Topic: Finally GPU mining is dead... (Read 1067 times)

Why isn't anyone here talking about EIP-1559?

Which brand 3090 and isn't it throttling? Hope you're getting 120+ on ETH.

Get on craigslist or newegg, as far has the radeon vii is working perfectly there won't be any problem I believe, many people still have interest on radeon vii and few have decided to use liquid cooling on theirs since heat is the greatest enemy of this gpu

Well alot depends on what GPUs you bought and your power costs like Metroid said. If you got cheap power you can keep mining longer than someone with expensive power. However keep in one thing. Usually when it reaches the point where 50% of your profits go towards your power bill, the profits aren't great either if you got very cheap or free power.

Another issue is what GPU did you buy for $400? Is it some new Nvidia or AMD gpus or did you pay $400 for an RX 470 8GB GPU which was released almost 5 years ago. The RX 470 8GB are very inflated in price right now, people are selling them for $300-$400. However just a few months ago they were worth $125-$150. So if you overpaid for this old GPU then it might take a while to ROI. However if you bought some newer GPU at MSRP then you can always resell it to a gamer and most likely make a little profit if things start to turn bad soon.

Where did you sell 3070?
How do you make sure if the buyer doesn't return after using the GPU for a few weeks?
I Am asking as I want to sell my radeon VII but worry that someone on eBay might do that.

I started hedging with btc at 51,500 adding as it goes lower I keep adding. I'm now hedged 2.25 months worth of mning income.  You need to think like a gold miner or farmer and have ability to remove risk from movments in price.  Being able to sell eth at 1,350 3 months from now is looking really good.

i mined for the last years at eth low prices and a week ago i sold most of my eth.
now i will probably will do the same again.
sold a 3070 for a ridiculous price last night as well.  I wanted to finally take a profit

it depends how much electricity that gpu uses to get 31mhs, the idea now is to sell as fast as possible cause there is no clear sign this will continue, wait a dead cat bounce then sell. I do have some altcoins that I forgot to sell, I'm waiting a bulltrap to sell them high, my main coins I sold at top.

I bought my gpus for 400$ and they produce 31MH each, hope I'm on the safe side? 120 to 150 days is all I need to recover my most ROI, it's definitely going to be a disaster if bear season really kicks in right now

noone will sell shit. supply squeeze will continue, fiat currencies are being deflated like never before, btc is being correctly perceived as the store of value by too many already...

guys I think you are dead wrong about btc. the bull market started around 14.5K, we need to go below 22-20 to invalidate. 100K this year is almost guaranteed;)
but we will see.

You know how the markets are. Most traders usually lose 99% of the time. People think it can easily go to >$100K however what is going to be the sentiment if all of a sudden MtGox coins are released? Tesla sells their $31K buy at $62K? Microstrategy starts to offload their BTC? Sentiment will shift very quickly on that news.

I think if a bear market starts there are 3 areas to watch for.

First is the ~$33K area, I think this is where most of the latest retail fomo entered. Next area is $19K this is where the second last wave of retail fomo entered. The volume profile can prove this.

So there is a good chance that either $33K will be the low or $19-20K? However what about the people who bought at $10K back in second half of 2029? I think the market will come back to those also. I think in a few months this is also were the 200WMA will be.

So this is why I agree with Metroid's targets between $10-20K. I think those will be very good areas to buy into bitcoin if you've sold and cold storage those bitcoins for years.

Yeah they dont buy when it low but they will when is high, big mistake, I guess they will have to learn the hard way.

@Metroid i agree with
There is lot people doing that again.i can give example: I used to have friend now he is not talking to me anymore why i will tell you. in begin 2019 he asked for help in mining. I found rig with 10x1070 for 2k i said it is good price and he bought it. after 1 month he said it is bullsht and giving very low money.he said i lost 2k was angry at me and blaming, left sold whole rig for same price.
Now 6-7days ago he is calling and saying going to buy 4x rtx 3070 (each 1400$) i said i dont know do whatever you want.then he said he bought it. So there is many people like that.

If you bought 3080 for less or equal than 1k or 3060/3070 for less or equal than 800 usd then you will be fine, people buying 3060/3070 for 1400 usd and 3080 for 1800 usd or 3090 for 3k then they will be hurt pretty bad.

I hope this won't happen, I just start mining January 2021 with my new graphic cards, I've not even make half ROI back yet, this will break me if bear market starts this soon, I was expecting something around June or July, though I have free electricity since I'm using green energy but I have my targets

Buying gpus right now at these high prices is as gamble as buying coins right now, know why? as we have the bullrun where people accumulate coins, miners also accumulate gpus, see my point, so miners dont sell gpus, when everything crashes, miners know their gpus will also crash to less than msrp prices, i mean 3080 right now for 1800 usd will crash to sub 500 usd, i'm not joking, this happened in 2018 and it will happen again plus there are many miners which only mine on bullruns and once the bullrun ends they run to sell their gpus as fast as possible, the market will be inflated with cheap gpus just like 2018.

I'm not a miner, yes I purchased 2 evga ftw3 rtx 3080 for 1k each and I'm mining with them but the idea here is to stay with one and to sell the other one. I bought the 3080 with the intention of gaming not mining, not bad mining with it right now.

Also my calculations are a representation of past events based in history, in 2011 with bitcoin then in 2014 with litecoin, in 2018 with eth and now 2021 with eth again. This does not mean it will happen again but it has a great chance to history repeating itself and happening again.


Altcoins yes, not sure if this is a beartrap or the end already, need to watch out if btc falls below 32k, if yes then this might be the end, if btc rebounds at 35k or 40k or even 32k then it still has a chance to go to 79k, no clear sign yet.

Looks like it is allready began to drop fast or not yet?

Your calculation is scary, if you knew all these already why even invest in graphic cards at all? It seems like I made a wrong decision buying graphic cards to mine when ROI may never come, all I need is just 100 days and I'm good

Well I do this for a living hehe, so yes reason I'm hardly wrong when comes to this. I got my midterm right, eth 1900 ~ 2100 usd and btc 57 ~ 59k, my bullrun ending term is eth 2500 ~ 2900 usd and btc 74 ~ 79k.

There is also a possibility this could end now and then return in 2 to 3 years, will see, I would not buy anything right now, altcoins have been crashing for the last 3 days and already have dropped in price quite a lot, not worth to sell altcoins at these prices, btc still good price to sell, it did not crash that much yet. If btc has to rebound then look at 40k or 35k, if it goes lower than those values then we are going back to 20k and beartraps to 10k or a bit lower 9.6k to fill that cme gap.

Yes I completely agree with this. I don't think $58K was the top yet however its not too far off. Basically with all the news that Microstrategy bought coins at $53K and Square at $51K there is still lots of retail FOMO going on. I think the weak point right now is that its taking too long to open an exchange account and transfer fiat to buy crypto. Hence why we are not yet at $100K.

However with all these minimum 6 figure prediction saying it will go to $100K or $250K or $500K or even $1M, makes me realise that most likely we will never hit $100K, because that is where most people will start to sell their crypto since its a nice psychological number.

$79K is important because its about $99K in CAD and AUD. So most will start to take profit there. Your target of $10-$20K is also spot on. Since $20K was the last ATH and it might be support and the 200WMA which always worked as support will be somewhere in that range when we head back down.

A friend and I mined with 30x 1080 Ti's and 30x RX570 last time, but sold most working off eventually, and the ones that was broken I got refund for through RMA. It was fun and all, but it took a lot of work and time for maintenance, so I wouldn't recommend anyone doing that again.

I did just buy two of his remaining 1080 Ti's for $350 each, which I think is a fair price. I also bought an RTX 3080 back in November ($950) and it has soon paid for itself. I bought the RTX 3080 for myself and gaming, so the mining on that is just an added bonus.

Also good to warm up two different rooms now that it's cold.

Nothing kill GPU but there are some correction that was made. Research to know in details

by the looks of it it will not go below 35K now and likely will hit 100K this year

Yeah, it takes time, now we see trolls buying the dip, soon they will not buy the dip anymore and will see their invested money crashing then they will run to sell their coins and make everything crash as well, we are at that stage where they say "buy the dip" soon will be that stage "sell at the dip" ehhe

I think there will be a last bulltrap to 79k btc then crash to 10k ~ 20k again and stay there for the next 3 years.

I would not buy gpus anymore, a rtx 3080 being sold for 1800 usd, 3070 for $1300 and 3600ti for 1200 usd is pure bs. Soon they will return to original price and nobody will want to buy them, market will be flooded with second hand gpus just like 2018 after the crash.

rtx 3090 being sold for 2500 usd, this is what it does https://whattomine.com/coins/151-eth-ethash?hr=120.0&p=300.0&fee=3.0&cost=0.1&hcost=2500.0&commit=Calculate

237 days to roi today, very sure this will not last 237 days, I doubt this can last another 100 days and even if it does by then the network difficulty will have increased so much that 237 days has become 474 days ehhe and that is only network difficulty, if eth crashes then that 474 days will become 14 years eheh

lol. I still have a pair of 480 refs working since summer of 2016:) - paid just below 250$ for each back then, some freakishly reach gpus those are...

but adding more GPUs now is risky, POS is indeed looming and also btw I hope this fee debacle will be solved, otherwise eth is in trouble.

...also I wouldn't bet you will be able to "buy low" some of the coins anytime soon, but then there will always be market:))

I purchased Red devil 580 GPUs at $425+taxes  in 2018. They have been running non stop since. 30 months of mining should have done ROI.
The difference between now and 2018 is that we may finally have POS/1559 that would stop Eth mining.

the best way to deal with crypto if you mining and trading at the same time ... if you can hold all your mined coin for years , doing some trading at the right time , you can get a lot of extra coins with trading , and of course at the same time with mining during years ...
For my opinion investing into GPU's not a bad investment... i paid around 200$ for my rx480's over 4 years ago , i can still sale them, right now way over that price.
Paid around 280$ for my RX580 special edition ( blue ) , years ago, still can sell them over 500$ .

You need to understand there is no ETH or BTC without miners , no trading without miners , no miners without traders

Yeah, truth and fact is, if you buy a rtx 3080 now for 1500 usd you will never roi it. Yeah I know, the mindless trolls will come here and say they will roi no matter what hehe, reason they are mindless, rtx 3080 for 1k you have a great chance to if this doesn't end next 4 months or the difficulty stays the same but we know either one of those will happen, the difficulty has been increasing dramatically or the market will simple crash to hehell ehhe and when it crashes to hehell your 4 months roi will become 10 years roi hehe

I've been mining since 2016 and have 7-5.4 cent electricity.  Even with cheap electricity a bear market is not fun and if you buy gear at inflated prices you will never ROI.

I try to make my moves are market extremes, sell / hedge at highs like now and buy lows when crypto is "dead".   

Sounds great, will check

Free electricity means you can cope with the bear market without any problem, remember that as the price starts going down, who will turn off their computers first are the people who pay the most for their electricity or find mining not attractive anymore and then the ones that will survive the bear market are the ones with the cheapest electricity and that fits your case.

The idea now is, sell all your eth as you mine then wait for the bear market and then buy coins, do not buy gpus, trust me even with free electricity buy coins in the bear market is a better return if you look 3 to 5 years down the line, but to be worth, eth price needs to crash a lot to be attractive, around 100 ~ 200 usd, will it crash to 100 ~200 usd, only time will tell.

Good advice sir Metroid, I bought gpus when eth already reached 1k, I guess I was in a dummy mode at the time, my loss haha, I used to own 12 ETH but too blind to see that bull season will eventually return again, I would have earned a lot right now, anyways I have free electricity and if bear market returns isn't it better to just keep mining?

For real time chat then trollbox at poloniex, I'm most active there, I also chat on bitmex or hitbtc not very often though, forums at techpowerup and here at bitcointalk. For complete privacy and protection, better not to mess with youtube, facebook or twitter.

Thanks, where i can follow you? only here ? will be nice if you have youtube channel for hobby too.

I'm here hehe, for the record that phase we have seen from july 2018 to july 2020 will return again very soon, it was 24 months of misery, agony and negative profits and yeah I called that.


I do mine for hobby not for profit, trading is for profit not hobby, where most of you trolls sold eth for 100 ~ 400, I myself sold for 1k and most at 2k, better be safe than sorry, I have few gpus at moment, bought last december 2 x 3080 evga ftw3, i have few other gpus, 1x 470, 2x gtx 1070.

And I will do just the same thing I did last time, I will wait this bull market to crash 95% again and will again buy coins. I will not buy gpus to mine on the bear market, that is stupid and for the record who follows my advice is doing good, i said last year to buy coins not gpus, after eth hit 900 usd then i said to buy gpus not coins, risk of buying coins is still very high at moment as this can crash anytime, so I advise any to buy gpus if price is right if not then wait this to crash 95% and then buy coins. As for myself I will just wait this bull market to crash, not in a hurry and right now I see thieves wanting to sell 3080 for 2k already hehe, if you can get a 3080 for 1k or less then go for it, if more than that then forget.

They probably didn't follow Metroid 

New orders? Guy you got some balls, I really want to be like you some day, I'm seeing cheap gpus that are within my reach here but I couldn't buy them, I don't have the balls to keep buying gpu and mining, a half of me thinks about what will happen if bear season gets here

Mine on.

 I  have

1x 3090 on the way
2x 3060ti on the way

1x 3070 full pc on the way

and a 6800xt on back order.

not everyone understand what and why you saying but most of us do

So those who missed our very knowledgeable forum member, Metroid  amazing topics, HERE is the link for you to understand what the OP is talking about

.... Yeah for him(metroid) gpu mining was dead from the beginning
But for some reason All my built miners from 2016/2017 are still working and making money/profit, as they did in the past 4-5 years .
Sometime less, sometime more , but for me gpu mining never was dead ...


Lucky me im still alive   and the past 4-5 years never mined anything for a $0.05 per card a day


Yeah this is him , a very helpful member for our community

GPU mining is died for him in 2018 , but he is still mining 

)))

I think those who have responded to OP did not catch the sarcasm..... 

I did.

Newcomers in crypto who spend life savings in Bitcoin is afraid of every value to fall down. that has always.
they have heard of some astronomical earnings, so they thought, why don't they make money too. Of course, they were informed, of course, they were informed through comments on social networks, or in a random newspaper where journalists threw in some text, just to sell the article.

Anyway, that's fine. It is always good when fresh capital is brought into the crypto market.

Not yet, miners are still making hell of profits right now due to panic sell off from investors, what I still don't understand is the cause of this panic effect, majority don't even understand what correction is and they are panicking because BTC lose some value ?

I don't know what you aiming at here pal but since a day ago I've been making double of what my mining rig was giving me before, GPU mining is very much alive and even many altcoins are profitable to mine right now, you need a calculator maybe? Here you go

https://minerstat.com/coin/ETH

as in you'd drop dead if you knew the profits.

where's metroid btw?