Mining GPU liquidation

[ThomSirveaux]

*PRICES UPDATED*

Hey guys,

So, having a kid plus confusion with my payroll has really screwed me over. Thankfully, I stopped mining before it became really, REALLY unprofitable, which means these cards have only been in full use for about a month.

I'm even using one as a GPU, right now, since it's better than my R9 390...

So, what I have available is:

XFX R9 390 QTY 1 - $275
XFX RX 570 QTY 1 - $345
Asus Strix RX 570 QTY 2 - $355
MSI Armor RX 570 QTY 1 - $350
MSI 8G Gaming RX 570 1 - $360

All prices are OBO and are special to TEST members, since I'd rather dump... er, let these go to you guys for whatever nefarious purposes you can devise for them.

 

[Montoya]

What were you mining?

Did the difficulty level price you out?

Im curious to know if this is the beginning of the great flush of used cards onto the market.

 

[ThomSirveaux]

What were you mining?

Did the difficulty level price you out?

Im curious to know if this is the beginning of the great flush of used cards onto the market.

I was mining ETH, but it's not getting a paycheck for a month that is forcing me to liquidate my assets, but I have noticed that GPU prices are falling.

 

[Radegast74]

What were you mining?

Did the difficulty level price you out?

Im curious to know if this is the beginning of the great flush of used cards onto the market.

That would be interesting to know...I wouldn't buy a used card at all (maybe I would from a TEST member, like @ThomSirveaux , who hadn't used it all that much). I'm much more interested in knowing when the demand for *new* cards will go down. I'm glad I got my Nvidia GTX 1060 when I did!

 

[Printimus]

LIQUIDATE ALL THE THINGS!

 

[Xist]

What were you mining?

Did the difficulty level price you out?

Im curious to know if this is the beginning of the great flush of used cards onto the market.

Mining profitability has dropped significantly in the past 2 weeks. All cryptos have fallen quite a lot.

Hopefully the euphoria is dissipating and people will start using their heads instead of falling prey to FOMO and doing stuff that doesn't make sense.

Anyway, upward pressure on GPU prices has certainly stopped. Prices are likely to fall unless something major changes. (It's crypto, traditionally nothing stays the same for long, it either goes way up or way down).

 

[ColdDog]

Oh my gosh... the hype band wagon. Spend what you can afford to lose. When you have nothing to lose, go for it. That said, my heart goes out to you.

 

[ThomSirveaux]

Oh my gosh... the hype band wagon. Spend what you can afford to lose. When you have nothing to lose, go for it. That said, my heart goes out to you.

I actually bought these with profits from an initial investmenr, last fall, so it's just getting my profit out. Also, I got most of these cards before the GPU craze went into full effect.

 

[Montoya]

That would be interesting to know...I wouldn't buy a used card at all (maybe I would from a TEST member, like @ThomSirveaux , who hadn't used it all that much). I'm much more interested in knowing when the demand for *new* cards will go down. I'm glad I got my Nvidia GTX 1060 when I did!

Most miners actually underclock their cards to save on electricity usage. There is a sweet spot between underclocking and maximum hashrates.

Im still not sure about the long term viability of these mining cards, I guess we will start seeing reports over the coming years!

I would have no problem buying these cards from Thom.

 

[ThomSirveaux]

Most miners actually underclock their cards to save on electricity usage. There is a sweet spot between underclocking and maximum hashrates.

Im still not sure about the long term viability of these mining cards, I guess we will start seeing reports over the coming years!

I would have no problem buying these cards from Thom.

Thanks for the vote of confidence! Especially since I made sure their temps never went above 65°C, and made sure to let them rest for a day every two weeks.

 

[ThomSirveaux]

Bump

 

[DirectorGunner]

One 1080Ti video card has dropped down to between 80 cents to 1 dollar a day, for almost anything.
This has therefore pushed small GPU miners out of the market for the time being.
This changed the breakeven point from being only a few months to well over 800 days per GPU.
And even with high volume of GPUs running, unless you have completely paid off solar power, which powers your whole facility, and you don't have any maintenance... it's not lucrative to mine with GPUs anymore.. at all. This is a serious problem for the health of the concept of true decentralization for proof of work coins like BTC and ETH (for time being). It increases the barrier to entry, as now to be profitable if you pay for power and equipment, you'll need an ASIC solution for the currency you wish to mine.
Until we can buy stuff in crypto all over the place in an ecosystem that's not dependant on fiat conversion for the sale of goods and creating goods.... we're in a really bad situation. BTC is down to 6.8K... and it's likely to drop a bit further. Doesn't mean it won't shoot back up but it might not, and that's a risk people need to really evaluate. This is exactly why I didn't put money directly in crypto but instead put money in computer hardware and mined. The hardware can be repurposed for rendering rigs if worse comes to shove.

And iit's important to note that instead of proof of work, other mining methods have become popular like storage based mining using tables via extra hard drive storage you have.

Just my 2 cents.

 

[Bambooza]

One 1080Ti video card has dropped down to between 80 cents to 1 dollar a day, for almost anything.
This has therefore pushed small GPU miners out of the market for the time being.
This changed the breakeven point from being only a few months to well over 800 days per GPU.
And even with high volume of GPUs running, unless you have completely paid off solar power, which powers your whole facility, and you don't have any maintenance... it's not lucrative to mine with GPUs anymore.. at all. This is a serious problem for the health of the concept of true decentralization for proof of work coins like BTC and ETH (for time being). It increases the barrier to entry, as now to be profitable if you pay for power and equipment, you'll need an ASIC solution for the currency you wish to mine.
Until we can buy stuff in crypto all over the place in an ecosystem that's not dependant on fiat conversion for the sale of goods and creating goods.... we're in a really bad situation. BTC is down to 6.8K... and it's likely to drop a bit further. Doesn't mean it won't shoot back up but it might not, and that's a risk people need to really evaluate. This is exactly why I didn't put money directly in crypto but instead put money in computer hardware and mined. The hardware can be repurposed for rendering rigs if worse comes to shove.

And iit's important to note that instead of proof of work, other mining methods have become popular like storage based mining using tables via extra hard drive storage you have.

Just my 2 cents.

It is an interesting predicament. As you need to balance the reward of the ledger keepers (miners) with the costs of transaction fees. In fact with Crypto Currency you need as big as possible pool of ledger keepers as the large number guarantees the security of the chain. I also wonder if GPU miners will ever become a thing again as it seems there are other ways to calculate the proof of work that are more cost effective.

 

[Xist]

It is an interesting predicament. As you need to balance the reward of the ledger keepers (miners) with the costs of transaction fees. In fact with Crypto Currency you need as big as possible pool of ledger keepers as the large number guarantees the security of the chain. I also wonder if GPU miners will ever become a thing again as it seems there are other ways to calculate the proof of work that are more cost effective.

GPU miners are much preferred to ASIC miners because of the increased decentralization.

Once a coin moves to ASIC mining, like Bitcoin, the decentralized nature of the tech fades into nonexistence. 5-6 people control all of the Bitcoin mining. This goes against the entire purpose of crypto which is supposed to circumvent centralized control. (It is also why Bitcoin has not been relevant IMO for years in spite of the masses of ignoramuses dumping their money in it hoping to get rich).

There are other solutions, one of which Ethereum is exploring, another which IOTA is exploring.

In general, ASIC mining is evil and GPU mining is better, because with GPU mining any random person can buy one (or already has one) and they can join the mining pool and be a part of the decentralized system.

 

[Bambooza]

I understand the need for the decentralization to add stabilization to the currency. I also know that crypto currency survivability is going to be on driving down the cost of transaction fee's and the other driving force is going to be margin profitability which is greatly affected by economics of scale.

Not only that but they also have to compete against other forms of currency like credit card transactions and cash. So it really comes down to you as a ledger keeper operating costs vs me as a user willness to pay you to add my transaction to the chain. Make it to costly and I'll use another means to make the purchase, make it to cheep and you cant afford to operate.

So with that in mind as much as the idea of having lots of small mining operations its not really economically feasible. Even if the number of transactions increase to the point were the difficulty is lowered to allow more transactions per minute to be processed you would still see the large operations scale up quickly pushing down the cost per transaction until it stabilized again.

 

[ThomSirveaux]

Nice hijack of my thread
@DirectorGunner :DDD

BTW, they're still available. Name your price.