FOMO on GPU mining

[Novatech8]

It's not advisable to build a mining rig right now, GPUS are out of stock in every store in my country and that's not the worst part, I bought my gtx1660 ti for 400$ each and today it's 640$, the fact is people even still don't mind buying this cards at 640$ each, are they stupid? I don't know but getting back ROI should be their most worries, I think it's now nothing but FOMO

[Claudio99]

We have so many newbies among us and of course FOMO is working on them, in 2018 many are forced to sell their graphics card at a very cheap price after bears took over the market since eth mining profits have gone so low, everything about crypto is timing the best time to buy graphics card was few months back and even January 2021 was still fair enough but not still that good, you have to hunt for gpu at cheap price, I'm sure something will happen this year when mining is not profitable anymore not everyone you get their return of investment back

[Iyeman]

These news

https://www.theblockcrypto.com/linked/93221/ethereum-miner-800-million-revenue-january

decrypt.co/56804/ethereum-miners-3-5-million-just-one-hour

More fees and more revenues and people starting to buy more and more GPU to mine coin and receive the fees from the network.

Agreed if the newcomers were FOMOing the mining right now.

[acener]

FOMO on GPU mining then after a few months or so if the transaction fee get's lessen or gets back to how they were I think most of them would just quit again on mining.
Maybe wait till the FOMO is done and we could see some of them selling it at a lower price because it isn't worth it anymore or the cost for mining is too high.
Mining could be profitable right now because of the high transaction fee but what happens when it goes down?

[Sterbens]

How is it not called Fomo, almost everyone thinks mining is the most effective way, but with insufficient supplies and only rely on the words of many people. yes, I heard this news, and some say the pandemic is making the huge flow of interest in crypto even higher. until finally Fomo told them to take a shortcut.

[blockman]

It's not advisable to build a mining rig right now, GPUS are out of stock in every store in my country and that's not the worst part, I bought my gtx1660 ti for 400$ each and today it's 640$, the fact is people even still don't mind buying this cards at 640$ each, are they stupid? I don't know but getting back ROI should be their most worries, I think it's now nothing but FOMO

As your title says, FOMO. Miners or new miners won't mind if they'll be paying with a premium for each card that they'll get. Why? because the market is in good shape and it doesn't matter to them because ROI can be faster this time.
Those who buy cards without proper knowledge are the ones that are at the most risk. Because they just got into mining because of hype.

[shinratensei_]

I'm sure something will happen this year when mining is not profitable anymore not everyone you get their return of investment back

Im not sure about that dude, that will be happening when the price will be dumped back again but the majority of the newminers are mining ethereum and they can get very good money from the tx fees consider the ethereum users were paying a lot of money for the gas fees. It's not easy to fix the scalability problem on the running blockchain as it needs a very long process.
These new miners are not only aiming for the block reward dude. The income from securing the network is good enough right now.

[Flowzer]

Its become FOMO since many people dont know what Miners suffer on 2018-2019 era. Im already face that situation, so i wont face it twice 

[Twinkledoe]

It's not advisable to build a mining rig right now, GPUS are out of stock in every store in my country and that's not the worst part, I bought my gtx1660 ti for 400$ each and today it's 640$, the fact is people even still don't mind buying this cards at 640$ each, are they stupid? I don't know but getting back ROI should be their most worries, I think it's now nothing but FOMO

As your title says, FOMO. Miners or new miners won't mind if they'll be paying with a premium for each card that they'll get. Why? because the market is in good shape and it doesn't matter to them because ROI can be faster this time.
Those who buy cards without proper knowledge are the ones that are at the most risk. Because they just got into mining because of hype.

And who knows, some of them are using renewable energy like they are investing in solar panels? So even if they buy expensive GPUs, they can still recover their investments. Though at first, it is an expensive investment, but you will reap your rewards after you recover your ROI. And you have free electricity after that. So we don't know the reasons why people are still buying even if it is expensive.

[wheelz1200]

It's not advisable to build a mining rig right now, GPUS are out of stock in every store in my country and that's not the worst part, I bought my gtx1660 ti for 400$ each and today it's 640$, the fact is people even still don't mind buying this cards at 640$ each, are they stupid? I don't know but getting back ROI should be their most worries, I think it's now nothing but FOMO

Some people are hobbyists and just like being able to mine while never really getting much profit.  Also there is the thought that prices will sky for these coins they are mining so they are willing to pay higher prices for these cards.  Probably really passing off the gamers out there lol.

[steampunkz]

It's already profitable now to mine using the old GPU's I just tried again my GTX 1060 6GB in nice hash and I'm amazed how it is profitable unlike last those past years,

[TravelMug]

It's not advisable to build a mining rig right now, GPUS are out of stock in every store in my country and that's not the worst part, I bought my gtx1660 ti for 400$ each and today it's 640$, the fact is people even still don't mind buying this cards at 640$ each, are they stupid? I don't know but getting back ROI should be their most worries, I think it's now nothing but FOMO

This is similar to 2017 again, however, it looks like NVidia is trying to curb people buying their board for mining,

https://www.news18.com/news/tech/too-many-cryptocurrency-miners-were-eyeing-this-graphics-card-and-nvidia-didnt-like-it-3451034.html

I think it's the latest Nvidia GeForce RTX 3060, and just like we have seen in 2017, FOMO into GPU mining will make noobs lost a lot of money here. But who can stop this beginners into the mining activity, it's going to be a big risk for them.

[meanwords]

It's already profitable now to mine using the old GPU's I just tried again my GTX 1060 6GB in nice hash and I'm amazed how it is profitable unlike last those past years,

The fees are absurdly high right now. This is probably why even old GPU's are skyrocketing. Though I've heard just this month that NVIDIA is going to restock their GTX 1050 Ti and 2060 units because of the demand in GPU, they probably already restocked it now. Which is good news for gamers and miners alike.

[asriloni]

It's already profitable now to mine using the old GPU's I just tried again my GTX 1060 6GB in nice hash and I'm amazed how it is profitable unlike last those past years,

It's caused by the network fees is so high and that will make miners receive more income from the fees that already accumulated in the network.
There are lots of old miners being active again to mine ethereum consider the fees is very high and that will give them all extra income again. New and old GPU in my country is almost out of stock and the price is starting to skyrocketing.
The price of GPU in my country becomes non sense again right now.

[blockman]

It's not advisable to build a mining rig right now, GPUS are out of stock in every store in my country and that's not the worst part, I bought my gtx1660 ti for 400$ each and today it's 640$, the fact is people even still don't mind buying this cards at 640$ each, are they stupid? I don't know but getting back ROI should be their most worries, I think it's now nothing but FOMO

As your title says, FOMO. Miners or new miners won't mind if they'll be paying with a premium for each card that they'll get. Why? because the market is in good shape and it doesn't matter to them because ROI can be faster this time.
Those who buy cards without proper knowledge are the ones that are at the most risk. Because they just got into mining because of hype.

And who knows, some of them are using renewable energy like they are investing in solar panels? So even if they buy expensive GPUs, they can still recover their investments. Though at first, it is an expensive investment, but you will reap your rewards after you recover your ROI. And you have free electricity after that. So we don't know the reasons why people are still buying even if it is expensive.

That's another investment in solar panels. And as I've said, miners/buyers should have enough knowledge before getting into mining. The winners are the ones who understand the risk of mining with the crypto market and as well as expenses that await with their activity.
We know some of the reasons why people are buying those expensive cards. There's less supply in the circulation and that makes them a winner for getting a few from those for mining purposes.

[fia_naila]

This situayion happen every 3-4 years from 2013 then 2017 then now. It is coming every golden cylce because mining niw is very profitable. Especally if you mine ethereum, after 3-4 month of mining you also can re sell those vga. Gamers are in pain on every golden cycle. Hahah

[illnino]

FOMO generates not only the fear of missing out on an advantageous offer, but also muffles in a person the ability to make decisions. And this is exactly what is the most important skill for a trader and an investor. Nothing can be done about it, people are eager to get more than anyone else. Moreover, they are ready to spend a lot of money on the purchase of expensive mining rigs, not realizing that all this may simply not bring any benefit.

Greed and the desire for easy money overshadows the clarity of the mind.

[shinratensei_]

This situayion happen every 3-4 years from 2013 then 2017 then now. It is coming every golden cylce because mining niw is very profitable. Especally if you mine ethereum, after 3-4 month of mining you also can re sell those vga. Gamers are in pain on every golden cycle. Hahah

The newcomers in the mining should have got a big loss due to the bearish trend that is still happening right now. The miners were mining bitcoin used antminers but it looks like the trend to mine ethereum is starting to be a new trend again due to the high commission from validating the transaction in the network. It looks like this trend will end soon as the bearish market is still happening in crypto market.

[Baofeng]

This situayion happen every 3-4 years from 2013 then 2017 then now. It is coming every golden cylce because mining niw is very profitable. Especally if you mine ethereum, after 3-4 month of mining you also can re sell those vga. Gamers are in pain on every golden cycle. Hahah

The newcomers in the mining should have got a big loss due to the bearish trend that is still happening right now. The miners were mining bitcoin used antminers but it looks like the trend to mine ethereum is starting to be a new trend again due to the high commission from validating the transaction in the network. It looks like this trend will end soon as the bearish market is still happening in crypto market.

I disagree, I'm not seeing any bearish market happening, just the usual dump and dip for others to make money. On the other hand, GPU mining is on the rise, the price of GPU is like 2017 again, and most of them are running out of supply because of the FOMO thingy. And just like in 2017, it ended very badly when the bubble has been popped. So yes this is going to be a cycle again, you make some money riding the bull run, but you have to think as well of the bearish trend once everything is burst.

[X-ray]

of course even some people on social media spread their status of buying mining tools or VGA in large quantities.
what I wonder why they buy when it goes up, and now the market conditions have gone down again, soon people like that will say crypto scam and the like because it has a loss.

I guess there are some newminers but old miners are still active dude, you can't sure if that guy/girl was a new miner. Miners are not only earning from the block reward but miners will also receive income from the transaction fees that will be divided to the all of miners on the various pool.
I think that you should learn how it works. It looks like the fundamental of crypto is a bit better than the previous bullrun.
The institutional investors have been slowly changing the perspective of people to the crypto. There are lots of new comers started to believe in crypto.