What happened to GPU mining (late March 2018)?

[yo_mama]

Today I had a look on ebay and oh, god! So many cheap used GPUs! Used RX 580 and GTX 1060 at under $100?! Seriously? Looks like miners are selling used GPU as fast as they can!

And mining Ethereum (the most profitable coin to GPU mine for the past months) with 1 RX 580 or GTX 1070 Ti is only earning $1 per day. If electricity cost is $0.12 per kW/h the revenue is less than $0.7 per day. A mining rig of 8 RX 580 or GTX 1070 Ti only earns $5.6 a day...

If mining less profitable coins like monero with higher electricity cost, miners are losing money.

If anyone bought the overpriced GPU last month, it will take 2 years to break even the cost, if mining profitability doesn't continue to drop.

With all these negative factors, mining difficulty continues to rise with even more hashrate joining, altcoin prices continue to drop. Bitmain already released cryptonight ASIC miner and may release ethhash ASIC in the future.

So. Is mining dying now?

[1714959218]

1714959218

[Subutai]

The whole market is down. I'm mining with 570s currently and the difficulty + price has been a nightmare. Not sure mining is dead though, just hopefully in a rut.

[kaya11]

If you are mining ethereum or zcash at the moment and the amount of coin are still the same it was back on January then it's fine. It's just correlated with the price of BTC, I also knew and studied when a fellow miner told me about it. Just hold to the coins and wait for another ATH maybe or just the same as it was December. As most of people saying in my country mining is dead, but the truth is it's not for the people who have access in cheap electricity.

[Eternu]

Hard times are upon us, but that doesn't mean GPU mining is dying. Because of difficult rising and prices of new GPUs, return of invested money is long process.
With prices of crypto drop, things have become even worst. I guess because of the situation we are in, some people are looking for way out, and that could be the reason why prices for those GPUs are so low (of course there could be other reasons). Also don't forget that Nvidia has announced new series of GPUs, so I guess that some people will go for those.
Mining with GPU is slow process, and most of people don't like that. Plus there are those new ASIC miners. They change the game a bit too.

[yo_mama]

Ethereum network total hash rate just got ATH yesterday at 272 TH/s... How crazy! With mining profitability decreasing like this people are still joining and building new rigs!

[BennyT]

Ethereum network total hash rate just got ATH yesterday at 272 TH/s... How crazy! With mining profitability decreasing like this people are still joining and building new rigs!

ETH is no longer GPU only.

As a different point.  A lot of people believe in crypto and will still build rigs when profits are down but I don’t think that’s what’s going on in your example.

[Patuba]

Today I had a look on ebay and oh, god! So many cheap used GPUs! Used RX 580 and GTX 1060 at under $100?! Seriously? Looks like miners are selling used GPU as fast as they can!

Where are you finding GPUs at under $100? Used ones are still selling for $200+ on Ebay. At least the ones with auctions close to ending or with "Buy It Now".

[yo_mama]

ETH is no longer GPU only.

As a different point.  A lot of people believe in crypto and will still build rigs when profits are down but I don’t think that’s what’s going on in your example.

I don't think there is any ethash ASIC miner on market yet? Bitmain is still developing it.

[Vann]

Listing a GPU for <$100 and actually getting it for that price are two different things. LOL

[shibob]

I just saw some news quoted that Bitmain develped Ethereum asic miner "with a massive amount of RAM" which is quite incredible, the shipping date is very close at Q2 of 2018. If it's the case, it's incredibly hard for our GPU rigs, and of course Bitmain's going to kill my mining farm very soon. Even now the mining profit is already very low. https://www.ccn.com/bitmain-has-developed-an-ethereum-asic-miner-wall-street-analyst-claims/

[ipanks]

I think mining is not dying but yes, the rewards right now are reduced because the bitcoin price is reduced too. but for some altcoin, I think it still profitable because this coin will increase and maybe it will get a pump in short of time. the problem is we need to know how much the electricity fee that we should pay in monthly so we can decide to try mining or not and we can see how much profit we can take in monthly. without doing this, we are only mining without making a profit.

[Eternu]

ETH is no longer GPU only.

As a different point.  A lot of people believe in crypto and will still build rigs when profits are down but I don’t think that’s what’s going on in your example.

I don't think there is any ethash ASIC miner on market yet? Bitmain is still developing it.

Publicly Bitmain's ETH ASIC miners are still in development phase, but I guess that some people are not believing that, at least not in that context. Some believe that Bitmain has already made ETH ASIC miers, and that they has been mining ETH with their ASIC miners secretly. If you want to read more about this, go check this discussion https://bitcointalk.org/index.php?topic=3162392.msg32929859#msg32929859

But no matter what is true, its just a matter of time before we would be able to buy ASIC miners for ETH or maybe some other crypto as well. When those miners come out, I guess GPU mining for that coin will die.

[smoolae]

People, who bought their GPUs with stupidly high prices, are still trying to break even with their mining rigs. Also, some new miners are hoping to make some quick cash without learning the background (rising the difficulty) and BTC value is just going sideways or even down. Hard times.

[Ciscopro2000]

I’m one of the ones that just got into mining recently this year and it’s defintely hard times.  Not the returns I was expecting at all.  Hopefully things turn around or else it will be a long time before I can recoup my investment. 

[kev7112001]

this is when you buy up lol this isnt the 1st time or 2nd

[flippener]

Mining is much like holding Bitcoin - you have to hang on through the bad times not just the good times.

[Numir]

Today I had a look on ebay and oh, god! So many cheap used GPUs! Used RX 580 and GTX 1060 at under $100?! Seriously? Looks like miners are selling used GPU as fast as they can!

And mining Ethereum (the most profitable coin to GPU mine for the past months) with 1 RX 580 or GTX 1070 Ti is only earning $1 per day. If electricity cost is $0.12 per kW/h the revenue is less than $0.7 per day. A mining rig of 8 RX 580 or GTX 1070 Ti only earns $5.6 a day...

If mining less profitable coins like monero with higher electricity cost, miners are losing money.

If anyone bought the overpriced GPU last month, it will take 2 years to break even the cost, if mining profitability doesn't continue to drop.

With all these negative factors, mining difficulty continues to rise with even more hashrate joining, altcoin prices continue to drop. Bitmain already released cryptonight ASIC miner and may release ethhash ASIC in the future.

So. Is mining dying now?

It didn't die in past when it was much worse, why it should die now?
''2 years to break even'' DO you think that market will be down for 2 years? I don't think so.
1$ per day, well yes in general, but if you do some smart moves you can get a little bit more.

[Ultegra134]

If you are mining ethereum or zcash at the moment and the amount of coin are still the same it was back on January then it's fine. It's just correlated with the price of BTC, I also knew and studied when a fellow miner told me about it. Just hold to the coins and wait for another ATH maybe or just the same as it was December. As most of people saying in my country mining is dead, but the truth is it's not for the people who have access in cheap electricity.

I am not sure about that, correct me if I am wrong. I was using Nicehash to mine, via the Equihash algorithm, mid of June if I am not mistaken, I was making 0.5mBTC per day. Not long after that, I was making less and less till I was only making 0.10-0.15mBTC during Bitcoin's all time high. Now, I am making even less in terms of BTC. I've actually shut down my rig not long ago.

[MTS Coin]

Mining has definitely taken a hit. I have sold my L3 and my A3 ASICs before they become doorstops.

[yo_mama]

With high electricity cost at $0.2 /KWh, Ether under $400, difficulty so high and low hashrate on GPU, I'm losing money mining.