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Topic: GPU mining is dead now. (Read 18145 times)

hero member
Activity: 574
Merit: 500
July 11, 2013, 06:16:56 PM
#93
Alt coins are also dead, Litecoin is the last to go down but it's going and will be gone soon.


Why do you say that? Litecoin is currently ASIC proof so there will be a lot of GPU workers going there over the next few months, also it is small but steadily growing, much like Bitcoin was. Once MtGox starts trading LTC we'll see a lot more market validation.

Right now, using GPU mining, LITEcoin is LESS profitable than BTC.
BTC is already not profitable for people to get into.  GPUs cost too much, use too much power, and don't earn enough.
They earn even LESS money than BTC. 

I checked the exchange rate for Litecoin with my mining power, and I make more mining BTC.
Yet I shut down my miners because it isn't enough to bother with.

Therefore Litecoin was dead before it ever went mainstream.  Much like HD-DVD back when that was competing against Bluray disks.

Bitcoin was in the news, on TV, on talkshows, mentioned by the black market.
Nobody cares about Litecoin but people that don't yet know that they are burning out their CPUs and GPUs on a dying currency.
Sure they can make $10 USD a month mining litecoin, but that is foolish when they could make $15 a month on BTC currently.

Overheating my house and burning up my GPUs is no longer worth the little $150 I get after the power bill.
Anyone doing litecoin is terrible at math and or accounting.

Litecoin is totally dead.

BTC is alive.


Bitcoin mining is 50% less profitable than Litecoin mining right now, see coinchoose.com


taco dont bother he has BTC religious issues.... Its been pointed out 8 times and still living on the banks of a river in egypt !!

..lolz

hero member
Activity: 490
Merit: 500
July 11, 2013, 07:01:42 AM
#92

Bitcoin mining is 50% less profitable than Litecoin mining right now, see coinchoose.com

Please explain to us how you think that litecoin is more profitable than bitcoin?
50% is such a nice even rounded number, that I'd like to know how you mathematically reached it.

That website does not compare BTC to litecoin.

I used a litecoin calculator and found that it earns less coin and less USD per GPU.

I am NOT using "room to grow" speculation.
Speculation is guessing.  Guessing is not fact.
Lets talk about today, not the hypothetical future.

Crypto is a speculative scene.  It's all speculation to me.

Litecoin is compared to Bitcoin on Coinchoose.  It does look better to mine Litecoin and convert to Bitcoin than mining Bitcoin directly.
sr. member
Activity: 784
Merit: 250
DIA | Data infrastructure for DeFi
July 10, 2013, 11:59:36 PM
#91

Bitcoin mining is 50% less profitable than Litecoin mining right now, see coinchoose.com

Please explain to us how you think that litecoin is more profitable than bitcoin?
50% is such a nice even rounded number, that I'd like to know how you mathematically reached it.

That website does not compare BTC to litecoin.

I used a litecoin calculator and found that it earns less coin and less USD per GPU.

I am NOT using "room to grow" speculation.
Speculation is guessing.  Guessing is not fact.
Lets talk about today, not the hypothetical future.

Crypto is a speculative scene.  It's all speculation to me.
member
Activity: 98
Merit: 10
July 08, 2013, 10:40:24 AM
#90
doesn't change the fact that those things can't make roi, if we speak about the same value

Face it, ROI is a myth, an unobtainable dream. Its a good thing most people don't seem to care and are still mining away.

*Grabs his GPU off the donkey drawn cart* BBut it's not Dead yet!!!

what are you talking about ?

my rigs paid for them selves in less than 90 days and I have nearly 50k of gpus  Smiley
He means roi is unobtainable now.
I'm just glad I got 2 free 7970s and free electricity for a few months out of mining, as it looks like anyone who decides to set up a rig now is doomed.

yea if you get an awesome deal then it may get roi. I mine litecoin and just found a 6950 on craigslist for $100 so I'll mine a bit then flip it on ebay and ittl go for like 150 at least. Hard to find deals like that tho. I have a friend who I am trying to convince that it's not a good time to dump 2400 into a rig. I wish I had gotten into this a year before I did.
member
Activity: 79
Merit: 10
July 08, 2013, 09:40:48 AM
#89
doesn't change the fact that those things can't make roi, if we speak about the same value

Face it, ROI is a myth, an unobtainable dream. Its a good thing most people don't seem to care and are still mining away.

*Grabs his GPU off the donkey drawn cart* BBut it's not Dead yet!!!

what are you talking about ?

my rigs paid for them selves in less than 90 days and I have nearly 50k of gpus  Smiley
He means roi is unobtainable now.
I'm just glad I got 2 free 7970s and free electricity for a few months out of mining, as it looks like anyone who decides to set up a rig now is doomed.
legendary
Activity: 868
Merit: 1000
ADT developer
July 06, 2013, 03:57:45 PM
#88
doesn't change the fact that those things can't make roi, if we speak about the same value

Face it, ROI is a myth, an unobtainable dream. Its a good thing most people don't seem to care and are still mining away.

*Grabs his GPU off the donkey drawn cart* BBut it's not Dead yet!!!

what are you talking about ?

my rigs paid for them selves in less than 90 days and I have nearly 50k of gpus  Smiley
hero member
Activity: 490
Merit: 501
July 06, 2013, 03:04:09 PM
#87
doesn't change the fact that those things can't make roi, if we speak about the same value

Face it, ROI is a myth, an unobtainable dream. Its a good thing most people don't seem to care and are still mining away.

*Grabs his GPU off the donkey drawn cart* BBut it's not Dead yet!!!
legendary
Activity: 3248
Merit: 1070
July 06, 2013, 02:49:51 PM
#86
doesn't change the fact that those things can't make roi, if we speak about the same value
legendary
Activity: 868
Merit: 1000
ADT developer
July 06, 2013, 02:30:16 PM
#85
ASICMINER has always sold their mining equipment for BTC. One BTC a week ago, a month ago, a year ago, is still one BTC today.

this price drop makes the 330mh usb miners more affordable  Smiley
hero member
Activity: 816
Merit: 1000
July 06, 2013, 02:20:42 PM
#84
ASICMINER has always sold their mining equipment for BTC. One BTC a week ago, a month ago, a year ago, is still one BTC today.
hero member
Activity: 490
Merit: 501
July 06, 2013, 02:11:44 PM
#83
The USB ASICs are actually becoming more of a bargain now, at $65 USD...

 With this price drop, I'm extremely tempted to purchase $5k USD worth of coins @ ~$70/BTC and order another 50 sticks for my farm from AM... Having a hard time rationalizing parting with my mined coins lately, and would rather sit on them than spend them.

They haven't raised their price to compensate for the currency drop? I'm suprised. Unless, they were anticipating another price drop and are just doing by holding the same bitcoin price. This is probably going to drive the eBay sellers crazy.
legendary
Activity: 1652
Merit: 1067
Christian Antkow
July 06, 2013, 01:25:27 PM
#82
The USB ASICs are actually becoming more of a bargain now, at $65 USD...

 With this price drop, I'm extremely tempted to purchase $5k USD worth of coins @ ~$70/BTC and order another 50 sticks for my farm from AM... Having a hard time rationalizing parting with my mined coins lately, and would rather sit on them than spend them.
full member
Activity: 140
Merit: 100
In POS we trust
July 06, 2013, 01:07:46 AM
#81
OK, all off now  Grin



Not keen for the other SHA-256 and scrypt coins? It could be worth your while because the returns are a little better. BTC will rise again, how often would you usually cash out anyway?
Mining other SHA-256 is becoming useless too. With the the price drop of BTC some people started mining PPC with their ASICs  Roll Eyes Network hashrate went up to 4.36 Th/s in the last days, making it harder to earn PPC with GPU only.  Undecided

Mining Litecoin is also a bad idea now when you don't have a big cluster of GPUs:

legendary
Activity: 1456
Merit: 1000
July 06, 2013, 12:24:04 AM
#80
The USB ASICs are actually becoming more of a bargain now, at $65 USD...

Are there any group buys going atm for this though?
full member
Activity: 364
Merit: 100
July 06, 2013, 12:22:02 AM
#79
The USB ASICs are actually becoming more of a bargain now, at $65 USD...
hero member
Activity: 546
Merit: 500
July 05, 2013, 10:30:47 PM
#78
OK, all off now  Grin



Not keen for the other SHA-256 and scrypt coins? It could be worth your while because the returns are a little better. BTC will rise again, how often would you usually cash out anyway?
zvs
legendary
Activity: 1680
Merit: 1000
https://web.archive.org/web/*/nogleg.com
July 05, 2013, 09:25:18 PM
#77
OK, all off now  Grin

legendary
Activity: 868
Merit: 1000
ADT developer
July 05, 2013, 09:02:49 PM
#76
I just stick with altcoins ( pxc and ifc have made me 200ltc in 7 days wiith only 2,000kh between them  Smiley )
zvs
legendary
Activity: 1680
Merit: 1000
https://web.archive.org/web/*/nogleg.com
July 05, 2013, 08:58:29 PM
#75
ok, the price is at $70something, you turn off because you are losing money on the elec. next week the price is $120 and you have lost a weeks worth of mining. I mean, really unless you are cashing out your BTCs as you get them, do you really care about the current price? Or do you feel that the current drop will be permanent? Huh

well, i used to say it was overpriced at $50, so now it's at $65 or whatever and i still think it's overpriced.  but it seems to me like at least there will be downward pressure for the next several months with (some of) these new people to bitcoin wasting money on ASICs (re: the ones that were insanely overpriced) thinking they'd actually profit from it.  so they'll be selling as they make

i turned off all the stuff in my 'dedicated' room (well, ok, i will later tonight), i'm going to wait until next week to take everything out, just in case.  i'll probably leave the stuff mining in my room with the portable AC, at least for another few weeks...  that's only like 1ghash though
full member
Activity: 174
Merit: 100
July 05, 2013, 08:40:38 PM
#74
ok, the price is at $70something, you turn off because you are losing money on the elec. next week the price is $120 and you have lost a weeks worth of mining. I mean, really unless you are cashing out your BTCs as you get them, do you really care about the current price? Or do you feel that the current drop will be permanent? Huh

The same argument works in reverse, the value can drop to $20 or less just as easily. It's not possible to predict this totally unprecedented speculatory market.
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