This decrease that happened recently is unlike the hashrate decreases in the past bear markets. Those difficulty decreases was usually followed months AFTER the marked topped and people mining at home with expensive power just shut off their rigs. What happened recently is different. China has taken action and banned mining and this is why the difficulty is dropping. I won't say this is like in the past where this happened months after we topped.

The issue here is. If a large mining farm needs to ship their miners to another location, there is a shipping fee. Then they need to relocate or hire personnel which might cost more than in China, there are wages. And there is also the cost of electricity which might cost more than what it cost in China. So if mining is going to be more expensive in say USA rather than China, then miners will have no choice but to sell more BTC to keep their operation running, this would actually indicate that hashrate lags price. However the market cap is so large at the moment that it really shouldn't affect the price too much.

mining income reducing with time is not true.

Your mining income can reduce, stay the same or increase.

Generally, historically the difficulty has been known to increase. Difficulty is basically what keeps the supply capped. So if on Monday there are 100 people mining a coin and the total reward is 100 coins, then each person gets 1 coin on Monday (assuming hashrate is the same for each person). Now if on Tuesday there are 200 people mining a coin, the reward is still capped, so each person would get 0.5 coin on Tuesday. With bitcoin and ethereum this is generally true. Many reason for this. One of them is more efficient hardware as technology improves.

So will you income go down? Well it might ONLY if ETH price stays the same. If the price goes up, you might make more. If it goes down, then its a double wammy and you lose even more income, sometimes exponentially.

What people need to understand that it doesn't matter what price an asset is. Say you take a large company like Apple. And say there are only 10 shares and each share costs $1B. That has a total market cap of $10B, so $1B is cheap for 1 share.

Now how about if there are 100 shares but each share is $100M each, sure its cheaper but its still the same market cap and Bitcoin is pretty much the same thing. There can only be max 21 million worth of BTC and there is a good chance that with all the lost coins that in reality no more than 19 million or so will ever exchange hands in the future. Unless there is some exploit to crack private keys which sounds very unlikely in the near future.

So don't look at the price of BTC or assets look at the market cap as a total.

The market is failing to either break $30K or $40K because there is no volume these days. Plot the daily chart and compare. Each week less and less volume. There are people who are trying to trade these ranges and are getting liquidated and leaving the crypto markets all together.

Look at the amount of activity with ETH transactions. I can send a transaction with a 2-3 Gwei and it would confirm right away. Remember how high it was before. You needed to be really lucky to get a transaction to confirm for 100Gwei when most of the time it was >200 Gwei or so. It’s the summer slowdown. We might get some traction in the fall.

You need to understand that if we are in a true bear market then no amount of good news will make Bitcoin go up. Same is true if we are in a bull market that no amount of bad news will make us go down. This is how most of 2014-2015 and 2018 played out. We got good news but price didn’t go up, either went down or traded sideways.

The issue now is mostly the way Bitcoin is mined. And if Tesla is fine with the clean energy mining Bitcoin and accepts it again for their cars? Do you think Bitcoin will go up again? Probably not. Might have a small rally and that’s it.

Pretty sure nothing will come out of that meeting. So I don’t see either prices getting hit by then. If I had to choose I would say $20k is more likely than $70k. Right now $20K or $50k is more of a 50/50 chance.

Even if he says Tesla accepts bitcoin again, we will get a very small rally and that’s it. It won’t be like it was before when we broke $40K and rallied non stop to $60K pretty much.

Needs another catalyst like maybe Apple or Facebook buying a billion worth or maybe some ETF approval.

You picked the worst time to buy GPUs and start mining. Not only is there a shortage due to mining there is also a chip shortage due to covid.

You can try kijiji and maybe get lucky and someone might want to get rid of a RX 470 8gb for a decent price. You never know. Profits fell a lot and many might want to quit and move on.

Sometimes you might get lucky at Bestbuy locally or even London drugs. Nobody buys GPUs at London drugs so most likely they might be in stock there since nobody bothers to look. There is also Staples.

I think most of the market these days is "buy the news...sell the rumor" ever since Coinbase went live on the stock market. Just like Tesla buying over $1B worth of Bitcoin did nothing for price until it was announced that they bought Bitcoin.

Right now we are getting tons of bad news and good news and the market is trading sideways. Not going up with good news and not going down with bad news. So basically implies that we are at an inflection point.

Most likely until $40K breaks UP or $30K breaks down and stays down/up for a few days, we have no direction. Just people getting chopped up.

Usually with these low to mid cap coins the difficulty can change drastically for many reasons. There is very little profit to begin with so if someone has a large farm of old GPUs and there is a coin that is 10% more profitable, they will switch over all their rigs to that coin.

And I am pretty sure these days there are pools or software out there like Nicehash that automatically switches to the most profitable coin. I remember back in the 2013-2014 days there was no such thing, you had to manually use the difficulty and price of the coin to determine which is more profitable. If you managed to do this extra work every day you could of net slightly more income by switching to a completely different coin. These days its all done automatically.

Most of the ways how people made money with bitcoin wasn't by hodling bitcoin. It was most likely by either trading bitcoin with leverage, mining ETH all of last year and selling at $4000, buying low/mid cap coins like Dogecoin, or buy getting involved with DeFI.

People who bought bitcoin before $20K using margin made the most money. Especially how there are 100x futures exchanges these days. There are times when you could of gotten a great position, which would of never went underwater and you would of been in profit immediately.

Next is miners who mined all of last year, held all the coins and sold when ETH was like $4000. Your little $2000 investment in GPUs could of net you probably over $50000. Considering each GPU would of maybe made an average of $10 a day. With 10 GPUs you would of made like $100 a day and difficulty was low last year.

Dogecoin was a big hit, if you bought at like $0.05 when the hype started and held all the way up to $0.75. Would of made a killing and same with people who got invovled with DeFI. Many started with $3000 and ended up in 7 figures due to DeFI.

Yes I agree its basically trading sideways on very little volume and traders are getting chopped too bits. Look at how one day we are all bullish and expect new ATHs and the next day we are bearish and expecting to get $20K or even lower. I am pretty sure if we go close to $40K again, everybody will be super bullish and it'll have a false break maybe into $42K and then it'll close back down below the range high and we will go back to the range mid or range low. And then we will most likely also have a false break and then go up again towards the range mid or range high.

I am assuming we will be doing this for the next month or 2. There is very little activity in the markets. People are out there enjoying the beach instead of trading all day. You can tell this by looking at how low the ETH fees are. They are non existant. Even with bitcoins -30% hashrate reduction we didn't have a large mempool. Nobody is using the networks. Very slow summer and need to wait until the fall to get a direction on where we will go next.

Gamers are way too loyal to Nvidia. I don't think they will incur losses. With how big their company is at the moment they don't need miners buying their GPUs. When its earnings they post futures guidance without any miner revenue. IF they really cared they would of released those GPU mining specific video cards like in the past. Which is smart because it doesn't have displays so gamers won't buy them, only miners and has a shorter warranty. Then when the mining boom is done, the market won't be flooded with gaming GPUs but only mining GPUs which won't affect their GPU gamer sales.

AMD is also pretty big too, however I think they know that miners always prefered AMD throughout the years, especially during the litecoin/dogecoin days when nobody used Nvidia to mine and that they won't pull the plug on us miners. Remember when the RX series GPUs started to suffer with a reduced hashrate as the DAG went up? Well they actually released drivers to fix this issue called Compute mode. Wonder if Nvidia would do anything similar.

I don't think there will be any effect what so ever after the difficulty change, really makes no sense. If anything it will make mining a little more profitable and maybe get more miners to turn on their rigs.

However from a price perspective,  I don't see a reason why it would change. Generally price goes up then difficulty follows however the opposite is generally not true. Price can come down but hashrate can still go up or hashrate goes down and price goes down. So it shouldn't have any affect.

Basically for most of July, we will most likely range between $30K and $40K with some fake-outs at the range highs and lows. Wait until we get a clear break and then trade that direction.

From what I read about coil whine, its "sometimes" normal and you will just have to live with it. Sometimes you can RMA a PSU and they will send you another one but most of the time they say its normal.

I had many PSUs where I used for both ASICs and GPU mining and I found that the coil whine generally happens on the ASIC but not with regular GPU mining on a computer. Most of the time you never heard it anyways because you got tons and tons of fans. However it can be an issue if you are trying to game at night and the noise drives you nuts if you got an open case.

Well keep this in mind. There is a chip shortage still going on. And CPUs are affected. So since your old motherboard was LGA 1151 you should find another motherboard and reuse the same CPU. If you buy a newer motherboard AND don't have the CPU you will need to overpay for a CPU pretty much.

Hence why you see that motherboards are in stock while CPUs are sold out. You cant use a motherboard without a CPU hence why you need to becareful which motherboard you buy. Just go on eBay or Craiglist and buy any other motherboard with 6 pcie slots as long as its the same CPU and you should be fine. Any gamer motherboard will even do.

I don't have 240V at my place unless I decide I don't need a stove or a dryer. So its possible for me to switch back and forth between the dryer/mining rigs but just going to be too much of a hassle. Most small miners don't have access to 240V either if they are in the USA or Canada.

So if there is browning and you got a switching PSU you are safe I guess however most small miners only have access to 120V and if the voltage goes down to 90V most miners will be screwed.

Can you imagine buying tons and tons of $1000 GPUs only to have a bunch of them fry due to blackouts and browning surges? I wonder if you can RMA a card like that? I heard that sometimes the power company can compensate some of the cost, basically maybe a computer or two. However don't know if the power company would pay to replace $10000's of mining GPUs. Will probably just tell you to claim it on the insurance but insurance won't cover it because most home miners don't have supplemental coverage for mining equipment.

So the end of the story is. If there is about to be a blackout, just turn off your rigs and don't risk it.

Yeah you are correct. If there was a blackout there might of been something called browning which I heard is killer for many computer components. Browning is when there is power but the voltage is not where it should be. So instead of 120Volts AC you might get 90Volts AC and what will happen is all your components will compensate and will need to pull more current and it'll end up blowing up a bunch of capacitors and other vital components.

Maybe with a surge protector it might save your equipment however a regular mid/high end PSU might not be able to kill the power in time to prevent the damage. I wonder if any miners on here ever ran into this "browning" type of electrical failure and ended up having most of their farm destroyed as a result of it.

We are still ranging between $41K and $29K. Its been like a month and a half. And there is still no volume. So if we approach $40K sometime in the next week, my money is that its won't break and it'll end up going back to the mid-range ($35K) or even retest the low $29K again.

I think right now its best to just sit it out and see what happens. No point in being overly bearish as we approach $30K again and no point being overly bullish as we approach $40K. This is how many people get chopped to death because they think "This time its diferent and it has to break".

Best right now is just to play the range until it breaks with volume. Most likely not until end of Summer.

Yes that is also a possibility however if he had high mem clock to the point where the screen would artifact then he would get crazy amounts of hardware errors. Most of the time if you overclock the memory a little too high you get massive amounts of hardware errors. Then later on you would get stability issues. And eventually it would just crash the rig.

So this is why I don't think its the mem clock. I don't think he would be mining like this where you get 25% hardware errors and think everything is fine. But its possible. So its either high memory clock, not enough memory voltage or memory chips overheat due to poor circulation.

Don't know if most of you heard but in the Pacific we had the worse heatwave ever. Records were shattered one after another. Canada's old temperature record was beaten consecutively at a small town in BC called Lytton BC. It almost reached 50C at one point, I think the actual number was like 49.5C. And yesterday due to the extreme heat the entire town ended up burning to the ground due to forrest fires. Hundreds of people dead in BC due to heatstroke and everything.

South of the border it isn't better for states like Washington either. Air conditioners can't keep up and people can't buy refrigerated meat or perishables. Air conditioners were sold out long ago, and a few days later basic fans were sold out in most stores. Where grass was bright green now is mostly brown and dried up.

I shut off my rigs way before this because I didn't want to deal with the heat. Hopefully most miners did the same. Not just due to the annoying heat but there were reports of electrical companies about to run out of electricity due to the huge load. So it was wise and considerated to just shut down rigs so not to overload the network and cause blackouts for everyone.