ETH network hashrate going to the moon!!!!

[adaseb]

Innosilicon just released a 500 mhs miner at 750 watts, no sure who is buying a it with progpow algo change.

Yes its pretty crazy how unfair the mining game is towards the ASICs. Basically most of my old RX series rigs were all RX 470 GPUs. And each rig used about 750 Watts, give or take. However each GPU peaked at 30MH/s, usually a little less. So my total hashrate was 180MH/s or so.

So if you compare it to the ASIC, its basically almost 3 times more efficient per watt than a GPU. Now this is why something like ProgPOW is important. Because if it had the same efficientcy then it would be fair and I wouldn't complain. However just like with BTC, the efficiencies will always increase and before we know it there will be ASICs which are 10 times more efficient, then 100 times, then 1000 times and eventually GPU miners will be completely out. This is pretty much to what happened with Bitcoin in 2012.

[1714698556]

1714698556

[Piskeante]

Innosilicon just released a 500 mhs miner at 750 watts, no sure who is buying a it with progpow algo change.

Yes its pretty crazy how unfair the mining game is towards the ASICs. Basically most of my old RX series rigs were all RX 470 GPUs. And each rig used about 750 Watts, give or take. However each GPU peaked at 30MH/s, usually a little less. So my total hashrate was 180MH/s or so.

So if you compare it to the ASIC, its basically almost 3 times more efficient per watt than a GPU. Now this is why something like ProgPOW is important. Because if it had the same efficientcy then it would be fair and I wouldn't complain. However just like with BTC, the efficiencies will always increase and before we know it there will be ASICs which are 10 times more efficient, then 100 times, then 1000 times and eventually GPU miners will be completely out. This is pretty much to what happened with Bitcoin in 2012.

That is why , whenever ASIC enters the game, it's game over for GPU miners. And this is why i've always hated ASICs. ETH devs care from 0 to nothing about this problem. I don't even think they will apply Progpow. They will go directly to POS and reduce reward to 0. Almost 100% sure they will let ASIC destroy profit for GPU miners.

Efficiency wise and all this "climate change issue", they surely think it's better to have 1000mh/s using 1500W, than 1000mh/s using like 4kW or more. This madness is already too big to deal with it. Profitability is just a joke. And i aggree. This increase in hashrate is ASIC related, almost 100% sure. Noone is building GPU mining rigs with POS incoming my 1Q of 2020. Innosilicon is doing what bitmain did and has continue doing for a long time: design their own machines, and put them online winning extra money. First for mining, and second for cleaning and selling "old hardware" for people once they had a more powerful more efficient one online.

This is not what crypto was about. it was not created for being centralized, but it's the most centralized market you can ever imagine. 55% of all BTC hashrate is in China. Even with the ban, chinesse people are moving away their hardware to places where there is no such control.

[badbart]

Innosilicon just released a 500 mhs miner at 750 watts, no sure who is buying a it with progpow algo change.

Yes its pretty crazy how unfair the mining game is towards the ASICs. Basically most of my old RX series rigs were all RX 470 GPUs. And each rig used about 750 Watts, give or take. However each GPU peaked at 30MH/s, usually a little less. So my total hashrate was 180MH/s or so.

So if you compare it to the ASIC, its basically almost 3 times more efficient per watt than a GPU. Now this is why something like ProgPOW is important. Because if it had the same efficientcy then it would be fair and I wouldn't complain. However just like with BTC, the efficiencies will always increase and before we know it there will be ASICs which are 10 times more efficient, then 100 times, then 1000 times and eventually GPU miners will be completely out. This is pretty much to what happened with Bitcoin in 2012.

The RX 5700 can get 60mh at 100 watts, that is close to the new asic in efficiency and cost. 

[fr4nkthetank]

I do not really agree.  That 500mhs ASIC sells about what 2500 USD.  Who cares about efficiency if you pay 2-4cents USD or something.  With 2500USD you can get approx 800mhs or so with 570s (+- depending on what you pay for stuff but still).  So its not the death of GPUs but it doesnt help profitability thats for sure.

[DrG]

Well either you're going to be happy you dumped your RX 470s for this holiday season on Craigslist/eBay or you'll be happy you kept them is Progpow gets pushed.

[Saverenergy]

Innosilicon just released a 500 mhs miner at 750 watts, no sure who is buying a it with progpow algo change.

Well, for now, this miner will be relevant with such low power consumption. And the transition to progpow will not be implemented soon, it will be delay repeatedly and tested several times. In general, everything is as usual.

[adaseb]

Well either you're going to be happy you dumped your RX 470s for this holiday season on Craigslist/eBay or you'll be happy you kept them is Progpow gets pushed.

This is what I am actually debating right now. I made the mistake and didn't sell my GPUs last year and most are collecting dust. Sure they turn a profit but for 10 cents a day per GPU, I rather not deal with the headache of having the GPUs crash. So I am just holding them if we ever get the $1/day/gpu again.

I remember back in 2014, I had issues selling my GPUs after the Litecoin crash. It wasn't until Christmas 2014 when I was able to sell every GPU. Since people bought them as presents for their kids or husbands or boyfriends.

This year I am wondering what to do? Will ProgPOW actually go live and make GPU mining profitable again or should I just sell all my GPUs this Christmas and move on.

[Piskeante]

193.600 Gh/s today. DAy after day, the hashrate is increasing.

New ASICS entering the market.

[Piskeante]

Well either you're going to be happy you dumped your RX 470s for this holiday season on Craigslist/eBay or you'll be happy you kept them is Progpow gets pushed.

This is what I am actually debating right now. I made the mistake and didn't sell my GPUs last year and most are collecting dust. Sure they turn a profit but for 10 cents a day per GPU, I rather not deal with the headache of having the GPUs crash. So I am just holding them if we ever get the $1/day/gpu again.

I remember back in 2014, I had issues selling my GPUs after the Litecoin crash. It wasn't until Christmas 2014 when I was able to sell every GPU. Since people bought them as presents for their kids or husbands or boyfriends.

This year I am wondering what to do? Will ProgPOW actually go live and make GPU mining profitable again or should I just sell all my GPUs this Christmas and move on.

It's a good question, with simple answers.

1º If you believe ETH will go UP in price, you are losing money with your GPUs offline.
2º If you believe ETH will hold the actual value, or even get lower, it's better to sell them. I don't see so much offerings in second hand markets, since all people that wanted to move on, have sold them already. Prices are going up in second hand markets. In Spain you can actually snipe RX 570's 8gb from Sapphire for around 100€ or lower, and get around 30-32 mh/s with 140W total power consumption per card.

3º If you think Progpow will go online, and ASIC rekt, you can hold your GPU's, but again, profit depends not only on hashrate but on price per coin aswell, so you actually return to points 1 or 2.
4º If you think, like me , that progpow will not be applied, and that DEVS don't care about GPU miners and they will go directly to total POS with 0 reward per block, leaving ASIC go camp ETH with their massive hashrate with ridiculous efficiency, than you should ask yourserf if you want to switch to another algo or sell GPU.

[swogerino]

Well either you're going to be happy you dumped your RX 470s for this holiday season on Craigslist/eBay or you'll be happy you kept them is Progpow gets pushed.

This is what I am actually debating right now. I made the mistake and didn't sell my GPUs last year and most are collecting dust. Sure they turn a profit but for 10 cents a day per GPU, I rather not deal with the headache of having the GPUs crash. So I am just holding them if we ever get the $1/day/gpu again.

I remember back in 2014, I had issues selling my GPUs after the Litecoin crash. It wasn't until Christmas 2014 when I was able to sell every GPU. Since people bought them as presents for their kids or husbands or boyfriends.

This year I am wondering what to do? Will ProgPOW actually go live and make GPU mining profitable again or should I just sell all my GPUs this Christmas and move on.

You can sell because we don’t know what will happen with ProgPOW if you are not happy with your Gpu-s performance and if you have them configured correctly they almost never crash.I will keep mine as I believe one day it will be thanks to these very Gpu-s that maybe I will make a decent amount of money.

[adaseb]

In my area however there are tons of second hand RX GPUs going for almost nothing. There are the same multiple sellers that keep relisting their ads over and over and every few months they knock down their prices because nobody is buying these GPUs.

There is just too much supply out there of these GPUs and unlike Nvidia GPUs most gamers don't want an AMD GPU. Hence it's the reason why it's better to wait until the supply gets absorbed and sell then.

[sxemini]

it seems that there is new players in the game

from 27 august, to today, we have gone from 170.000Gh/s to 189.000Gh/s. I haven't seen this enormous hashrate switch from any other coin. All other coins maintain normally their Hashrate. So this increase are new players. Big farms switching from place to get better price per kW? probably.

New ASIC coming online? probably.

is this madness going to continue?? are really people investing into new rigs to get something around from 10 to 40$ month profit after electricity? are people so desperate???

LOL this is not much. Look at the overall network hashrate chart and you see this is normal. The diff increase a little bit and all dudes began to cry  

20.12.18 160.000GH and on 26.12.18 it has 189.000GH for example.

https://etherscan.io/chart/hashrate

your answer is just to simplistic. Let me tell you.

By 20-12-18, the price of ETH was nearly 90€. It was non profitable. But!!! and this is the issue, all the other alts were doing far worse than ETH. This made a huge amount of Hashrate from other alts switch to ETH.

But that case is not this one, since there is no hashrate switch from other algos to ETH. It's just new hashrate into the market. Which totally invalidates your statements.


It's not that i cry. i don't care. It's just how miserable you have to be, to turn on your gpus generating heat and big electricity bills to gain 30$ on a month.

And you cry like a baby. Sorry your statement ist shit and nothing more. You say you never see a so much increasing of hashrate. So it´s wrong.
My Cards do more than 30$ in a month XD. I gain over 1000$ extra cash in a month with my old RX cards after electric 

My answer is to simple and your comment say nothing XD

[adaseb]

it seems that there is new players in the game

from 27 august, to today, we have gone from 170.000Gh/s to 189.000Gh/s. I haven't seen this enormous hashrate switch from any other coin. All other coins maintain normally their Hashrate. So this increase are new players. Big farms switching from place to get better price per kW? probably.

New ASIC coming online? probably.

is this madness going to continue?? are really people investing into new rigs to get something around from 10 to 40$ month profit after electricity? are people so desperate???

LOL this is not much. Look at the overall network hashrate chart and you see this is normal. The diff increase a little bit and all dudes began to cry  

20.12.18 160.000GH and on 26.12.18 it has 189.000GH for example.

https://etherscan.io/chart/hashrate

your answer is just to simplistic. Let me tell you.

By 20-12-18, the price of ETH was nearly 90€. It was non profitable. But!!! and this is the issue, all the other alts were doing far worse than ETH. This made a huge amount of Hashrate from other alts switch to ETH.

But that case is not this one, since there is no hashrate switch from other algos to ETH. It's just new hashrate into the market. Which totally invalidates your statements.


It's not that i cry. i don't care. It's just how miserable you have to be, to turn on your gpus generating heat and big electricity bills to gain 30$ on a month.

And you cry like a baby. Sorry your statement ist shit and nothing more. You say you never see a so much increasing of hashrate. So it´s wrong.
My Cards do more than 30$ in a month XD. I gain over 1000$ extra cash in a month with my old RX cards after electric 

My answer is to simple and your comment say nothing XD

I don't see how its possible for you to make $30/month per GPU. Which is $1/day and you are saying its after electric.

Plugging in the values for a RX 470 to What to mine you make the most around 57 cents and that is before electric. With electric about 20 cents with a standard 10c kwh power rate. So your net profit is $6 per month, I don't see where you get the $30 figure.

This is also not taking into effect stale shares, outages, pool fees, exchange fees, withdraw fees, etc.

[DrG]

it seems that there is new players in the game

from 27 august, to today, we have gone from 170.000Gh/s to 189.000Gh/s. I haven't seen this enormous hashrate switch from any other coin. All other coins maintain normally their Hashrate. So this increase are new players. Big farms switching from place to get better price per kW? probably.

New ASIC coming online? probably.

is this madness going to continue?? are really people investing into new rigs to get something around from 10 to 40$ month profit after electricity? are people so desperate???

LOL this is not much. Look at the overall network hashrate chart and you see this is normal. The diff increase a little bit and all dudes began to cry  

20.12.18 160.000GH and on 26.12.18 it has 189.000GH for example.

https://etherscan.io/chart/hashrate

your answer is just to simplistic. Let me tell you.

By 20-12-18, the price of ETH was nearly 90€. It was non profitable. But!!! and this is the issue, all the other alts were doing far worse than ETH. This made a huge amount of Hashrate from other alts switch to ETH.

But that case is not this one, since there is no hashrate switch from other algos to ETH. It's just new hashrate into the market. Which totally invalidates your statements.


It's not that i cry. i don't care. It's just how miserable you have to be, to turn on your gpus generating heat and big electricity bills to gain 30$ on a month.

And you cry like a baby. Sorry your statement ist shit and nothing more. You say you never see a so much increasing of hashrate. So it´s wrong.
My Cards do more than 30$ in a month XD. I gain over 1000$ extra cash in a month with my old RX cards after electric  

My answer is to simple and your comment say nothing XD

I don't see how its possible for you to make $30/month per GPU. Which is $1/day and you are saying its after electric.

Plugging in the values for a RX 470 to What to mine you make the most around 57 cents and that is before electric. With electric about 20 cents with a standard 10c kwh power rate. So your net profit is $6 per month, I don't see where you get the $30 figure.

This is also not taking into effect stale shares, outages, pool fees, exchange fees, withdraw fees, etc.

Ignore him. Some people are either born trolls or just plain stupid. There is no card making $1 per day after electricity. Even 1080Ti with the pill and free electricity can't generate $1/day.

So perhaps he meant to say he generates $30/day or $1000/month from ALL his cards - maybe he has 150 cards lol.

Again, people are failing to even bother reading the continuing discussion. Are you really gaining $1000/month when the value of the said 150 cards is dropping $2 to $4k/month? In his eyes yes. In the eyes of any sensible person who has ever run a business NO. It's not sunk costs - the value can be regained at time of sale, but of course if you sit on it until 2023 nobody will buy a 1070.

Picking up a dime off the street I make $0.10. If there's 100 dimes on the street spread out over a 5 mile distance yes you could "earn" $10.00 by picking up those "free" coins. In the meantime you could have ran some ethernet cable, consulted for IT services or even mowed somebody's lawn and made $20-$200. Free is not as free as some people think it is  

[fmz89]

it seems that there is new players in the game

from 27 august, to today, we have gone from 170.000Gh/s to 189.000Gh/s. I haven't seen this enormous hashrate switch from any other coin. All other coins maintain normally their Hashrate. So this increase are new players. Big farms switching from place to get better price per kW? probably.

New ASIC coming online? probably.

is this madness going to continue?? are really people investing into new rigs to get something around from 10 to 40$ month profit after electricity? are people so desperate???

LOL this is not much. Look at the overall network hashrate chart and you see this is normal. The diff increase a little bit and all dudes began to cry  

20.12.18 160.000GH and on 26.12.18 it has 189.000GH for example.

https://etherscan.io/chart/hashrate

your answer is just to simplistic. Let me tell you.

By 20-12-18, the price of ETH was nearly 90€. It was non profitable. But!!! and this is the issue, all the other alts were doing far worse than ETH. This made a huge amount of Hashrate from other alts switch to ETH.

But that case is not this one, since there is no hashrate switch from other algos to ETH. It's just new hashrate into the market. Which totally invalidates your statements.


It's not that i cry. i don't care. It's just how miserable you have to be, to turn on your gpus generating heat and big electricity bills to gain 30$ on a month.

And you cry like a baby. Sorry your statement ist shit and nothing more. You say you never see a so much increasing of hashrate. So it´s wrong.
My Cards do more than 30$ in a month XD. I gain over 1000$ extra cash in a month with my old RX cards after electric  

My answer is to simple and your comment say nothing XD

I don't see how its possible for you to make $30/month per GPU. Which is $1/day and you are saying its after electric.

Plugging in the values for a RX 470 to What to mine you make the most around 57 cents and that is before electric. With electric about 20 cents with a standard 10c kwh power rate. So your net profit is $6 per month, I don't see where you get the $30 figure.

This is also not taking into effect stale shares, outages, pool fees, exchange fees, withdraw fees, etc.

Ignore him. Some people are either born trolls or just plain stupid. There is no card making $1 per day after electricity. Even 1080Ti with the pill and free electricity can't generate $1/day.

So perhaps he meant to say he generates $30/day or $1000/month from ALL his cards - maybe he has 150 cards lol.

Again, people are failing to even bother reading the continuing discussion. Are you really gaining $1000/month when the value of the said 150 cards is dropping $2 to $4k/month? In his eyes yes. In the eyes of any sensible person who has ever run a business NO. It's not sunk costs - the value can be regained at time of sale, but of course if you sit on it until 2023 nobody will buy a 1070.

Picking up a dime off the street I make $0.10. If there's 100 dimes on the street spread out over a 5 mile distance yes you could "earn" $10.00 by picking up those "free" coins. In the meantime you could have ran some ethernet cable, consulted for IT services or even mowed somebody's lawn and made $20-$200. Free is not as free as some people think it is  

I guess he just plain troll, only radeon vii(algo argon2d) got around 1.7$ - 0.6$(electric base on 0.1$kwh@250w gpu consume)= 1.1$(after pay electric) aat this moment, miners are dying like us, i still mining even at 0.11$kwh, some gpu already turn off, polaris&tahiti series, even vega card struggle to get decent profit (i call break even if profit only 120% from electric price)

[Piskeante]

Low profit + massive dump = game over for miners right now.

If i had my machines online, i would be losing 10$ per month mining ETC (after electricity bill) and winning around 15$ per month mining ETH.

No go. The question is: are so many people mining at loss ETH? Or is it that ASIC can still make some decent profit and they stay online after a massive 20% drop in price???

[leonix007]

Low profit + massive dump = game over for miners right now.

If i had my machines online, i would be losing 10$ per month mining ETC (after electricity bill) and winning around 15$ per month mining ETH.

No go. The question is: are so many people mining at loss ETH? Or is it that ASIC can still make some decent profit and they stay online after a massive 20% drop in price???

Sounds stupid, but I had seen peeps mining at a loss

Their reasons? I guess, Diff low, and HOPIng for a bull run   

My RX are still collecting dust, might be a month or two, have to bid farewell with them, just trying to see GPU price changes on a holiday season

[meru890]

Indeed dark days for GPU miners. I had to switch off my miners too, it just makes no sense to mine at loss if you could buy it directly for cheap. Problem is... I'm sitting on 28x rx580 8gb cards collecting dust. Makes absolutely no sense to run it but selling the rigs is nearly impossible even for cheap. Only option would be to sell each card solo but then again gamers don't care about rx580 and everybody hates mining cards. OR I wait a couple of months and maybe an opportunity for a new coin occurs but then again everybody would switch instantly to mine it so I think GPU mining is finally dead. In my area I would get 100 dollar if lucky, still see some ads been online for months trying to sell cards.

[Piskeante]

Prices are going to dump below the resistance of 160$, but ETH hashrate continues in the 190ish Mh/s. How mad is that??? or maybe ASIC still have enough profit to continue mining???

ETH devs, you deserve to go to hell ASAP. What a disaster for GPU miners.

[deskless]

I would think hashrate would have a delayed reaction to the price movement either way