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Author Topic: Is it reasonable to start a new GPU mining farm right when eth 2.0 is so close?  (Read 454 times)
swogerino
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August 30, 2021, 03:15:09 PM
 #21

Anyone catch the news about 485000 RX 470 8GB gpu's being returned to a mining company after being confiscated in China when their bans went into effect?

All those gpu's for just one company affiliate in China to mine Ethereum coming back online when they setup a new location.

That's a 5-10% increase in hashing power from what the current one is.

We are going only uphill now regarding difficulty and hash rate because many new people will join.Even if such number of cards would not exist at all or would not be returned back to where they belong the hash rate will only go up as long as the price of Ethereum stays above 3000 dollars as it is right now the most profitable coin to mine and as such it attracts many new persons.We are already near the all time high at 8.42 P regarding the difficulty of the Ethereum network yet I see my mining rewards not going down a lot,before I was doing 22-24 USD daily now I am doing 21 USD daily so it still remains extremely profitable to mine Ethereum.

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August 31, 2021, 11:13:17 AM
Merited by vapourminer (2)
 #22

Anyone catch the news about 485000 RX 470 8GB gpu's being returned to a mining company after being confiscated in China when their bans went into effect?

All those gpu's for just one company affiliate in China to mine Ethereum coming back online when they setup a new location.

That's a 5-10% increase in hashing power from what the current one is.

We are going only uphill now regarding difficulty and hash rate because many new people will join.Even if such number of cards would not exist at all or would not be returned back to where they belong the hash rate will only go up as long as the price of Ethereum stays above 3000 dollars as it is right now the most profitable coin to mine and as such it attracts many new persons.We are already near the all time high at 8.42 P regarding the difficulty of the Ethereum network yet I see my mining rewards not going down a lot,before I was doing 22-24 USD daily now I am doing 21 USD daily so it still remains extremely profitable to mine Ethereum.

I was surprised by the scale they were working at, 10x more than what I expected from just one affiliate alone.

I was thinking it wasn't this concentrated and there were more varied players around.

So one company has the majority of the hashing power on the network looking at this one part of their arsenal being "told".
These are fairly old GPU's as well and better cards are around.

If they offload these GPU's to the market...
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August 31, 2021, 01:03:25 PM
 #23

Anyone catch the news about 485000 RX 470 8GB gpu's being returned to a mining company after being confiscated in China when their bans went into effect?

All those gpu's for just one company affiliate in China to mine Ethereum coming back online when they setup a new location.

That's a 5-10% increase in hashing power from what the current one is.

Got a link to an article about it?
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August 31, 2021, 03:39:02 PM
Merited by vapourminer (2)
 #24

Anyone catch the news about 485000 RX 470 8GB gpu's being returned to a mining company after being confiscated in China when their bans went into effect?

All those gpu's for just one company affiliate in China to mine Ethereum coming back online when they setup a new location.

That's a 5-10% increase in hashing power from what the current one is.

Got a link to an article about it?

https://www.tweaktown.com/news/81368/485-000-radeon-rx-470s-returned-to-cloud-mining-company-by-china/index.html

Here you go.

EDIT: Got the TH/s number wrong for the total. More like 2-3% from what I said earlier.
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September 01, 2021, 04:58:45 AM
 #25

Oh wow, that's a big bunch Smiley

Thanks for the article.
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September 01, 2021, 07:35:23 AM
 #26

What ETH 2.0? The earlier the better mate many people refuse to join the train years back simply because people keep talking about upcoming Ethereum PoS and oh ETH mining is coming to an end, none of that happen till this day

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September 04, 2021, 11:46:53 AM
 #27

I know that this has been asked a billion times already, and I know that it has been talked about a billion times as well, but nobody seems to have the right answer. Everyone keeps saying that oh we may move to ravencoin or etc in order to keep going, but looking at their hashrate it is not even close, the hashrate at ethereum ALL will be gone with it, and it will be going to somewhere, and if you do it on the other two, you need the prices to go up insanely high to make it profitable.

So once again I wanted to ask this, if ravencoin and etc doesn't profit the miners, and if 2.0 comes and there is no mining ethereum, then what will the miners do? I really want to start a mining rig and then keep using it is profits to keep growing it, I have sufficient income to sustain myself so only thing I am expecting from my rig is to help me earn enough money to get one more and then one more and grow it.

However this is a long term idea and with 2.0 coming up in a year or so, I am not sure if it really worths it. Even the R&D guy on ETH development team said that it will be pretty hard to make profit after we hit 2022, and that scares me the most. What do you guys think? Should I go for it? It is going to be tough if I do it, but maybe it may work out? Or maybe it will suck after 2.0 and we will all lose money? What is your opinion?
Heheheh maybe eth.2 pos you meant, which is unclear when this happen, maybe 2 year from now maybe sooner, and many farmer already thought about this, maybe they will create other mining coin, other than many mineable coin out there wont be enough for that times happen

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September 04, 2021, 03:20:43 PM
 #28

What ETH 2.0? The earlier the better mate many people refuse to join the train years back simply because people keep talking about upcoming Ethereum PoS and oh ETH mining is coming to an end, none of that happen till this day

I still think they will switch to progpow vs doing pos.

They can

1) stick with this current algo means they are voting for asics and companies like bitmain,innosilicon,linzhi

2) switch to progpow alog it means they are voting for amd ,nvidia ,intel.

3) switch to piece of shit = POS which screws bitmain,innosilicon,linzhi,amd,nvidia , intel.


I am guessing he switches from 1 to 2 not from 1 to 3.

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September 06, 2021, 08:23:06 AM
 #29

What ETH 2.0? The earlier the better mate many people refuse to join the train years back simply because people keep talking about upcoming Ethereum PoS and oh ETH mining is coming to an end, none of that happen till this day

I still think they will switch to progpow vs doing pos.

They can

1) stick with this current algo means they are voting for asics and companies like bitmain,innosilicon,linzhi

2) switch to progpow alog it means they are voting for amd ,nvidia ,intel.

3) switch to piece of shit = POS which screws bitmain,innosilicon,linzhi,amd,nvidia , intel.


I am guessing he switches from 1 to 2 not from 1 to 3.

All indications are it's going PoS by end of this year.
You can trust a person like Vitalik Buterin to screw the miners over hard.

They want the centralization PoS allows. Then the amount of money you have dictates your influence and nothing else.
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