how does that affect difficulty? from what I read it just postponed the difficulty bomb
The difficulty bomb already started exploding, so defusing it made the difficulty plummet to what it should have been if there were no bomb |
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its hashrate will dictate the price
Not this time because crypto is in a bear market. Gamers will dictate the prices of the RTX 4000 series, which will be high since they will be gaming beasts. Gamers will dump the 3000/2000 series so prices will be very low, while most of them will be good at mining. So my prediction is the RTX 3060 Ti will be the most popular mining GPU in 2022 followed by the RX 6800. |
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gddr6x is the way to go. actually in the 3xxx series if you choose the right models properly you can do okay.
I think the older RTX 2000 generation will actually have the best bang-for-buck in this bear market, especially after ETH dies. My RTX 2070 super rig is great on ERG/FLUX/YEC/RVN. The RTX 3060 Ti is also good. I believe the new generation will be favored by gamers who need the raw TFLOP power. It will have poor memory bandwidth, so they won't be useful for us miners. |
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Energy is liberating, if you have a lot of energy it becomes cheap.
cheap enough energy will make the people lives better, because everything you do, electricity leverages your work exponentially.
just look at us miners if you have a lot of cheap energy then you are happy guy hehe
I agree, I'm currently a really happy guy because I figured out how to get power for 5.3¢ RESIDENTIAL instead of 10 cents ehhehe. Most of it is zero-carbon nuclear energy so I can claim I'm saving the planet hehehe! I can have my cake and eat it too |
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Good luck convincing the woke governments of the west that all the energy is wasted anyway. They will ignore whatever you say.
Look at the Iron Law of Energy Consumption. Government or not, they will end up burning more and more energy and the climate skeptics will win in the end because India+China will emit 80% of the carbon in a few years so the West can hardly make a dent anyway. Therefore I don't view PoW's energy use as a weakness. As long as Bitcoin is the majority of the market cap, PoW will dominate in the long run while the PoS coins will have boom-bust cycles forever. |
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Even now, there are very cheap prices for video cards on the market
Today's video card prices are still above MSRP for the most part, which isn't cheap. I regard 'cheap' as at least 10% below MSRP. Once the RTX 3060 dips < $300, that is cheap. But there has been no decline for most models over the past 15 days despite the huge crash in BTC price. I think the 15%/month decline we've seen for the past 6 months will continue for at least 2 more months. It will probably stay static after that until PoS. So I won't build rigs now. |
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Yes we all know Bitcoin uses lots of energy and is bad for environment. Especially now during an energy crisis. But the fact to switch to POS will come at a cost and that is basically less decentralization.
Now you got millions of people mining keeping ETH decentralized around the world, it’s very secure. Same with Bitcoin. Hence why people feel safe keeping their funds in these cryptos. Take that away and you got pretty much only the rich staking, not too far off from traditional banking.
ETH and the other PoS coins are going to end up no different to fiat cash (controlled by a central group of elites), while Bitcoin will become the true 'digital gold' and perhaps Kadena or ETC will become silver. |
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Proof of Stake brings a much smaller carbon footprint which is positive politically and for institutions, especially with energy scarcity already starting whether it is manufactured or not.
POS will make Ethereum potentially deflationary.
POS will allow the addition of sharding to improve performance, transaction speed and scaling.
Blah blah, more 'green' FUD. As the world moves to unreliable solar & wind energy, the demand for mining to balance out the grid will only become greater. Most of that power is being flushed down the drain anyway. Carbon is life, life is carbon. You're playing into their plan, which is to reduce demand for energy and reduce standards of living. Nobody has the right to tell people how much energy they can use. PoS is no different from the current fiat system where the rich get richer simply by having wealth. PoS is a kleptocracy. It is inflationary just like PoW. At least in PoW, coins are awarded based on something outside the system, like energy. Kadena which is a PoW coin has sharding too. PoS has nothing to do with transaction speed or performance, blah. Blockchains based on PoW will prove to be the only strong blockchains, like gold. Anything else is just like the Roman denarius which can be altered at will. You're paying a heavy price for that energy 'efficiency'. I put my money where my mouth is. I no longer mine ETH and I'm going to sell my remaining 0.5 Ethers before it crashes even harder. I'll become a Bitcoin maximalist if this PoS nonsense continues. |
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Is this Asic miner better option than graphic cards? How much is the cost of this Asic miner and is your point about the profitability wise?
Since my after-tax power cost is just 5.3¢, some of the moderate efficiency ASICs like the Bitmain S19 95T, Avalon 1246 or Goldshell KD-lite make economic sense. Most of the Goldshells are overpriced but not some of the 'lite' series. I can get a 250 day payback time on a GPU rig or 400-500 days on an ASIC. If it goes below 400 days, I would consider the ASIC over the GPU because of the risk of PoS, even though the yield is lower. I still think that GPUs will be a lot cheaper than Asic miners as we go down in this bear market season.
I agree, but I don't want to buy video cards until after PoS or if/when PoS gets postponed for at least 6 more months. If I buy anything these days it will be an ASIC, but most likely I will just save fiat $ in anticipation of cheap video cards. Better buy asics for bitcoin or litecon, because I do not believe in the future of the cadena coin.
It doesn't hurt to diversify. The Kadena dev team recently said they have no plan to introduce PoS. As long as the payback period makes sense, I will consider a KD lite. I don't believe in the future of ETH so I diversified to a basket of GPU coins (which are actually more profitable for my hardware). I already have a few older-gen Scrypt ASICs as well. |
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I mine too many coins to count since I have profit switching, so all I can say is I don't mine ETH.
I might buy some of the Goldshell ASICs like the KD-lite or HS-lite because of the PoS risk of video cards.
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This cycle also had the craziest mark ups for GPUs i've ever seen, and with the highest ROI days ive seen. Back in 2014 you could of bought a GPU for $100 and you would basically ROI it in about 60-90 days. It was a much safer investment back then.
I concur. I used to make $8/day of revenue on a piddly $190 Radeon HD 7850 video card on LTC/DOGE. Little did I know it would be $1500/day if I HODL'd just half the coins |
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All prices for ASIC's decrease from day to day. I'm also waiting for the right GPU flood, at the moment used GPUs in Europe are still too expensive.
Same here. $300 for an RTX 2070 super, $290 for a GTX 1080 Ti or $400 for a RTX 3060 Ti is still too expensive. Prices have to fall by 20% before I consider building more rigs. |
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That works great until you can't find a greater fool, then you're left holding a worthless bag which is bad, but missing out on investing in something useable or stacking sats to chase gains with the greater fool theory is a horrible way to miss out on your chance at growing your portfolio's value. You're here. So you're early to crypto. Don't squander that early advantage chasing get rich quick promises to fools.
We talk about the 'death of fiat money' all the time, yet most miners continue to sell for fiat on a daily/weekly basis even during a bear market, missing out on the early adopter advantage that you mentioned. Most don't even sell it for BTC. If anything, investors who just buy the coin are the 'greater fools' because at least the value of GPU mining equipment can't go to zero. There were plenty of folks calling ETH a 'shitcoin' in 2015/2016 because it was 'most likely to fail' like the other altcoins at the time. The same 'greater fool theory' can be applied to BTC or ETH; many people argue that BTC or ETH are not actually used for any real business purpose. Most of my portfolio is BTC and I do not invest more than 10% in any altcoin. they think if higher network hash means higher price then let them be.
I do not believe that myth at all. I care most about the technology behind the coin and how much cheaper it is to mine vs. to buy that coin. Hey, if they want to put their money or hash power waste to any random PoW shitcoins
I always mine the most profitable coin for the hardware then trade it for the coins I want to invest in. ERG/FLUX/YEC/EPIC are currently the best ones for my older rigs. |
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The 3070 Ti is a card with Gddr6x memory and if you cool it down properly you can get it to the average hash rate of 76-80 Mhsh
Because of thermal limitations I can only get 105 Mh on my RTX 3080 Ti instead of the full 120 Mh. I decided to never buy GDDR6X video cards again, and mine EPIC+SERO instead of ETH. |
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However the challenge will be if exchanges want to get involved in this, they probably don’t want to get in conflict with the ETH dev teams.
I don't see how Vitalik or the dev team could punish these exchanges. |
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I've started experimenting with mining EPIC+RVN with TT-miner on my RTX 3080 Ti. It definitely looks like the daily profit is higher than ETH or ERG. I will try EPIC+SERO next.
I believe that the older cards, like Turing, will actually be the best investment in this bear market compared to the current gen. FLUX, ERG, EPIC, FIRO are taking over. In fact, their exchange rate to ETH or BTC has actually increased.
I just figured out how to get a 5.3¢/kWh power rate, so hopefully I can get 100+ GPUs in a garage this year. Maybe they will all mine EPIC. Instead of repeating my million-dollar mistake from the past where I sold the coins everyday, this time I will HODL!
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I also wouldn’t hold a coin like this long term. We are in a bear market and many alts are already 90% loss and will probably keep going down. They aren’t a good hold at all.
That is not correct. The price in ETH/BTC of ERG, FLUX and CFX has either been stable compared to 30d ago or increased. In other words, ETH and BTC have fallen in value relative to these small coins. So it was a better idea to own them than ETH or even BTC. https://www.coingecko.com/en/coins/ergohttps://www.coingecko.com/en/coins/flux-zelcashhttps://www.coingecko.com/en/coins/confluxThere are many farms out there that switch mining based on profits and this is usually why you should just stick to mining ETH.
Actually this is not true for most smaller GPU coins on Whattomine. Difficulty (which is tied to revenue) fluctuates by +/- 20% in a 24 hour timespan for most of them. I have made noticeably more profit on my Tesla P100 rig by using profit-switching on a group of 3 coins, such as ERG+FLUX+ETC. It switches coins every 3 hours on average, so the downtime from transitioning is just 1%. The gains more than compensate for that 1% loss. I use it for 'difficulty switching' because I want to HODL the coins. Hell, I can already get much more profit than ETH on certain models like Turing or Pascal simply by sticking to FLUX or YEC. The one-trick-pony video cards which have been ETH-only, especially the RTX 3090 or RX 5700, have dropped in price like a rock over the past 6 months or superseded by the RTX 3080 Ti, 3080 12GB and 3090 Ti. They have been the WORST models to own. if you want that 2 coins i think best way is mine ETH and sell it or swap to buy coins you like
The best way is to always mine the most profitable coin and trade it for the ones you want to HODL It shows that no one really cares about those coins
I remember when Ethereum was the coin 'nobody cared about' because the community either focused on ASICs or DASH/Vert/XMR. Big mistake! Nobody can predict which one will become the biggest, so I don't see what is wrong with owning a basket of different small coins. This short term 'fiat profit ROI' mindset is why most miners never get rich while investors or developers become millionaires. That's why we miners have been losing our voice in the crypto ecosystem. |
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mmm so mr v says he is concerned that pos will have a possible issue due to Lido Finance holding 33% of the staked coins.
Could it be an excuse for Vitalik to delay PoS yet again? They could claim they're "working on a new algorithm to decentralize staking pools" |
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The Ethereum mastermind noted that Lido Finance, the largest provider of staking services for Ethereum, where around a third of staked ETH (stETH) has been deposited, could theoretically disturb the Ethereum network post-Merge.
The counterargument from the PoS folks will be: - Mining pools can launch 51% attacks
- Miners who launch a failed 51% attack will only lose a few hours/days of hashrate while they keep all their equipment. But rogue PoS attackers risk losing all their staked coins
I'm wondering if anybody here has a good rebuttal to their claims. Core dev call just wrapped up:
As always, we appreciate your boots-on-the-ground updates |
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I remember why then the miners sold their coins. Nobody believed in the growth of the cryptocurrency price and at any moment you could lose a good profit. I sold ethereum and bought video cards. Banks did not block debit cards, after the exchange I immediately bought components for the mining farm.
When I started to mine LTC/DOGE I was too young to have a bank account or credit card... so I bought Newegg gift cards with BTC then used the gift cards to order PC components, LOL. The reason miners have never gotten as rich as the buy & HODL folks is because miners are motivated by short-term profit and 'ROI'. However, times are changing. Now that we've had 2 gold rushes and crypto got to the trillion mark, more miners are saving their coins. RIOT/Whinstone, the biggest miner in the world, might have suffered after the Bitcoins they owned dropped in value, but I think they will be really successful in the long run because they believe in BTC. |
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