What will happen to all the "traditional" mines once the new ASIC based miners

[LordGreynick]

What will happen to all the "traditional" mines once the new ASIC based miners hit the market?

Apologies if there is already a thread on this but I searched and couldn't find it easily. I'm a slow reader

[greyhawk]

[LordGreynick]

lol @ greyhawk

so, market forces will just kill traditional GPU based mining pretty much overnight unless ASIC based is all just a scam?

i really do feel for those that have invested into GPU based mines although i suspect their investment is already paid back if they got into it early enough

[memvola]

so, market forces will just kill traditional GPU based mining pretty much overnight unless ASIC based is all just a scam?

There are many different ASIC development companies, it's implausible that all of them are scams. It's just a pretty straightforward but challenging process.

i really do feel for those that have invested into GPU based mines although i suspect their investment is already paid back if they got into it early enough

"if" is the key word. I suspect most mining operations have been a net loss, and it's probably a good indicator.

By the way, check out this thread. CoinLab is developing a platform that will rent your GPU for various tasks and pay you in BTC.

[mtminer]

so, market forces will just kill traditional GPU based mining pretty much overnight unless ASIC based is all just a scam?

There are many different ASIC development companies, it's implausible that all of them are scams. It's just a pretty straightforward but challenging process.

i really do feel for those that have invested into GPU based mines although i suspect their investment is already paid back if they got into it early enough

"if" is the key word. I suspect most mining operations have been a net loss, and it's probably a good indicator.

By the way, check out this thread. CoinLab is developing a platform that will rent your GPU for various tasks and pay you in BTC.

I haven't seen that one before. Anyone had any luck using that pool? Seems like a neat idea to make some more money off my existing hardware.

[tacotime]

mine litecoin

[memvola]

I haven't seen that one before. Anyone had any luck using that pool? Seems like a neat idea to make some more money off my existing hardware.

I've been using it for some time now. It's a very big challenge, I hope they succeed.

[Korbman]

so, market forces will just kill traditional GPU based mining pretty much overnight unless ASIC based is all just a scam?

Other than CoinLab or other similar mining pools, it's quite probable most GPU mining will cease. There's no way even many of the top GPU rigs would be able to keep up with the power ASICs bring to the table.

[hamdi]

we will see a flood of ATI GPU`s on ebay for sale.

and a lot of bitcoiners will end up with a big paypal balance 

[bobitza]

What will happen to all the "traditional" mines once the new ASIC based miners hit the market?

This.

...it's quite probable most GPU mining will cease. There's no way even many of the top GPU rigs would be able to keep up with the power ASICs bring to the table.

I couldn't said it better myself.

lol @greyhawk ; nice find.

[vitruvio]

Many people claim to have free electricity, or is a gamer so won't stop his GPU.

Regards

[crazyates]

Many people claim to have free electricity, or is a gamer so won't stop his GPU.

Regards

If i'm mining with 150GH/s of ASICs, why would I both doubling my power consumption for a measly 700MH/s from my 7970? Even if I did have free electric, the heat isn't worth the pennies I'll make in a day.

I can't wait for ASICs so I can turn my gaming computer off!

[regular]

I'm surprised not more people are using Coinlab to hedge their GPU mining.

[vitruvio]

Many people claim to have free electricity, or is a gamer so won't stop his GPU.

Regards

If i'm mining with 150GH/s of ASICs, why would I both doubling my power consumption for a measly 700MH/s from my 7970? Even if I did have free electric, the heat isn't worth the pennies I'll make in a day.

I can't wait for ASICs so I can turn my gaming computer off!

I agree, I have only have one GPU and I've ordered a couple of jalapeños, when received I'll stop mining with my GPU, even with free electricity, PC components will suffer working 24/7, and will not be payed with so little profit.

Regards

[Korbman]

If i'm mining with 150GH/s of ASICs, why would I both doubling my power consumption for a measly 700MH/s from my 7970? Even if I did have free electric, the heat isn't worth the pennies I'll make in a day.

Exactly. And as vitruvio pointed out, even with free power, running your GPU 24/7 at near max power (or even overclocked) is far from beneficial to the hardware. Don't burn out the hardware in your sexy gaming PC just for a few more MH/s! 

[Sitarow]

If i'm mining with 150GH/s of ASICs, why would I both doubling my power consumption for a measly 700MH/s from my 7970? Even if I did have free electric, the heat isn't worth the pennies I'll make in a day.

Exactly. And as vitruvio pointed out, even with free power, running your GPU 24/7 at near max power (or even overclocked) is far from beneficial to the hardware. Don't burn out the hardware in your sexy gaming PC just for a few more MH/s! 

I try to get the best Mh/s per watt that I can. So I run at

Max 6990 at 850 Mhz 150 Mhz  1.05v
Min  6990 at 775 Mhz 150 Mhz  1.05v

5970 at 700 Mhz   266 Mhz  0.968v

Max 5870 at 800 Mhz 266 Mhz  0.968v
Min 5870 at 775 Mhz 266 Mhz  0.9v

5830 at 700 Mhz   266 Mhz 0.968v

[ElectricMucus]

so, market forces will just kill traditional GPU based mining pretty much overnight unless ASIC based is all just a scam?

There are many different ASIC development companies, it's implausible that all of them are scams. It's just a pretty straightforward but challenging process.

Interesting tell me more.It may be just that.

[yrtrnc]

Judgement day perhaps?

[Xfinity]

Judgement day perhaps?

This!

On topic, I have sold all my GPU rigs and moved on to ASICs.

[Graet]

I'm surprised not more people are using Coinlab to hedge their GPU mining.

I'm not, they have stated their goal is distributed processing on nvidia hardware - ati wont be optimum for the work they are planning. 
99.99% of gpus on Bitcoin are ATI...


on topic my 6950s have well paid for themselves and I have sold the good ones off, my 7970s I could sell and they would cover their cost i.e. earnt Bitcoin + resale value
I have 2 FPGA that will run after I turn off GPUs, not sure if they will cover their costs, but being dev boards I can sell them to someone not planning to Bitcoin mine on them when thier time comes.
I was lucky enough to win a spot in the jalepeno que on a raffle - never trusted BFL enough to send them money, but gambling a few coins in a raffle? no worries
I did order a bASIC and look forward to turning off my hot GPU's now that (my) summer is rapidly approaching

from what I see a lot of "traditional" mines are either stopping mining or moving to next generation mining hardware, everyone has their own situation to consider - hey, even today people still mine Bitcoins on CPU, I am sure in 6 months time there will be "free power" people claiming gpus still make them Bitcoins. which for the returns defies sense

The big change I see coming is newer miners wont be able to jump in and try on existing hardware, mining has brought a lot of people to Bitcoin, soon they will need to buy dedicated hardware to participate.

my 0.0000002BTC worth