Cryptocurrency Mining and GPUs

[LunarMist]

Correction from negative influence.

Many people said the same thing as you jtr when the price was at $1000. You could diversify and get some ETH as well.

I thought some devaluation was caused by the Chinese banning the fake currency.

 

[sechs]

I thought some devaluation was caused by the Chinese banning the fake currency.

Like seashells, it's a real currency. But China is cracking down on buying because it's a way to move renminbi to foreign currency, and they don't want the rich stashing their cash in dollars or euros.

As far as I can tell, they aren't stopping mining in China (that brings in foreign currency), and they aren't stopping cryptocurrency trading (between coins), either.

There's a lot of FUD, so people are selling their cryptocurrency to fiat, and, so, they're taking a dump. There's already been a minor recovery in Bitcoin as buyers come in to scoop up at the low prices.

 

[sechs]

This is what we're up against.

According to the posting on Reddit, the owner of this rig left it on after evacuating for hurricane Irma. As the house flooded, the PSU shorted out and started a fire.

 

[Chewy509]

FYI, for those that haven't seen this:

https://thenextweb.com/apps/2017/09/28/cryptocurrency-map-value-bitcoin/

 

[sechs]

I'm surprised to see how low a market cap most coins have compared to Bitcoin and Ethereum.

Zcash had a major pop recently due to being added to a large exchange. Yet, its value is still a fraction of those coins.

In bad news, Zcash is best mined on nVidia cards. Unless the 1070Ti comes in very large volumes, this is going to keep their prices high.

 

[Chewy509]

With the massive rise in BTC value, has anything changed in regards to the cost/benefit ratios with mining techniques?

 

[ddrueding]

I stopped mining quite a while ago, though I still hold a fair amount.

 

[sechs]

Irrelevant of whether it makes sense, the pop in cryptocurrency prices is again getting a lot of people to look into mining.

Prices were just starting to settle down, and there were some reasonable deals in the last month....

 

[sechs]

I stopped mining quite a while ago, though I still hold a fair amount.

And you really struck my as the "hobby" miner type.

We know that you have a number of nice cards at your disposal. And they make great heaters in the winter. 8)

 

[ddrueding]

I was doing full-on ASIC mining, about 8kw worth

Sold the hardware when it was still worth something. At the time new generations of hardware were coming fast.

 

[Clocker]

I'm doing some casual mining with a 4x1070 setup (using the same frame I was using back in the days we were doing it, Doug) but I decided to play the Bitcoin video game by just buying a bunch on Gemini 2 months ago. It seems like a much better setup than Coinbase - (very few complaints) and identity verification went smoothly (unlike Coinbase). I use a Ledger S to keep it offline.

For anyone interested, MultipoolMiner works great with MiningPoolHub to autoswitch coins and automatically cash in for BTC.

 

[time]

Aug 1, 2017 <$3000

Still holding some, just as speculation, but I've liquidated quite a bit.

Aug 2, 2017

About a third before, a third after, and holding the remaining third.

Aug 4, 2017

I'm certainly not considering it. I don't feel that the potential upside is as large as it has been, and the uncertainty is still there. It seems like more cryptocurrencies came out before BTC was able to properly establish itself as a standard. To me this weakens the validity of the system considerably. In the end I'll hold a dozen or so as a speculative play, but don't really expect much of it.

Sep 2, 2017 $5000
Sep 15, 2017 <$3000

I still think bitcoin is a good investment, but not at ~$3,000. I won't go in unless it drops to around $1,000. There seems to be good support for that price level, making my downside risk pretty low if I go in at $1K. Anything higher is a bubble if you ask me, at least for the time being.

Dec 4, 2017 >$11000

I'm doing some casual mining with a 4x1070 setup (using the same frame I was using back in the days we were doing it, Doug) but I decided to play the Bitcoin video game by just buying a bunch on Gemini 2 months ago. It seems like a much better setup than Coinbase - (very few complaints) and identity verification went smoothly (unlike Coinbase). I use a Ledger S to keep it offline.

Dec 17, 2017 <$20000
Feb 2, 2018 $6300
Dec 7, 2018 $3300
Jul 27, 2020 <$11000
Oct 26, 2020 $13000
Nov 30, 2020 <$20000
Dec 27, 2020 >$28000

Any takers?

 

[Handruin]

I still have about 0.39 of a coin that I never sold from the 2014 timeframe. Not because I did this with any strategy, mostly that I forgot about them.

 

[sechs]

Between cryptocurrency miners, low supply of new cards, and high consumer demand, used GPU prices are through the roof

Last time around, I sold my RX 480 for as much as I paid for it; this time, I sold my 5700XT netting about $100 more than I paid for it

Better to be selling shovels than trying to mine yourself....