Is it official that GPU mining is guaranteed to be irrelevant in 2 to 3 years?

[shield132]

It's impossible to tell if GPU or ASIC mining will be completely unprofitable in the future.

Many people assumed that CPU mining was dead when there were GPU miners released for Bitcoin. Then other coins became CPU mineable.

Then it was assumed that GPU mining would be dead since ASICs came out and then Litecoin came out with Scrypt which was only possible to mine with GPUs.

Then Litecoin got ASICs and it was the entire cycle all over again with ETH.

So it's impossible to predict.

HDD mining ruins your cycle.
At least if you want to feel safe, you have to stick with ASIC miners to my mind, GPU mining was great and it was guaranteeing that altcoins mining was under people's hands too and wasn't as commercialized as bitcoin mining is now. But as always, good things are getting abused as time goes, can say that same will happen on altcoins and GPU mining will be irelevant in 3 years.

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[WickedPigeon]

GPU mining isn’t going away in the next few years.

Why - read any of the papers, minutes or developer discussions from XRD, RVN, GRIN, BEAM or dozen of other anti ASIC/Centralization crypto projects.  There are so many projects that don’t want centralization issues that they will keep forking/adjusting/changing to stop ASICs from dominating the chain.

Right now it’s a cat and mouse game - but soon the technology will be there to stop ASICs altogether. But until then coins will continue to fork to stop ASICs because no one wants centralization of power. And in the end, de-centralized tech will win.

Simple. And yes, the future maybe something other than just GPU - like some of the new algos under development that will mix CPU with GPU making current style of ASICs obsolete. Then ASICs will turn into something else and the cat and mouse will go on. BUT for the next few years, GPU mining isn’t going to die - just morph a little.

[badbart]

I think its more of a question of will the gpu minable coins be around, appreciate and commit to forking?  You need cheap electricity to survive the lean years and not have expectations of crazy profits like in 2017 early 2018.

Also sometimes I hedge my profits short btc to provide a cushion against down tuns. 

[WickedPigeon]

I think its more of a question of will the gpu minable coins be around, appreciate and commit to forking?  

All you have to do is read any of the threads on this topic in this forum to see the number of coins/projects adjusting/forking to counter ASICs. I'm a fan of RVN and they have a great paper out on their plan/roadmap - forking Oct 1. But there are many other coins doing the same thing or will do the same thing when ASICs start showing up.

You need cheap electricity to survive the lean years and not have expectations of crazy profits like in 2017 early 2018.

It helps to have cheap electric, but I pay a very average $.10 (or a little less) here in the US - and my mining is very profitable. As long as you know your costs, you can plan accordingly to make a profit.

Also sometimes I hedge my profits short btc to provide a cushion against down tuns.  

Good for you - selling or pre-selling hedges or Market neutral hedging can be good way to lock in profit - or a good way to miss out on a move. Just depends on what strategy you use.

[Seetth]

Ah Metroid, Metroid, Metroid.... Your stats of 80%... could be right, could be wrong - you are just throwing out BS without support. And that makes YOU the troll.

It seems you are a lottery winner, my friend which had a farm with 300 gpu's had around 60 gpus to fail in the first 180 days and around 40 gpus more to fail in the next 180 days, around 100 gpus out of 300, 33% in a year. All new retail gpus, warranty was only 30 days. A pro miner, now imagine those new trolls mining and thinking they will get rich fast ehhe and few days after they need to send their gpu to warranty and most will hear, "sorry bro, warranty does not cover mining" hehe

I really mean you are a lottery winner, you know that around 15% of gpus fail in the next 3 months after purchase, gaming on it. Now imagine mining 24/7, the card was never meant to do that, ask sapphire for the stats you will know if I'm right or not, reason they stopped honouring warranty if they find out it was used for mining. As far as I know around 60% of gpus returned to sapphire was used on mining and failed in the first 6 months in 2018.

I will rage hard over my providers and I mean hard with that amount of failures in a instant, I have the same GPUS over 3 years non stop and just 1 failed and pretty much was my fault still I got warranty for it, if your history if is true, you friend is buying crap cards, on that ones yes i believe is possible.

About the mining and GPUS its a lottery as someone said before we dont know no one knows im not sure, yes profitability is really low now to the point where I see as option stop the rigs but they still can pay they bills until that happens they will run.

[Metroid]

Ah Metroid, Metroid, Metroid.... Your stats of 80%... could be right, could be wrong - you are just throwing out BS without support. And that makes YOU the troll.

It seems you are a lottery winner, my friend which had a farm with 300 gpu's had around 60 gpus to fail in the first 180 days and around 40 gpus more to fail in the next 180 days, around 100 gpus out of 300, 33% in a year. All new retail gpus, warranty was only 30 days. A pro miner, now imagine those new trolls mining and thinking they will get rich fast ehhe and few days after they need to send their gpu to warranty and most will hear, "sorry bro, warranty does not cover mining" hehe

I really mean you are a lottery winner, you know that around 15% of gpus fail in the next 3 months after purchase, gaming on it. Now imagine mining 24/7, the card was never meant to do that, ask sapphire for the stats you will know if I'm right or not, reason they stopped honouring warranty if they find out it was used for mining. As far as I know around 60% of gpus returned to sapphire was used on mining and failed in the first 6 months in 2018.

I will rage hard over my providers and I mean hard with that amount of failures in a instant, I have the same GPUS over 3 years non stop and just 1 failed and pretty much was my fault still I got warranty for it, if your history if is true, you friend is buying crap cards, on that ones yes i believe is possible.

About the mining and GPUS its a lottery as someone said before we dont know no one knows im not sure, yes profitability is really low now to the point where I see as option stop the rigs but they still can pay they bills until that happens they will run.

See that is the problem, only when it happens to you you will see that mining is worthless, I mean, that is only one case of one of my friends, I had  another friend that lost around 240 gpus from lightning and he had all the protection he could have, in the end he lost all his effort for nothing. He never even think about mining anymore, he said that even if eth hits $30k and returns are 5 months like used to be when it was at best on mining he said he will never try mining ever again, not worth the trouble at all and in the end a simple surge could from nowhere end it all.

[badbart]

Ah Metroid, Metroid, Metroid.... Your stats of 80%... could be right, could be wrong - you are just throwing out BS without support. And that makes YOU the troll.

It seems you are a lottery winner, my friend which had a farm with 300 gpu's had around 60 gpus to fail in the first 180 days and around 40 gpus more to fail in the next 180 days, around 100 gpus out of 300, 33% in a year. All new retail gpus, warranty was only 30 days. A pro miner, now imagine those new trolls mining and thinking they will get rich fast ehhe and few days after they need to send their gpu to warranty and most will hear, "sorry bro, warranty does not cover mining" hehe

I really mean you are a lottery winner, you know that around 15% of gpus fail in the next 3 months after purchase, gaming on it. Now imagine mining 24/7, the card was never meant to do that, ask sapphire for the stats you will know if I'm right or not, reason they stopped honouring warranty if they find out it was used for mining. As far as I know around 60% of gpus returned to sapphire was used on mining and failed in the first 6 months in 2018.

I will rage hard over my providers and I mean hard with that amount of failures in a instant, I have the same GPUS over 3 years non stop and just 1 failed and pretty much was my fault still I got warranty for it, if your history if is true, you friend is buying crap cards, on that ones yes i believe is possible.

About the mining and GPUS its a lottery as someone said before we dont know no one knows im not sure, yes profitability is really low now to the point where I see as option stop the rigs but they still can pay they bills until that happens they will run.

See that is the problem, only when it happens to you you will see that mining is worthless, I mean, that is only one case of one of my friends, I had  another friend that lost around 240 gpus from lightning and he had all the protection he could have, in the end he lost all his effort for nothing. He never even think about mining anymore, he said that even if eth hits $30k and returns are 5 months like used to be when it was at best on mining he said he will never try mining ever again, not worth the trouble at all and in the end a simple surge could from nowhere end it all.

I've been running 100 gpus for 3 years and have avoided lightning strikes, lol.

[adaseb]

I rarely had GPUs actually fail. I've had maybe more than 50% of them all have failing fans after 2+ years but a very small percentage actually ended up with a bad GPU core or VRMs frying. And some of those GPUs actually died due to my misuse, like I dropped one GPU by accident and another I damaged when I was replacing the thermal paste.

And warranty is usually at least a year, for some its up to 3 years even. I think the ones with 30 day warranty were those mining edition GPUs which were manufactured when there was a shortage of GPUs but regular retail GPUs have decent warranties.

There were certain GPUs like the AMD Nano/Fury edition which I heard had very high failure rates however most of the Polaris have been pretty bulletproof for me.

[0xcosmos]

we cannot predict that perfectly for the future
as the history has repeated itself twice
at the start of bitcoin there were many miners using there cpu and gpus to mine it
then after some years
litecoin came and history repeated itself with a surge of new miners using gpus to mine ltc
then after year or two came ethereum which again has a surge of new gpu miners running in to mine some eth
i am sure history will repeat itself and there will be a pow coin in the future that will bring another surge as such

[minerja]

You have to have cheap electricity, I have 4 cents electricity and have never had a one of my 100 GPUs be unprofitable and some are 3 years old.

LOL, then my friend, you are doing something terribly wrong.
I cpu mine, GPU mine (AMD not so much)  but with 1-3 Nvidia cards, in the UK paying over 18p kwh, so way over 22 cents, and have ROI'd all my equipment and make a small amount each month.

[lankymanx]

Hi Metroid,

Did you ever get to recover your 44 character length password for your bitcoin wallet in 2017?
I remember you aid you copied and pasted it and for some reason when u wanted to use the wallet or open it the password was not working.
I wanted to know what you did to recover it since i have a similar issue, please if you can assist

[boris1044]

I have been reading articles that when Etherium 2.0 is released in 2020 you will not be able to mine Etherium with GPU miners. Is this a definite thing or is it still just up in the air?
If we will no longer be able to mine Etherium does this officially make GPU miners irrelevant? Or is it still worth building them for @ home solutions to mine other coins and possibly new coins that could be profitable?

I currently have an 8 RX580 rig that can't really mine anything profitable except for Etherium. (not sure if this rig will be useless in 2020 or not).

I am looking to build another rig with 8 GTX 1070ti cards that will give me more flexibility to mine other algorithms.

Would it be foolish to buy 8 brand new GTX 1070ti cards at $479.99 a pop and build a $5000 rig with the future of GPU mining and where it stands? Even if I buy used the rig will cost about $3800. Just trying to see what peoples thoughts are on this. I am willing to gamble, but don't want to gamble if there is no chance GPU mining will be relevant within the next 2-3 years and we already know this.


If someone can give me an idea of what I am gambling on by continuing to expand my GPU miners in 2019 that would be great.

GPU mining was dead in a few months for how many years now? I put together a 4x 7950 rig in 2013, and it's been more or less profitable for 4+ years despite bitcoin, scrypt, and others all going ASIC. It's not always highly profitable, but at a minimum I get free power for 3-4 months a year because I account the heat output as equivalent to my resistance-based heater. By the time the residual value of the hardware is calculated, it's basically a medium risk hobby.

The reality is too many people want mining to be GPU-based for the ecosystem of mine-able coins to disappear. CPU-based lends itself too easily toward botnets, ASIC based lends itself to centralized manufacturers with the NRE capital, and that leaves GPU as the quasi-distributed platform that enthusiasts center around.

[Metroid]

Hi Metroid,

Did you ever get to recover your 44 character length password for your bitcoin wallet in 2017?
I remember you aid you copied and pasted it and for some reason when u wanted to use the wallet or open it the password was not working.
I wanted to know what you did to recover it since i have a similar issue, please if you can assist

No, there are only 3.5 bitcoins in that wallet, not much but i could use the money for something. I need a better cpu to calculate a higher number of guesses, like i said before, I have no idea the password, I copied and then pasted then after sometime went to see how the wallet was and the password I thought was right wasn't, so I guess I copied but it was not transferred to windows clipboard and then there was something in the windows clipboard, anyway, the password could be anything and that will required a lot of effort to guess it. 3.5 bitcoins is nothing compared how many bitcoins I lost in 2014 x mt.gox and still nothing from that lawsuit yet.

I have the 3600 ryzen, 6 cores 12 threads, will try something, I'm kind lazy, doing some other thing.

[elmanager]

I have been reading articles that when Etherium 2.0 is released in 2020 you will not be able to mine Etherium with GPU miners. Is this a definite thing or is it still just up in the air?
If we will no longer be able to mine Etherium does this officially make GPU miners irrelevant? Or is it still worth building them for @ home solutions to mine other coins and possibly new coins that could be profitable?

I currently have an 8 RX580 rig that can't really mine anything profitable except for Etherium. (not sure if this rig will be useless in 2020 or not).

I am looking to build another rig with 8 GTX 1070ti cards that will give me more flexibility to mine other algorithms.

Would it be foolish to buy 8 brand new GTX 1070ti cards at $479.99 a pop and build a $5000 rig with the future of GPU mining and where it stands? Even if I buy used the rig will cost about $3800. Just trying to see what peoples thoughts are on this. I am willing to gamble, but don't want to gamble if there is no chance GPU mining will be relevant within the next 2-3 years and we already know this.


If someone can give me an idea of what I am gambling on by continuing to expand my GPU miners in 2019 that would be great.

  I bought few days ago 2 rigs 8x1070ti 2500$ each, I think you could got a more fair price. A 1070ti card is around 280-300$.
About  " Is it official that GPU mining is guaranteed to be irrelevant in 2 to 3 years?", that question is putted every 2 years since 2012 and since the crypto winter in Q4 2013 I took it as a part of the vortex, but mostly the Mining is like every other business, you need to understand it, you need to love it, you need MANAGEMENT!

[adaseb]

Hi Metroid,

Did you ever get to recover your 44 character length password for your bitcoin wallet in 2017?
I remember you aid you copied and pasted it and for some reason when u wanted to use the wallet or open it the password was not working.
I wanted to know what you did to recover it since i have a similar issue, please if you can assist

No, there are only 3.5 bitcoins in that wallet, not much but i could use the money for something. I need a better cpu to calculate a higher number of guesses, like i said before, I have no idea the password, I copied and then pasted then after sometime went to see how the wallet was and the password I thought was right wasn't, so I guess I copied but it was not transferred to windows clipboard and then there was something in the windows clipboard, anyway, the password could be anything and that will required a lot of effort to guess it. 3.5 bitcoins is nothing compared how many bitcoins I lost in 2014 x mt.gox and still nothing from that lawsuit yet.

I have the 3600 ryzen, 6 cores 12 threads, will try something, I'm kind lazy, doing some other thing.

Is your password really 44 characters in length? If its really that long and unless its just numbers, then it seems impossible to crack even with all the CPU power on the planet right now. Its difficult to crack a +10 character random password and for something that is 4 times as long its almost impossible.

3.5 BTC is actually alot these days still, you can get a decent car for that much money. I really feel bad that you can't get it opened.

What did those password recovery service people say? Did they say it was impossible? If not  then give them a call maybe.

[Metroid]

Is your password really 44 characters in length? If its really that long and unless its just numbers, then it seems impossible to crack even with all the CPU power on the planet right now. Its difficult to crack a +10 character random password and for something that is 4 times as long its almost impossible.

3.5 BTC is actually alot these days still, you can get a decent car for that much money. I really feel bad that you can't get it opened.

What did those password recovery service people say? Did they say it was impossible? If not  then give them a call maybe.

Well I do have a bsc in computer science, I know my chances. I was thinking about giving to experts hoping they will crack it somehow, They do charge 20% which is fair but before that I need to put my mind on it and try few things, like I said before I have no idea what the password could be or its length, I'm sure it was windows clipboard feature, copied and pasted it wrongly. It could be a word, a sentence, 44 length password is what I used but since it has not worked, it means it was something else at that time in the windows clipboard because I had used it before on that same wallet and it worked, took out around 100 or so btc that I had in that wallet and left 3.5 btc and it was the only wallet that I had problems after that, all the other wallets I had, around 25 or so, had no problems at all.