Pro miners pls give an answer on this

[BitKongy]

I am asking this on behalf of a friend, is 580 8gb still worth buying in 2022 for long term crypto mining? The rx580s are the cheapest around him like 150-180$ per card, what do you think pro miners?.. He said he has cheap electricity bill.

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[rdluffy]

I don't know how cheap is his electricity rate, but in general, RX 580 and Polaris generation are already outdated
They are good in ETHASH, but with the end of Etherem POW I think Nvidias are more future proof.
Nvidias are better to mine more algos.

I've seen good offers on RTX 2060, it's old, but 1 generation ahead of polaris, and can mine more algos.

Maybe it's better to wait a little until ETH changes and see about the profitability

[JayDDee]

Investment decisions shouldn't be made based on 3rd hand forum advice. "Professional" advice, by definition, is paid for.
If you're friend isn't comfortable making their own decision they should get professional advice or stay away.

That's my free advice.

[swogerino]

I am asking this on behalf of a friend, is 580 8gb still worth buying in 2022 for long term crypto mining? The rx580s are the cheapest around him like 150-180$ per card, what do you think pro miners?.. He said he has cheap electricity bill.

If that is his cheapest option and if he truly has cheap electricity bill which I would define right now up to 0.05 and for long term like your friend is looking a maximum of 0.07 cent would be the max limit of what can be considered "cheap" electricity compared to us in Europe which the prices have skyrocketed and most likely we will see further increase this very September.

6 such cards would cost him like 900 dollars plus 200-300 dollars for used other parts that would be 1200 dollars for a 6 cards rig,of course he should get a very good PSU that may rise the cost but it will be worthwhile in the long run,so for 1500 USD he can buy the parts himself or from what I have seen in local market where I am plus in Ebay and others you can get a rig with 6 such cards in the above mentioned price.It can be as jump starting for your friend,if he likes what he sees and start to thoroughly understand cryptos even more,I am sure he will expand.

[adaseb]

No it’s not worth it. It’s overpriced. It seems pretty almost at MSRP when they came out in 2016.

ETH is no longer going to be mineable. The profitability for anything GPU mineable will be very little. I don’t think it’s wise to invest this much per GPU for such a old GPU. You are better off buying something newer that you can sell to a gamer in the future.

Gamers won’t want the rx580 due to its age.

[CryptoATM]

How about buying those RX580 for 70-80$ each? Yes if this happens I will buy eight pieces to mine ravencoin only, the graphic card is very old but yes mining software still supports the graphic cards, we don't know what will happen in future.

[SafuBTC]

The only thing that makes a graphic card outdated is lesser VRAM, if you can say that RX580 8gb are no more a good choice for mining what about GTX 1070 and 1080? To me they are in same category, they are old but still works because they have 8GB memory, that's all that matters, if you can pay the bills for power consumption then you are not on a wrong path.

[Ketesnuko]

Buy something recent, like the RX5700, 6700, 6600xt, rtx3060, if something old is what you prefer due to lesser price on the market make sure its what gamers still use to build gaming PC today like GTX 1070 and 1080, gamers still pairs this card with high-end gen CPUs.

[devil2man]

Unfortunately it is not worth buying a 580 since the end of eth mining is approaching, then it really consumes a lot of energy for the other algorithms, nvidia with at least 6gb of ram are much better

[rdluffy]

How about buying those RX580 for 70-80$ each? Yes if this happens I will buy eight pieces to mine ravencoin only, the graphic card is very old but yes mining software still supports the graphic cards, we don't know what will happen in future.

It's hard to say if 70 or 80 USD are good prices, but if you have cheap electricity, maybe it's worth
Just do the math

Here in my country for example, my electricity rate is .20, so it's barely profitable, like 10cents per day per card (rx 580), putting 5 in a rig will be .50 cents a day = 30 USD month
Not worth the time and noise in my opinion

But let's say you have 0.05 rate, things start to look better

After ETH POS we'll have a better understanding about which cards will continue to mine in profit (if), but I'm doubt about Polaris generation. I suspect only RTX 3XXX and AMD 6XXX will continue on the game

[FP91G]

I am asking this on behalf of a friend, is 580 8gb still worth buying in 2022 for long term crypto mining? The rx580s are the cheapest around him like 150-180$ per card, what do you think pro miners?.. He said he has cheap electricity bill.

580 8gb have been mining for 3-4 years. In my country, there are a lot of offers for 150-160 dollars.
To buy these video cards, you need to carefully check this. If you want to buy them, then do it after the end of ethereum mining, when there will be much more offers and prices will be much lower. For the remaining 20-25 days of Ethereum mining, you will not get a big profit.

[VRExpress]

Tell me where to buy rx580 for 80$ and I will be glad, you can't find the offer unless you are buying from another miner which I don't recommend, they might have flashed some bios that will cause instability to the project later.

[swogerino]

I am asking this on behalf of a friend, is 580 8gb still worth buying in 2022 for long term crypto mining? The rx580s are the cheapest around him like 150-180$ per card, what do you think pro miners?.. He said he has cheap electricity bill.

580 8gb have been mining for 3-4 years. In my country, there are a lot of offers for 150-160 dollars.
To buy these video cards, you need to carefully check this. If you want to buy them, then do it after the end of ethereum mining, when there will be much more offers and prices will be much lower. For the remaining 20-25 days of Ethereum mining, you will not get a big profit.

I would also strongly suggest the same also,as when Ethereum mining will go away these cards cannot do that much other algos except ETC which most people will flock into it,we already have 565 T difficulty in ETC network while before the news of Ethereum mining it was maximum of 382 T,it shows people have already migrated here,beside this algo the Rx versions can mine RVN but at the cost of greatly heating the cards,so most probably the price after the first half of September will be like 50-60 dollars for a card which would makes sense to buy them then.

Keep in mind though as you can use your ETChash to be used at unmineable website where you can choose any coin to mine,you only will get slightly decreased mining rewards daily,so if the price will fall in the second half of September get these cards if you have cheap electricity because right now one such card can make you 0.035 LTC through unmineable mining pool and six of them can make you 0.20 LTC daily which in USD is not much but in crypto 0.20 LTC is a good amount to be mined daily.

[ANSEL_2.0]

Nvidia graphic cards are hot cake for long term mining, they supports more algorithms than AMD cards and rx580 is just too old for that price, the only AMD graphic card that I can buy for mining is vega 56&64 because they are very very good for Autolykos Algorithm.

[FP91G]

At what price can you buy the RX 580s?
"prices
night 1.11 ($0.018)
day 2.11( $0.035)
I don't think prices will go down anytime soon."
https://miningclub.info/threads/po-kakoj-cene-mozhno-pokupat-rx-580-e.103134/

Russia, Irkutsk. I wrote you electricity prices in dollars. A used 570 8 GB graphics card can be bought in bulk for $120.
If you have such an electricity price, then the purchase will not be a mistake, but if you do not have such prices, then wait for the end of ethereum mining.

[S3300]

At what price can you buy the RX 580s?
"prices
night 1.11 ($0.018)
day 2.11( $0.035)
I don't think prices will go down anytime soon."
https://miningclub.info/threads/po-kakoj-cene-mozhno-pokupat-rx-580-e.103134/

Russia, Irkutsk. I wrote you electricity prices in dollars. A used 570 8 GB graphics card can be bought in bulk for $120.
If you have such an electricity price, then the purchase will not be a mistake, but if you do not have such prices, then wait for the end of ethereum mining.

Graphics cards price may not go down soon if after Ethereum merge other altcoins remains profitable to mine but if things get so bad and hopeless many more gpus will flood the market and miners will sell for cheaper price.

[ZeeeN]

if you not have card yet buy rx580 i dont think it worth, if you have cheap electricity bill buy more powerful card is better for long term when you mining around 2-3 years you can sell card to gamer and take some money to buy new card.

i think rx580 next year gamer don't want to buy it.

[GEMIN_M4]

if you not have card yet buy rx580 i dont think it worth, if you have cheap electricity bill buy more powerful card is better for long term when you mining around 2-3 years you can sell card to gamer and take some money to buy new card.

i think rx580 next year gamer don't want to buy it.

This is a big lie, a gamer wants to buy a RTX 2060 from me and he promised the next day, the next day he sent me a screenshot of someone trying to sell a rx580 for a lesser price and he said ' I am sorry I will have to go with this deal because it's cheaper' he claimed he is playing on a 1080p display which rx580 is a perfect choice.

[rdluffy]

This is a big lie, a gamer wants to buy a RTX 2060 from me and he promised the next day, the next day he sent me a screenshot of someone trying to sell a rx580 for a lesser price and he said ' I am sorry I will have to go with this deal because it's cheaper' he claimed he is playing on a 1080p display which rx580 is a perfect choice.

It's hard to say something about possible resale value because every country have their own market.

Here for example, there's still market for old cards like RX 580, but I know it's almost at the edge, the next launch of Nvidia and AMD will probably push the generation and Polaris and GTX 1XXX will lose more value and games will be harder to play at these.

But talking about mining, in the next weeks we'll have a clue about the cards and algos, RX cards could lose value fast if ETHW and ETC doesn't make any profits.
Nvidia are afraid, and will reduce even more the prices of GPUs...

Hey OP @BitKongy, have you talked to your friend about the asnwers here?

[arielbit]

you should worry more about hidden defects when dealing with an old card.

yeah you bought cheap and it runs till ROI then poof it is bricked, yeah you ROI'd but energy and time wasted LOL