GPU mining is dead now.

[notlist3d]

Personally i hope everyone sells thier GPU's ..... and i can pick up for cheap.

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[MangoJ]

Whoever thinks and says litecoin is dead needs to really look at the charts, at the current rate it will be $20+ USD by the end of the year.

As of this post Litecoin is at $3.

179% More profitable then Bitcoin....


So many people Scaremongering, Am tired of it.

But by all means, don't mine it, all the more for me.

Charts?  Aka speculation?  Why don't you take every penny you have and double 3 times on lite coin while you're predicting the future and inventing numbers.   Litecoin mining with the same miners as btc mining earns LESS income than BTC mining.
Nice way to twist a higher profit by claiming charts provide this greater percentage a year into the future.

Google Bitcoin calculator.
Open a new tab.
Google lite coin calculator
Open a new tab
Google btc exchange rate
Open a new tab
Google lite coin exchange rate.
Enter the same hash power for both
(Remember that 1mega hash in btc equals 1k hash lite coin)
Do the math
Then reply back

[MangoJ]

Personally i hope everyone sells thier GPU's ..... and i can pick up for cheap.

Wana buy mine then?

[reactor]

I'm selling all of mine as well, hit the same wall where elec vs. difficulty vs. hashrate just didn't add up anymore.  F'ing summer pricing.

I've put them all up on eBay, however, more gamers shop there and I honestly don't feel bad about two months of hyper-cooled constant use.  Realistically I'm unloading 3x 7970's and 1x 7950, all used for less than two months, and replacing them with the usb erupters for the time being so I can continue mining (flip the investment, net zero cost to double hashrate and halve electricity).  Running some of my older hardware into the ground because 5x and 6x have basically zero resale value now, but I can easily plug an anker with 9 of the sticks into my home server and not notice a difference except my 24/hr mining rate looking shinier.  

I agree, GPU mining across the board is basically dead unless you have free power or believe so much in the long-term power of BTC that you are willing to net negative on it for now.  And alt-coins are all bullshit, just copies of BTC.  Their only real value is to trade for fiat or BTC.  If there is going to be another currency that catches on like wildfire in the spirit of BTC we likely haven't seen it yet.

[Cluster2k]

These threads usually receive one of two responses:

"Thanks for shutting down, more bitcoins for me!"

or

"Mine now, sell when BTC is worth more USD$"

The first scenario is interesting as unless the respondent is mining with ASICs he or she is in the same boat as the poster.  Mining at a loss.  Not yet perhaps?  Well they soon will be.  Free electricity?  Someone, somewhere pays.  If the rented apartment comes with 'free' electricity don't be surprised when the miner is booted out as a mining farm was not reasonably foreseeable by the landlord.  Now mining becomes expensive when they're forced to pay to move into a new place or pay increased rent even when they stop mining.

The second reply assumes "when", not "if".  Dangerous thing to do when predicting the future.  If the respondent is so sure that bitcoins will be worth more USD$ in the future, why go to all the trouble of mining when you can just buy bitcoins in anticipation of their increased value? 

GPU mining for many is now where CPU mining is for all.  More people are joining the GPU abandonment ranks every two weeks or so.  It's a one way street.

[bitcoinator]

Is it really cheaper to buy bitcoins than to mine them with GPU?

[BitCoiner2012]

5 minutes ago I went down to the mine and powered off each of my 6 GPU miner rigs.
I ran the numbers, with power at .087 per k watt hour,
 12000M hash speed,
current low BTC rate 94.06
Diff: 21,335,329

I would make 157 USD per month.
But BTC may or may not drop, then after BTC exchange rate fees, pool fees, transfer fees,,
GPU mining is not worth it anymore.  Not for 157 and change for the heat and stress on the equipment.


LITEcoin does not appear to be worth mining. 

Has anyone ever tried renting an apartment with "free utilities", moved in a bunch of miners, and used up free power for a while?

I guess it is time to sell of my GPUs.
Yes they did pay for themselves.  I got about 52BTC mining with them.
Paid about 5k for the gear, and paid only 700 in power so far, (Will pay another 900 tops as bills catch up)
Then after I sell off the used gear I made some profit.

Sounds to me like it's working out. But I'm a speculative miner as well. I don't mine LTC for today or yesterday's price, or at 30 cents. Guess how profitable those months of LTC are looking now? Mining isn't always about today..  The cost of my power consumption is minimal, it is something subsidized into my entire bill and I hold coin. Result is positive. Like others have said though, there is risk involved. But you're mining crypto...

[bitcoinator]

Sounds to me like it's working out. But I'm a speculative miner as well. I don't mine LTC for today or yesterday's price, or at 30 cents. Guess how profitable those months of LTC are looking now? Mining isn't always about today.. 

why would you mine if you are sure the price will raise and you can buy much more cheap coins now?

[philips]

5 minutes ago I went down to the mine and powered off each of my 6 GPU miner rigs.
I ran the numbers, with power at .087 per k watt hour,
 12000M hash speed,
current low BTC rate 94.06
Diff: 21,335,329

I would make 157 USD per month.
But BTC may or may not drop, then after BTC exchange rate fees, pool fees, transfer fees,,
GPU mining is not worth it anymore.  Not for 157 and change for the heat and stress on the equipment.

Not arguing about GPU mining these days, but I can still make about 295$/month with 10GH (at current numbers).
(probably more if I undervolt my cards even further...but I doubt it's worth the effort for just few more weeks)

[christov84]

Watch how popular mining becomes when the USD crashes later this year and bitcoin goes back up to $160

[BitCoiner2012]

Sounds to me like it's working out. But I'm a speculative miner as well. I don't mine LTC for today or yesterday's price, or at 30 cents. Guess how profitable those months of LTC are looking now? Mining isn't always about today.. 

why would you mine if you are sure the price will raise and you can buy much more cheap coins now?

I could do both. Mind blown?

[bitcoinator]

Sounds to me like it's working out. But I'm a speculative miner as well. I don't mine LTC for today or yesterday's price, or at 30 cents. Guess how profitable those months of LTC are looking now? Mining isn't always about today..  

why would you mine if you are sure the price will raise and you can buy much more cheap coins now?

I could do both. Mind blown?

Everybody can do both. The question is what is worth of doing. If you believe the coins are undervalued and it is profitable to mine only because they will raise in value, you better sell your mining rig and buy more coins now (while they are cheap).

[BitCoiner2012]

Sounds to me like it's working out. But I'm a speculative miner as well. I don't mine LTC for today or yesterday's price, or at 30 cents. Guess how profitable those months of LTC are looking now? Mining isn't always about today..  

why would you mine if you are sure the price will raise and you can buy much more cheap coins now?

I could do both. Mind blown?

Everybody can do both. The question is what is worth of doing. If you believe the coins are undervalued and it is profitable to mine only because they will raise in value, you better sell your mining rig and buy more coins now (while they are cheap).

Somehow I disagree. I'm sorry. My miners work for me and I will continue to mine with GPU all manner of coins, BTC, LTC, TRC, PPC, or whatever is needed for diversity and ability to continue desiring to mine. Maybe that's why you don't mine? I couldn't call it. I rarely inject as much as I use existing to build or mine! The better BTC is the one I didn't pay over my mental market for.  I like crypto as a long, I am encouraging crypto online and offline. I spread information, I will accept it, I want it to succeed for a variety of reasons. Mining is additionally another way to support crypto without profit in mind, as a side note.

[tacotime]

Alt coins are also dead, Litecoin is the last to go down but it's going and will be gone soon.

Why do you say that? Litecoin is currently ASIC proof so there will be a lot of GPU workers going there over the next few months, also it is small but steadily growing, much like Bitcoin was. Once MtGox starts trading LTC we'll see a lot more market validation.

Right now, using GPU mining, LITEcoin is LESS profitable than BTC.
BTC is already not profitable for people to get into.  GPUs cost too much, use too much power, and don't earn enough.
They earn even LESS money than BTC. 

I checked the exchange rate for Litecoin with my mining power, and I make more mining BTC.
Yet I shut down my miners because it isn't enough to bother with.

Therefore Litecoin was dead before it ever went mainstream.  Much like HD-DVD back when that was competing against Bluray disks.

Bitcoin was in the news, on TV, on talkshows, mentioned by the black market.
Nobody cares about Litecoin but people that don't yet know that they are burning out their CPUs and GPUs on a dying currency.
Sure they can make $10 USD a month mining litecoin, but that is foolish when they could make $15 a month on BTC currently.

Overheating my house and burning up my GPUs is no longer worth the little $150 I get after the power bill.
Anyone doing litecoin is terrible at math and or accounting.

Litecoin is totally dead.

BTC is alive.

Bitcoin mining is 50% less profitable than Litecoin mining right now, see coinchoose.com

[zvs]

If you don't mind wasting time on rebates;

http://www.newegg.com/Product/Product.aspx?Item=N82E16814127726

is a really good deal on Newegg right now.  Card (radeon 7790) is about $80 after selling the games and doing the MIR.

[Lolbbqcabbage]

He is right, for me anyway Bitcoin mining is dead.

Using dustcoin to calc my set up of 1200mh/kh 600w power and 0.23c power costs.

I in fact lose $19.70 a month, with litecoin I am making $33.90 a month.

So in a sense he right about Bitcoin, go low powered hardware AKA asics or it's not worth it unless power is free. However he is wrong about litecoin, it still has plenty of room to grow into.

[MangoJ]

Bitcoin mining is 50% less profitable than Litecoin mining right now, see coinchoose.com

Please explain to us how you think that litecoin is more profitable than bitcoin?
50% is such a nice even rounded number, that I'd like to know how you mathematically reached it.

That website does not compare BTC to litecoin.

I used a litecoin calculator and found that it earns less coin and less USD per GPU.

I am NOT using "room to grow" speculation.
Speculation is guessing.  Guessing is not fact.
Lets talk about today, not the hypothetical future.

[MangoJ]

5 minutes ago I went down to the mine and powered off each of my 6 GPU miner rigs.
I ran the numbers, with power at .087 per k watt hour,
 12000M hash speed,
current low BTC rate 94.06
Diff: 21,335,329

I would make 157 USD per month.
But BTC may or may not drop, then after BTC exchange rate fees, pool fees, transfer fees,,
GPU mining is not worth it anymore.  Not for 157 and change for the heat and stress on the equipment.

Not arguing about GPU mining these days, but I still can make about 295$/month with 10GH (at current numbers).
(probably more if I undervolt my cards even further...but I doubt it's worth the effort for just few more weeks)

Very nice for you.
I am not overclocking otherwise I'd get more, but I'd burn the hell out of the cards or the room which is already super hot.
Windows and doors open 24/7!
My $157 quote is after the power bill (estimate)

[philips]

I am not overclocking, just undervolting and I pay 0.17 per k watt hour.
Temps around 55 C.

[squall1066]

5 minutes ago I went down to the mine and powered off each of my 6 GPU miner rigs.
I ran the numbers, with power at .087 per k watt hour,
 12000M hash speed,
current low BTC rate 94.06
Diff: 21,335,329

I would make 157 USD per month.
But BTC may or may not drop, then after BTC exchange rate fees, pool fees, transfer fees,,
GPU mining is not worth it anymore.  Not for 157 and change for the heat and stress on the equipment.

Not arguing about GPU mining these days, but I still can make about 295$/month with 10GH (at current numbers).
(probably more if I undervolt my cards even further...but I doubt it's worth the effort for just few more weeks)

Very nice for you.
I am not overclocking otherwise I'd get more, but I'd burn the hell out of the cards or the room which is already super hot.
Windows and doors open 24/7!
My $157 quote is after the power bill (estimate)

Sorry, I just don't get it, If the rigs have paid for themselves and you (were) making $157 after bills, Then where is the problem?
My threshold is tighter, But I still make a profit, I am not going to turn off until I end up spending money in running rigs, Then I would just buy BTC and sit on it.