Have miners capitulated yet? Nobody talking about 2070 rtx hashrate

[lunobird]

https://www.youtube.com/watch?v=Aoq57xOJ_7k

This guy is getting 60 hash rate for bitcoin gold and 40 for eth.  Same as the 2080 i think.

For the price point of $500 its actually a pretty good mining card for performance/price/energy.

Yet nobody on here cares or gives a damn.  Have miners capitulated? People going back to gaming instead?

Thoughts on the rtx 2070 mining performance?

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[Za1n]

Well as he points out in the first minute he actually has the MSI Armor OC edition which as he states is "$30-40$ more". On NewEgg this card is currently listed for $550 (after rebate).

Putting his numbers 60 sols and 180 watts into What-to-mine today, he is netting around 30 cents per day. Just to pay off his investment of $550 will take over 1800 days (or 5 years), and even when he did the video at 60 cents a day profit it would have still taken over 900 days (or 2.5 years) to pay for his GPU, not including wear and tear on the rest of the system, fans failing, other components failing, etc. over that long period of time.

So yeah, pretty much no one really gives a damn anymore.

[leowonderful]

Yup, the 2070 would be a viable card if it weren't priced so high and mining profitability wasn't so high, but things are horrible for GPU mining as Za1n noted, and you're better off mining with multiple cheaper cards like RX 570/580s at this moment if you did so choose to mine, which is a risky proposition right now anyways with the price trends in crypto and also the difficulty trends. More people might check these out if mining profitability goes back up again, but right now it just doesn't make sense to buy.

[lunobird]

Well as he points out in the first minute he actually has the MSI Armor OC edition which as he states is "$30-40$ more". On NewEgg this card is currently listed for $550 (after rebate).

Putting his numbers 60 sols and 180 watts into What-to-mine today, he is netting around 30 cents per day. Just to pay off his investment of $550 will take over 1800 days (or 5 years), and even when he did the video at 60 cents a day profit it would have still taken over 900 days (or 2.5 years) to pay for his GPU, not including wear and tear on the rest of the system, fans failing, other components failing, etc. over that long period of time.

So yeah, pretty much no one really gives a damn anymore.

Yes thats probably a home miner gamers viewpoint that will look at whattomine and see their profits suck in a small window timeframe for 1week and not consider a full market/mining cycle.  Not worth it for them. They can go back and play Red Dead Redemption 2.

But what about a more serious miner viewpoint. One that will mine at a colo facility. Use equipment deduction on tax day and do proper accounting for taxes. China asic miners now charge close to 30 percent on tarriffs so asic not an option for usa miners.

You can get evga basic version which probably is the same as the armor if a tad better for $500 from amazon.  Just only $100 more than a 1070 ti brand new on amazon
https://www.amazon.com/EVGA-RTX-2070-XC-08G-P4-2173-KR/dp/B07J9L4HC2/ref=sr_1_1?ie=UTF8&qid=1542244314&sr=8-1&keywords=2070%2Brtx%2Bevga&th=1

The T2 1600Watt titanium power supply cheaper than the 1000w. :O at only $242 now. I remember at the peak of the mining cycle these were $460
https://www.amazon.com/EVGA-SuperNOVA-TITANIUM-Crossfire-220-T2-1600-X1/dp/B00R33ZBQU/ref=sr_1_1?ie=UTF8&qid=1542244893&sr=8-1&keywords=evga+1600+t2

I see some potential angle here. Its not going to be easy.  Just like the early days first year of the 1070 series. Rewards will suck for a bit but you locked in your hardware from being sold out and accumulating more coins while everyone else gave up.  Thoughts?

[Za1n]

Co-locations typically tack on administrative and rent fees on top of electric, thus bringing the final price difference to not too much cheaper than home mining unless you have very high power rates. But just for sake of argument, say you are  getting free electricity with no other costs involved, the revenue per day is still only around 75 cents per card, so it will still take 2 years just to pay off the card.

Of course in the real world there are always extra costs involved, even with free power you still need the rest of the rig to actually mine with, as well as time and effort maintaining the rig, watching for profitable coins to mine, etc. As far as tax deductions, sure they may help you pay less tax on your profit, but since current profits are basically zero, they will do nothing to increase your income. If you buy new equipment and mine all year and make close to nothing, your tax deduction is not going to help unless you are looking for a way to offset your other income. Even then there are much better ways to do this, preferably contributing the max into your retirement savings.

So really the only people where mining with new GPUs would make sense for right now actually are the gamers. Someone who is going to buy the card regardless of how much it makes in mining. That type of person can effectively get their card at a discount over its life by mining part-time (when not gaming) and not necessarily be worried about getting all their money back, but just offset some of what they paid is a bonus. Kids living at home or in a college dorm come to mind as they are usually the ones with so-called free electricity and they only need to worry about recouping the cost of the GPU (assuming they already had a mining capable PC).

So from a serious miner perspective, meaning one who is buying hardware solely to mine with, it makes no sense right now to invest in equipment. The only ones doing so are what I like to think of a speculative miners, who are maybe at best breaking even, or at worse mining at a loss, hoping that in the future coin prices recover and they can earn their money back. But at this point you are better off simply investing directly in the coin since it is now speculation on the coins future.

[dagarair]

if you were lucky enough to get 1070 and 1070 tis before prices went stupid you will be running those for awhile.  They run decent and hash great

No one is buying new gear right now.  There is so much used stuff out there you'd be nuts to buy new.

[philipma1957]

if you were lucky enough to get 1070 and 1070 tis before prices went stupid you will be running those for awhile.  They run decent and hash great

No one is buying new gear right now.  There is so much used stuff out there you'd be nuts to buy new.

I have 12x 1080tis paid off.

My power deal is 1/2 the coins.


So in effect I have six 1080tis mining on free power.

Why grow? Why add?

It is about $6 a day with zero risk.


I have some l3 +  four also paid off.  Same power deal so that’s like 2 l3+ with free power. About 2 a day.

I have 1 m10 34th also split the coins.  So that is 17th for free mining btc.

I have 3 s9 costing me 130 about 4 cent power a month. I solo that.

Those s9 are paid.  So I lose 130 a month if I dont hit a solo block.

I am earning 180 with the 1080tis. So profit of 50.

Plus about 60 with the l3+

So 110 profit monthly  with a shot at a block every 283 months.

 not much compared to 400 a day last December.

[dagarair]

if you were lucky enough to get 1070 and 1070 tis before prices went stupid you will be running those for awhile.  They run decent and hash great

No one is buying new gear right now.  There is so much used stuff out there you'd be nuts to buy new.

I have 12x 1080tis paid off.

My power deal is 1/2 the coins.


So in effect I have six 1080tis mining on free power.

Why grow? Why add?

It is about $6 a day with zero risk.


I have some l3 +  four also paid off.  Same power deal so that’s like 2 l3+ with free power. About 2 a day.

I have 1 m10 34th also split the coins.  So that is 17th for free mining btc.

I have 3 s9 costing me 130 about 4 cent power a month. I solo that.

Those s9 are paid.  So I lose 130 a month if I dont hit a solo block.

I am earning 180 with the 1080tis. So profit of 50.

Plus about 60 with the l3+

So 110 profit monthly  with a shot at a block every 283 months.

 not much compared to 400 a day last December.

Nope BUT better than a loss right buddy!

[Xazax310]

I was interested in seeing RVN or other hashrates with 2070 but can't find a review at all on those coins just ETH hash which makes little sense. Now if ETH go ProgPOW then the 2070 actually can be the best price/per card since all 2000 series are excellent at ProgPOW. Right now I'm picking up 1070's for around 200 a piece used so I see little need to buy any 2000 series when I can buy 7 1070s for the price of one 2080ti.

[VasilyS]

There is nothing surprising after such a big fall in the price of cryptocurrencies. 14/11/2018 was a Black day for the market and the whole mining industry.

[cabslock]

There is nothing surprising after such a big fall in the price of cryptocurrencies. 14/11/2018 was a Black day for the market and the whole mining industry.

Or was it reality just hitting?

[lunobird]

Co-locations typically tack on administrative and rent fees on top of electric, thus bringing the final price difference to not too much cheaper than home mining unless you have very high power rates. But just for sake of argument, say you are  getting free electricity with no other costs involved, the revenue per day is still only around 75 cents per card, so it will still take 2 years just to pay off the card.

Of course in the real world there are always extra costs involved, even with free power you still need the rest of the rig to actually mine with, as well as time and effort maintaining the rig, watching for profitable coins to mine, etc. As far as tax deductions, sure they may help you pay less tax on your profit, but since current profits are basically zero, they will do nothing to increase your income. If you buy new equipment and mine all year and make close to nothing, your tax deduction is not going to help unless you are looking for a way to offset your other income. Even then there are much better ways to do this, preferably contributing the max into your retirement savings.

So really the only people where mining with new GPUs would make sense for right now actually are the gamers. Someone who is going to buy the card regardless of how much it makes in mining. That type of person can effectively get their card at a discount over its life by mining part-time (when not gaming) and not necessarily be worried about getting all their money back, but just offset some of what they paid is a bonus. Kids living at home or in a college dorm come to mind as they are usually the ones with so-called free electricity and they only need to worry about recouping the cost of the GPU (assuming they already had a mining capable PC).

So from a serious miner perspective, meaning one who is buying hardware solely to mine with, it makes no sense right now to invest in equipment. The only ones doing so are what I like to think of a speculative miners, who are maybe at best breaking even, or at worse mining at a loss, hoping that in the future coin prices recover and they can earn their money back. But at this point you are better off simply investing directly in the coin since it is now speculation on the coins future.

Yes my wife works at home and my trades in early 2017 are taxable,  So in my specific senario i can offset some of that by buying equipment.  As you mentioned Im already maxing out my 401k contributions savings to the max irs yearly limit.   But im also trying to maximize my tax deductions.  That means i'll sell the big losing coins to offset the early 2017 trades.

I do plan to hedge from the stock market and borrow 1/3 of my 401k in middle of 2019 and buy some btc,  That way im averaging down on btc at the lows and hedging against the 401k mutual fund stock market that has been on a near decade bull run.

I generally like buying brand new equipment.  You get like a 30 percent power efficiency for hashrate with the new 20 series which works great in the long game and hold better value, Plus from a business point of view easier to provide receipts for proof of purchase when doing tax accounting.

Does this sound like a generally a good plan for someone in my senario?

fyi, My risk tolerance is high and I got a day job. If things don't go as plan it would suck but its a risk i can afford to lose,
My goal is to 10-20x gains in 4-5 years and be ready for the next bull run. I want life changing money.

[gotminer]

Mining capitulation is for people who care about the usd value of any given crypto today. While I'm not building mining rigs, I'm not shutting them down either.

[swogerino]

The persons who want always to jump in wherever there is money , are the real damage to the crypto ecosystem. Even in this time just because of BTC/BCH debate which is going on and bringing down the price of bitcoin they are selling in panic contributing even further to the decline.

The real winners are people who will survive this dark era of mining and in 2019 and up I hope they all will joy and cheer up a bitcoin of a minimum at 35.000 dollars.

[BillieCrypt]

These GPUs are not very good for mining. They cost two times more than the previous generation, but give an increase in productivity of about 20-25%. In addition, Nvidia has already recognized the presence of problems and a large number of breakdowns of these video cards.

[lunobird]

These GPUs are not very good for mining. They cost two times more than the previous generation, but give an increase in productivity of about 20-25%. In addition, Nvidia has already recognized the presence of problems and a large number of breakdowns of these video cards.

1070 ti on Amazon is $400. Eth mining 31 mhz.
2070 rtx on amazon is $500. Eth mining 43.3 mhz

https://m.youtube.com/watch?v=aB4rIb347IY

Prices are only up 20 percent more but hash rate is up 29 percent on eth. Both cards use the same amount of power

Based off of these numbers 2070 rtx is actually more cost effective than 1070 ti when comparing apples to apples brand new.

2070 rtx is now officially the king of cost effective most power efficient gpu mining card