I'd get an email from NASA telling me I discovered aliens. The thing with BOINC is people think they are saving lives. The thing with SETI is people think they are finding aliens. The think don't with people mining thing is, they are just stupid animals scam for falling a.
I just bought a 3070 for $260 that was used for mining in a climate controlled server room for 6 months. So far so good with it. Hopefully many years of good gaming left!
For sure, I am very happy I got it and plan to use it as my main gaming GPU for the foreseeable future. If anyone is in the Tampa/St Pete area the guy has a bunch of them left.-Solid price. Was saying for a while leading up to and until the mining implosion that 3070/3060tis/6700xts were ~$250 level cards (preferably new, but fine used).
That's a damn good price and even if it releases the magic smoke in 3 years a solid deal.
Even Red Panda has been turning off all his gpu machines in lue for ASIC's.
There's also a lot of people doing youtube videos on there mining farms turning them down, or repurposing/reconditioning them for sale.
I'm feeling the same way: quite underwhelmed by the "deals" I've seen. Most of the discounts on the RX 6700 XT have been for cards I'm not all that interested in. The one I really want (Sapphire Nitro) only dropped $20, and I had already seen it at that price a month ago or so.The "deals" I've seen have been fairly underwhelming so far for the most part; there was 1 or maybe 2 that I would have liked to grab, but was too late. Hopefully something better Monday that I can actually get. Otherwise, I guess we'll see if things change when the new cards come out.
I'm feeling the same way: quite underwhelmed by the "deals" I've seen. Most of the discounts on the RX 6700 XT have been for cards I'm not all that interested in. The one I reaslly want (Sapphire Nitro) only dropped $20, and I had already seen it at that price a month ago or so.
I don't absolutely need to buy now, so I think I'll probably continue waiting for better prices.