Video: Bitcoin crash
- Thread starter Montoya
- Start date
Grimm_Reaper
Space Marshal
Are people still using GPU for mining? I heard now there are specialized ASIC based chips that are specialized to handle this since the arithmatic involved has gotten even more complex with everyone entering the mining craze. They vary in price from $400 all the way to $2000.
https://www.amazon.com/Antminer-S9-16nm-Bitcoin-Miner/dp/B01HFXQ7AG
Normal GPU like the 1070 hardly make enough to run these days on their own or SLI.
https://www.amazon.com/Antminer-S9-16nm-Bitcoin-Miner/dp/B01HFXQ7AG
Normal GPU like the 1070 hardly make enough to run these days on their own or SLI.
Bitcoin moved away from GPU mining a long time ago. The ASIC arms race has been in full swing for some time.
Altcoins like Ethereum are GPU friendly, they purposely do this so that the powerful ASIC miners do not control the mining pools
Meaning, if you buy an ASIC for bitcoin, you can not use to to mine Ethereum.
Radegast74
Space Marshal
Here's my advice...sell all your BitCoin and invest in something more stable, like Beanie Babies! lol, remember that fad?
makute
Space Marshal
That's the most Test thing you said in a while...
zeddie
Space Marshal
I only make a loss if I make less than 25c a day. (my electricity is 4-5c/kWh CAD)
I'm going to be keeping my card, as that's the one I game with.
At the current rate, I'm still making slightly more than when I started mining back in July.
I calculated at that rate, I would pay back my card within 9 months (at hopefully $100CAD/month) and I got that back within 3...
but it's stretched out again.
My total portfolio right now is ~$450 USD, which is ~$550-600CAD so I'm back to where I was initially.
I'm still making $3USD/day.
Hopefully by the time other miners start selling, difficulty will drop and I can make more =b
Really, all the mining revenue is "extra" to me, as I would have bought the 1080Ti regardless. It's also saved me ~$300 in purchase price than is I were to buy right now. So I'd say it has already paid back.
I'm just holding what I have.
I'm going to be keeping my card, as that's the one I game with.
At the current rate, I'm still making slightly more than when I started mining back in July.
I calculated at that rate, I would pay back my card within 9 months (at hopefully $100CAD/month) and I got that back within 3...
but it's stretched out again.
My total portfolio right now is ~$450 USD, which is ~$550-600CAD so I'm back to where I was initially.
I'm still making $3USD/day.
Hopefully by the time other miners start selling, difficulty will drop and I can make more =b
Really, all the mining revenue is "extra" to me, as I would have bought the 1080Ti regardless. It's also saved me ~$300 in purchase price than is I were to buy right now. So I'd say it has already paid back.
I'm just holding what I have.
Great video Montoya.
I am looking forward to the GFX card crash...........so I can buy more GPUS to make intro Mining Rigs. MUAHAHAHHA
I am looking forward to the GFX card crash...........so I can buy more GPUS to make intro Mining Rigs. MUAHAHAHHA
@zeddie it seems utterly insane to run a computer all day for $3, why bother?
I know you said it's 'extra' but this confused me even more as it's $3 per day that was run for 100 days to 'save' $300.
I know you said it's 'extra' but this confused me even more as it's $3 per day that was run for 100 days to 'save' $300.
Theoretically impossible. Cause you know, he said all the things.
ASIC = Application specific integrated circuit. We use them everywhere, including in handheld electronics.
ASIC does the mining with less power consumption per amount of work done.
They're designed to be highly more efficient at mining only 1 (sadly) algorithm per chip design.
Your ROI using ASIC is phenomenally quicker, IF YOU BOUGHT NEW AT INITIAL MANUFACTURING RUN PRICES, than any GPU solution unless you got your GPUs for free.
The problem there is, keeping up with upgrades as technology improves for better ASIC.
And keep in mind, there are ASIC which are NOT released to the public.
For other coins. For example I suspect (speculative suspecting) there may be ASICs for Ethereum based on some closed pools which have generated many many millions well beyond what most GPU pools made in Ethereum. Even though Ethereum depends on memory IO, it doesn't mean a system can't be designed to be more efficient at it.
At the cost of ASIC development being a few million to 10s of millions, when product is produced, volume of revenue could be be absolutely massive. Especially if using say a Dam for power. #myconspiracytheories
Now why I originally wanted to quote/reply.
Do not use SLI for mining. Ever.
SLI needs overhead to operate, it reduces the performance of your mining, it doesn't actually increase your mining performance, believe me.
I've tested that with both 980tis and 1080tis with a high bandwidth bridge. It lowers performance and also causes buggy problems with the drivers being more susceptible to crashes.
$3 a day per unit, times 1000 units.
$3,000 a day isn't so insignificant anymore is it? ;D
It only makes sense as a business if you're scaled to a profit volume you're comfortable with.
In some countries... $3 a day is a big deal.
And to enable someone in a country like that to make say.. $30 to $90 a day.. that's changing the world in a way.
This is the potential of crypto, to be a global equalizer, and provide fair opportunity outside of political boundaries.
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I take you're point, but to be clear we are talking about someone making $3 per day, not $3000.
We are also talking about someone in a western country, not third world so $3 is still inconsequential.
My point remains valid, I don't see how making $3 per day would every be considered a smart or wise choice when you are running a computer all day every day.
Miners tend to mine with more than only 1 GPU... Hobbyist might do that for extra beer money, minimum $50 a month maybe after electrical. in USD.. how many beers can you buy with $50? Mind you that's like money you find hiding in your couch left by a friend... it's just there for you at the end of the month. You didn't do manual labor to earn it either. Making your PC earn you money while not using it, provided your net is positive, is smart. Hobbyist and serious miners alike.
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There are some glaring issues with bitcoin that most people.... sidestep. The first is the investment. This is in both time and money. The time spent researching, building, maintaining, etc is better spent on a part time job. You'd make more money. The money investment, is better spent paying down any debt you have like credit card bills or mortgages. You'd likely have a better return in interest savings.
Can you make money on bitcoin? Sure, a little. You can invest a large chunk of money into a mining rig (or rigs). Then you throw a chunk of time into researching the best currency to mine and the math to make sure you're not on the loosing side. If you keep up, you can make some money. By the time you take out the energy cost, you can trickle in some decent change. Or...
You can go to your local box store, buy a lawn mower, and make $100 on mowing a single lawn. If there's snow, you can shovel a two car driveway in 15 minutes for $30. If there's a dirty car, you can make $10 in 10 minutes. The list of ways to make money is a very long list. They all have one thing in common too. They are all higher profit and lower investment than bit coin. Hell, I bet you could make more net profit per hour collecting cans for recycling.
Bitcoin is just going through another fad. It was before and it likely will be again. NO money is free. It never ceases to amaze me how people will put more work into something "free" than it would have taken to just earn it. Honestly, people will run to the ends of the world, spend days waiting in lines, and go though unbelievable amounts of effort for that one single word..."FREE".
Can you make money on bitcoin? Sure, a little. You can invest a large chunk of money into a mining rig (or rigs). Then you throw a chunk of time into researching the best currency to mine and the math to make sure you're not on the loosing side. If you keep up, you can make some money. By the time you take out the energy cost, you can trickle in some decent change. Or...
You can go to your local box store, buy a lawn mower, and make $100 on mowing a single lawn. If there's snow, you can shovel a two car driveway in 15 minutes for $30. If there's a dirty car, you can make $10 in 10 minutes. The list of ways to make money is a very long list. They all have one thing in common too. They are all higher profit and lower investment than bit coin. Hell, I bet you could make more net profit per hour collecting cans for recycling.
Bitcoin is just going through another fad. It was before and it likely will be again. NO money is free. It never ceases to amaze me how people will put more work into something "free" than it would have taken to just earn it. Honestly, people will run to the ends of the world, spend days waiting in lines, and go though unbelievable amounts of effort for that one single word..."FREE".