Takyeon (OP)
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Activity: 63
Merit: 10
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May 23, 2022, 06:58:21 AM |
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Ethereum mining is getting boring to me and merge is officially in August which coins are you miners mining right now?. Apart from Ethereum.
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Whoever mines the block which ends up containing your transaction will get its fee.
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Coinfarm ventures
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May 23, 2022, 04:46:34 PM |
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No coin will be profitable after PoS. Revenue for an RTX 3080 might drop as low as $0.40/day at first, which is 6 to 7x less than today. No mining rig will even pay for the power cost. Miners will liquidate their rigs en masse, leading to dirt cheap GPU prices, like $500 for the RTX 3080 10G or $200 for the RTX 3060.
Revenue will recover after a few months to maybe $0.80/day, which is enough to make a small profit and pay off the RTX 3080 in 3-4 years. The get-rich-quick miners will leave, while the long term speculative HODL miners will stay. If another GPU coin like FIRO/ERG/FLUX becomes as big in market cap as ETH, these miners will make a killing.
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adaseb
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Activity: 3738
Merit: 1708
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May 24, 2022, 04:00:02 AM |
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You need to understand that what profits a certain coin makes now, doesn’t mean the profits will be the same in the future if everyone starts to mine that coin. Even if the price stays the same.
The supply is capped. ETH goes POS all miners will mine whatever is available and everyone will get a thinner slice of the pie.
Wonder how chaotic bitcointalk mining section will be in August.
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Crypt0Gore
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May 24, 2022, 04:55:50 AM |
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You need to understand that what profits a certain coin makes now, doesn’t mean the profits will be the same in the future if everyone starts to mine that coin. Even if the price stays the same.
The supply is capped. ETH goes POS all miners will mine whatever is available and everyone will get a thinner slice of the pie.
Wonder how chaotic bitcointalk mining section will be in August.
It's not funny at all, I am in the right state of mind because I have once witnessed how cruel mining reward can be in a bear market, those who haven't seen this before have no idea what is coming, many long time mining dream will turn into selling the GPUs and leave. |
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Coinfarm ventures
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May 24, 2022, 05:18:02 AM |
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It's not funny at all, I am in the right state of mind because I have once witnessed how cruel mining reward can be in a bear market, those who haven't seen this before have no idea what is coming, many long time mining dream will turn into selling the GPUs and leave.
It will essentially be a 'reset' back to 2019 conditions, where small coins like GRIN or RVN dominated GPU mining. I built a GTX 1060 rig for $140 per card, made $0.70/day of revenue mining GRIN, paid $0.25 for power cost, and saved the remaining $0.45. In 2 years, not only did I pay back the video cards 2-3x, but I sold them for $330 each. However we'll be left in a complete world of uncertainty once ETH dies. We will only have FIRO, FLUX, ERG etc. left. There is no guarantee that any of these coins will become as big as ETH in market cap. But I will keep mining & HODLing in the hopes of another GPU boom. |
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Crypt0Gore
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May 24, 2022, 05:29:14 AM |
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It's not funny at all, I am in the right state of mind because I have once witnessed how cruel mining reward can be in a bear market, those who haven't seen this before have no idea what is coming, many long time mining dream will turn into selling the GPUs and leave.
It will essentially be a 'reset' back to 2019 conditions, where small coins like GRIN or RVN dominated GPU mining. I built a GTX 1060 rig for $140 per card, made $0.70/day of revenue mining GRIN, paid $0.25 for power cost, and saved the remaining $0.45. In 2 years, not only did I pay back the video cards 2-3x, but I sold them for $330 each. However we'll be left in a complete world of uncertainty once ETH dies. We will only have FIRO, FLUX, ERG etc. left. There is no guarantee that any of these coins will become as big as ETH in market cap. But I will keep mining & HODLing in the hopes of another GPU boom. It's exactly what I have in mind too but ETH leaving the band is not so good, if graphic cards like 3060 and 3070 can go as low as their MSRP then I will buy more, something fresh will come up, and new opportunities will arise, hopefully 🙏. |
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Coinfarm ventures
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May 24, 2022, 02:32:28 PM |
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It's exactly what I have in mind too but ETH leaving the band is not so good, if graphic cards like 3060 and 3070 can go as low as their MSRP then I will buy more, something fresh will come up, and new opportunities will arise, hopefully 🙏.
The prices of those video cards will crash far below their MSRP. In the last bear market, GPU prices were half of MSRP. I expect to see as dramatic of a crash this time, since twice the cards are on the network. The RX 570's that miners have used for years are going to be almost free. |
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philipma1957
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Activity: 4102
Merit: 7723
'The right to privacy matters'
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May 24, 2022, 10:05:17 PM |
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It's exactly what I have in mind too but ETH leaving the band is not so good, if graphic cards like 3060 and 3070 can go as low as their MSRP then I will buy more, something fresh will come up, and new opportunities will arise, hopefully 🙏.
The prices of those video cards will crash far below their MSRP. In the last bear market, GPU prices were half of MSRP. I expect to see as dramatic of a crash this time, since twice the cards are on the network. The RX 570's that miners have used for years are going to be almost free. If eth actually does the august pos move this will be the most amazing crash ever |
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sp_
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Activity: 2884
Merit: 1087
Team Black developer
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May 24, 2022, 10:07:57 PM
Last edit: May 24, 2022, 10:19:35 PM by sp_ |
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A crash perhaps, but not the end of GPU mining. With a faster randomx implementation soon to be released, gpu miners can move to secure the Monero network instead.
At a price of $192 monero generates around $36.34 Million annually to the miners. But the price is likely to rise..
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Coinfarm ventures
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May 24, 2022, 10:19:18 PM |
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A crash perhaps, but not the end of GPU mining. With a faster randomx implementation soon to be released, gpu miners can move to secure the Monero network instead.
GPU mining will never die, but the question is if/when we'll ever reach the profit levels of ETH. It's a high-risk bet, which is why there would be a very high reward, comparable to when I mined my first Ethers in mid-2016 and could've been a millionaire if I built another rig or two and held the Ethers. Imagine mining FLUX at current diff levels, then FLUX goes to $300. You effectively made $300/day per card, not just $0.75. If eth actually does the august pos move this will be the most amazing crash ever
I would love a chance to buy cheap video cards. We haven't had that opportunity for 2 years. Crash or not, I will try to make a profit either way. This is why I don't dread August or PoS or Vitalik at all. |
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cudapop
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Activity: 93
Merit: 41
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May 25, 2022, 02:28:57 AM |
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... I mined my first Ethers in mid-2016 and could've been a millionaire if I built another rig or two and held the Ethers...
Ouch, this brings back painful memories, I started mining at the start of 2017 but didn't have confidence that eth would last long term so I was selling my mined eth every month. I remember how each gtx1060 mined close to 7 eth over the whole year back then. Really stupid of me to be selling monthly rather than saving all that eth. Took me a whole year before I finally stopped selling and started saving at the start of 2018. But by then each gtx1060 was only making something like 0.6 eth over the entire year. |
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arielbit
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Merit: 1059
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May 25, 2022, 03:46:49 AM |
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--snip--
in the hopes of another GPU boom.
a farm ready if/when this time comes will be a great opportunity to make life changing money. they key here is the ability to expand/scale to a good size faster, the areas of expansion must be planned ahead. it is easier to purchase and setting up cards than getting/choosing the right place for expansion. |
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Coinfarm ventures
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May 25, 2022, 04:37:25 AM |
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Ouch, this brings back painful memories, I started mining at the start of 2017 but didn't have confidence that eth would last long term so I was selling my mined eth every month. I remember how each gtx1060 mined close to 7 eth over the whole year back then.
I learned my lesson after that. I always save 50% of my mined coins and mine a variety of coins now. My hope is to mine at low diff for a year or two with ~100 cards at home and cheap 9-10¢ power, before the next bull market. it is easier to purchase and setting up cards than getting/choosing the right place for expansion.
It is extremely difficult to set up a commercial mining site. Even renting a 3000SF warehouse for $1500/month is complicated. Getting insurance as well as upgrading the electric service are the hardest tasks. Most small warehouses in the U.S. only have 100 kW of capacity, which is enough for 500 video cards. Upgrading it to 1MW or so can take months. Good luck finding a place with decent capacity without having a ridiculous rent bill. Honestly it makes more sense to just buy a piece of land, set up sheds/containers, make sure the utility can service the land, then buy the equipment. The only benefit is the power cost will be 6-7¢ which is cheap for GPU mining. I thought buying the video cards was the hardest part, until I saw how tough the world of commercial real estate is... Even during the height of the 2018 gold rush, I was able to procure hundreds of video cards easily as long as I offered the right price. |
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JangoUnchained
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Activity: 185
Merit: 14
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May 25, 2022, 06:09:19 AM |
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Why are you talking about 100 graphic cards when I only have 15 available? @coinfarm ventures are you intentionally doing this to me? 😅 why? My hashrate is not even close to 1GH lol, it is well.
I am getting fed up losing every crypto opportunity in a bear market, I hope this time things will go as planned, a bear market isn't an easy time at all, many won't be able to keep up with their plans.
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sech1
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May 25, 2022, 08:34:58 AM |
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A crash perhaps, but not the end of GPU mining. With a faster randomx implementation soon to be released, gpu miners can move to secure the Monero network instead.
At a price of $192 monero generates around $36.34 Million annually to the miners. But the price is likely to rise..
Looking forward for the faster randomx implementation! |
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FP91G
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May 25, 2022, 12:39:02 PM |
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Ethereum mining is getting boring to me and merge is officially in August which coins are you miners mining right now?. Apart from Ethereum.
It has been said many times that the profits of all miners will fall, because there are no coins that can take the entire Ethereum hashrate. If you want to mine further, then you need to look for cheap electricity and buy energy-efficient video cards. |
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Coinfarm ventures
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May 25, 2022, 02:42:26 PM |
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Why are you talking about 100 graphic cards when I only have 15 available?
I used to operate 300 video cards, lol. I was able to buy dozens of them at a time as long as the price was right. |
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philipma1957
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Activity: 4102
Merit: 7723
'The right to privacy matters'
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May 25, 2022, 03:25:58 PM |
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I have $300k plus in
ltc/doge asics
btc. asics
gpus
I have a lot of available power and space.
My issues are cooling and a need for cheap gear.
Cards are pricey and asics are worse.
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JangoUnchained
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Activity: 185
Merit: 14
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May 26, 2022, 06:15:00 AM |
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Why are you talking about 100 graphic cards when I only have 15 available?
I used to operate 300 video cards, lol. I was able to buy dozens of them at a time as long as the price was right. Savage 😅, where are you guys getting money lol? I want to be just like you, 300 graphic cards in a bear market will bring good money if you have enough space, cheap electricity and a better cooling vent, I need to start dreaming big 🤔 I guess. |
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