- Nov 30, 2013
- 262
- 5
- 81
. Is it usually around that time when nvidia releases new cards?
DrMrLordX
Lifer
- Apr 27, 2000
- 21,629
- 10,841
- 136
Don't look now, the market is recovering! Whales and their games. ETH is back to $1070 or so, and Bitcoin is closing in on $12k.
I still don't expect any kind of serious drop in miner card demand until ETH goes full PoS. Once that happens, there will be a lot of stray hashpower shopping for new places to mine, and it'll get crowded.
VirtualLarry
No Lifer
- Aug 25, 2001
- 56,339
- 10,044
- 126
I sold some BTC. I guess I'm not as courageous to "HODL". Plus, I've got real-world expenses, that I did forgo to pay for my GTX 1070 ti, so I'm just spending the ROI already.
Maybe I'll kick myself in five years (or less), when BTC is up to $100K. But until then, I don't mind. These aren't huge amounts.
I'd be very surprised if it hit $100K. The time to worry would be when things are priced in bitcoin - stuff like bread and milk. BTC is way to volatile, I prefer $1 being worth close to a dollar when I spend it.
- Nov 30, 2013
- 262
- 5
- 81
- Nov 30, 2013
- 262
- 5
- 81
Damn new egg price gouging
https://hothardware.com/news/nvidia-tells-retailers-to-sell-to-gamers-not-cryptominers
https://hothardware.com/news/nvidia-tells-retailers-to-sell-to-gamers-not-cryptominers
VirtualLarry
No Lifer
- Aug 25, 2001
- 56,339
- 10,044
- 126
- Nov 30, 2013
- 262
- 5
- 81
IntelUser2000
Elite Member
- Oct 14, 2003
- 8,686
- 3,785
- 136
It'll need a radical change in the world before things like Bitcoin can replace fiat. And it'll need physical equivalents so people without computers can use them.
Bitcoin, no matter what people say, is a store of value, not a currency, despite its naming and supposed intentions. Every crypto is the same way, its just that Bitcoin advertises itself as "currency".
Red Squirrel
No Lifer
TBH I am indeed surprised the government is letting it go... but probably because they're in it themselves. In fact they could in theory be in full control of it, they have more than enough computing power to outmine everybody even China. If you can single handedly mine 51% you technically control the entire blockchain. At least that's my understanding of it.
You also need to be somewhat of a techie to even use cryptocurrency so I don't see it going mainstream any time soon, at least not without relying on centralized services that may simply use it in the back end.
You also need to be somewhat of a techie to even use cryptocurrency so I don't see it going mainstream any time soon, at least not without relying on centralized services that may simply use it in the back end.
DrMrLordX
Lifer
- Apr 27, 2000
- 21,629
- 10,841
- 136
Banks are investing in a few projects like Ethereum. I think the general idea is that Bitcoin is seen as something that will strangle itself in the long run.
Unless LN really takes off, they're probably right. For now it's a speculator's paradise and not much else.
China is the only government that could have controlled BTC, and instead they are purging the miners slowly but surely from their country. It looks like they are more interested in preventing currency outflow than they are in taking over Bitcoin.
Projects like NEO and NEM may well be government-controlled, at least to the same extent that anything else "private sector" over there really isn't.
And of course you have the S. Korea debacle, but that was more a few rogue politicians gaming the crypto market through the power of office than controlling crypto in any official capacity.
Eh they can say they are banning it, but they can't really ban it. All they can simply do is make it so you can't buy physical items with it. For example you can't go to the store and buy a gallon of milk with it, but that isn't going to stop people from being able to use it online for whatever they want. It's still useful in those currencies, but it scares people when they hear this and makes the prices drop drastically. But, so far, they have always recovered. Hopefully BTC will continue to rise up as it has in the last few days, I would like to see it back up around the 15k range next month.
- Mar 4, 2000
- 27,370
- 238
- 106
Good mining to all. But, be aware that there is a downside. As the mines heat up, so do the bad guys.
https://www.trendmicro.com/vinfo/us...1-the-impact-of-cryptocurrency-mining-malware
https://www.trendmicro.com/vinfo/us...1-the-impact-of-cryptocurrency-mining-malware
ultimatebob
Lifer
- Jul 1, 2001
- 25,135
- 2,445
- 126
Honestly, you would probably be better off buying GPU’s when they pop up at retail and resell them on eBay. In a gold rush, the guys who sell the picks and shovels usually do better than miners do.
Why make $2 a day mining Ethereum with a GeForce 1070, when you can resell the card in a week and probably make $200?
Why make $2 a day mining Ethereum with a GeForce 1070, when you can resell the card in a week and probably make $200?
Red Squirrel
No Lifer
I've kinda toyed with doing that myself. There's a local computer store here at the mall downtown - honestly not sure how they are still around, that mall as a whole has been dying for years. But good on them. May go see them to see if they can special order GPUs at normal retail prices. Though if I can get them I may as well mine with them. Mining is still going to be more profitable long term.... as long as crypto keeps strong. There is definitly a risk factor to it, while reselling GPUs is instant cash.
ultimatebob
Lifer
- Jul 1, 2001
- 25,135
- 2,445
- 126
I don't know... if you take your profits from buying your reselling your 1070 and then buy more 1070's with them, I think that card flipping might make cash more quickly for as long as the GPU shortage lasts.
DrMrLordX
Lifer
- Apr 27, 2000
- 21,629
- 10,841
- 136
Card flipping will last until it doesn't.
Reminds me of what I did back in FFXI when it was new to NA players. Everyone wanted magic scrolls that could only be bought in one particular town, and the town selling them rotated. People charged inflated prices for the scrolls in towns that didn't have access to the scrolls. So I made 2 extra accounts at a cost of $2/month to trade between cities, buy low in the selling city, and sell high in the other two. It was a zero-effort proposition to "flip" the scrolls for profit. Once people caught on to my scheme, they started doing it themselves, and because it was a zero-effort deal, there was nothing that could separate one flipper from the other other than what price we were willing to accept.
We wound up selling for less than 1% profit, so I dropped out. The gig was up. All the supply issues were artificial anyway. Demand was fairly constant, but it dropped off as the game population matured.
I would be hesitant to flip cards, since it relies on extreme shortages to keep demand up. Being a flipped card supplier is almost zero-effort, meaning there's nothing you can do as an individual to add to the value proposition of the buyer, so you are potentially in competition with anyone else who catches on to what you are doing.
With mining you are banking that the crypto world won't collapse completely, and that you can get power at low enough cost that you won't have to be the first to drop out of the mining pool(s) when crypto prices go South. I've found that miners work against a non-consensual equilibrium point that is a natural extension of the time, effort, and power costs associated with mining; for example, ETH almost never yields a gross of less than ~$1.20 per month per MH/s. If your power costs allow you to mine at that level, you can mine through any dip, since a lot of hashrate will drop out of the pools as a reaction to lowered prices. More hashrate will come online when prices rise, slowly eroding the short-term gain in mining profits you get when ETH jumps from, say $300 to $1300 or whatever. I've seen it happen over and over, and I suspect that similar equilibria exist with the other cryptos as well.
Reminds me of what I did back in FFXI when it was new to NA players. Everyone wanted magic scrolls that could only be bought in one particular town, and the town selling them rotated. People charged inflated prices for the scrolls in towns that didn't have access to the scrolls. So I made 2 extra accounts at a cost of $2/month to trade between cities, buy low in the selling city, and sell high in the other two. It was a zero-effort proposition to "flip" the scrolls for profit. Once people caught on to my scheme, they started doing it themselves, and because it was a zero-effort deal, there was nothing that could separate one flipper from the other other than what price we were willing to accept.
We wound up selling for less than 1% profit, so I dropped out. The gig was up. All the supply issues were artificial anyway. Demand was fairly constant, but it dropped off as the game population matured.
I would be hesitant to flip cards, since it relies on extreme shortages to keep demand up. Being a flipped card supplier is almost zero-effort, meaning there's nothing you can do as an individual to add to the value proposition of the buyer, so you are potentially in competition with anyone else who catches on to what you are doing.
With mining you are banking that the crypto world won't collapse completely, and that you can get power at low enough cost that you won't have to be the first to drop out of the mining pool(s) when crypto prices go South. I've found that miners work against a non-consensual equilibrium point that is a natural extension of the time, effort, and power costs associated with mining; for example, ETH almost never yields a gross of less than ~$1.20 per month per MH/s. If your power costs allow you to mine at that level, you can mine through any dip, since a lot of hashrate will drop out of the pools as a reaction to lowered prices. More hashrate will come online when prices rise, slowly eroding the short-term gain in mining profits you get when ETH jumps from, say $300 to $1300 or whatever. I've seen it happen over and over, and I suspect that similar equilibria exist with the other cryptos as well.
The selling shovels during the gold rush analogy always comes up, but it's an apt one. But as with anything seasonal or cyclical you have to be prepared for the dry spells.
Red Squirrel
No Lifer
Given how hard it is to get GPUs thought I'd take the time to make a custom rackmount case.
Primer is on, tomorrow I'll do the paint. Going to be black, because black makes computers faster!
Mobo and PSUs in the back and cards in the front. Will hold 6 cards. Though I might see if it's feasible to squeeze 8. You can actually get PCI-e expanders so even if the motherboard only has 6 slots you can get more. I'm not sure how reliable that is or if it's something the motherboard has to support though.
I have a second GTX 1070 TI ready to be put in service too, but what I'll do is when I build out this system I'll put that one in service while the other one keeps mining. Once I see it's stable with the riser I'll then move the other card.
Primer is on, tomorrow I'll do the paint. Going to be black, because black makes computers faster!
Mobo and PSUs in the back and cards in the front. Will hold 6 cards. Though I might see if it's feasible to squeeze 8. You can actually get PCI-e expanders so even if the motherboard only has 6 slots you can get more. I'm not sure how reliable that is or if it's something the motherboard has to support though.
I have a second GTX 1070 TI ready to be put in service too, but what I'll do is when I build out this system I'll put that one in service while the other one keeps mining. Once I see it's stable with the riser I'll then move the other card.
vailr
Diamond Member
- Oct 9, 1999
- 5,365
- 54
- 91
Way overpriced, but still interesting:
https://miningcave.com/product/8-gpu-box-gtx1060-6gb-coming-soon/
https://octominer.com/
https://miningcave.com/product/8-gpu-box-gtx1060-6gb-coming-soon/
https://octominer.com/
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