Ethereum GPU mining?

[IntelUser2000]

This Ethereum GPU mining is looking pretty bad right about now.

How are you guys holding up?

From the history of your posts, I can tell you are not a fan of GPU mining, to put it very politely.

Let me give you some hope. Ethereum will go into hybrid PoS soon, and the saying is the block reward will go down to 20% of what it is right now. Right now, you get 3 Eth per block. They want to drop that to 0.6 Eth per block.

Full PoS means no more GPU mining. That means zero, although that's some time away.

Until I see an actual announcement or press release from Bitmain, it's just FUD to me

It's already out. Antminer E3. Bad for you if you got in early this year. As with all investment, get in early. I guess if you want in regardless of the warnings, E3 does 180MH/s or so with $1200 price.

 

[AdamK47]

From the history of your posts, I can tell you are not a fan of GPU mining, to put it very politely.

Let me give you some hope. Ethereum will go into hybrid PoS soon, and the saying is the block reward will go down to 20% of what it is right now. Right now, you get 3 Eth per block. They want to drop that to 0.6 Eth per block.

Full PoS means no more GPU mining. That means zero, although that's some time away.

That's great news.

What are the chances for the slimeballs buying up GPUs moving to something else to mine? Will these greedy slimeballs continue to buy up GPUs and in turn jack up the prices for the decent good normal people of the world?

 

[ultimatebob]

That's great news.

What are the chances for the slimeballs buying up GPUs moving to something else to mine? Will these greedy slimeballs continue to buy up GPUs and in turn jack up the prices for the decent good normal people of the world?

There are plenty of other cryptocurrencies for GPU owners to mine. Whether or not they will continue to be profitable to mine remains to be seen. It seems that most new coins are moving from to Proof Of Work (basically mining) to create new coins, to a proof of stake system that is far less resource intensive.

 

[thilanliyan]

That's great news.

What are the chances for the slimeballs buying up GPUs moving to something else to mine? Will these greedy slimeballs continue to buy up GPUs and in turn jack up the prices for the decent good normal people of the world?

Some of the blame for shortages lies with nV/AMD and the memory manufacturers...it's not all due to miners.

 

[EXCellR8]

shortages maybe, but price inflation is all crypto... what else would it be?

 

[thilanliyan]

shortages maybe, but price inflation is all crypto... what else would it be?

Prices are inflated because of the shortages...

 

[Headfoot]

From the history of your posts, I can tell you are not a fan of GPU mining, to put it very politely.

Let me give you some hope. Ethereum will go into hybrid PoS soon, and the saying is the block reward will go down to 20% of what it is right now. Right now, you get 3 Eth per block. They want to drop that to 0.6 Eth per block.

Full PoS means no more GPU mining. That means zero, although that's some time away.



It's already out. Antminer E3. Bad for you if you got in early this year. As with all investment, get in early. I guess if you want in regardless of the warnings, E3 does 180MH/s or so with $1200 price.

If by "Already out" you mean Bitmain announced pre-orders for the July batch of E3 Miners literally hours ago, then yes "it's already out."

 

[AdamK47]

Prices are inflated because of the shortages...

Shortages are due to the mining.

 

[thilanliyan]

If by "Already out" you mean Bitmain announced pre-orders for the July batch of E3 Miners literally hours ago, then yes "it's already out."

Bitmain are probably already mining with it lol.

 

[thilanliyan]

Shortages are due to the mining.

See post 4929.

 

[AdamK47]

See post 4929.

Shortages caused by events not planned by way of greedy miners buying up as many as they can afford.

 

[Headfoot]

GPU police, telling people how they can use their property they bought, reporting in!

 

[Headfoot]

Bitmain are probably already mining with it lol.

Yeah, no doubt. It makes the huge difficulty increase on ethereum make sense too, even with all the extra GPUs being dedicated for it. I wouldnt be surprised if the beginning of the difficulty inflection point is the same time they onlined the first batch of E3 miners.

 

[EXCellR8]

Prices are inflated because of the shortages...

No, prices are inflated because mining was profitable for some time and vendors knew crypto sluts would pay top dollar for the latest tech. This also affected older cards too, those that were plentiful. $350 for a R9 290 in 2017...? yeaaaaaa

Fun fact: the world would be a better place without cryptocurrency

 

[fleshconsumed]

Fun fact: the world would be a better place without cryptocurrency

The jury is still out on that one. It'll certainly be interesting to revisit this topic in 10-20 years.

 

[jtvang125]

I know this is GPU mining but has anyone try hard drive mining for Burstcoin and made any money? I don't know if I used the calculator correctly but using my 22TB server will only make about $11/month. That's a total joke.

 

[IntelUser2000]

If by "Already out" you mean Bitmain announced pre-orders for the July batch of E3 Miners literally hours ago, then yes "it's already out."

You can already buy it from ebay. I count that.

 

[Fir]

Fun fact: the world would be a better place without cryptocurrency

Indeed it would be!

https://www.theguardian.com/technol...electricity-usage-huge-climate-cryptocurrency

 

[Red Squirrel]

I know this is GPU mining but has anyone try hard drive mining for Burstcoin and made any money? I don't know if I used the calculator correctly but using my 22TB server will only make about $11/month. That's a total joke.

I was reading up on this a bit, and it seems it's not worth building a rig specificly for it as ROI is way too far, but if you happen to have the hardware for it then it's worth it. Ex: if you have a high drive count server and a bunch of spare drives you may as well put them to work.

 

[IntelUser2000]

I wouldnt be surprised if the beginning of the difficulty inflection point is the same time they onlined the first batch of E3 miners.

I really doubt this. We often put the blame towards something that has little to do with it. If it was like a Bitcoin ASIC where it was 50 times faster, it would make sense, but I'd put my bets on people coming in late. The only thing the E3 will really do is help relieve pressure off the GPU market.

The cries for a fork to make current Ethereum "ASICs" not workable seems unjustified. It's going to create unnecessary distraction and in the longer term, hurt the ecosystem. They should continue on with other initiatives like scaling, and PoS and ignore what others say!

I've been comparing the profitability levels for now and the last time it was really low when we had 100TH difficulty levels and Ethereum worth $7-10. The difficulty did not drop until the profitability went really low. I'm talking $300-330 prices with the current difficulty level. That's when miners really start to go offline. The difficulty tends to be very resilient because many people have already invested into the ecosystem and there are many others that had ROI and will continue to mine until its less than the power costs. This is supported by the fact that the difficulty increases are levelling off(just like in 2016) and start to drop(again just like in 2016).

 

[Dribble]

Indeed it would be!

https://www.theguardian.com/technol...electricity-usage-huge-climate-cryptocurrency

That's one angle, the other is the reason it really took off was criminals realised it was a way to pay for illegal stuff on the internet. So legitimate people mining and buying/selling crypto enables money laundering and safe online payment for drugs and child porn.

 

[VirtualLarry]

So legitimate people mining and buying/selling crypto enables money laundering and safe online payment for drugs and child porn.

Before crypto, there was and is cash.

So, you're telling me, that your average 9-to-5 worker, is really just making money to fuel money laundering and drugs and child porn? That everyone should quit their jobs, to "think of the children"?

Absurdity is absurdity.

 

[jtvang125]

I was reading up on this a bit, and it seems it's not worth building a rig specificly for it as ROI is way too far, but if you happen to have the hardware for it then it's worth it. Ex: if you have a high drive count server and a bunch of spare drives you may as well put them to work.

Yea but that won't even cover the electricity this server is using if left on 24/7. Even at 100TB I'll be only making a little over $100/mth which still isn't worth it. I doubt many people even have 100TB worth of old drives laying around let alone 22TB like mine. I guess you can mine and hold onto them and hope the value goes up in the future.

 

[Dribble]

Before crypto, there was and is cash.

So, you're telling me, that your average 9-to-5 worker, is really just making money to fuel money laundering and drugs and child porn? That everyone should quit their jobs, to "think of the children"?

Absurdity is absurdity.

Cash is much harder to transfer (as physical dollar bills) and pass on, it has to be paid into a bank. Electronic banking is highly traceable. Then crypo arrived and it is a way of electronically paying for illegal things instantly, it is very hard to trace and can be easily turned into clean money. Why did you think the whole thing was so damn successful - just cause some geeks got into mining?

Not quite sure what that's got to do with your average 9-5 worker who's being paid in real money not crypto?

 

[ultimatebob]

Cash is much harder to transfer (as physical dollar bills) and pass on, it has to be paid into a bank. Electronic banking is highly traceable. Then crypo arrived and it is a way of electronically paying for illegal things instantly, it is very hard to trace and can be easily turned into clean money. Why did you think the whole thing was so damn successful - just cause some geeks got into mining?

Not quite sure what that's got to do with your average 9-5 worker who's being paid in real money not crypto?

Are there any legitimate organizations out there who actually pay their workers in crypto? I figured that the recent price crash of Bitcoin would be enough to scare most places from doing that. That might have seemed like a good idea last November, but it is not looking so good now