Ethereum GPU mining?

[Red Squirrel]

Still mining with two 1070's, not worth spending $800+ on more. Prices are still crazy. Did not cash out anything yet but sitting at under $400 cash value. hopefully it goes back up eventually, but not really in a hurry, I'll just keep mining until I decide I need the system for something else, does not hurt anything.

Going all out with that case was a loss though, I originally wanted to put like 8 cards in there. Ya that's not happening. 😛

 

[IntelUser2000]

Bitcoin is basically the gateway to all cryptos, so that dropping will have an effect on the entire market. There seems to be some relation with the stock markets as well. After all they are all in the investment category.

The next hard fork, Constantinopole is slated for October of this year. It will improve transaction efficiency and reduce gas costs. With Ethereum having something like 90% of the ICO market, this will probably do good for the overall market.

Uhh, Constantinopole will likely not help miners though. The talks are in progress, but some additional reduction in block rewards are proposed. One talks about 33% reduction, the other 50%.

 

[Elfear]

So is the general consensus that mining will continue to get more and more unprofitable? I know prices could see a surge after the hard fork and then again when ETH is moved to PoS but it sounds like the payout will get lowered significantly with Constantinople. Unless there is a massive price increase, I don't see profitability going up a lot. I'm down to ~$2.50-3.00 per day which just isn't worth it to me.

 

[Red Squirrel]

That seems to be the way things are going, but I'm not cashing out anything yet. I'm hoping the value will go back up again at some point. It's a gamble, but whatever. I got in way too late, cards were too expensive then and are even more expensive now. I only have 2 going, originally wanted to do like 6-8 and built a 6U rackmount case to handle that, but yeah, waste of time and effort there. I'm sure I can repurpose that case for something else though. Maybe some kind of storage pod.

 

[VirtualLarry]

Mining (using NH) on 7 GPUs, and several CPUs, some Ryzen, and revenue is really in the tank lately. I was making $5.50 a day, a few weeks ago, then $4.50/day, then now less than $3.50/day. WTF?

I know that difficulty increases, but I question what's really happening here. Are there really that many NEW miners getting onboard with NH, to cause this?

Edit: At least, to my untrained eye, my MH/sec on various algos doesn't seem to be dropping much.

 

[Hitman928]

Mining (using NH) on 7 GPUs, and several CPUs, some Ryzen, and revenue is really in the tank lately. I was making $5.50 a day, a few weeks ago, then $4.50/day, then now less than $3.50/day. WTF?

I know that difficulty increases, but I question what's really happening here. Are there really that many NEW miners getting onboard with NH, to cause this?

Edit: At least, to my untrained eye, my MH/sec on various algos doesn't seem to be dropping much.

Prices are crashing, have been for a little while now.

 

[Red Squirrel]

Yeah prices are going down faster than mining is, basically. So when I look at my total mined in dollar value it goes down even though I have more eth. I had 0.70ish last I checked.

Difficulty is going up too though. Are the ASICs out for eth yet? I think we will see a big increase at that point. I might call it a day and quit once they are out. The hardware I have would make a half decent server.

 

[thilanliyan]

Yeah prices are going down faster than mining is, basically. So when I look at my total mined in dollar value it goes down even though I have more eth. I had 0.70ish last I checked.

Difficulty is going up too though. Are the ASICs out for eth yet? I think we will see a big increase at that point. I might call it a day and quit once they are out. The hardware I have would make a half decent server.

Some say they're already out.

 

[IntelUser2000]

We had this discussion last time, and we'll have them again.

Yes, "ASIC" for Ethereum mining exist, but they are the same crap they had months ago. Ethereum hashing is entirely bound by memory, which is what provides a real ASIC resistance in that you can't create a specialized chip to create an infinitely faster setup, since its limited anyway.

E3: $1300, 180MH/s, 800W

My two systems do 200MH/s with 915W.

Also, GDDR6 on the next gen Nvidia parts will essentially double the bandwidth. That equals double the hashrates.

GTX 1060 from 22MH/s to GTX 2060 at 39MH/s if they go from 8GT/s GDDR5 to 14GT/s GDDR6.

 

[Red Squirrel]

Some say they're already out.

Yeah I imagine some may be out but don't think they really hit the mass market yet. That will be kinda huge when it happens because eth was originally not suppose to be minable with asics due to memory constraints, but the ones coming out simply have a lot of memory. They may also end up being too expensive so manybe not a lot of people will even get them.

 

[Batmeat]

Some say they're already out.

You can find them, but they're expensive. What I'm curious about is how electroneum is supposed to be immune to ASIC's. At least that's what their developers state.

 

[ozzy702]

You can find them, but they're expensive. What I'm curious about is how electroneum is supposed to be immune to ASIC's. At least that's what their developers state.

Monero went ASIC resistant, Ethereum could do the same but the devs have stated they would rather spend time/focus on POS and scaling than working on POW. At this point it's do or die for Ethereum and it absolutely needs scaling and POS to avoid a complete implosion. If scaling and POS hit soon Ethereum would be poised to gobble up 50% of the market.

 

[IntelUser2000]

to avoid a complete implosion. If scaling and POS hit soon Ethereum would be poised to gobble up 50% of the market.

I'm pretty sure some of us are too biased, or blowing things up to unrealistic proportions. I don't think it'll go to $0, nor reach $50K per Eth.

I like the idea of cryptos, but stilll struggle to find potential real world applications for it. It really is true. Something like 80% of ICOs are scams. Out of that you have legitimate products, but most will fail due to poor ideas and/or execution. Even the legitimate ones have me questioning if they are really needed.

I see decentralization as a pitch as not much more than an excuse.

Crypto money? Not happening. Governments will kill you before they cede their power. A revolution will happen, and then maybe. Also total electronic money limits usage to people with computers. Some use games and apps that are abandoned as pro for decentralization. If that's all they could come up with, yea, it'll remain a niche.

Some are cool. Like immutable reporting for journalism, so the message can't be erased. Or like the idea it can ease P2P transactions for every day activities. Right now though, it seems very far away, scaling or not.

 

[FreshBross]

I'm pretty sure some of us are too biased, or blowing things up to unrealistic proportions. I don't think it'll go to $0, nor reach $50K per Eth.

Agreed, almost the whole human population is biased by nature of their society. Unable to think this through. Just like search engines and shopping platforms, those that got used by everyone of all applicable age groups and worldwide locations are the winners. My money is on following the money, which right now is with BCH, as unpopular of a choice that is. I know that some traders have done well as contrarians. Time will tell.

 

[Trumpstyle]

All digital coins will go down to 0 value. Only reason why people are buying these coins is to sell them at a higher price later. When everyone realize this, the prices will collapse. Digital coins has no value except this ponzi-scheme and price manipulation.

Tell me why I'm wrong.

 

[brownstone]

Ok, here goes.... There's a sucker born every minute. 😉

Seriously though, do you think that one day there will be a huge awakening when all the people throughout the world have a special moment of realization that all digital coins have no value? It seems to me that as long as there are people who think that digital currency has value, then it will never go down to 0. I would draw an analogy to Trump, whom you appear to deeply care for. Some would consider him as having no value and wonder when his house of cards will crumble, however, I would disagree with that statement owing to the fact that he provides plenty of value in all the outrageous comedy that he continuously cooks up. Value, like beauty, is in the eye of the beholder.

Isn't the only reason that people buy stocks (or invest in anything) so that they can sell them at a higher price later? Are we just waiting for people to realize this and then it will all fall apart? So is everything ultimately a ponzi-scheme if someone somewhere is profiting? I'm personally withholding judgement on the whole digital coins/cryptocurrency thing. I think it merits looking into and trying to understand as I think it has some potential. Maybe it will all crash and burn, maybe it will take off in it's current form or in some other form. Who knows? Tell me why I'm wrong?

 

[Tweak155]

Ok, here goes.... There's a sucker born every minute. 😉

Seriously though, do you think that one day there will be a huge awakening when all the people throughout the world have a special moment of realization that all digital coins have no value? It seems to me that as long as there are people who think that digital currency has value, then it will never go down to 0. I would draw an analogy to Trump, whom you appear to deeply care for. Some would consider him as having no value and wonder when his house of cards will crumble, however, I would disagree with that statement owing to the fact that he provides plenty of value in all the outrageous comedy that he continuously cooks up. Value, like beauty, is in the eye of the beholder.

Isn't the only reason that people buy stocks (or invest in anything) so that they can sell them at a higher price later? Are we just waiting for people to realize this and then it will all fall apart? So is everything ultimately a ponzi-scheme if someone somewhere is profiting? I'm personally withholding judgement on the whole digital coins/cryptocurrency thing. I think it merits looking into and trying to understand as I think it has some potential. Maybe it will all crash and burn, maybe it will take off in it's current form or in some other form. Who knows? Tell me why I'm wrong?

Absolutely nothing has value if people don't value it, including a dollar bill. Everything only has a perceived value, money is just a medium that made trading easier.

Could crypto serve that purpose as well? Sure. But everyone needs to agree to it like they already do for the dollar bill. The advantage the dollar has is that a person knows when they obtain the dollar, they can easily trade it for something else that they want... once crypto starts breaking that barrier more (more places / people accept it), I could see it being the new "dollar bill". But, I doubt it will be bitcoin or any current coin we're aware of right now (at least in their current form), the government will have their hand in it most likely.

 

[DrMrLordX]

It would be nice if:

a). Some of these posts had anything to do with Ethereum or Ethereum mining and

b). if posters had read at least the last 50 pages of this thread and/or some of the OT Bitcoin thread

No, cryptocurrency and similar (fun fact: XRP isn't cryptocurrency!) won't "all go to $0". ETH in particular is NOT a unit of digital currency. You can try to use it for that purpose, but that was never its intended design. It is a share of computing time on a world computer. Nothing more, nothing less. Its current price is a speculative guess based on the future value of said world supercomputer.

Since some people here seem to be struggling with the concept of how Ethereum (or any other crypto project) could have real-world value. Just one possible application of Ethereum: replacing all credit card and interbank payment systems, worldwide (caveat: XRP has a head start on the banks, though I'm not sure the banks like its centralized nature). How much do you suppose that's worth, per year? Here's a hint: it's in the hundreds of billions of dollars, if not more. And that's just ONE possible application for Ethereum, which it may (finally) have the throughput to realize in 2019, thanks to OMG/plasma networks and sharding.

And, for reference, if ETH/OMG works out properly and dominates back-end payment processing, you will probably never notice it at point-of-sale terminals. You will still do your buying and selling with USD. It might or might not be tokenized in some fashion. Don't expect to just "buy things with ETH".

Currently, there are 101,413,782 ETH tokens in circulation. How much are you willing to pay for one of those, based on the near-future potential of this blockchain?

That is why it has value. Personally I think people are paying too much for them right now, and that the EF has to prove itself, hopefully very soon. But the value proposition IS there. At this point, it's a speculative bet.

 

[Red Squirrel]

I have not played or read up much on the transaction part of eth but yeah it has lot of potential. Basically from my brief understanding, you can set up a special address where when you send eth to it, it executes code. This could be used to create a shopping cart system, for example.

 

[EXCellR8]

I'm actually surprised that there is still interest in this digital circle jerk. I guess miners do deserve some credit though... all of that wasted energy could have been used for something good but I don't know what, so thanks for preventing me from wasting too much time thinking about it. I'll have to thank you with bottle caps and iguana bits when we're all living underground on a dead planet with no breathable air.

 

[Hans Gruber]

Did any of you miners make any money mining after electric costs?

 

[Red Squirrel]

Unfortunately not, yet. The cards arn't even close to paid off yet for me. But that could change overnight if price of eth goes up. I won't cash in until that happens, if it does.

If I don't account for hardware costs then I am technically making more than what it's costing me in hydro, since the biggest part of the bill is delivery and fixed fees, so usage wise it might only be costing me a tiny fraction of the bill. I figured it out a while back and I know it was a low number, don't recall what it was exactly.

I'll pretty much keep mining until I decide I need the hardware for something else, so either way it will be consuming power.

 

[ultimatebob]

Unfortunately not, yet. The cards arn't even close to paid off yet for me. But that could change overnight if price of eth goes up. I won't cash in until that happens, if it does.

If I don't account for hardware costs then I am technically making more than what it's costing me in hydro, since the biggest part of the bill is delivery and fixed fees, so usage wise it might only be costing me a tiny fraction of the bill. I figured it out a while back and I know it was a low number, don't recall what it was exactly.

I'll pretty much keep mining until I decide I need the hardware for something else, so either way it will be consuming power.

I hope that you already picked a "drop dead" price when you decide to pack it in. The only thing worse than selling your coin at a loss is sitting back and watching it go to 0.

 

[DrMrLordX]

I'm actually surprised that there is still interest in this digital circle jerk.

See above post.

Did any of you miners make any money mining after electric costs?

Yes. Definitely yes. Anyone who was mining as far back as 2016 and HODLed made good money. Now? Not so much. Too much competition, and prices are still reeling. Plus I took down my miner rigs that had Hawaii in them. The only thing I have left mining is one intrepid Vega.

The only thing worse than selling your coin at a loss is sitting back and watching it go to 0.

Few tokens that are mineable will go to zero (ETH, ZEC, XMR). Maybe some of the fringe stuff like ECN is at risk? Some folks are obviously trying to spark a rally, but I see lower lows before we go back to the highs again.

 

[IntelUser2000]

Few tokens that are mineable will go to zero (ETH, ZEC, XMR). Maybe some of the fringe stuff like ECN is at risk? Some folks are obviously trying to spark a rally, but I see lower lows before we go back to the highs again.

Eth was at $260 not long ago. Now its at $288. I think it'll stay stable, and start rising slowly before Constantinopole hard fork, then a proper rally will begin.

There is one thing that can truly kill cryptos, and that's if governments ban them. They'll hang on, but it'll seriously hamper mass adoption and end up putting it on life support over time. That's why I don't believe cryptos as a payment platform, but that world computer thing.

The only thing I have left mining is one intrepid Vega.

I turned off my Polaris systems. Will wait until heat is needed. That will reduce gas bills somewhat and at least justify turning it on.