Eip1559 doesn't affect GPU demand

[Stanlo]

I'm concerned about eth2.0 mining reward after eip1559 update, what about you? I see that many aren't scared about this update since so many are still buying GPU while ETH is the most profitable coin to mine presently

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[batsonxl]

There is demand because it is still very profitable. 30mhs=2$ it means really good compared 30mhs=0.5$ used to be. other hand price are better than last month. I think there will be good price when eth price goes to 1.5-1k.Untill then dont even bother look for gpus

[anu1908]

it's not only because miners, gamers and scalpers are also hunting gpu like there is no tomorrow. on top of that, supply doesn't really improve that much, so expect the price to be stable at 2x msrp for now.

[swogerino]

I'm concerned about eth2.0 mining reward after eip1559 update, what about you? I see that many aren't scared about this update since so many are still buying GPU while ETH is the most profitable coin to mine presently

We have to see after the London Hard fork tomorrow what happens.So far there is no news that this is not going to be implemented so it should happen tomorrow,the reward of mining should not fall down that much but the price of Ethereum should go up more so that little reward less will have more fiat value and this is the reason mining and GPU hunting go on as usual until now.We have to see what happens the days after tomorrow.

[FP91G]

I'm concerned about eth2.0 mining reward after eip1559 update, what about you? I see that many aren't scared about this update since so many are still buying GPU while ETH is the most profitable coin to mine presently

I don't think anyone is afraid of this update.
More profit decreases from adding new miners to the network.
For preliminary statistics, you will need to wait a few days after the hard fork, and then talk about something.
Those who have experienced the times when a profit of 10-15 cents from one video card is already not afraid of anything%)

[adaseb]

The only hard fork that will ever affect GPU demand will be the one where they finally go full PoS and cut off all GPU miners finally. However that won’t be for a number of years. The hard fork tomorrow includes a difficulty bomb extension till Dec 2021 and most likely it will get extended again most likely.

When ETH goes POS the demand shift will happen months before. Similar to how many miners who had 4GB cards upgraded to 8Gb in the 6 months prior to the actual shift. With POS it will be similar. Many will prepare for it in advance.

[Looper_U]

There is demand because it is still very profitable. 30mhs=2$ it means really good compared 30mhs=0.5$ used to be. other hand price are better than last month. I think there will be good price when eth price goes to 1.5-1k.Untill then dont even bother look for gpus

Can 30mh /$0.5 become a reality again? It's pretty hard to believe because people are starting to understand how crypto market works on the long term, they know that crypto is seasonal base so the future bear market that I'm expecting won't be like of the past

[batsonxl]

There is demand because it is still very profitable. 30mhs=2$ it means really good compared 30mhs=0.5$ used to be. other hand price are better than last month. I think there will be good price when eth price goes to 1.5-1k.Untill then dont even bother look for gpus

Can 30mh /$0.5 become a reality again? It's pretty hard to believe because people are starting to understand how crypto market works on the long term, they know that crypto is seasonal base so the future bear market that I'm expecting won't be like of the past

Yes everything can be possible. No one knows the future. But always this crypto pushed limits and made people believe opposite even me in the past believed for some period that crypto dying. There was very good oportinutes to buy gpu asic coin but everybody was scared. Bad news saying ltc going to 0 bla bla. Weak hands sold their everything because who has high electricity couldnt afford bill lets see

[adaseb]

There is demand because it is still very profitable. 30mhs=2$ it means really good compared 30mhs=0.5$ used to be. other hand price are better than last month. I think there will be good price when eth price goes to 1.5-1k.Untill then dont even bother look for gpus

Can 30mh /$0.5 become a reality again? It's pretty hard to believe because people are starting to understand how crypto market works on the long term, they know that crypto is seasonal base so the future bear market that I'm expecting won't be like of the past

$0.50 is not that bad. In the bear market it was something like $0.25 or so per 30mh/s. And basically unless you had power <0.05c kwh you were mining at a loss. Tons of hash power went off the network and we assumed that more hashpower would continue to be unplugged leading to more difficulty reducing however the hashpower still stayed.

Which is proof that there are people with 0.05c kwh power because people were actually mining at those rates for months. This is why its very difficult for a home miner to compete with people who are living in countries with ultra cheap power or mining farms that got deals with power companies and get ultra cheap power rates.

[batsonxl]

So eip1559 happened did anyone felt change?

[miner29]

Gas cost is way up.

Beyond that i havent noticed anything.

[Didz]

So eip1559 happened did anyone felt change?

I woke up this morning expecting to see my mining revenue dropped around 10-25% but nothing happened, I even make a little more money.

On Etherchain we can see the total of ETH burned:
https://etherchain.org/burn

[FP91G]

There is demand because it is still very profitable. 30mhs=2$ it means really good compared 30mhs=0.5$ used to be. other hand price are better than last month. I think there will be good price when eth price goes to 1.5-1k.Untill then dont even bother look for gpus

Can 30mh /$0.5 become a reality again? It's pretty hard to believe because people are starting to understand how crypto market works on the long term, they know that crypto is seasonal base so the future bear market that I'm expecting won't be like of the past

In 2019, the profit was much less than your value. But if you look at the news about large companies, they buy equipment for their mining plants.
This one suggests that mining will be a new kind of business.
There are no new coins for mining yet, so I expect a big sale after the transition of Ethereum mining to the POS algorithm

[Didz]

There is demand because it is still very profitable. 30mhs=2$ it means really good compared 30mhs=0.5$ used to be. other hand price are better than last month. I think there will be good price when eth price goes to 1.5-1k.Untill then dont even bother look for gpus

Can 30mh /$0.5 become a reality again? It's pretty hard to believe because people are starting to understand how crypto market works on the long term, they know that crypto is seasonal base so the future bear market that I'm expecting won't be like of the past

In 2019, the profit was much less than your value. But if you look at the news about large companies, they buy equipment for their mining plants.
This one suggests that mining will be a new kind of business.
There are no new coins for mining yet, so I expect a big sale after the transition of Ethereum mining to the POS algorithm

There's good coin candidates after ETH PoS for GPU miners. I am thinking about Ergo, Ravencoin or EthereumClassic.

I think PoW is here to stay because no consensus mechanism is perfect, you got pros and cons. So investing in these coins mentioned above are simply investment vehicles and I don't see why they will disappear. Furthermore, Ergo has smart contracts like Ethereum so it has a real usage!

I was looking at the prices on Ebay for the RTX 3070 graphics card and surprisingly they all increase a little. I bought a RTX 3070 at 1,400 CAD a week ago now I cannot find that same RTX 3070 model under 1,600 CAD.

[anaxavi219]

 "Give me some Hash"

[FP91G]

There is demand because it is still very profitable. 30mhs=2$ it means really good compared 30mhs=0.5$ used to be. other hand price are better than last month. I think there will be good price when eth price goes to 1.5-1k.Untill then dont even bother look for gpus

Can 30mh /$0.5 become a reality again? It's pretty hard to believe because people are starting to understand how crypto market works on the long term, they know that crypto is seasonal base so the future bear market that I'm expecting won't be like of the past

In 2019, the profit was much less than your value. But if you look at the news about large companies, they buy equipment for their mining plants.
This one suggests that mining will be a new kind of business.
There are no new coins for mining yet, so I expect a big sale after the transition of Ethereum mining to the POS algorithm

There's good coin candidates after ETH PoS for GPU miners. I am thinking about Ergo, Ravencoin or EthereumClassic.

I think PoW is here to stay because no consensus mechanism is perfect, you got pros and cons. So investing in these coins mentioned above are simply investment vehicles and I don't see why they will disappear. Furthermore, Ergo has smart contracts like Ethereum so it has a real usage!

I was looking at the prices on Ebay for the RTX 3070 graphics card and surprisingly they all increase a little. I bought a RTX 3070 at 1,400 CAD a week ago now I cannot find that same RTX 3070 model under 1,600 CAD.

Did you buy the LHR version or not?
LHR versions have a lower hashrate on Ethereum and Ethereum classics.
Ergo, Ravencoin and EthereumClassic will not be able to accept such a huge number of graphics cards.
Perhaps the prices for video cards have grown due to the rise in the price of ethereum, but the profit in mining is falling.

[adaseb]

There is demand because it is still very profitable. 30mhs=2$ it means really good compared 30mhs=0.5$ used to be. other hand price are better than last month. I think there will be good price when eth price goes to 1.5-1k.Untill then dont even bother look for gpus

Can 30mh /$0.5 become a reality again? It's pretty hard to believe because people are starting to understand how crypto market works on the long term, they know that crypto is seasonal base so the future bear market that I'm expecting won't be like of the past

In 2019, the profit was much less than your value. But if you look at the news about large companies, they buy equipment for their mining plants.
This one suggests that mining will be a new kind of business.
There are no new coins for mining yet, so I expect a big sale after the transition of Ethereum mining to the POS algorithm

There's good coin candidates after ETH PoS for GPU miners. I am thinking about Ergo, Ravencoin or EthereumClassic.

I think PoW is here to stay because no consensus mechanism is perfect, you got pros and cons. So investing in these coins mentioned above are simply investment vehicles and I don't see why they will disappear. Furthermore, Ergo has smart contracts like Ethereum so it has a real usage!

I was looking at the prices on Ebay for the RTX 3070 graphics card and surprisingly they all increase a little. I bought a RTX 3070 at 1,400 CAD a week ago now I cannot find that same RTX 3070 model under 1,600 CAD.

Sure they are tons of other POW coins out there that you can mind. But you are forgetting one thing. The daily supply is capped for all coins. This is why every coin has something called difficulty.

If ETC has total miner revenue $100,000 per day and there are 100,000 miners, each get $1/day. However. If ETH switches to POS then...

ETC total miner revenue is still $100,000 per day but now there are 10,000,000 miners and each gets $0.01/day.

No other POW coin (except BTC) comes close to miner revenue as ETH.

[Didz]

There is demand because it is still very profitable. 30mhs=2$ it means really good compared 30mhs=0.5$ used to be. other hand price are better than last month. I think there will be good price when eth price goes to 1.5-1k.Untill then dont even bother look for gpus

Can 30mh /$0.5 become a reality again? It's pretty hard to believe because people are starting to understand how crypto market works on the long term, they know that crypto is seasonal base so the future bear market that I'm expecting won't be like of the past

In 2019, the profit was much less than your value. But if you look at the news about large companies, they buy equipment for their mining plants.
This one suggests that mining will be a new kind of business.
There are no new coins for mining yet, so I expect a big sale after the transition of Ethereum mining to the POS algorithm

There's good coin candidates after ETH PoS for GPU miners. I am thinking about Ergo, Ravencoin or EthereumClassic.

I think PoW is here to stay because no consensus mechanism is perfect, you got pros and cons. So investing in these coins mentioned above are simply investment vehicles and I don't see why they will disappear. Furthermore, Ergo has smart contracts like Ethereum so it has a real usage!

I was looking at the prices on Ebay for the RTX 3070 graphics card and surprisingly they all increase a little. I bought a RTX 3070 at 1,400 CAD a week ago now I cannot find that same RTX 3070 model under 1,600 CAD.

Did you buy the LHR version or not?
LHR versions have a lower hashrate on Ethereum and Ethereum classics.
Ergo, Ravencoin and EthereumClassic will not be able to accept such a huge number of graphics cards.
Perhaps the prices for video cards have grown due to the rise in the price of ethereum, but the profit in mining is falling.

Ho god it's my nightmare to accidentally buy a LHR graphics card. No I never buy a Low Hash Rate GPU and I tripple check on the product page of the GPU. It will be mentioned if it's a LHR GPU and it's only the new GPUs. I was thinking that most probably a lot of beginners will make the mistake of buying LHR GPU, it sucks really. I started to notice that there's more and more RTX 3070 Ti (the Ti version is LHR) and less and less RTX 3070.

I bought this RTX 3070 last time on Ebay at CAD 1400 ( ≈ USD 1,115)
https://www.asus.com/ca-en/Motherboards-Components/Graphics-Cards/ASUS/KO-RTX3070-O8G-GAMING/
and surprisingly I got 62.37 MH on ETH for 105 W which is the best power to hash rate ratio I have for a GPU. 62.37 / 105 = 0.594 or 59 % efficiency!!!

I use HiveOS for my mining platform, T-Rex for the mining software and Hiveon pool for my mining pool. Here's the overclock on that GPU: Core: 1100 ; Mem: 2600 ; PL: 125. It's been a week now and it's ultra stable.

Concerning the EIP 1559, I personally didn't lose any revenue. I make a little less ETH per day but the price increase offset that.