Bitcoin Forum

Subject says it all. Just saying.

Getting into refer rather early today are we?  ;D

People have been saying bitcoin is done since '09 and gpu mining has been toast since '11

yeah and is going to be so much fun hehe, i think eth will break out from btc soon, likely to hit 0.5 btc in few weeks.

You are 100% correct my friend. And because I like you I will buy all your 47x/48x/57x/58x for $100 each. Let me know whom do you want to use for escrow and let get this going.

Come on man. Stop scamming people. No one knows what will happen, but history has shown that as long as you mine continuously you will make ROI consistently.

it's time for the anonymous coins to blossom. gpu mining will always be there.

Hands together, sing kumbaya as loud as you can.

Do you have any cards for sale?

Not anymore.

$3000

This guy knows what's up. Agree with this 100% anon coins due to banksters jumping in crypto and trying to regulate and analyze every TX are going to drive all anon to the moon. If blockchain wanted their opinions and help Satoshi never would have created it. GPU mining will thrive when it comes time for priority on privacy again, expect that time very very soon.

Xmr believer here. But xmr will also tank if btc weekly closes below $3000.

$3000

In my opinion, you're spreading unnecessary FUD.

Bitcoin has survived far worse crashes, proportion-wise. Bitcoin's price dropping below an arbitrary threshold of $3,000 is not going to signify the death of GPU mining. Perhaps new miners with higher power costs will be the first to drop out when the short-term expected revenue drops below electricity costs.
However, most veteran miners didn't first get into mining because we expected a constant reliable stream of income, but because we have faith in cryptocurrencies (as a concept, or specific ones) in the long run. Depending on the exact circumstances, I would likely still mine if it's slightly unprofitable day-to-day.

Maybe if BTC hit like $1000 people will stop mining but the low amount of power that these RX series cards use, people will mine anyways.

$3789 at the moment.

and  my  paid for 1080ti's are turning profit as I type. ;D

If you paid $700 then you are deluding yourself, based on the data and profitability since june you never even got 50% out of the $700 with it.

Looks like $3000 will hold, only asian monday morning megadump could brake it. So yet another overtime for miners.

It's September and it's getting colder out there, at least my space heaters earn something.


It was Signatum.

New use cases for blockchain technology increase in number every month.

1) Equifax hack: A blockchain based, people friendly, credit bureau where you and a financing entity individually supply some sort of code before your credit report is released to the financing entity.

2) Now that our finance info might be in the wild, there is a driver to store money in a block chain wallet as opposed to some bank whisperer talking it out of your bank..

3) Some post IIRC, mentioned that credit card fees and operations eat up a lot of money, $130 billion worldwide.

4) The control reflex of the PBOC and Dimon's outburst are a reaction to the threat.

Comments:

a) Weakness of the crypto is for criminals argument is that if countries were serious, they would eliminate the $100 bill, the 500 euro note or just do a currency recall and issue new banknotes.

b) I'm not Chinese, but my impression is in China, crypto is seen as way for ordinary people through their own efforts to make money. There is a tinge of hypocrisy for the PBOC to ban IOC's because of their "speculative" nature and that they don't want the "little people" to get scammed, but if you are a million/billionaire it's ok to buy, build, speculate on companies, real estate and blow money on whatever.

GPU mining is about done in China. It won't be long before police starts shutting down big mines, and then difficulty will drop.

They banned exchanges not mining.

Only trading against cny is banned.

Almost all mining hardware is china based, that alone will make sure they will not ban mining. Or maybe mining will only be allowed for government owned farms? (:

It is a bit disingenuous of the PBOC to ban IOCs and Bitcoin exchanges while turning a blind eye to the Forex market in China, which is big business there.  Many common people put their savings into Forex trading instead of banks there, and bitcoin is just another currency.   I think bitcoin was just an easier target to tackle by the PBOC before cracking down on Forex later.

Actually your very response is telling in and of itself.

You are not offering him current value for his cards of roughly $400 a piece, instead you are somewhat agreeing with his position by stating that you would only consider buying a rig in the current environment at a greater than 75% discount. If the mining outlook is so damn rosy offer him the going rate, after all "history has shown that as long as you mine continuously you will make ROI consistently".

That would be a dream come true lol but i doubt it

Everyone is so in this China thing that they completely forgot this upcoming segwit2x split/ hardfork whatever that mess is. I mean, it was there all the time.

Yes it would, but we can only dream.

I think most of this China is a lot to do about nothing. For one thing I think the word "Ban" either gets mistranslated or has another meaning in China than westerners take it. For most people once they hear the word Ban and think that's it, permanent shutdown of all things crypto in China forever.

The last time exchanges were supposedly "banned" it was more of a temporary suspension and they were told to cease the practice of 0 cost trading. When trading resumed with minimal trading fees in place, the large amounts of previous wash-trading was finally exposed and showed that China's previous dominance in crypotrading was overstated by several fold. This change caused the market to react to more real trading volume data and the price of Bitcoin and other cryptos started to increase, where they had previously struggled for over 2 years when China and its fake trading volumes were manipulating and holding down true price discovery.

So I think this time it is much the same. Exchanges will indeed shutdown, but I suspect the Chinese government will come up with some sort of license that an exchange need to qualify for to be re-opened. This will curtail much of the pure speculation type markets going on, ICOs as a recent example, and making crypto exchanges toe the line so to speak in regards to laws and regulations designed to protect investors. While a lot of people here might find that against the free spirit of crypto, you need to realize that in China a lot of working class people were the ones getting taken advantage of and losing their life savings by all these guaranteed get rich quick ICO schemes.

 ONLY if you have a very cheap electric cost.

 There have been long periods where even 8 cent/kwh electric rate was enough to KILL profitability entirely (and keep in mind that 8c/kwh is BELOW AVERAGE for most areas).

Joke/Sarcasm

------------------------------------------

Your head

Yes, I would guess so. That means casual miners may be disconnected from the net.

ASIC mining of BTC/LTC/Dash is unlikely to stop since they are doing well. But for ETH, XMR, shitcoins or GPU coins, China doesn't make GPUs themselves so they might need a solid case about academic research, local economy or national security before mining them.

What they want from CNY exchange ban is to "control financial risk", or stop the money laundering craze and stop ICO scams. Once they realize that large mining farms can be used for money laundering they'll likely put the cuffs on it.


https://twitter.com/SimonDixonTwitt/status/909010478872928256/photo/1

They probably already do. There's rumor saying GFW will try to block bitcoin traffic. I hope that they'll try not to disrupt the bitcoin network.

since 2014 there is always been something profitable to mine with GPU (apart from few months and depending on your electricity price)


Yea, that's no far off and the funniest bit is that JAXX wallet may be even able to implement BCH before new fork LOL

Actually that is not my quote, I was simply empathizing the quote from the poster whom I did quote in my post. Other than that, yes you are agreeing with what I was implying that mining profits are in no way guaranteed.

No, I know your post was sarcastic, but that does not detract from your implication that the original poster you were relying to was a "gloom and doomer" whom you thought needed to be ridiculed. Anytime that someone points out that mining profits are getting slim and that the days of profitability may be numbered I see a bunch of trolls pounce and all yell nothing to see here, all is well, mining will live on forever, anyone who says otherwise is a fudder. I do not know if it is simply pure trolling, mass delusions, or some other hidden agenda but any serious discussion of the matter seems impossible.

Yeah. You are right but I started in April .  

I earn a new 1080ti every ten days for about 90 days .

I have 18 paid for 1080tis.

And they do not earn 10 to 15 a card each day anymore.

But they do earn 2 to 3 a card which is 30-50 a day

Actually I don't think so, GPU mining will always survive because some people get really low cost of electricity,they will happy if someone else stop mining and will buy their cards.

Well yeah profitability will surely decrease but if u keep mining and holding different coins you might make a greater profit then u expected .
In my opinion price should decrease a lil so that hobby miners  go away :) :) :0

I am very happy about the China situation regarding BTC. Its shows BTC resilience and technically this mess proves what is BTC is all about i.e, Decentralize CryptoCurrency.

On the other hand gpu mining will never die, there are lots of fishes in this pond (about 800+ and still counting) to catch.

coinbase price = 4087

The market is not so volatile...
people are more volatile than anything

2 or 3 days is enough to think the whole cryptos are going to end, to stop mining etc

Cryptos up for months = cool, I love cryptos, Cryptos are the future

Cryptos down for 2 days = OMG run to the hills

yup lol , my portfolio was at 10k friday now its back too 25k

panic in a volatile market is dumb , when stuff goes down near 100 percent in a few days you have to know its irrational fear and HODL

Yeah it take a while to re-program your brain for this market.  
Everyone thinks they are the genius investor when the market is in full bull mode but let panic selling freak them out.
When you have a solid portfolio with the mindset of im not touching a dime  for 3-10 years then the dips have no effect on you.


Anyway it seems that GPU mining is here to stay, the threat of asic seems to have some fairly solid nails in the coffin (for memory hard coins).  Bitmain the leader in asic production/development gave up trying to develop an asic and went the route of a "ready to deploy" gpu miner.  Of course that means profit will be getting squeezed extra hard over the coming months..

Totally agree with you

Every single time I hodl I won
on the very beginning when I invested my first money, I panic sold, but just one time and I learned

 Why were you ASSUMING June?

 There are quite a few of us that were mining ZEC (for example) LATE LAST YEAR when it first showed up.

 I missed out on the first day, but I STILL made a killing the first week or so before the price collapsed far enough to put ZEC in "the bucket".

BTC closed above $3000 so I'm locking this thread, will open new one before next test.

Pumping this ancient thread, 15 months later we are looking at that $3,000 barrier again.

GPU mining has gone down the toilet long time ago, only some hard core guys left.

Looking back that 15 months, what has fundamentally changed? Add one more year, 27 months, what has changed? Meh.

Moon boys always told you when that big FIAT crash comes all that money flows into crypto, right now looks like we are getting closer to that 'old money' crash, you guys still feel comfortable with your crypto investments?

Happy mining & holidays!

Mining in 2018 as I predicted is dead, crypto far from it, now is time to sit tight and wait when manipulators start buying back and pump btc to 100k cause it will happen in 2021.

you also predicted eth to 0.5BTC LOL. never happened.

I suppose if someone makes enough predictions, a few of them are bound to come true. :)

I created a thread about it and it was my first and last thread created here till this moment which means i really meant to.

Now, $3300 and Alt crash too
Capitulation?
GPU Dead?
ASIC Dead?
Miner Dead?
Crypto Dead?

That is what manipulators want you trolls to think, then after the "no hope" concept is spread then they start buying everything to fill their wallets for the next run to 100k, it has been like this for the past 9 years.

Agreed, I'll be looking to buy here soon too, but just a question of when.

You should mine now more than even, when it rebounds your gonna make some serious cash.

And yes, it always rebounds, there's too much money, development and hardware behind this to fail.

Have patience moonboy. It's a marathon not a Sprint.
Yes we all know it will rebound eventually in 2020-2021
No you should not mine at a loss in 2019

ETH is going down hard. All that was keeping it up was ICO. Those who bought it at high prices are going to cry. With GPU mining you can at least sell the HW. Not that I advice buying it now. That would be stupid.

I believe in the future of crypto and I am the only one from my friends and colleagues to have my miner still on. They all gave up by now.

I also hope that the price to go down even more until end of December and I hope to buy 2-3 mining rigs together for 2000 Euro which was the price of one in the beginning of this year. I believe in crypto unconditionally.

While it may make sense to have rigs laying around I can't see what the hell you are mining unless you have insanely cheap power. Please don't tell me you're mining at a loss  :o :'(

I also beleive its going to come back with a vengeance. Now everything is on amazing discount. Buying BTC when it hits the bottom is a no brainer for me. BTC is the safest bet probably as it will always be a store of value. As for GPU mining, if you believe that it will have a comeback then its good time to buy used GPUs. Otherwise don't. FGPA started to seriously affect the mining. Although I did not expect them to.

For the time being, it is better to buy the coins directly than mining if you have to pay for electricity.

A lot of people are mining at loss because of the heat their miners are generating during winter.  It's cheaper for them to run a heater that actually returns some of the cost.  This is one of the reasons the hash rate isn't dropping that much.  Mining has such an easy barrier to entry so it will never be extremely profitable unless you are speculating on new coins that are under the radar.

Since I started mining gpu mining was supposed to die at least 3 times and I stuck through it why because to some of us we aren't here just to turn a profit we do it because we like to and believe in crypto and what it stands for also some people gamble, golf or some other hobby that cost money well I play with my miners

It always ebbs and flows - first CPU then GPU, then FPGA, then ASIC, then CPU, then GPU, etc, etc... For all the time I've been mining, everyone always says "This is the end!", but it always seems like right at the last minute, something changes making the economics shift, and you're back in business.  Maybe that happens again, maybe not - the reality is that what's really happening is the less sophisticated or more risky miners are getting flushed from the system, but to my mind, that's how the system has always worked.

I love this thread - there's some interesting perspectives, and fun comments, but in particular I love the fact that there's so many different long term forum members posting their thoughts, instead of just the deluge of single post users asking the same thing.  Just reminds me of the 'good old days' of crypto. :)

Exactamente! I love the winter months!

BTC miners got REKT the moment BTC went below 4500$.

Speaking about heating during cold months, I have a glassed balcony where I could really use some heating. 16A (240V) breaker there, flat fee for electricity and fibre connection.

But I still can't justify myself why should I spend 369€ for a Vega instead of for example shorting next manipulated weekend pump (yet another ongoing btw). I just can't. No matter how hard I try.

I see people calling bottoms on every small pump saying it just can't go any lower, it has already retraced more than 78.6% or whatever fibonacci retracement. I'm an early adopter of crypto's and I can easily see them tanking even more though I wouldn't be very surprised if current levels hold.

Just an example, after solomining ETH for more than 6 months back in 2015/ 2016 and buying thousands more when the price was at $1 level this currrent $100 still looks like a very generous offer to me. Although I do understand people that bought in during Tether run might feel a bit shocked right now.

What I'm trying to say is that it's way too early to use past performance as a tool when speculating about crypto future, there simply isn't enough data available yet. One thing is sure, blockchain in some shape is going to survive.

I still dream of my balcony getting that miner heating but so far we are not even close. Currently market is priced at about 100 billions but the value is close to zero, that's the first thing that needs to change. All scammy exchanges, ICO's, tokens and 'stablecoins' need to disappear too. People need to understand that if poo is traded against shit and back on some shady Asian exchange the dollar volume is zero. Might be a long wait.

Disclaimer, I still hold some small amounts of XMR, LBC, XCN, RVN and BBR. All mined with AMD/ Nvidia rigs 2014-2018  ;D

Past performance doesn't guarantee future results is the motto of many trading websites like eToro etc. I can put that motto to good use here and this time I can say that mining will continue for many persons even if bitcoin price go back to just 1 dollar, while many will leave losing trust. There are no third type of persons in the crypto world, you either believe in the future of bitcoin or you don't, 3000 dollars doesn't mean anything.

I was offered 8 Rx 580 in a local shop here in which they all had blue screen of death during gaming, but no problems during mining, after testing for 2 days, I bought them all for 640 Euros and it is almost as it is 100 dollars for a piece. They are going well in mining, and I am mining at a loss because of high electricity cost but I do this because I believe in the future of bitcoin.

How can you support the future of Bitcoin if you're mining alts with GPUs, and also at a loss (I assume you're exchanging alts to BTC)? €80 per card isn't a bad price for 580s, but flipping the cards for some profit and putting the money directly into BTC or even directly buying BTC could've been a better option than mining at a loss, unless you're also utilizing the heat from the cards and thus offsetting some of the electrical usage. I know some people don't want to go through the hassle of KYC and all, but you're still acquiring coins for cheaper than mining at a loss by buying coins through an exchange.

I've actually had this blue screen of dead during gaming before. It means your solder balls are starting to crack and it will get worse and worse overtime after every restart.

The reason why you get BSOD during gaming is because the gaming is more intense and heats up the GPU much quicker than mining. With mining the GPU heats up slower, so the solder balls expand and fill the cracks and the GPU works fine.

As long as you leave the GPU mining forever without shutting it down, it won't deteriorate. But with every cold reboot, the cracks will get larger and larger and pretty soon it will start freezing your mining also.

Since its a 580, it should have warranty so get it RMA'd instead.

The market at moment seems to be going up, I wonder if the manipulators who were selling to crash everything started buying back. They thought this time would be like last time, $200 btc lasted six months, they thought $3000 btc would last long too and as far as the market is at moment shows they were wrong. We will see how things will go till 31st december, if btc does not crash again then we will see 10k fast and from there a 50k btc mark might be the target for 2019 and 100k 2020 and then a crash to 20k on 2021 hehe.

For those of us who lived through 2013 to see the massive pump and dump of alts in 2014 - this is almost like a repeat. Different causes but same result. I still see Eth going back to $17 (depending on how the next fork updates), don't know where BTC will drop to.