Is this a bad time to invest in AMD GPUs for mining altcoins?

[vx0713]

Hi guys!

I have some pre-ordered RX580 that should be arriving soon after waiting for them about 3-4 weeks. I'm buying them at (let's say) normal retail price here in the EU.

However lately, I'm hearing all kind of talks, that ETH will most probably be unprofitable to mine in a month or two, and AMD GPU's are not that good at mining other altcoins. Although as I have seen RX580s are performing about the same as GTX 1060 when mining ZEC for example.

I do have a pretty good deal on the electricity costs, not exactly free though.

Here are my fears and doubts:

- ETH will be unprofitable to mine in a few months, especially if ETH/USD parity will drop
- I don't see a backup altcoin to mine at a good profit with these AMD cards. Maybe ZEC but nV cards seem to be more effective at this
- I could switch to ETC after ETH becomes unprofitable but that's probably what most AMD owners will do, and that will drive the difficulty up in a very short time
- after the 1st of august BTC hardfork might have a negative impact on the whole crypto market, and prices will go down
- AMD Vega is knocking on our door. It might be a lot more effective than the current Polaris chipset. (although leaks say it's rated at a 300W TDP so unless it can  pull a really good hashing power, it won't be a good GPU for mining)

Long story short I'm thinking about cancelling my orders, since I'm afraid that I wont be able to ROI my GPUs anytime soon. 5-6 months seem acceptable, but unless ETH prices will go waaaay up, I don't see how could I ROI under 10-12 months.
Then again I might regret cancelling the order in august if everything turns out to be OK, and I will have to wait another 4 weeks for some GPU's.....Ideally I should wait till august to see what happens to the market, but my GPUs will start arriving next week and it's freakin hard here in the EU to find GPUs right now. Changing my order to nVidia cards is not an option, since it's almost impossible to buy a GPU in the EU.


What would you do?

[soothaa]

I'm returning the few GPUs I can and not buying any more, and I have very cheap power. $0.12

[Subw]

Very bad time

[Vann]

I suggest you cancel your order and buy half as many overpriced Nvidia cards for the same money. That way someone that knows what they're doing can buy the AMD cards.

[botmanside]

i tell you what, go fuck yourself, that's best thing you can do, and similar noobs like you tooo
all i can can see is profitable unprofitable, roi, ad so on, round and round
no interest in technologiest, no interset in anything just tell me right hihere right now
how to build cash mashine doing money from thin air,
so again GTFO...

[vx0713]

i tell you what, go fuck yourself, that's best thing you can do, and similar noobs like you tooo
all i can can see is profitable unprofitable, roi, ad so on, round and round
no interest in technologiest, no interset in anything just tell me right hihere right now
how to build cash mashine doing money from thin air,
so again GTFO...

I suggest you cancel your order and buy half as many overpriced Nvidia cards for the same money. That way someone that knows what they're doing can buy the AMD cards.

nice to see so helpful users around this forum. you probably came out of mothers wombs as crypto-mining experts...

[Mindin]

i tell you what, go fuck yourself, that's best thing you can do, and similar noobs like you tooo
all i can can see is profitable unprofitable, roi, ad so on, round and round
no interest in technologiest, no interset in anything just tell me right hihere right now
how to build cash mashine doing money from thin air,
so again GTFO...

I suggest you cancel your order and buy half as many overpriced Nvidia cards for the same money. That way someone that knows what they're doing can buy the AMD cards.

nice to see so helpful users around this forum. you probably came out of mothers wombs as crypto-mining experts...

So much anger from this guy, imagine how he would treat a girlfriend/kids or just random people for that sake. Watch out guys. LOL

No, i'm just kidding, he's probably sweet as punch  

[fanatic26]

Basing everything on speculation makes it very hard to come to an informed decision. Your best bet is to tune out all the clueless people on this forum and weigh the pros and cons out on your own.

There is nothing to say ETH wont be profitable in a few months, not sure where people get this idea from. If you dont have the stones to sit through the ups and downs of the market you should not be investing in crypto at all. All these uninformed people scream about ETH going PoW soon when there is AT LEAST another year of ETH mining before anything like that happens.

Dismissing ZEC just because you have AMD cards seems kind of silly. While you are obviously not going to get the same hashrate as a bunch of much more expensive Nvidia cards that doesnt mean there is no profit to be had. A 6 card 580 rig makes about 75% the hash rate but at current prices is still only a 4-6 month ROI on the cards. Speculating on where people are going to point their miners at this time is pure conjecture and most likely far from accurate as this is not a market you can make judgements about months in advance.

Also just throwing this out there, in any other market an ROI under 12 months is AMAZING. The fact that people bitch and moan whenever the ROI time exceeds 5 months is so ridiculous to me and just shows how little people understand economics. As soon as they cant print money with zero effort the sky starts falling.

P.S. All signs point to Vega being complete dogshit for mining so far, and thats a good thing. If a bunch of super powerful cards flooded the market and caused insane difficulty spikes we all lose.

[Mindin]

I would cancel the order, even with cheap electricity costs, wait it out and see what happens with Bitcoin after august, you can always reorder if you change your mind later.

[Mihaylovic]

sell them all  
If you dont need money just keep them. You already wait for so long. And you dont know what is going to happen in next month. Maybe eth will jump to 500 usd who knows?
If i were you i would just mine and collect as much as i can.

[Mindin]

I take it you ordered the 8gb videoram version and not the 4gb version. If you actually ordered the latter I would def. cancel the order without a doubt.

[elitistdouche]

lol tune out all the clueless people?

OP is clueless himself and is too lazy to spend his own time researching to find out its obviously a bad idea to get involved because of a distorted perception caused by the recent spike in mining profitability, much less come up with his own opinion.

ask yourself this simple question: are you ok with making nowhere near the returns we've seen and don't mind doing it as a hobby? if so, then dive right in. Because you are LATE.

But if this endeavor was something you were really passionate about you'd have spent your own precious time on due diligence to arrive at this conclusion.

Of course this is not the case. You are just a lazy johnny come lately who thinks he can shortcut and leapfrog off other people's time and efforts, expecting others to serve you useful information on a silver platter.

Lump me into the angry reply category because you had to mention you preordered gpus and now thinking about cancelling it. That is infuriating!

Either get up to par and realize there's no easy money in this or accept that you are always a step behind and consider it reasonable to receive poor results from your lazy efforts.

[MeistroUK]

Well Crypto isn't dead, it's started to recovery- who knows though... ZENcash is been profitable throughout the last couple weeks- obviously not as much though, but as an investment could go high, any coin could go high so no I don't think they should be cancelled

[dbc23]

Look at the INSANE pump that just occurred in the last hour or so, ETH isn't dead yet, that's for sure. 

[TigTex]

I take it you ordered the 8gb videoram version and not the 4gb version. If you actually ordered the latter I would def. cancel the order without a doubt.

There's no problem in using the 4GB version. Unused ram is wasted ram. If you have rx570 or rx580 and paid retail prices, you made a good deal. Mod the bios and start mining ethash coins! Enjoy

[vx0713]

lol tune out all the clueless people?

OP is clueless himself and is too lazy to spend his own time researching to find out its obviously a bad idea to get involved because of a distorted perception caused by the recent spike in mining profitability, much less come up with his own opinion.

ask yourself this simple question: are you ok with making nowhere near the returns we've seen and don't mind doing it as a hobby? if so, then dive right in. Because you are LATE.

But if this endeavor was something you were really passionate about you'd have spent your own precious time on due diligence to arrive at this conclusion.

Of course this is not the case. You are just a lazy johnny come lately who thinks he can shortcut and leapfrog off other people's time and efforts, expecting others to serve you useful information on a silver platter.

Lump me into the angry reply category because you had to mention you preordered gpus and now thinking about cancelling it. That is infuriating!

Either get up to par and realize there's no easy money in this or accept that you are always a step behind and consider it reasonable to receive poor results from your lazy efforts.

Yes I'm new, but not clueless...if I was clueless I wasn't asking questions. And I'm asking questions because since I've joined this board I see all kinds of people, some of them naysayers, some of them encouraging. Lots of different opinions.
Oh yeah and I didn't mention but this won't be my first mining rig. I already have a rig with 5 nVidia cards running.

[h311m4n]

Hi guys!

I have some pre-ordered RX580 that should be arriving soon after waiting for them about 3-4 weeks. I'm buying them at (let's say) normal retail price here in the EU.

However lately, I'm hearing all kind of talks, that ETH will most probably be unprofitable to mine in a month or two, and AMD GPU's are not that good at mining other altcoins. Although as I have seen RX580s are performing about the same as GTX 1060 when mining ZEC for example.

I do have a pretty good deal on the electricity costs, not exactly free though.

Here are my fears and doubts:

- ETH will be unprofitable to mine in a few months, especially if ETH/USD parity will drop
- I don't see a backup altcoin to mine at a good profit with these AMD cards. Maybe ZEC but nV cards seem to be more effective at this
- I could switch to ETC after ETH becomes unprofitable but that's probably what most AMD owners will do, and that will drive the difficulty up in a very short time
- after the 1st of august BTC hardfork might have a negative impact on the whole crypto market, and prices will go down
- AMD Vega is knocking on our door. It might be a lot more effective than the current Polaris chipset. (although leaks say it's rated at a 300W TDP so unless it can  pull a really good hashing power, it won't be a good GPU for mining)

Long story short I'm thinking about cancelling my orders, since I'm afraid that I wont be able to ROI my GPUs anytime soon. 5-6 months seem acceptable, but unless ETH prices will go waaaay up, I don't see how could I ROI under 10-12 months.
Then again I might regret cancelling the order in august if everything turns out to be OK, and I will have to wait another 4 weeks for some GPU's.....Ideally I should wait till august to see what happens to the market, but my GPUs will start arriving next week and it's freakin hard here in the EU to find GPUs right now. Changing my order to nVidia cards is not an option, since it's almost impossible to buy a GPU in the EU.


What would you do?

I have 7 MSI RX570 I preorder for their "cheap" normal price. I was supposed to get them end of July but now the status has gone to "Unknown".

I will not cancel my order. I actually think the smart thing to do is check prices every day from trusted shops. If they list a card available in 1 month but the price is the normal retail price, I'd go ahead and place an order. Better to be in the queue now as this shortage will last for some time it seems.

Everyone on here has their opinion about this. A lot of cry babies realizing that the ETH hype is long gone and since they know squat about cryptos don't know what to do with their GPUs. Personaly, I think mining still has some potential. Anyone who's been in this for a year or more knows that it is still highly profitable compared to 2016.

So, my advice, don't cancel your order and keep on mining.

[sundownz]

If you already have the cards use them, IMHO.

Personally I am selling off a big chunk of my AMD cards at the current high prices and snapping up nVidia 1060s when I spot them at normal price (if you watch Amazon you can usually grab 1 or 2 a day).

My nVidia cards have risen in profitability this week by a big margin.

[Chan8]

I would recommend you keep them, there are plenty of other alt coins to mine after ETH, also ETH POS will not be in November, nor this calender yr as everyone thought.
so you have plenty of time to mine ETH.
i'm still keeping my AMD cards, but trying to clear some ONLY because I'm trying to make room for other miners/asics. but if you have the space, I would mine with whatever you can get your hands on.

NOW the question is, whats going on with this ethereum TIME BOMB? anybody have any updates?

[h311m4n]

I would recommend you keep them, there are plenty of other alt coins to mine after ETH, also ETH POS will not be in November, nor this calender yr as everyone thought.
so you have plenty of time to mine ETH.
i'm still keeping my AMD cards, but trying to clear some ONLY because I'm trying to make room for other miners/asics. but if you have the space, I would mine with whatever you can get your hands on.

NOW the question is, whats going on with this ethereum TIME BOMB? anybody have any updates?

Have they postponed then? I haven't followed ETH news lately. My understanding was that beginning August/September 1 out of 100 blocks would be mined with POS no?