Cryptocoin Mining?

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PhIlLy ChEeSe

PhIlLy ChEeSe

Senior member
Apr 1, 2013
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njdevilsfan87 said:
The entire market is just dormant right now. I don't really expect anything too interesting out of BTC after being in a down trend for an entire year. I still like and support crypto though.

I'm also much more likely to invest directly into crypto as opposed to mining if there is going to be another boom. Mining with GPUs was fun hobby, but it was also too much maintenance in the end.
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Did you pay for your Rig in your sig with mining? I got a bunch of old ATI cards never could get anyone to show me how, plus they all said wasn't worth it so I never started. I used to come in to watch the hecklers piss a few people off :thumbsup:
 
njdevilsfan87

njdevilsfan87

Platinum Member
Apr 19, 2007
2,330
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I made more than what the rig in my sig is worth. So I guess you can say it did. I probably would not have this rig without mining. But, it's really one investment turning into another (in this case from money to time), because I'm not lying in the sig when I say the better my Titans OC (or the more I have) the faster I can finish my PhD. :p
 
pandemonium

pandemonium

Golden Member
Mar 17, 2011
1,777
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What you may call dormant, I call being integrated rapidly. This consistent pricing lately has me both positive acceptance will grow, but disappointed the market isn't as fun to play. :p
 
dajeepster

dajeepster

Golden Member
Apr 15, 2001
1,974
16
81
The market is going towards cloud mining. it's hard to get any decent scrypt hardware. Most of the scrypt hardware designers have gone bust (scams or lack of funds). Everyone is pissed off at all the pre-orders from the last year not living up to their promises.

A majority of the bitcoin mining hardware coming out isn't feasible for the home miner, but big corporations.

imho, there's only a couple decent cloud mining services for litecoins if you got in early enough.
And it seems there's just a couple decent bitcoin hardware companies... KNC and BFL aren't them.
 
J

jpiniero

Lifer
Oct 1, 2010
14,583
5,204
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Talking about Bitcoin, it does kind of make me a little curious that when it no longer became viable on GPUs the tech/"Internet" media coverage fell off the radar almost immediately. I can't accuse AMD of being so smart to push Bitcoin to sell Radeons but it makes me wonder if there are a few people guilty out there of pump & dump.
 
geokilla

geokilla

Platinum Member
Oct 14, 2006
2,012
3
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fleshconsumed said:
It is simply no longer profitable to mine on GPUs which is why this thread is all but dead. It hasn't been profitable to mine bitcoin on GPUs for well over a year? And it hasn't been profitable to mine Scrypt for 6 months. There are x11/x13 which are supposed to be more profitable but at this point they are not bringing in much so with electricity costs and depreciating hardware it's just not worth it. It will be really interesting where bitcoin and other altcoins end up years from now, but in the meantime the GPU mining and this thread are dead.
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So don't bother mining with my 7950 is basically what you're saying?
 
wand3r3r

wand3r3r

Diamond Member
May 16, 2008
3,180
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jpiniero said:
Talking about Bitcoin, it does kind of make me a little curious that when it no longer became viable on GPUs the tech/"Internet" media coverage fell off the radar almost immediately. I can't accuse AMD of being so smart to push Bitcoin to sell Radeons but it makes me wonder if there are a few people guilty out there of pump & dump.
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That's not only pretty far into conspiracy theory territory, they didn't even have the supply to meet demand as it were.
 
ultimatebob

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
jpiniero said:
Talking about Bitcoin, it does kind of make me a little curious that when it no longer became viable on GPUs the tech/"Internet" media coverage fell off the radar almost immediately. I can't accuse AMD of being so smart to push Bitcoin to sell Radeons but it makes me wonder if there are a few people guilty out there of pump & dump.
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I'd imagine that the more tech savvy folks at AMD were smart enough to know that mining bitcoins with a GPU was a passing fad and wouldn't be profitable for long, so they didn't mention it to marketing.

By the time the marketing people knew about Bitcoin anyway, ASIC mining had already taken over. :)
 
ultimatebob

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
geokilla said:
So don't bother mining with my 7950 is basically what you're saying?
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For every dollar you spent on electricity mining Bitcoin on a GPU at this point, you would probably get a few cents of Bitcoin back.

You wouldn't do much better with Litecoin or the other scrypt coins at this point, either.
 
B

Brekyrself

Senior member
Sep 29, 2008
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www.swapwheels.com
M

Mark R

Diamond Member
Oct 9, 1999
8,513
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OMG. Alpha Tech have just posted an update, showing their first mining PCB in operation and mining.

Considering the staggering dishonesty and grossly misleading updates from this company, a lot of people had been starting to call them a scam. However, it looks like they might be near to shipping - that said, a change in the market means that the machines will probably only achieve an ROI of -80%.

In terms of ASIC design, however, the update seems to suggest that their ASICs have substantial internal memory self-repair, which they haven't yet had a chance to activate in their demos.
 
M

mingsoup

Golden Member
May 17, 2006
1,295
2
81
3 Rasperry Pi's mining at ~15$ a day?
Possible?

When cz says that mining with a GPU isn't relevant anymore?
Does that simply mean electricity vs hashing isn't relevant?
 
Dr. Zaus

Dr. Zaus

Lifer
Oct 16, 2008
11,770
347
126
mingsoup said:
3 Rasperry Pi's mining at ~15$ a day?
Possible?

When cz says that mining with a GPU isn't relevant anymore?
Does that simply mean electricity vs hashing isn't relevant?
Click to expand...

He means there are mining machines that mine on orders of magnitude more efficiently than GPUs.
 
Dr. Zaus

Dr. Zaus

Lifer
Oct 16, 2008
11,770
347
126
mingsoup said:
But does that doesn't mean you can't make bitcoin anymore at a rate versus electricity?
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Yes. Necessarily, Since the price of a bit coin is the operational cost of sunk investments + required return on sunk investments; and sunk investments are now 1/1000th of what your costs are, they price you out of the market by multiple orders of magnitude.

Simply put, its because the more efficient players make the whole venture more difficult.

The whole thing is like an abstract game of mine-craft. Imagine any item theoretically could mine through any block. It used to be your GPU was knocking away with another million people, all chopping through blocks with a stone pick-axe until someone found a diamond (the block that drops a bunch of bitcoins).

But because of the big-boys now the game has made it so that your GPU has to hack through obsidian, and there are 100,000 people looking for diamonds are using enchained-diamond pick-axes.

I don't say this to be pedantic or condescending, it's just how I think about it.
 
M

mingsoup

Golden Member
May 17, 2006
1,295
2
81
DixyCrat said:
Yes. Necessarily, Since the price of a bit coin is the operational cost of sunk investments + required return on sunk investments; and sunk investments are now 1/1000th of what your costs are, they price you out of the market by multiple orders of magnitude.

Simply put, its because the more efficient players make the whole venture more difficult.

The whole thing is like an abstract game of mine-craft. Imagine any item theoretically could mine through any block. It used to be your GPU was knocking away with another million people, all chopping through blocks with a stone pick-axe until someone found a diamond (the block that drops a bunch of bitcoins).

But because of the big-boys now the game has made it so that your GPU has to hack through obsidian, and there are 100,000 people looking for diamonds are using enchained-diamond pick-axes.

I don't say this to be pedantic or condescending, it's just how I think about it.
Click to expand...

Thanks for the fantastic post. The figures I read were obviously back when the difficulty wasn't as high yet. There was a pre ASIC window I prolly could have used my FPGAs to make quite a bit of money. Oh well.
 
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stuff_me_good

stuff_me_good

Senior member
Nov 2, 2013
206
35
91
I wish bitcoin would bleed value and everybody would had to dump all bitcoins and this silly mining business would come to an end for good.
 
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