ETH mining nearing end of life - When will you liquidate your rigs?

FP91G

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Quote from: adaseb on August 20, 2023, 01:18:39 PM

Since 2017 most of the GPU profitability was due to Ethereum. How many new projects these days are POW based? What was the last successful POW coin that launched?

I think our only hope is that SEC seems all ICOs as securities and then maybe new projects will be POW based. Then I can see them making a come back. But you know how most new projects are. They want to raise capital as quick as possible and POW is not the way.

Is Ethereum a security?
We have already experienced similar situations in 2014 and 2019. Mining coins exist, but the profit is the same as in 2014 and 2019. The GPU minerum needs the developer of the new coin to adhere to the Asic-resistant algorithm, otherwise nothing will change.

JayDDee

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Quote from: adaseb on August 19, 2023, 10:49:33 PM

Very odd to see someone bump this thread.

I've seen a couple of other similar posts in the past few days: old thread, off topic, newbie account sharing "wisdom" but mostly nonsense,
and looks like it was written by an AI.

adaseb

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Since 2017 most of the GPU profitability was due to Ethereum. How many new projects these days are POW based? What was the last successful POW coin that launched?

I think our only hope is that SEC seems all ICOs as securities and then maybe new projects will be POW based. Then I can see them making a come back. But you know how most new projects are. They want to raise capital as quick as possible and POW is not the way.

FP91G

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Quote from: adaseb on August 19, 2023, 10:49:33 PM

Very odd to see someone bump this thread. I remember making it in early 2022. In hindsight if we all followed my predictions when I made this thread then you would of liquidated your rigs at a great price. However it was delayed by a few months, should of went POS by July but instead it went POS by November.

After it went POS the mining profitability went down substancially. Many held their GPUs because we assumed that ETH POW would live on but it didn't really catch any attention. Crazy how much mining has changed in the last year.

"2013-2017-2021-2025" Don't forget this sequence Grin

adaseb

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Very odd to see someone bump this thread. I remember making it in early 2022. In hindsight if we all followed my predictions when I made this thread then you would of liquidated your rigs at a great price. However it was delayed by a few months, should of went POS by July but instead it went POS by November.

After it went POS the mining profitability went down substancially. Many held their GPUs because we assumed that ETH POW would live on but it didn't really catch any attention. Crazy how much mining has changed in the last year.

cryptomini

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How Many Ethereum Are Left?

The total supply of Ethereum is capped at 18 million ETH. This figure is based on the maximum supply limit set by the Ethereum network. As of 2021, there are currently roughly 115 million ETH in circulation. This means that the total number of ETH left is roughly 17 million ETH.

Metroid

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Xtreme Monster

Bitcoin is very profitable at moment, 200t gives around 40 usd net per day and if difficulty does not rise then will be profitable as much, sheeps are overpaying for btc at moment, from 2018 to july 2020, bitcoin was negative profit, you paid to mine, eth devs can change anytime eth profitability, bitcoin profitability is only bound by difficulty, bitcoin has a principle, eth is pure centralized scam, ravecoin and some other coins follow bitcoins principle in that regard. Anyway, the market will stabilize itself and old traders will never buy bitcoin at this price because they hate paying more than what it actually cost to produce which at moment, is around 10k to produce one btc, check the link below to see the truth.

https://whattomine.com/coins/1-btc-sha-256?hr=200000.0&p=4000.0&fee=0.0&cost=0.1&cost_currency=USD&hcost=0.0&btc_enabled=true&btc=10546.54&span_br=1h&span_d=&commit=Calculate

Because of this halving principle, bitcoin cant increase its value anymore and scammers hate that hehe, like I said before market will correct itself due time, sheeps can overpay now but value will always return to its principle. ETH centralized scam will have the same fate, not due to a principle, due to being a scam itself.

sxemini

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Quote from: devil2man on March 28, 2022, 09:14:33 AM

Personally i will not sell any of my few gpus when eth can no longer be mined i will simply go on to mine some other altcoins such as ergo, flux, ravencoin the gains will be lower but still acceptable

You can´t know the the gains after the merge - so you can´t be sure is it acceptable or not Cheesy

but sure a also don´t sell any of my gpu´s, all are paid of.

Ketesnuko

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Quote from: devil2man on March 28, 2022, 09:14:33 AM

Personally i will not sell any of my few gpus when eth can no longer be mined i will simply go on to mine some other altcoins such as ergo, flux, ravencoin the gains will be lower but still acceptable

The gains will be lower in USD value but you will get more coins due to less mining difficulty, the truth is once mining becomes less profitable many will walk away and wait for another bull season because they can't even pay for the mining electrical cost.

devil2man

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Personally i will not sell any of my few gpus when eth can no longer be mined i will simply go on to mine some other altcoins such as ergo, flux, ravencoin the gains will be lower but still acceptable

Daodex

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Quote from: philipma1957 on March 27, 2022, 08:41:46 PM

Quote from: rdluffy on March 27, 2022, 09:00:22 AM

Quote from: Pterosaur on March 27, 2022, 03:28:55 AM

Mine and cash out? You think that's a good strategy? What good can come from holding cash? I'm planning on mining very good altcoins like Bitcoin gold, Bitcoin ABC (XEC), Flux, Ravencoin and hold for a long term, probably when another BTC halving takes place and see if bull market will make a come back and start selling my bags.

For a guy like philipma1957 he can holds cash to enjoy next opportunities like:

1 - Bitcoin crash to increase amount of coins, paying cheap
2 - Cheap hardware to expand his mining operations
3 - Invest in more solar energy

You said you're planning to mine altcoins and hold until next cycle, it's important to have cash to maintain your operations without any profits if necessary.
Each situation requires different plans, and having cash is essential to enjoy the greatest opportunities if we enter in a bear market or a bad market for miners.

Me and my three partners finally positioned ourselves where we want to be.

45kwatt solar array
115 kwatt solar array
280 kwatt solar array.

cash sitting
doge sitting
xec sitting
btc sitting
eth sitting.

Not rich but maybe in a few years time we will be there.

My only regret is I am 65 my partners are 58 , 45 and 25.

I would love ❤️ to keep doing this for decades but I am getting old.

I spent five hours driving and four hours working today.
My back is stiff as I type this.

we have more cards coming in.
we have some btc gear coming in.

we have a lot of power available.

Should be fun when Eth goes or delays pos in June.

I wish I can take out 20 years of your life and you can be at least 45 years old again but I'm powerless, even our creator wouldn't want to play such a stunt on us, death is inevitable but I do wish you much more years ahead in good health, stay healthy we need people like you @philipma

Metroid

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Xtreme Monster

Quote from: adaseb on March 27, 2022, 10:53:17 PM

I am not 100% certain but I am not sure the current ETH ASICs can mine ETC. Some might some might not. Reason I know is because ETC forked for this reason to get rid of ASICs from its network. They did it because they wanted it to be GPU miners only and ASICs increase risk of 51% attack.

However I heard that the old Antminer E1 can be flashed with some firmware and it can mine ETC. I am not sure if the other ASICs can be flashed however.

All they did was change 1 parameter to render them unusable pretty much.

Some can like this one here https://www.youtube.com/watch?v=Iyl6ycL1v6o&lc=

adaseb

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I am not 100% certain but I am not sure the current ETH ASICs can mine ETC. Some might some might not. Reason I know is because ETC forked for this reason to get rid of ASICs from its network. They did it because they wanted it to be GPU miners only and ASICs increase risk of 51% attack.

However I heard that the old Antminer E1 can be flashed with some firmware and it can mine ETC. I am not sure if the other ASICs can be flashed however.

All they did was change 1 parameter to render them unusable pretty much.

Coinfarm ventures

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Quote from: rdluffy on March 27, 2022, 09:00:22 AM

You said you're planning to mine altcoins and hold until next cycle, it's important to have cash to maintain your operations without any profits if necessary.
Each situation requires different plans, and having cash is essential to enjoy the greatest opportunities if we enter in a bear market or a bad market for miners.

I 100% agree. Successful operators balance the amount of equipment, cash and coins that they own.

Right now, we should probably hold the equipment, sell the coins, and save cash. In 1-2 months, we should sell the equipment in order to build up cash. After the PoS aftermath is over, we should buy as much equipment as possible with cash, then (depending on coin prices) either hold the coins or slowly replenish our cash reserves.

philipma1957

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'The right to privacy matters'

Quote from: rdluffy on March 27, 2022, 09:00:22 AM

Quote from: Pterosaur on March 27, 2022, 03:28:55 AM

Mine and cash out? You think that's a good strategy? What good can come from holding cash? I'm planning on mining very good altcoins like Bitcoin gold, Bitcoin ABC (XEC), Flux, Ravencoin and hold for a long term, probably when another BTC halving takes place and see if bull market will make a come back and start selling my bags.

For a guy like philipma1957 he can holds cash to enjoy next opportunities like:

1 - Bitcoin crash to increase amount of coins, paying cheap
2 - Cheap hardware to expand his mining operations
3 - Invest in more solar energy

You said you're planning to mine altcoins and hold until next cycle, it's important to have cash to maintain your operations without any profits if necessary.
Each situation requires different plans, and having cash is essential to enjoy the greatest opportunities if we enter in a bear market or a bad market for miners.

Me and my three partners finally positioned ourselves where we want to be.

45kwatt solar array
115 kwatt solar array
280 kwatt solar array.

cash sitting
doge sitting
xec sitting
btc sitting
eth sitting.

Not rich but maybe in a few years time we will be there.

My only regret is I am 65 my partners are 58 , 45 and 25.

I would love ❤️ to keep doing this for decades but I am getting old.

I spent five hours driving and four hours working today.
My back is stiff as I type this.

we have more cards coming in.
we have some btc gear coming in.

we have a lot of power available.

Should be fun when Eth goes or delays pos in June.

DaveF

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Activity: 3458

Merit: 6231

Crypto Swap Exchange

Quote from: rdluffy on March 25, 2022, 10:34:41 PM

...
There's a probability of more than 50% of hashrate being from Asics
...

As I said above, depending on what estimates you look at and who is doing the math it's between 70% to 85% ASIC.
Although the numbers were from last summer I don't know why they would be different.
No proof, just what large miners were saying they were using.

Quote from: Wolf9466 on March 27, 2022, 02:18:30 AM

>ETH ASICs cannot mine ETC
Who the fuck told you that? Citation needed.

https://2miners.com/blog/ethereum-classic-hard-fork-to-change-cryptocurrency-mining-algorithm-how-to-keep-mining-etc/

There are some custom firmwares that will work but none from OEMs as far as I know (have not checked)

-Dave

rdluffy

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Quote from: Pterosaur on March 27, 2022, 03:28:55 AM

Mine and cash out? You think that's a good strategy? What good can come from holding cash? I'm planning on mining very good altcoins like Bitcoin gold, Bitcoin ABC (XEC), Flux, Ravencoin and hold for a long term, probably when another BTC halving takes place and see if bull market will make a come back and start selling my bags.

For a guy like philipma1957 he can holds cash to enjoy next opportunities like:

1 - Bitcoin crash to increase amount of coins, paying cheap
2 - Cheap hardware to expand his mining operations
3 - Invest in more solar energy

You said you're planning to mine altcoins and hold until next cycle, it's important to have cash to maintain your operations without any profits if necessary.
Each situation requires different plans, and having cash is essential to enjoy the greatest opportunities if we enter in a bear market or a bad market for miners.

Metroid

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Activity: 2142

Merit: 353

Xtreme Monster

Quote from: chup on March 27, 2022, 03:17:40 AM

Calculation is done that quantum computer with 300 million qubits needed to crack BTC. Nowadays QCs have 50-100 qubits. Yes, nothing in this world is forever, except good algorithm. And this one is even able to evolve (fork). Cool

You talking about the first try, not brute force. The quantum right now can in few months crack bitcoin if they want to, like I said before 99.9% of passwords are not resistant to quantum, that 0.01% are government projects that are coming out in a decade or so. You trolls also think fork will always solve things, There are thing that cant be solved, only way is to create anew, bitcoin and 99.9% of everything have short life span. Anyway, no point discussing this further, you trolls are all blind to the truth.

check this article, that article is a lie https://www.newscientist.com/article/2305646-quantum-computers-are-a-million-times-too-small-to-hack-bitcoin/ , if they say the truth people will dump bitcoin tomorrow, mass dumping, imagine other cryptocoins, so they hold the line and tell lies so you sheeps can believe and think everything is safe, is actually hilarious what these wolves do to sheeps ehhe, anyway better be safe than sorry, never go full retard, invest only what you are willing to lose.

https://english.elpais.com/science-tech/2022-03-24/using-just-a-laptop-an-encryption-code-designed-to-prevent-a-quantum-computer-attack-was-cracked-in-just-53-hours.html

Pterosaur

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Syntrum.com

Quote from: philipma1957 on March 25, 2022, 02:41:08 PM

Quote from: legcramp on March 25, 2022, 01:18:09 PM

Why would I liquidate my farm when everything has been paid off just because ETH is rumored to be going Consensus layer this June/July? What makes you think if a big bug was found that they'll launch it in three months? lol

Yeah Like I said my gear is paid off. I could mine any coins I want for 18 months even if all the coins were worthless.

So Basically I simply mine and cash out. I hodl the cash and see what happens.

Mine and cash out? You think that's a good strategy? What good can come from holding cash? I'm planning on mining very good altcoins like Bitcoin gold, Bitcoin ABC (XEC), Flux, Ravencoin and hold for a long term, probably when another BTC halving takes place and see if bull market will make a come back and start selling my bags.

chup

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Me, Myself & I

Quote from: Metroid on March 24, 2022, 07:39:54 PM

.... pay attention that quantum can destroy 99.9% the existent cryptocoins, including bitcoin itself, so you trolls that think bitcoin will forever live and all, pay attention to that, nothing in this world is forever, not even diamonds.

Calculation is done that quantum computer with 300 million qubits needed to crack BTC. Nowadays QCs have 50-100 qubits. Yes, nothing in this world is forever, except good algorithm. And this one is even able to evolve (fork). Cool

Topic: ETH mining nearing end of life - When will you liquidate your rigs? (Read 585 times)