Bitcoin Forum

I mined LTC and a few other scrypt coins back in 2013-2014 using a small GPU based farm and am now thinking about jumping back into mining after a few years off; is it nucking futs to want to rock a GPU farm for a few solves again, or has the supremacy of ASIC's really made this insane to consider even IF I had a zero cost power solution?

What says you, bitcointalk?

Unless you have the current or even a few year old gpus ready to go this is a bad time to try to get back in to gpu mining.  There IS still lots to mine though.  The market has pushed Most of the equipment for gpu mining to 3x and 4x prices.  Cards that would sell on ebay for 150usd are selling for 600 usd.  No joke. 

If the market just goes sidewise Right now even those 600 dollar 8gig rx580s on ebay ROI will payoff in 4-6 months.  ETH is the common big gpu coin to mine atm.  Could change with proof of stake(not a idea I like) switch over with no solid date on that.  With 8,000 other alt coins Something will become profitable if ETH becomes Not profitable.

If you have zero cost electricity then pin down a Now over priced bitcoin ASIC from 3 or 4 years ago  The s9s make money again.  My learning s9 asic I bought in nov 2020 for 65 usd has paid for itself 10x already.  (its at a free power location) 300usd for a s9 is not unreasonable  600 I wouldn't buy.

I think its too late now, bear market is on the horizon as the cycle is almost over.  Profits plunging and difficulty rising, no point starting now, wait for the market to correct and buy coins instead during bear market.

Listen to this guy. What they want people to do now is to gamble on btc or altcoins and then get trapped for the next 5 years or so. Hold your usdt and wait for that 95% crash.

Once again how on earth do you know the cycle is ending.  Are you a clairvoyant?



look at the chart I grabbed from binance.us  and redesigned to show my point

where are we on this chart on one spot price is ready to move up
on another spot price is ready to drop
https://i.imgur.com/H4ACJv9.png



I understand you think we are on the righthand slope and handed downwards.

I would like to think we are on the left hand slope and headed up.


The truth is I do not know which one we are on and neither do you.

If either one of us knew we would be time travelers. ;D

Agree with Phil.

We can make assumptions based on rising difficulty, or upcoming hard forks/havening. But making assumptions on price is just baloney.

My tarot card reader to me the price is going up, so Alikait is wrong.

Everything is already in bubble stage. It will not take long for that 95% crash.

Well, you can short it then, and make millions. So why even mine?

Mine as much as you can before POS, and hold it. Eth mining is still extremely profitable, and will probably remain profitable until ETH2.0.

If you just want to mine to make some quick cash, then stop. You probably wont see crazy returns until several years of appreciation.

Agreed, I'm not a miner.

Mining now is no different than 2013-2014. I can't tell you if its a good idea or not but here are a few things to consider which have changed.

For one most people now use USB risers instead of ribbon risers, Basically this gives more flexability to put your GPUs where you want them because its extension is a long 16" USB cable.

Nobody uses sgminer anymore. You need to use miners like lolminer or phoenixminer. Unlike sgminer these miners are closed source and have a fee.

Third your 2013 era gpus like the Radeon 7950 or R9 280X are obsolete for mining. So you will need new GPUs but the problem is you picked the worse time to start stocking up on GPUs since they are sold out everywhere. So the rest of your gear like motherboards, cpus, risers, psus you can re-use but you will need up to date GPUs.

Back in 2013, nobody uses Nvidia for mining. These days its completely different and Nvidia GPUs are usually more efficient than AMDs. However they usually cost more.

No matter how much you love mining coins now is not a good time, if you entered in January of this year it would still be bit better because what to look out for is timing to get back your ROI, now January and February is over and bears are not too far away anymore

1. High cost on gpu
2. Bear market will soon begin

You will never get your ROI back if you don't take my advice

Don't bother, wait for bear market and buy coins and hold for next bullrun, it's too late to start building mining rigs now where profits is sinking and difficultly is rising, it would have been a different story if other popular PoW coins are more profitable to mine than ethereum

we need the bull run to top next year, like the end of 2022. these folks keep on dreaming of bear market.

a good "fake beginning of bear market" will shake out a good bunch of them hehehe  ;D

lol your posting like back in time when 2015 meme flux capacitor for time travel machine as gawd xpy scamming everyone, thats was crazy fun on 2015 bear market

the first time i join crypto community many ppl here posting meme & dreaming about btc heading 100k, now we're near from that, crypto industrial magic coin lol, remind me dev cravecoin

History does have a way of repeating itself, and I'm willing to bet there were plenty of 'bear-market deniers' back in 2018 too.

If you always call for a bear sooner or later it shows up.

Todays $ per mh is  0.0882 down from yesterdays 0.094 or so.

To think the bears are waking up in the spring times a normal thing to think right now.

We peaked at 0.131

So low in July 0.015
High in Feb.    0.131
price in March 0.088

looks bearish or is it this chart below.



as data points come in. for $ per mh. more of them at 8 cent or 0.08 will mean bears are woke.

But a simple bounce back to 0.09  will mean the bears are caged again.

Thanks for the replies and discussion. I'm probably nuts, but I've decided to jump back in with a GPU machine or two powered off grid. Now if I can only find some video cards..

You're 3-5 months too late, GPU prices are sky high and the bull run WILL come to an end soon. Even bear market earnings will end when ETH upgrades to 2.0, if that EIP everyone is worried about doesn't decimate earnings before then.

People on here speculating price to go up are just clueless, it might go up but what if it doesn't? Are you financially secure enough to take on months if not years of loss until you can be whole again? Think logically, most people telling you to start mining and hold are probably newbies who don't know anything about mining.  You won't even make significant headway unless you're willing to risk at least 40k-50k at the minimum since GPU prices are sky high, I'd say just buy the coin and dollar cost averaging it over the next 5 months if you're willing to take a risk.

how about a bear market "simulation" inside a bull market? people lose money in a bull market too  ;)

No matter what, I agree with this guy that you are an idiot to overpay for a new video card to mine right now:

https://www.pcgamer.com/as-gpu-shipments-rise-analyst-cautions-it-would-be-foolish-to-buy-one-for-mining/ (https://www.pcgamer.com/as-gpu-shipments-rise-analyst-cautions-it-would-be-foolish-to-buy-one-for-mining/)

People are delusional if they think this is going to last forever i.e. tools predicting a $10K ETH price.  The powers that be will never allow that to happen.  Miners are a TINY minority of the population and therefore a TINY percentage of the voting public.

Eth is paying $0.0847 an mh

To all the bears play some shorts.

Myself I will mine.

If you say that, trolls will come here and say you are lying to them because you don't want the difficulty to rise, they think you want all that mining money to yourself hehe, trolls are mindless as always, bitcoin already rose 15 times and trolls think btc is good to counter inflation ehhe, how buy something 15 times more than 5 months ago is good to counter inflation? hehe, i mean if we were talking about venezuela yes, that place inflation has 1000% per month, inflation in the USA is around 2% year, so how buy something that is up 1500% is a good thing to protect against inflation of 2% per year? see what I'm talking about, trolls are mindless.

Yah, with existing cards, or are you one of the dummies paying double for new cards?  I am mining, so long as it's profitable.  You never answered before...what were you saying in 2018?  Same as what you're saying this time?  Endless bull?  All the government has to say is it's banned, and everyone is finished.

So much FUD. You people do realize there are better ways to make a profit than to push weak hands out the door, right? regardless of your pick of coin, the blockchain gets more valuable and more robust the more people and nodes are on it.

GPU miners out there, I'm with you.

All the USA needs to do is do what Norway did .  What did Norway do? Put a piece of btc into pension funds for every Norwegian> If the USA did this the upside is 10x to 20x

So while you spread darkness and doom I will simply counter balance your bearish predications.


https://decrypt.co/44581/norways-government-bought-all-its-citizens-some-bitcoin


and it whaled.

So the USA could simply do the same.

I am not saying that profits will get higher
I am saying they will:

go flat
go lower
go higher

and that you simply do not know what one of the three will be true in 30 days or 60 days or 90 days.

I am saying buying this card on ebay from me

https://www.ebay.com/itm/VisionTek-Radeon-RX-5500XT-8GB-GDDR6-GPU-Used/164739901200?

Is either :

smart
stupid
in between  smart and stupid.

It is the lowest priced working amd 5500xt  buy it now card on ebay.

I have 16 of them and I am testing market desires by listing it.