Ethereum GPU mining?

[ozzy702]

I do not agree.

I think alt coins will move to fill the gap. Octopus, etc. The problem is early in a coins lifetime, PoW is a proven way to make sure a network works fairly. Proof of Stake requires faith in the networks stakeholders, and when a network is young, that usually is very few people.

PoW will sadly haunt us for years to come, with alt coins, and other schemes looking to duplicate the success of their priors.

Look at the hash rate on Ethereum, 442 Th/s, Conflux has 1.42 Th/s, Ravencoin has 9.77 Th/s, ETC has 7.6 Th/s. Add up every other GPU minable coin's hash rate and it's a drop in the bucket to Ethereum's. 8 Billion dollars a year (just in block rewards let alone transactions) is simply too much for the market to absorb. Miners will start selling their rigs like crazy until equilibrium is met and profitability is had. Yes, people with free power or close to free power will keep mining, but the vast majority of the market will sell off their rigs, especially once we enter another bear market and profits are reduced even further.

Regarding new projects, pretty much all devs are moving to PoS for countless reasons. Environmental, governance, etc. I agree that security is much harder to guarantee under PoS early on, but security against attack vectors hasn't been much of a priority for a lot of newer projects.

 

[Raduque]

Thinking of building another PC with my 3900X and 1080ti which are just laying around and mine with those.

You should sell me your 1080ti for $350 so I can play games instead. Give it a happy home, don't send it to the gulag.

 

[VirtualLarry]

Give it a happy home, don't send it to the gulag.

TO THE MINES!!!

 

[killster1]

You should sell me your 1080ti for $350 so I can play games instead. Give it a happy home, don't send it to the gulag.

sold my 980ti for close to that, going to list some 270x's that i had hanging on the wall next.. 1080ti for 350 haha when will you see this 2022 dec?

 

[Raduque]

sold my 980ti for close to that

Disgusting

 

[VirtualLarry]

7x 3060 @ 49MH/sec per card

 

[Shmee]

So slightly less than a 5700XT.

 

[aleader]

I've never heard of Coinsquare. I wonder why they're targeting them?

https://www.coindesk.com/coinsquare-canada-tax-customer-records

Seems they're going after the whales though, which makes sense if they're going to spend a bunch of my tax $ auditing them. I suppose though that those tax $ are a sunk cost that they will almost certainly recoup in unpaid taxes and fines.

 

[aleader]

So slightly less than a 5700XT.

Yah, if only you could get your hands on one (and the average joe could get it to work for Eth), it would crater the used 5700XT market.

 

[Shmee]

Perhaps. My point is that a 5700XT is actually better for mining, (at least based on the results on the 2 I have, get about 50MH/s at 90-115W) and probably about equivalent for gaming. 3060 has 12GB of memory and RT going for it though, if that matters. Just not that impressed with the 3060 overall.

Of course you are right that it will be very hard to get either card for a decent price now.

 

[Accord99]

Perhaps. My point is that a 5700XT is actually better for mining, (at least based on the results on the 2 I have, get about 50MH/s at 90-115W) and probably about equivalent for gaming. 3060 has 12GB of memory and RT going for it though, if that matters. Just not that impressed with the 3060 overall.

Ultimately Ethereum loves memory bandwidth. The 3060 is like the 6700XT, both limited by the 192-bit memory bus.

 

[aleader]

Perhaps. My point is that a 5700XT is actually better for mining, (at least based on the results on the 2 I have, get about 50MH/s at 90-115W) and probably about equivalent for gaming. 3060 has 12GB of memory and RT going for it though, if that matters. Just not that impressed with the 3060 overall.

Of course you are right that it will be very hard to get either card for a decent price now.

I'm no expert on other coins, but from what I've read, the Nvidia cards are also much better at non-Eth coins than the AMD cards, which may be a factor too, and is one of the reasons my 5700XT is up for sale while I can still command a premium price for it. I don't think RT or 12GB memory matters at all for a card of the 3060 class. I don't even bother enabling RT on my 3070.

 

[ultimatebob]

Ethereum seems to be working it's way up to $2,000. At this point, it seems to be growing faster than Bitcoin.

 

[VirtualLarry]

Ethereum seems to be working it's way up to $2,000. At this point, it seems to be growing faster than Bitcoin.

So that's why my revenue is up again. Nice to see.

 

[Accord99]

So that's why my revenue is up again. Nice to see.

Fees have also grown in the last few days.

 

[ultimatebob]

Fees have also grown in the last few days.
View attachment 42322

The fees might be good for miners in the short team, but it kills the usefulness of Ethereum as a currency and as a medium of token exchange for things like NFT's. People will switch to alternatives if the situation doesn't improve.

 

[Roger Wilco]

Maybe ETH is about to break free and outperform BTC? I'm thinking it may be a good time to buy more ETH...

 

[fleshconsumed]

Maybe ETH is about to break free and outperform BTC? I'm thinking it may be a good time to buy more ETH...

BTC is about 3x over its all time high, 60K against 20K three years ago. ETH is only 33% higher than ATH, $1900 over $1400. By that reasoning ETH would have to be over $4000 just to catch up to BTC. However, nobody knows, this is crypto after all...

 

[Roger Wilco]

BTC is about 3x over its all time high, 60K against 20K three years ago. ETH is only 33% higher than ATH, $1900 over $1400. By that reasoning ETH would have to be over $4000 just to catch up to BTC. However, nobody knows, this is crypto after all...

By outperform I mean grow faster. I don't know if ETH will ever match the price of BTC.

 

[fleshconsumed]

By outperform I mean grow faster. I don't know if ETH will ever match the price of BTC.

It's possible if ETH actually gains practical adoption instead of current speculation. However when I said match, I meant match the rate of increase in the current run up, ETH has grown much slower than BTC lately.

 

[Roger Wilco]

It's possible if ETH actually gains practical adoption instead of current speculation. However when I said match, I meant match the rate of increase in the current run up, ETH has grown much slower than BTC lately.

Yeah you’re right. ETH is getting close to all time highs, but then again BTC isn’t that far off of all time highs either.

 

[Roger Wilco]

All time high! So many GPUs are gonna be working their butts off.

 

[fleshconsumed]

ETH just crossed $2000 in the last 24 hours. If ETH successfully reduces transaction fees this summer it'll remove major obstacle towards mass adoption. I made a mistake selling BTC that I had way too early, I still think BTC is a crypto dinosaur that will never have any adoption aside from being digital gold but I definitely underestimated how high it'll go. I'm not making same mistake with ETH, especially since ETH is one of the few decentralized smart blockchains that could go the distance, I ain't selling any ETH that I have and I'll be staking when 2.0 comes around.

 

[IntelUser2000]

@fleshconsumed It's going to reduce fees, but not much as you expect. The real reduction will come when Eth 2.0 comes in full force.

You can stake Eth 2 already. You just can't pull out until Eth Phase 1.5. For earnings wise it's better to stake early as there are more stakers the interest you gain drops.

 

[fleshconsumed]

@fleshconsumed It's going to reduce fees, but not much as you expect. The real reduction will come when Eth 2.0 comes in full force.

You can stake Eth 2 already. You just can't pull out until Eth Phase 1.5. For earnings wise it's better to stake early as there are more stakers the interest you gain drops.

I know I can stake and I know earnings are higher right now then they'll be in the future, but I don't feel like being beta tester for early staking. I'd rather play it safe for now.