Topic: Buying new GPUs now and future as ETH POS is on horizon (Read 461 times)

The bear market may not come if some of the projects are used in the real sector.
If you invest in equipment, then its price cannot drop 85% in a week.
The most important thing is to buy mining equipment at good prices, and not to overpay to dealers.
The most profitable mining was in 2019 for those miners who did not sell their coins cheaply.

Yeah, with the uncertainty of ETH POS incoming in very close and the overprice of GPUs, no way anyone would size up their GPU mining farm. Also, there is always the panic phase when something new got introduced so I'm willing to bet ETH POS will make the GPU market goes down for a time before stabilize by branching out to other crypto's algo.

The last few months are the time to sell your used GPUs, I've sold a couple of my old RX cards with the price near MSRP at the time I bought the card. And now I'm waiting for the price of GPU to go down to buy a couple of new cards. Buying GPU now for mining means GPU sellers will charge you an insane amount of money, and the ETH price is already high = more risk.

ETH POS so what? There will be many alts with different algorithm to mine on. Just wait for the time to pump while stocking cheap high-end GPU is better IMO.

That is how it is done.I was mining in 2018 and we were making like 90 USD a month in Bitcoin as we mined through Nicehash back then and paid 220 USD energy monthly.I got pressure from my friend to turn off the rigs but I insisted in the long term we are going to be winners.We made near 1 Bitcoin so we really re invested about 10.000 USD in a good powerful mining rig with new cards and also we are using the old ones still.We are only in profit from mining and whoever tells me mining is not profitable I look at them surprised at what are these guys saying.You only have to be patient,even mine at a loss for sometime and in the end you will come out victorious,at least this has been my experience so far.

For sure mining is a good business. Im in it for 3 years and made roghtly 100.000 usd. With these new cards you can make a lot of profit.

I mine with GPU Rx580 8g. It gives me abouts 30m/h each card. I will sell my cards very soon and changed for new ones.

One advise is MINE FOR THE FUTURE, I mean that if you can get your Energy bills covered, just keep your mining! I was mining when ETH got 200 usd now its 3000. So I waited to swap my coins.

Good luck

John Law's scarcity theory of value determines the mining profit now on POW for all coins and will remain the primary mechanism of the mind for crypto mining when Eth goes to POS simply because people will still mine with GPU's if there are POW coins to mine at profit and that activity gives value to scarcity even when there are none capped coins and pre mined junk. I am saying this is a feedback loop that only a denial of internet, electricity or HW will thwart and that is the game theory based upon the human psyche but even then if scarcity rises so does value so loss of electric, internet has to be universal ie global same as all POW coins going POS or dying overnight in sync. possible yeah, likely not so much... The sun has a greater chance over POS of interrupting the feedback loop if it spits out a Carrington like event.

Let's assume that ETH 2.0 is here and there is no PoW algorithm anymore on ETH what will miners be mining right now? I have LHR cards and yes ravencoin is the best option for them, this doesn't mean that many miners will quit, the difference here is bull market is still very much alive so whatever coin you choose to mine will still be profitable

sure eth you will be able to mine maximum until the end of 2022 when presumably eth 2.0 will arrive but then you will be able to profitably mine some other coin such as raven for example if you find latest generation cards at reasonable prices and want to try to mine then buy them, there will always be something to mine, even if some cards are lhr now there are programs to mine that partially unlock them

Investing money on GPUs is just like investing money on top altcoins in the market, if bear market as present all those big altcoins will lose value big time and their sight may ridicule you but you don't actually lose until you sell them off, as for mining the difference isn't much just keep mining and hold, crypto market is seasonal

As others have said if you can afford to lose your capital investment then crack on (you wont unless somebody burgles ya or fire) and if you dont mind mining for a time at low or zero profit or even loss also crack on....

In the bottom of the dip during summer of 2019 my heckles told me to go and buy 4 x RVII and i did just that, in hindsight it wasnt enough lol but such is the nature of greed.

For a year i mined at cost then boom the bulls arrived and Eth went $200 >>> $4k+  Good fortune favours the brave. A small amount of those profits have just bought what i call a 4th Gen rig which is 6 x RX6800 + new mobo, cpu, RAM and a rather nice Nvme ssd which is the best thing ever as speeds installations and compilations/removal of drivers super fast with its amazing speeds plus booting in ten seconds is crazy to me. 256Gb WD blue since you asked lol.

TBH im thinking of building a second rig now but might wait till after xmas to see how new GPU's coming affect things including the Intel offering and ofcourse the POS switch for ETH but ETC is there and i predict it will be jumped on so already mined a little stashio as you do and there are plenty of other shtcoins to GPU mine there awlays will be such is the nature of the beast. However at heart I am a BTC maximalist and crave decentralized everything so this is just a hobby whilst i wait for BTC to buy me a mansion for retirement.

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

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

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.

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.

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.

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.

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).

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.

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?

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.

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.

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

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.

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.

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 

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.

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..!

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.

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.

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 .