Ethereum GPU mining?

[wege12]

How high do you guys realistically think ETH could go? I started mining for fun when it was worth less than $5. I never dreamt it would be worth as much as it is now. I've made more from ETH than some make in a year!

 

[Crono]

How high do you guys realistically think ETH could go? I started mining for fun when it was worth less than $5. I never dreamt it would be worth as much as it is now. I've made more from ETH than some make in a year!

I think $100 is very likely, $250 likely, $500 somewhat likely, $1,000 maybe (but not for ~2 years+) and ultimately I think it will take the lead from Bitcoin and supercede it, but Bitcoin will hang around for a long while as more blockchain-based services switch over entirely to or add support for Ether.

I've been following Ethereum since before the presale (sadly, I don't have the presale ether I bought, nor do I have much now since I spent it before the jump ) so take my optimism with a grain of salt or two. My enthusiasm is based on what/who's using Ethereum for fintech, cloud computing, predictions markets, etc. though and not just pure hope that it does.

Assuming development proceeds as planned and the community doesn't fracture from future forks or unforseen problems with the network, things look bright right now.

 

[Mercennarius]

IMHO, of all the crypto currencies Ethereum has the best bet of getting to and or passing Bitcoin success level.

 

[poofyhairguy]

Sorry about the hardware failure. Have you tried diagnosing exactly what went wrong with it?

Yeah my old mobo is failing and I can't justify a new build so close to a Texas summer. It's ok, ETH price increases make it all worthwhile. I had so much fun mining and I will remember it foundly. My only regret is I didn't open this thread sooner, I missed about a month at low difficulty.

 

[ozzy702]

Cap gains rate isn't that high anyway, at least if you are in the US. Since ETH is still an unregulated security you (probably) won't owe any taxes on it until you liquidate for "real" money. BTC, not so clear since you can actually buy stuff with it. Forex rules may apply there.

As always consult an attorney/tax expert.

In case people were wondering, there's possibility of an ETH-based ETF being approved soon. This comes on top of the GNO offering which produced some demand for ETH (GNO tokens were only sold for ETH, so every time we get a project like REP, GNT, or GNO, ETH gets a bump) and other stuff.

Need I remind people that we STILL haven't reached PoS?

Also, ZEC is tracking upwards with ETH. Very interesting. It has surpassed DASH, albeit narrowly. The eventual combination of ZEC and ETH tokens into one token seems almost inevitable.

Nope. The IRS expects you to pay taxes on crypto as soon as it is mined (for the value which it worth when it is mined) and you pay short term cap gains on it, which means it will hurt. When you sell you are taxed cap gains again for the difference.

 

[Crono]

https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance

 

[DrMrLordX]

Nope. The IRS expects you to pay taxes on crypto as soon as it is mined (for the value which it worth when it is mined) and you pay short term cap gains on it, which means it will hurt. When you sell you are taxed cap gains again for the difference.

See, I'm not sure that applies to ETH yet. You can't actually buy anything with it, so its status as a currency is dubious. Except I guess GNO, GNT, and REP? And um DAO tokens, back when those were sold.

Maybe the IRS doesn't care about that since it *could* be currency at some point.

You certainly aren't going to get into any trouble reporting it to the IRS and paying short term cap gains regardless.

 

[ozzy702]

See, I'm not sure that applies to ETH yet. You can't actually buy anything with it, so its status as a currency is dubious. Except I guess GNO, GNT, and REP? And um DAO tokens, back when those were sold.

You certainly aren't going to get into any trouble reporting it to the IRS and paying short term cap gains regardless.

You may be correct, it all just depends on if the IRS has added it to the same legislation that BTC fell under. Looks like I need to dig further.

 

[Crono]

See, I'm not sure that applies to ETH yet. You can't actually buy anything with it, so its status as a currency is dubious. Except I guess GNO, GNT, and REP? And um DAO tokens, back when those were sold.

You certainly aren't going to get into any trouble reporting it to the IRS and paying short term cap gains regardless.

See the link I posted. Unless something has changed recently, the IRS views cryptocurrency (doesn't seem to matter which, it broadly covers virtual currency, but Bitcoin is the only one explicitly referenced) as property, not a currency. Whether you can buy something with it or not doesn't really have a bearing on whether it's a currency or at least treated as a currency, regardless.

Actually, it would be worrying if the federal government did view Bitcoin or Ether as a true currency, because they don't take kindly to alternative currencies originating in the United States possibly attempting to compete with the dollar (not that Ether is really attempting to do that). This is why when they issued that notice in 2014 (full pdf - the Q&A section answers a fair number of potential concerns, including mining) Bitcoin actually rose a good amount, because it was a bit of a relief to see an official stance, and that boosted confidence in cryptocurrencies a bit. There were plenty of alternative cryptocurrencies at the time, so I have no reason to think Ether wouldn't be covered under the same rules.

Standard disclaimer: I'm not an accountant, tax preparer, or any sort of expert on tax laws

 

[DrMrLordX]

I saw that. Actually this link:

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

is arguably the more informative. Then there's this:

https://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/

which is based on the 2014-21 notice.

My only question is whether or not the IRS even considers ETH to be a virtual currency. They do draw distinctions between virtual currencies and convertible virtual currencies, so it is possible that the IRS does regard ETH (and ZEC and DASH) as a virtual currency.

 

[Madpacket]

Just make sure you use a 560 BIOS that uses the same voltage controller and PCB layout as your 460. I know the Sapphire 580 Nitro doesn't use the same controller as the 480 Nitro, meaning you cannot flash a 480 Nitro to 580 Nitro, for instance.

Thanks. Hopefully most of the 560's use the same PCB and VRM. Depends on how far they push the clocks but I'll be careful if flashing

 

[Mercennarius]

So I have an account on Kraken but it looks like I need 30 confirmations before I can trade/sell any Ethereum....does that mean 30 confirmed deposits? What's the easiest way to sell Ethereum? Thanks.

 

[Headfoot]

Hey guys, with the huge price jump I was thinking of putting my 2 old 290's to work. Also my new 1080 Ti. My question is whether it's even worth it to put my 1080 Ti to work - I can't find good solid figures on how well it mines as of today. Only earlier in its release, and I imagine driver updates will have changed things.

 

[DrMrLordX]

I don't know that much about NV cards mining ETH, but I do know they can mine like a sonofagun with ZEC. You can exchange ZEC for ETH to have your cake and eat it too.

In either case I would recommend Claymore's latest miner.

I have mined both ZEC and ETH with 290s. They do well enough with some undervolting.

So I have an account on Kraken but it looks like I need 30 confirmations before I can trade/sell any Ethereum....does that mean 30 confirmed deposits? What's the easiest way to sell Ethereum? Thanks.

You could always try Coinbase. Their fees are rather high, though. An alternative would be to sell it on Poloniex for some other coin, like BTC, but that still doesn't get you the fiat that you'll probably want.

 

[poofyhairguy]

So I have an account on Kraken but it looks like I need 30 confirmations before I can trade/sell any Ethereum....does that mean 30 confirmed deposits? What's the easiest way to sell Ethereum? Thanks.

That just means the deposit hasn't finished processing. Its confirmations of the transaction.

As far as the best way to get value for Ethereum? Sell it for Bitcoin. Then load that bitcoin on a BitPay Card or buy giftcards on eGifter with it.

 

[Feld]

So I have an account on Kraken but it looks like I need 30 confirmations before I can trade/sell any Ethereum....does that mean 30 confirmed deposits? What's the easiest way to sell Ethereum? Thanks.

30 confirmations basically just means that once the sale is initiated you have to wait for 30 new ethereum blocks to be mined. At 15 seconds per block you should have your 30 confirmations in under 8 minutes.

 

[thilanliyan]

Yep I've started mining ZEC with a 1080 and it is literally twice as efficient (Sol/W) as my 290s, but a 1080 doesn't do that well in Eth IIRC, whereas a 1070 does, mainly due to the regular GDDR used on the 1070.

 

[Accord99]

Also my new 1080 Ti. My question is whether it's even worth it to put my 1080 Ti to work

I have a 1080 Ti and as previous comments mentioned, it's very good for ZEC; it's also solid for LBRY. One thing I do though is to limit the power, to about 160 W. I get a significant power savings with only a minor loss in performance.

 

[Headfoot]

Thanks for the tips guys! I tried searching the thread, but didnt find much. Not about to go back through 114 pages. I might just do the ZEC->Eth route on Claymore then

 

[Accord99]

Claymore's ZEC miner only works for AMD cards. You'll need EWBF's miner, here's more information:

https://bitcointalk.org/index.php?topic=1707546.0

 

[thilanliyan]

Nicehash's miner works for ZEC as well on nV cards (easiest to set up), but is a bit slower than EWBF's I think.

 

[Crono]

Yep I've started mining ZEC with a 1080 and it is literally twice as efficient (Sol/W) as my 290s, but a 1080 doesn't do that well in Eth IIRC, whereas a 1070 does, mainly due to the regular GDDR used on the 1070.

Yeah, been getting 26 MH/s each with my 1070s, without tweaking anything yet. Not bad for an Nvidia card.

 

[Headfoot]

Claymore's ZEC miner only works for AMD cards. You'll need EWBF's miner, here's more information:

https://bitcointalk.org/index.php?topic=1707546.0

I appreciate the help!

 

[DrMrLordX]

Oh yeah, you can't use Claymore's ZEC miner with a 1080, oops. My mistake. Good thing someone corrected me there.

 

[IEC]

Making my power bill great again. My utility company must love me. I put the rest of my RX 480s back to work recently and just set the AC a few degrees lower to compensate...

Unfortunately, that means I have no GPU to complete my Ryzen 1600 build. Vega can't come soon enough so I can retire my Fury to test bench duty!