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The anti-crypto thread

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VirtualLarry said:

GPU profitability ranking

Most profitable GPUs currently on the market and soon to be released.
www.whattomine.com www.whattomine.com

Still some (small) profits to be had, depending on power costs, on nearly everything above a 1050ti.
Click to expand...

Assumes 10c/KWh power, and these appear to be VERY small volume coins, that would get difficulty curve even more wrecked if the Ether GPU fleet turned on them. It's mainly obscurity that is keeping them off the radar.
 
igor_kavinski said:
Which ones? Gotta make some dough for the kids who will be born once I become a "buy/sell only" cryptodad 😛

I don't think I will mine, unless the power for that comes from my own solar farm.
Click to expand...
I use Coinbase and stack on the coins that give monthly payouts. ADA, XTZ, Solana...they all give 3-5% back per month. Then Ether2 and Bitcoin as cornerstones, and I'll throw in some Litecoin, Avalanch, Filcoin, and a few others. I just treat it like a 401K fund and put in $100/pay buying a different coin from the list each time. Seems to work well.
 
guidryp said:
So did we have any local Ethereum Miners?
Click to expand...

I stopped in 2017. Technically Larry was one, no idea what he's mining now. Guess it's whatever Nicehash serves up.

BFG10K said:
Like I called it earlier, a lot of them will just move elsewhere.
Click to expand...

And they'll make no money doing it. Without investors following them, all extra hashrate will do is drive up difficulty and drive down profits. Also if you look at ETC in particular, even though it has doubled in hashrate over the last 24-48 hours, the hashrate is still far below what Ethereum had. Most of those systems are going offline.

IronWing said:
Does this mean that CoolCoin will finally be affordable?
Click to expand...

Sadly no. The Merge didn't change gas fees for the main chain. You would have to use an L2 solution to make Coolcoin txns affordable.
 
BuckCoin?

U.S. Treasury recommends exploring creation of a digital dollar

www.marketwatch.com.ico
MarketWatch|57 minutes ago
The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help ...
 
Central bank digital currencies differ from existing digital money available to the general public, such as the balance in a bank account, because they would be a direct liability of the Federal Reserve, not a commercial bank.
Click to expand...

So... "FedBuck"?
 
Follow-up. Right now, with 15 cent electricity, all cards lose money mining, on all coins.

I mentioned this before it happened, that just moving to another coin doesn't work, because Ethereum was the biggest GPU mined coin, and all that hash power would decimate they smaller volume coins.

I lot of miners will simply have to bail out of mining for it to be profitable again, which is what will happen.

Those with lowest electricity cost or the greatest tolerance to lower margins will stay, but other will be bailing and selling cards.

This is the biggest blow against GPU mining since it first started.
 
guidryp said:
Follow-up. Right now, with 15 cent electricity, all cards lose money mining, on all coins.

I mentioned this before it happened, that just moving to another coin doesn't work, because Ethereum was the biggest GPU mined coin, and all that hash power would decimate they smaller volume coins.

I lot of miners will simply have to bail out of mining for it to be profitable again, which is what will happen.

Those with lowest electricity cost or the greatest tolerance to lower margins will stay, but other will be bailing and selling cards.

This is the biggest blow against GPU mining since it first started.
Click to expand...
giphy.gif
 
I'm seeing some miners now suggesting you could keep mining at a loss, hoping for a coin to pop in value.

Seemingly oblivious that it would be cheaper to shut off the mining rig, and just buy the same coin for less money...
 
guidryp said:
I'm seeing some miners now suggesting you could keep mining at a loss, hoping for a coin to pop in value.

Seemingly oblivious that it would be cheaper to shut off the mining rig, and just buy the same coin for less money...
Click to expand...
Some of us:
1) Don't pay separately for power.
2) Have electric heat.

So why not heat with mining rigs, and offset the cost of heating with the mining. It's a win-win (compared to spending that much power on "dumb heaters".)
 
VirtualLarry said:
Some of us:
1) Don't pay separately for power.
2) Have electric heat.

So why not heat with mining rigs, and offset the cost of heating with the mining. It's a win-win (compared to spending that much power on "dumb heaters".)
Click to expand...

1) There are probably some clauses in rental agreements that prevent running a mining farm in your electricity included apartment.

2) Only works if you actually need the heat, and it gets much worse if you need cooling.
 
guidryp said:
I'm seeing some miners now suggesting you could keep mining at a loss, hoping for a coin to pop in value.

Seemingly oblivious that it would be cheaper to shut off the mining rig, and just buy the same coin for less money...
Click to expand...

So now they're just wasting energy for the hell of it... 🙄
 
VirtualLarry said:
Some of us:
1) Don't pay separately for power.
2) Have electric heat.

So why not heat with mining rigs, and offset the cost of heating with the mining. It's a win-win (compared to spending that much power on "dumb heaters".)
Click to expand...

With the recent natural gas hike I'm starting to wonder if I should start mining again. I since parted out my rig but I could do bitcoin and go with some ebay ASICs. Profits may be low, but I may as well pump electricity into something semi useful then get "free" heat out of it.

I suppose a wood stove might be cheaper than buying more computer stuff though. 😛 I will also finally get to use the wood that has been sitting in my back yard for several years.
 
Red Squirrel said:
It's not really a bad idea to keep going if you're already mining. You don't lose anything as long as you don't cash in when it's low.
Click to expand...

🙄

Unless you are getting free electricity, you are losing money to pay for the power.

Sounds like this guy has hundreds of cards. He's basically shutting down and spending that $1000+ on buying coins directly, instead of the power bills for mining them (except for a couple of garbage coins he is speculative mining with just one or two gpus).

Because when you have negative returns, you get more coins for your money buying them instead of mining them.
 
Last edited:
guidryp said:
🙄

Unless you are getting free electricity, you are losing money to pay for the power.

Sounds like this guy has hundreds of cards. He's basically shutting down and spending that $1000+ on buying coins directly, instead of the power bills for mining them (except for a couple of garbage coins he is speculative mining with just one or two gpus).

Because when you have negative returns, you get more coins for your money buying them instead of mining them.
Click to expand...

It's unrealized losses. You don't lose anything as long as you don't cash. You sit on the crypto and wait for it to go back up and then cash, then you make money. Use existing money to pay for the power in the meantime. If you're running on super thin margins where you don't have extra money, then chances are you were not very profitable to begin with.

I personally regret stopping to mine since I'd be sitting on like 10 grand at the current prices. I'd probably be up to around 10 ether by now. I was at 2.5 when I stopped and gave it away on Twitter. I was worried about the whole tax aspect as it looked too complicated to deal with but with enough money I could have just hired an accountant to figure it all out.
 
Red Squirrel said:
It's unrealized losses. You don't lose anything as long as you don't cash. You sit on the crypto and wait for it to go back up and then cash, then you make money. Use existing money to pay for the power in the meantime. If you're running on super thin margins where you don't have extra money, then chances are you were not very profitable to begin with.

I personally regret stopping to mine since I'd be sitting on like 10 grand at the current prices. I'd probably be up to around 10 ether by now. I was at 2.5 when I stopped and gave it away on Twitter. I was worried about the whole tax aspect as it looked too complicated to deal with but with enough money I could have just hired an accountant to figure it all out.
Click to expand...


Err, pretty sure you have to pay your hydro on time...
 
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