Buying new GPUs now and future as ETH POS is on horizon

[Rickirs]

Hi,

I can get couple of 6600 XT  and 3060 (not sure if its LHR) ofcourse on some premium.

However, ETH 2.0 is on horizon, not sure but as I read, I see its could be live by Jan 2022. Can I go for breakeven if I get couple of above mentioned cards if I buy them in next week or so. ? Or should I drop the idea as because of inflated ETH price, its kind of viable to still mine it, what will happen if there is ETH 2.0 . 

[flip4flop]

No one will be able to tell you what will happen. You need to base it on your risk level and what you are comfortable with. Could ETH 2.0 show up in Jan 22? Sure, but could it be delayed 6-12 months? Also possible.  Even if it does what will happen to other altcoins? Where will the hashrate go? Will it cause certain projects to go up in value? All questions that anyone who answers is purely speculating. If you can afford the risk and continue mining for 8-12 months at the very least without having to cash out I think you will likely be fine.  That is just my opinion of course and others will say you are doomed.  Don't overextend yourself financially and you can make small adjustments along the way to maximize your profit and situation as it plays out.

[adaseb]

I had this same dilemma back in Spring 2016. Was debating getting more GPUs or not because "ETH POS is coming Summer 2016". And guess what, 5 years later and still no POS. One thing you need to learn about the ETH dev team is they never meet their deadlines. Look at how many times they had to postpone something. Will it come in Jan 2022? Possibly, however given how important this update is and the way they always run into some issues and cause a delay won't surprise me.

So if you want to get the GPUs get them. However you bigger issue is I think getting them at a decent price and the ETH difficulty. Difficulty keeps creeping up with all the shortages everywhere and there are fast ETH ASICs which are still being produced at the moment. Its hard to tell what the difficulty will be in Jan 2022. So in my opinion this is a bigger issue than its going POS which is going to be delayed probably.

[amishmanish]

Hi,

I can get couple of 6600 XT  and 3060 (not sure if its LHR) ofcourse on some premium.
--snip--

Mining is still as wonderful as it used to be but of ETH moving to PoS is threatening to end the party, atleast till the market decides that it wants a place for PoW Smart-contracts. At present, developers and users are equally willing to put money into PoS chains too. There may be a condition that one of these unknown PoW coins will start finding backers because of decentralization purists looking to have smart-contracts on PoW chains.

The GPUs would continue to be worth it then. The two cards you mentioned are nearly 900 USD per card on the local websites. At USD 4 dollar per day for the two cards, it'd be >400 days for breakeven. So you will have to do it for the love of it and if ETH continues to go up, it maybe worth it. Tough choices all along man, as usual..!

[joniboini]

If the worst case happen (ETH2.0 is earlier than expected, fees go lower, etc), you can at least find other coins to mine or just sell your GPUs. The price might still be good since who knows when will this shortage get fixed.

If you can't afford to lose your money without making any ROI though, maybe you should think again.

[alucard20724]

what would be really bad is... ETH was the only algo out there and everyone stopped thinking and stopped coding and no one had any new ideas and zombies happened.  

edit.. but zombies might be cool though 

[swogerino]

If it happens for Ethereum to go POS in early 2022 which I strongly do not believe it will,there is still Ethereum Classic which its developers have promised never going POS,beside that there is Ergo,Rvn and many other mineable coins with the GPU-s you are going to get.If you can afford to lose the money invested in these video cards by all means by them if this money is of not vital importance to you,if it is refrain yourself from buying.Don't worry what happens with Ethereum as there are a lot of other possibilities in mining.

[FP91G]

Hi,

I can get couple of 6600 XT  and 3060 (not sure if its LHR) ofcourse on some premium.

However, ETH 2.0 is on horizon, not sure but as I read, I see its could be live by Jan 2022. Can I go for breakeven if I get couple of above mentioned cards if I buy them in next week or so. ? Or should I drop the idea as because of inflated ETH price, its kind of viable to still mine it, what will happen if there is ETH 2.0 . 

Find your video cards in this list and make a preliminary calculation.
https://whattomine.com/gpus

For the calculation, I would assume that Ethereum mining will still be relevant for 4-5 months. Next, calculate the cost of the equipment minus the profit and think if you can sell it at such a price so as not to lose money.

[fmz89]

Hi,

I can get couple of 6600 XT  and 3060 (not sure if its LHR) ofcourse on some premium.

However, ETH 2.0 is on horizon, not sure but as I read, I see its could be live by Jan 2022. Can I go for breakeven if I get couple of above mentioned cards if I buy them in next week or so. ? Or should I drop the idea as because of inflated ETH price, its kind of viable to still mine it, what will happen if there is ETH 2.0 . 

Heheheh ppl miss about eth.2 and eth.2 pos activate, eth was upgrade 2.0 in August, and mining continue till pos came out, or mining + pos, after pos stable mining stoped, is far away

[adaseb]

If the worst case happen (ETH2.0 is earlier than expected, fees go lower, etc), you can at least find other coins to mine or just sell your GPUs. The price might still be good since who knows when will this shortage get fixed.

If you can't afford to lose your money without making any ROI though, maybe you should think again.

If it goes POS, there is going to be millions of idle GPUs out there which will be scrambling to mine any decent coin at all. The difficulty will skyrocket and only those with near free power will be able to mine it, most retail people won't be able too. It will be game over. You can't mine coins like Litecoin or Bitcoin with GPUs anymore.

Yes you can sell it but depending on how much you pay now, and what new models come out in the future its hard to say how much you will get for it. Gamers which buy our GPUs are smart. If they find out that ETH is POS, they know they can score a deal and you lowball the hell out of miners. And some miners might cave and sell their GPUs for like 50% off their buying price, which can be >$500 in some situations.

[birdjan]

Free el.power...It is only free if you steal it.If you have sollar panels it is not free,you have roi of investment in it,or you can sell it to elec.comp.If you sell it the profit will be higher compared to mining in the future if eth goes to POS,and that is end of the game.

[batsonxl]

ETH hasrate now is much higher than used to be in april. we are less price now eth (3k used to be 4k) but hashrate is higher. Should we miners worry about it?

[adaseb]

ETH hasrate now is much higher than used to be in april. we are less price now eth (3k used to be 4k) but hashrate is higher. Should we miners worry about it?

Hashrate will always go up when price is flat or going upwards. Even if price goes down the hashrate can still stay the same or go up. Look at Bitcoin for reference.

If you see all the cycles since the beginning you will learn that even in a bear market the hashrate always recovers. This is due to more people learning about mining and more advanced GPUs and ASICS being developed.

So the hashrate shouldn’t be a surprise. It will always keep going upwards.

[Rickirs]

Yes, there will be always other coin to mine but definitely its risky to make new purchases but on the other hand, as many pointed out, one should invest only amount that he can spare to loose.  I will do some more research before making actual purchase as I am seeing few more choices, I can also get non-LHR 3060 12 GB (but very costly, around 1300 USD).

[swogerino]

Yes, there will be always other coin to mine but definitely its risky to make new purchases but on the other hand, as many pointed out, one should invest only amount that he can spare to loose.  I will do some more research before making actual purchase as I am seeing few more choices, I can also get non-LHR 3060 12 GB (but very costly, around 1300 USD).

I think with 100 dollars more you can get the Rx 6800 or Rx 6800 XT cards which both perform much better than the Nvidia 3060 even if it is non LHR it means max will do 49 Mhsh compared to 61 Mhsh for the Rx 6800 and 64 Mhsh for the Rx 6800 Xt cards respectively.Just don't rush and the perfect opportunity will come to you.

[FP91G]

Yes, there will be always other coin to mine but definitely its risky to make new purchases but on the other hand, as many pointed out, one should invest only amount that he can spare to loose.  I will do some more research before making actual purchase as I am seeing few more choices, I can also get non-LHR 3060 12 GB (but very costly, around 1300 USD).

You are mistaken, the RTX 3060 video card does not exist without LHR.
Miners learned how to hack the very first models, because they used PCI-e 16x, and drivers for developers version 470.05. If you want to buy more than 2 video cards, then you will need a special motherboard and raiser 16x.

[MCcryptonia]

Years ago I had some money enough to build me 5 rigs with 6x rx580 8gb in them but the news about the upcoming ETH PoS make me changed my mind and till date nothing happened, I was so mad at myself later on cos two of my friends took the risk and they are happy they did, don't take ETH Devs too serious mate cos this PoW algorithm might be here for another whole year.

[adaseb]

Years ago I had some money enough to build me 5 rigs with 6x rx580 8gb in them but the news about the upcoming ETH PoS make me changed my mind and till date nothing happened, I was so mad at myself later on cos two of my friends took the risk and they are happy they did, don't take ETH Devs too serious mate cos this PoW algorithm might be here for another whole year.

It’s not only you. There are many people who going back to 2016 were faced with this dilemma. I also got a few friends who are upset with me because I told them that ETH might be unmineable in the future and your GPUs won’t be able to mine ETH then it kept making ATH after ATH and they are upset.

The issue here is more with the unpredictable schedule of the ETH Dev foundation. You would think as the coin got more and more popular they would hire more devs to get the work done sooner, however it seems the opposite has happened. So nobody knows even Vitalik himself when ETH will go pure POS.

[CrossroadBTC]

Years ago I had some money enough to build me 5 rigs with 6x rx580 8gb in them but the news about the upcoming ETH PoS make me changed my mind and till date nothing happened, I was so mad at myself later on cos two of my friends took the risk and they are happy they did, don't take ETH Devs too serious mate cos this PoW algorithm might be here for another whole year.

True, the market is far more healthier than past years today and this bull season will last very long as far as adoption rate is going this days, the only risks involved when mining is longer ROI, you won't lose money but money will come in very slow, that's all unless your electricity bill is way higher, why wait if your electricity bill is lower

[Ceyflix-Rez]

Hi,

I can get couple of 6600 XT  and 3060 (not sure if its LHR) ofcourse on some premium.

However, ETH 2.0 is on horizon, not sure but as I read, I see its could be live by Jan 2022. Can I go for breakeven if I get couple of above mentioned cards if I buy them in next week or so. ? Or should I drop the idea as because of inflated ETH price, its kind of viable to still mine it, what will happen if there is ETH 2.0 .  

I would be more worried about bear market than ETH 2.0 which may never happened for another whole year, if bear market comes and mining isn't a worry for you then I don't see any reason why you holding back, ETH 2.0 isn't coming any time sooner stop wasting your time