GPU mining - Am I better off inventing time travel?

[User_86]

I mined LTC and a few other scrypt coins back in 2013-2014 using a small GPU based farm and am now thinking about jumping back into mining after a few years off; is it nucking futs to want to rock a GPU farm for a few solves again, or has the supremacy of ASIC's really made this insane to consider even IF I had a zero cost power solution?

What says you, bitcointalk?

[Nhazwrath]

I mined LTC and a few other scrypt coins back in 2013-2014 using a small GPU based farm and am now thinking about jumping back into mining after a few years off; is it nucking futs to want to rock a GPU farm for a few solves again, or has the supremacy of ASIC's really made this insane to consider even IF I had a zero cost power solution?

What says you, bitcointalk?

Unless you have the current or even a few year old gpus ready to go this is a bad time to try to get back in to gpu mining.  There IS still lots to mine though.  The market has pushed Most of the equipment for gpu mining to 3x and 4x prices.  Cards that would sell on ebay for 150usd are selling for 600 usd.  No joke. 

If the market just goes sidewise Right now even those 600 dollar 8gig rx580s on ebay ROI will payoff in 4-6 months.  ETH is the common big gpu coin to mine atm.  Could change with proof of stake(not a idea I like) switch over with no solid date on that.  With 8,000 other alt coins Something will become profitable if ETH becomes Not profitable.

If you have zero cost electricity then pin down a Now over priced bitcoin ASIC from 3 or 4 years ago  The s9s make money again.  My learning s9 asic I bought in nov 2020 for 65 usd has paid for itself 10x already.  (its at a free power location) 300usd for a s9 is not unreasonable  600 I wouldn't buy.

[alikait]

I think its too late now, bear market is on the horizon as the cycle is almost over.  Profits plunging and difficulty rising, no point starting now, wait for the market to correct and buy coins instead during bear market.

[Metroid]

I think its too late now, bear market is on the horizon as the cycle is almost over.  Profits plunging and difficulty rising, no point starting now, wait for the market to correct and buy coins instead during bear market.

Listen to this guy. What they want people to do now is to gamble on btc or altcoins and then get trapped for the next 5 years or so. Hold your usdt and wait for that 95% crash.

[philipma1957]

I think its too late now, bear market is on the horizon as the cycle is almost over.  Profits plunging and difficulty rising, no point starting now, wait for the market to correct and buy coins instead during bear market.

Once again how on earth do you know the cycle is ending.  Are you a clairvoyant?



look at the chart I grabbed from binance.us  and redesigned to show my point

where are we on this chart on one spot price is ready to move up
on another spot price is ready to drop




I understand you think we are on the righthand slope and handed downwards.

I would like to think we are on the left hand slope and headed up.


The truth is I do not know which one we are on and neither do you.

If either one of us knew we would be time travelers.

[jbillk]

Agree with Phil.

We can make assumptions based on rising difficulty, or upcoming hard forks/havening. But making assumptions on price is just baloney.

My tarot card reader to me the price is going up, so Alikait is wrong.

[Metroid]

Agree with Phil.

We can make assumptions based on rising difficulty, or upcoming hard forks/havening. But making assumptions on price is just baloney.

My tarot card reader to me the price is going up, so Alikait is wrong.

Everything is already in bubble stage. It will not take long for that 95% crash.

[jbillk]

Everything is already in bubble stage. It will not take long for that 95% crash.

Well, you can short it then, and make millions. So why even mine?

Mine as much as you can before POS, and hold it. Eth mining is still extremely profitable, and will probably remain profitable until ETH2.0.

If you just want to mine to make some quick cash, then stop. You probably wont see crazy returns until several years of appreciation.

[Metroid]

Everything is already in bubble stage. It will not take long for that 95% crash.

Well, you can short it then, and make millions. So why even mine?

Mine as much as you can before POS, and hold it. Eth mining is still extremely profitable, and will probably remain profitable until ETH2.0.

If you just want to mine to make some quick cash, then stop. You probably wont see crazy returns until several years of appreciation.

Agreed, I'm not a miner.

[adaseb]

Mining now is no different than 2013-2014. I can't tell you if its a good idea or not but here are a few things to consider which have changed.

For one most people now use USB risers instead of ribbon risers, Basically this gives more flexability to put your GPUs where you want them because its extension is a long 16" USB cable.

Nobody uses sgminer anymore. You need to use miners like lolminer or phoenixminer. Unlike sgminer these miners are closed source and have a fee.

Third your 2013 era gpus like the Radeon 7950 or R9 280X are obsolete for mining. So you will need new GPUs but the problem is you picked the worse time to start stocking up on GPUs since they are sold out everywhere. So the rest of your gear like motherboards, cpus, risers, psus you can re-use but you will need up to date GPUs.

Back in 2013, nobody uses Nvidia for mining. These days its completely different and Nvidia GPUs are usually more efficient than AMDs. However they usually cost more.

[Novatech8]

I mined LTC and a few other scrypt coins back in 2013-2014 using a small GPU based farm and am now thinking about jumping back into mining after a few years off; is it nucking futs to want to rock a GPU farm for a few solves again, or has the supremacy of ASIC's really made this insane to consider even IF I had a zero cost power solution?

What says you, bitcointalk?

No matter how much you love mining coins now is not a good time, if you entered in January of this year it would still be bit better because what to look out for is timing to get back your ROI, now January and February is over and bears are not too far away anymore

1. High cost on gpu
2. Bear market will soon begin

You will never get your ROI back if you don't take my advice

[Claudio99]

Don't bother, wait for bear market and buy coins and hold for next bullrun, it's too late to start building mining rigs now where profits is sinking and difficultly is rising, it would have been a different story if other popular PoW coins are more profitable to mine than ethereum

[arielbit]

we need the bull run to top next year, like the end of 2022. these folks keep on dreaming of bear market.

a good "fake beginning of bear market" will shake out a good bunch of them hehehe 

[fmz89]

I mined LTC and a few other scrypt coins back in 2013-2014 using a small GPU based farm and am now thinking about jumping back into mining after a few years off; is it nucking futs to want to rock a GPU farm for a few solves again, or has the supremacy of ASIC's really made this insane to consider even IF I had a zero cost power solution?

What says you, bitcointalk?

lol your posting like back in time when 2015 meme flux capacitor for time travel machine as gawd xpy scamming everyone, thats was crazy fun on 2015 bear market

the first time i join crypto community many ppl here posting meme & dreaming about btc heading 100k, now we're near from that, crypto industrial magic coin lol, remind me dev cravecoin

[Randey Lahey]

we need the bull run to top next year, like the end of 2022. these folks keep on dreaming of bear market.

a good "fake beginning of bear market" will shake out a good bunch of them hehehe 

History does have a way of repeating itself, and I'm willing to bet there were plenty of 'bear-market deniers' back in 2018 too.

[philipma1957]

we need the bull run to top next year, like the end of 2022. these folks keep on dreaming of bear market.

a good "fake beginning of bear market" will shake out a good bunch of them hehehe 

History does have a way of repeating itself, and I'm willing to bet there were plenty of 'bear-market deniers' back in 2018 too.

If you always call for a bear sooner or later it shows up.

Todays $ per mh is  0.0882 down from yesterdays 0.094 or so.

To think the bears are waking up in the spring times a normal thing to think right now.

We peaked at 0.131

So low in July 0.015
High in Feb.    0.131
price in March 0.088

looks bearish or is it this chart below.

I think its too late now, bear market is on the horizon as the cycle is almost over.  Profits plunging and difficulty rising, no point starting now, wait for the market to correct and buy coins instead during bear market.

Once again how on earth do you know the cycle is ending.  Are you a clairvoyant?



look at the chart I grabbed from binance.us  and redesigned to show my point

where are we on this chart on one spot price is ready to move up
on another spot price is ready to drop




I understand you think we are on the righthand slope and handed downwards.

I would like to think we are on the left hand slope and headed up.


The truth is I do not know which one we are on and neither do you.

If either one of us knew we would be time travelers.

as data points come in. for $ per mh. more of them at 8 cent or 0.08 will mean bears are woke.

But a simple bounce back to 0.09  will mean the bears are caged again.

[User_86]

Thanks for the replies and discussion. I'm probably nuts, but I've decided to jump back in with a GPU machine or two powered off grid. Now if I can only find some video cards..

[Temido2222]

You're 3-5 months too late, GPU prices are sky high and the bull run WILL come to an end soon. Even bear market earnings will end when ETH upgrades to 2.0, if that EIP everyone is worried about doesn't decimate earnings before then.

[alikait]

People on here speculating price to go up are just clueless, it might go up but what if it doesn't? Are you financially secure enough to take on months if not years of loss until you can be whole again? Think logically, most people telling you to start mining and hold are probably newbies who don't know anything about mining.  You won't even make significant headway unless you're willing to risk at least 40k-50k at the minimum since GPU prices are sky high, I'd say just buy the coin and dollar cost averaging it over the next 5 months if you're willing to take a risk.

[arielbit]

we need the bull run to top next year, like the end of 2022. these folks keep on dreaming of bear market.

a good "fake beginning of bear market" will shake out a good bunch of them hehehe 

History does have a way of repeating itself, and I'm willing to bet there were plenty of 'bear-market deniers' back in 2018 too.

how about a bear market "simulation" inside a bull market? people lose money in a bull market too