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Author Topic: 8th Alt coin thread. Or what to do now that asics are all over the place.  (Read 81015 times)
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philipma1957
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September 13, 2018, 11:50:23 PM
 #1041

Maybe wiping out gpu mining profits, but adoption?  I don't think so....
...
basically asic builders got so fucking hungry they ate their legs and crippled the industry by doing it.

So instead of a gpu kid  happy to get a free gaming rig and a few bucks to buy more games  you get a gaming kid that hates mining won't use crypto  .
...

I never thought of this issue in quite this way, but I have to say you make a compelling case here (good enough for 1 of my last 2 sMerits).

I would add that the GPU shortage earlier this year also had the same unintended consequence of alienating many who would naturally be interested in crypto.

One ray of sunshine: the bursting of the dotcom bubble didn't kill the internet.



hoping that is true for us.

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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Marvell2
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September 13, 2018, 11:54:40 PM
 #1042

Maybe wiping out gpu mining profits, but adoption?  I don't think so....
...
basically asic builders got so fucking hungry they ate their legs and crippled the industry by doing it.

So instead of a gpu kid  happy to get a free gaming rig and a few bucks to buy more games  you get a gaming kid that hates mining won't use crypto  .
...

I never thought of this issue in quite this way, but I have to say you make a compelling case here (good enough for 1 of my last 2 sMerits).

I would add that the GPU shortage earlier this year also had the same unintended consequence of alienating many who would naturally be interested in crypto.

One ray of sunshine: the bursting of the dotcom bubble didn't kill the internet.



hoping that is true for us.

Unfortunately most people lost money all the early buyers aka early internet adopters got reket in the crash
thats why its better to stick it out , those who had the testicular fortitude to hold ended up winning.

most did not
philipma1957
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September 14, 2018, 12:01:54 AM
 #1043

Maybe wiping out gpu mining profits, but adoption?  I don't think so....
...
basically asic builders got so fucking hungry they ate their legs and crippled the industry by doing it.

So instead of a gpu kid  happy to get a free gaming rig and a few bucks to buy more games  you get a gaming kid that hates mining won't use crypto  .
...

I never thought of this issue in quite this way, but I have to say you make a compelling case here (good enough for 1 of my last 2 sMerits).

I would add that the GPU shortage earlier this year also had the same unintended consequence of alienating many who would naturally be interested in crypto.

One ray of sunshine: the bursting of the dotcom bubble didn't kill the internet.



hoping that is true for us.

Unfortunately most people lost money all the early buyers aka early internet adopters got reket in the crash
thats why its better to stick it out , those who had the testicular fortitude to hold ended up winning.

most did not

that is why you always selling during bull runs upward.

I did well last year and Jan + Feb this year. 

The worst thing so far has been I can't get a second solar array setup.

We looked at a piece of property today maybe buysolar will win it at auction.

My wife found the listing maybe this will work out for us.

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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September 14, 2018, 12:02:04 AM
 #1044


I have been mining for two years. Slow start with 6 AMD GPUs and Baikal mini miner.
I bought many GPUs in last 10 months.
I have 402 GPUs mixed AMD -- NVIDIA and some Baikal ASICs.
the profit ? i have earned the half of the investment. I need to earn around 50K USD to reach ROI.

That's crazy, in this market you're barely able to break even on electricity used. All the miners in china are just mining and selling with their cheap electricity, they have absolutely no interest in holding anything, they're just selling selling selling and pushing all the prices down. There is no financial intelligence, just make a dollar and buy raman noodles..

Check out Trezarcoin @ Trezarcoin.com, book +VIP hotel stays with -20% discounts from Expedia by using $TZC to Pay, TrezarTravels.com to learn more!
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September 14, 2018, 02:57:32 AM
 #1045



...

Maybe wiping out gpu mining profits, but adoption?  I don't think so.  If/when crypto truly hits mainstream adaption, the users will have a cursory idea of how it works and probably won't even understand mining. Stability, usefulness, and ease of use is what will drive adoption.  Right now buying crypto is extremely complicated, hard to spend, and there is not much to spend it on.  Its going to have to be just as easy as venmo and debit cards.  And sadly I think it will require a few centralized 3rd parties to process transactions (like visa, mc, ac) for it to really take off.

I think you will find that most developers are not money people.  They are trying to create something for long term prospects while not really caring about short term prices.  Monero is probably the only coin that I can say actively works on thwarting ASICs  AND has a mature, stable, project.  These other coins that are using resources on forking algos don't even have a fully developed product.


There are a lot of gpus out there

rx550
rx560
rx570
rx580

rx460
rx470
rx480

vega 56
vega 64

gtx 1050
gtx 1050ti
gtx 1060
gtx 1070
gtx 1070ti
gtx 1080
gtx 1080ti

everyone of the above  if purchased sept 1 2017  made a profit to roi fully by feb 1 2018   every fucking one.

now granted many people fucked up  and blew or lost the profit but  check the facts out  I am correct.

find the sept 1 2017 price for those cards and do the math.   that = millions of cards and millions of adapters   and asic builders killed that off.

basically asic builders got so fucking hungry they ate their legs and crippled the industry by doing it.

So instead of a gpu kid  happy to get a free gaming rig and a few bucks to buy more games  you get a gaming kid that hates mining won't use crypto  .

World wide   x 3,000,000  maybe 5,000,000 turned off by the move.

Me I am flexible I have all gear cpu gpu fpga asics.

 But I am a miner not a gaming kid.
 I have worked with pc's before apple existed and back as far as 1974.
I can say they were mainframe back then not really pc's.


I always saw this as a power game not a gear game.

the reality is it
 see-saws from
 power king to
gear king to
 power king

and on  an on.  Dealing the blow to gpu hobby and small miners kills adaption big time.

I mean what you say is true but only because the crypto market grew 6x in about 4 months.  Anyone who was mining could make money.  Pick your favorite altcoin and cut the hashrate in half, profits would still be dismal.  I can assure you that bitcoin didn't go from $20k to $5k because of asic miners!  Take Zcash for example.  In January the reward was over $5000 per block.  Now its a little over $1000.  Tough to make money when that happens
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September 14, 2018, 09:16:21 AM
 #1046

Phil, what are you mining atm with your 1080tis?
Me I moved from RVN to BCI, let's see how this goes. I think I will hold for the moment. Latest mined Raven went all to exchange in  BTC...
philipma1957
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September 14, 2018, 11:39:08 AM
 #1047

Phil, what are you mining atm with your 1080tis?
Me I moved from RVN to BCI, let's see how this goes. I think I will hold for the moment. Latest mined Raven went all to exchange in  BTC...

BCI

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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September 14, 2018, 09:30:41 PM
 #1048


I have been mining for two years. Slow start with 6 AMD GPUs and Baikal mini miner.
I bought many GPUs in last 10 months.
I have 402 GPUs mixed AMD -- NVIDIA and some Baikal ASICs.
the profit ? i have earned the half of the investment. I need to earn around 50K USD to reach ROI.

That's crazy, in this market you're barely able to break even on electricity used. All the miners in china are just mining and selling with their cheap electricity, they have absolutely no interest in holding anything, they're just selling selling selling and pushing all the prices down. There is no financial intelligence, just make a dollar and buy raman noodles..

I'm doing a lot better than breakeven - but the only low-cost electric rate areas in the US are pretty much ALL getting anti-crypto and implamenting new HIGHER rates for cryptocoin mining operations, sometimes a LOT higher than their actual cost to generate that electric.


I'm no longer legendary just in my own mind!
Like something I said? Donations gratefully accepted. LYLnTKvLefz9izJFUvEGQEZzSkz34b3N6U (Litecoin)
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adaseb
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September 15, 2018, 11:50:00 PM
 #1049

Alot of money was invested into Bitcoin, Bitcoin businesses, blockchain technology, ICOs, startups,etc.

Sure some of those ICOs were scams and some were overpriced for a simple website and whitepaper but there are many out there that are legit.

Right now I think we are in a price discovery mode. Most of us here were around for a few years and we all knew that BTC at $20K or even $10K was not considered normal. Same with ETH, no way ETH was worth $1400 a coin.

I remember late 2015/early 2016 my 280X GPUs found like a block on average every week mining solo. This was when the block reward was 5 ETH.  To me an average price for ETH was around $10, and when it hit $20, I've sold pretty much all of them. The fact that it hit $1400, is not only abnormal, its retarded.

Don't get me wrong, ETH might have a valuation of $1400 but not in the near future. For it to go from $10 to $1400 in a year is crazy. And for it to go from $400 to $1400 in like a month is also crazy.

 

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philipma1957
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September 16, 2018, 12:50:16 AM
 #1050

Alot of money was invested into Bitcoin, Bitcoin businesses, blockchain technology, ICOs, startups,etc.

Sure some of those ICOs were scams and some were overpriced for a simple website and whitepaper but there are many out there that are legit.

Right now I think we are in a price discovery mode. Most of us here were around for a few years and we all knew that BTC at $20K or even $10K was not considered normal. Same with ETH, no way ETH was worth $1400 a coin.

I remember late 2015/early 2016 my 280X GPUs found like a block on average every week mining solo. This was when the block reward was 5 ETH.  To me an average price for ETH was around $10, and when it hit $20, I've sold pretty much all of them. The fact that it hit $1400, is not only abnormal, its retarded.

Don't get me wrong, ETH might have a valuation of $1400 but not in the near future. For it to go from $10 to $1400 in a year is crazy. And for it to go from $400 to $1400 in like a month is also crazy.

 

Lot of truth here.  If you think of coins as a way to earn money  and compare to " safe investing" say a  USA bond

you want a premium.  So if a "safe" bond pays 3%  mining needs to pay more.

I learned a lot of info on solar in the state of NJ not only for mining but for solar farming as an investment.
In NJ without mining I can make  5 to 7% on a proper solar farm setup.
this is calculated selling power  to the grid at 4 cents a kwatt.

last winter  we were earning 50 to 65 cents a kwatt mining we averaged 36 cents for  about 13 months.

So 36/4 = 9x the price of selling it to the grid.  so in 13 months we earned more then 117 months of earnings if we were selling to the grid.  that is not normal  and is not going to last.

we still earn 9 to 11 cents  per kwatt vs 4 cents pretty good.

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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September 16, 2018, 12:31:07 PM
 #1051

Alot of money was invested into Bitcoin, Bitcoin businesses, blockchain technology, ICOs, startups,etc.

Sure some of those ICOs were scams and some were overpriced for a simple website and whitepaper but there are many out there that are legit.

Right now I think we are in a price discovery mode. Most of us here were around for a few years and we all knew that BTC at $20K or even $10K was not considered normal. Same with ETH, no way ETH was worth $1400 a coin.

I remember late 2015/early 2016 my 280X GPUs found like a block on average every week mining solo. This was when the block reward was 5 ETH.  To me an average price for ETH was around $10, and when it hit $20, I've sold pretty much all of them. The fact that it hit $1400, is not only abnormal, its retarded.

Don't get me wrong, ETH might have a valuation of $1400 but not in the near future. For it to go from $10 to $1400 in a year is crazy. And for it to go from $400 to $1400 in like a month is also crazy.

 

It is crazy, But you can guarantee it will happen again, just a question of when
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September 16, 2018, 06:02:37 PM
Merited by MagicSmoker (1)
 #1052

You guys know what made me stop loading up on GPUs sometime in Dec 2017-Jan 2018?

It was when I saw a Reddit post or some news article about some TESLA owner basically parking his car at a TESLA charging station and he had like 5-6 GPUs in there, mining away. Seeing that made me very fearful about the future of mining...

Found the article


https://hardware.slashdot.org/story/17/11/28/2148257/tesla-owners-are-mining-bitcoins-with-free-power-from-charging-stations




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September 16, 2018, 06:41:07 PM
 #1053

You guys know what made me stop loading up on GPUs sometime in Dec 2017-Jan 2018?

It was when I saw a Reddit post or some news article about some TESLA owner basically parking his car at a TESLA charging station and he had like 5-6 GPUs in there, mining away. Seeing that made me very fearful about the future of mining...

Found the article


https://hardware.slashdot.org/story/17/11/28/2148257/tesla-owners-are-mining-bitcoins-with-free-power-from-charging-stations

Holy smokes! My bubble-sense was already bursting* but if I had seen that article I would have definitely cashed out of everything!  Grin




* - see what I did there?
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September 16, 2018, 07:08:30 PM
 #1054

I have I have some doubt about mining is it still people doing mining of cryptocurrency is it profitable
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September 17, 2018, 05:55:38 AM
 #1055

You guys know what made me stop loading up on GPUs sometime in Dec 2017-Jan 2018?

It was when I saw a Reddit post or some news article about some TESLA owner basically parking his car at a TESLA charging station and he had like 5-6 GPUs in there, mining away. Seeing that made me very fearful about the future of mining...

Found the article


https://hardware.slashdot.org/story/17/11/28/2148257/tesla-owners-are-mining-bitcoins-with-free-power-from-charging-stations

Holy smokes! My bubble-sense was already bursting* but if I had seen that article I would have definitely cashed out of everything!  Grin




* - see what I did there?

It's basically what happened back in 2010 when the metal markets were going crazy. Gold almost hit $2000 and silver almost hit $50.

There were reports that there will be a shortage of silver and China is buying literally in unlimited amounts. Heard this basically from a cab driver who put all his income into buying silver. What happened right after? It started crashing very fast and will be provably decades when we see $50 silver and $2000 gold again.

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September 17, 2018, 09:49:48 AM
Last edit: September 17, 2018, 09:59:59 AM by arielbit
 #1056

You guys know what made me stop loading up on GPUs sometime in Dec 2017-Jan 2018?

It was when I saw a Reddit post or some news article about some TESLA owner basically parking his car at a TESLA charging station and he had like 5-6 GPUs in there, mining away. Seeing that made me very fearful about the future of mining...

Found the article


https://hardware.slashdot.org/story/17/11/28/2148257/tesla-owners-are-mining-bitcoins-with-free-power-from-charging-stations

Holy smokes! My bubble-sense was already bursting* but if I had seen that article I would have definitely cashed out of everything!  Grin




* - see what I did there?

It's basically what happened back in 2010 when the metal markets were going crazy. Gold almost hit $2000 and silver almost hit $50.

There were reports that there will be a shortage of silver and China is buying literally in unlimited amounts. Heard this basically from a cab driver who put all his income into buying silver. What happened right after? It started crashing very fast and will be provably decades when we see $50 silver and $2000 gold again.

that is when times that people are generally happy with x2 and x3 price increase.....and suddenly crypto introduced x10 x100 and x1000  Grin
philipma1957
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September 18, 2018, 06:06:27 PM
 #1057


test bat


-U -P stratum+tcp://iG5mxRMZErtXwReBaEvpYam7PQStwgK5hR.M2a@67.40.164.173:3833

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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September 18, 2018, 07:03:56 PM
Merited by suchmoon (4)
 #1058

Read an email today from Letine about a new Lyra2Rev2 ASICS miner....

..... a 6.8GHs per box equivalent to about 100 x 1080tis

... rumored 8k-11k

https://cryptomining-blog.com/tag/dayun-zig-z1-asic-miner/

>>

With depressed BTC price now.... this is really rubbing salt to the wound....

I have powered down my AMD farm ~ around 240 x RX470s. The NVIDIA farm is still up though.

Looks like the only way to make money in mining today is ....

.... get the newest miner, mine the shit out of the miner, and sell it back to the market.


If I provided you good and useful info or just bring a smile to your day, consider sending me merit points to further validate this Bitcointalk account ~ useful for future account recovery...
philipma1957
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September 19, 2018, 12:10:56 AM
 #1059

it's easy, all people can do it


wtf? is this post for

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
Marvell2
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September 19, 2018, 12:30:02 AM
 #1060

Read an email today from Letine about a new Lyra2Rev2 ASICS miner....

..... a 6.8GHs per box equivalent to about 100 x 1080tis

... rumored 8k-11k

https://cryptomining-blog.com/tag/dayun-zig-z1-asic-miner/

>>

With depressed BTC price now.... this is really rubbing salt to the wound....

I have powered down my AMD farm ~ around 240 x RX470s. The NVIDIA farm is still up though.

Looks like the only way to make money in mining today is ....

.... get the newest miner, mine the shit out of the miner, and sell it back to the market.



I thought you got really cheap power out there in asia ? Those rx cards still make $$ mining monero at .13 cents power even
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