It has always been confusing what to do. I have been wanting to sell half of GPUs for a while. Mostly 580s and RadeonVIIs. After paying 10-15% to Ebay and 35% to Uncle Sam , we lose half of the sell price.
Hastle of un-assembling them and taking them to USPS/FedEx.
Topic: How bad can it get? - page 6. (Read 1834 times)
destruction then prosperity and so on and you can win big both ways, playing both sides.
Smart miners have a plan to make profit because they have saved up acorns during the good times, which they can spend soon to buy a boatload of equipment for cheap. They have enough fiat saved up to pay the power bill during the coming hard times. They never paid over MSRP for the equipment and started paying off all loans when the price lost momentum in June 2021.Dumb miners bought all their GPUs on credit (or leveraged their ASICs). They paid above MSRP for the equipment in the middle of the bull market rather than the beginning. They didn't sell any coin during the bull market, or worse, they levered the coins to buy even more equipment at inflated prices. Now they have no cash reserve to fall back on when profit goes to zero. The only way they can pay even half of the credit cards is to liquidate everything.
this overpriced cards (hefty profits) is addicting to them, see that intel has joined the club. they will create/plan something to keep this "economy" alive.
It would take years for a new GPU PoW coin to reach the same market cap as ETH, even if these manufacturers got lucky and somehow launched a currency that users/investors had confidence in. So this is a long-term play, not something that can prop up the mining market now.Even if you can simply turn some gear off for a few months.
Say your older gear 1080ti's
destruction then prosperity and so on and you can win big both ways, playing both sides.
Smart miners have a plan to make profit because they have saved up acorns during the good times, which they can spend soon to buy a boatload of equipment for cheap. They have enough fiat saved up to pay the power bill during the coming hard times. They never paid over MSRP for the equipment and started paying off all loans when the price lost momentum in June 2021.Dumb miners bought all their GPUs on credit (or leveraged their ASICs). They paid above MSRP for the equipment in the middle of the bull market rather than the beginning. They didn't sell any coin during the bull market, or worse, they levered the coins to buy even more equipment at inflated prices. Now they have no cash reserve to fall back on when profit goes to zero. The only way they can pay even half of the credit cards is to liquidate everything.
this overpriced cards (hefty profits) is addicting to them, see that intel has joined the club. they will create/plan something to keep this "economy" alive.
It would take years for a new GPU PoW coin to reach the same market cap as ETH, even if these manufacturers got lucky and somehow launched a currency that users/investors had confidence in. So this is a long-term play, not something that can prop up the mining market now. 
........
Yeah, this has become a big market but like every market it has ups and downs, Intel is just getting in the game now, Nvidia and AMD have been manipulating this market for as long as they can and will continue to do so, the only way to kill this market is political at moment and I don't see it happening yet but one day it might. Anyway, to have a growth again, first everything needs to go to hehelll, that is just how human civilization was built upon anyway, destruction then prosperity then destruction then prosperity and so on and you can win big both ways, playing both sides.
I think we will see a lot more capitulation than late 2018 if/when ETH goes to PoS. At least in 2018, it was a lot slower. But PoS will be like the revenue dropping by 95% overnight. It will be so bad that even miners with 3 cent power will be unprofitable. That's when the real selloff would start. I wouldn't be surprised if RTX 3090's will cost just $500!
No matter how much truth you tell them, they will never learn unless they go through the process, 3090's could go for even less than 500 usd, very few people mine at loss, most will sell and will not have demand to keep gpus at msrp, bear market is the opposite of bull market, in bull market, coin is king, in bear market, fiat is king and will take time for things get back to normal again, this is still pre bear market because manipulators want to trap more people yet close to top.
I have a realization, i just haven't talked about it much..if you really think about it..
construction, restaurant, baking other businesses equipment (some) are cheaper than GPUs something is really off..either the world is changing that POW is here to stay or are we going to correct to some real doom death and destruction in this "mining cryptos".
i also predicted in the past that GPU makers, nvidia, amd..and now intel will create their coin that can be tied/optimized or architecturally (hardware) to their specific algos (LHR is just a beta test of this scenario, the exact opposite of reducing hashrate is also reducing every other algo except their own, they can even create their proprietary miner(closed source, competing with our existing miner(software)makers here.)
this overpriced cards (hefty profits) is addicting to them, see that intel has joined the club. they will create/plan something to keep this "economy" alive.
-exchanges economy scam ...done
-POS economy scams ...done
-shitcoin economy scams ...done
-stable coin economy scams ...done
-mining economy scams ...coming soon to be perpetrated by big corp GPU makers.
I think we will see a lot more capitulation than late 2018 if/when ETH goes to PoS. At least in 2018, it was a lot slower. But PoS will be like the revenue dropping by 95% overnight. It will be so bad that even miners with 3 cent power will be unprofitable. That's when the real selloff would start. I wouldn't be surprised if RTX 3090's will cost just $500!
No matter how much truth you tell them, they will never learn unless they go through the process, 3090's could go for even less than 500 usd, very few people mine at loss, most will sell and will not have demand to keep gpus at msrp, bear market is the opposite of bull market, in bull market, coin is king, in bear market, fiat is king and will take time for things get back to normal again, this is still pre bear market because manipulators want to trap more people yet close to top.
so we simply are not a bear mining market
I would argue you won't see any hash drop unless 10 cent miners are losers as that knocks out home mining in a lot of spots. { edit sp knocks }
Many people here forget how brutal the market became in late 2018. RX 570 cards were making a few pennies a day of profit at 10¢ power. They sucked on other algos. nVidia rigs, like the GTX 1060, did better at $0.60/day of revenue on coins like GRIN or RVN and consumed $0.28 of power. But even if you paid MSRP for that card, that was a 3-year payback time.I would argue you won't see any hash drop unless 10 cent miners are losers as that knocks out home mining in a lot of spots. { edit sp knocks }
Today we stand at 500-600 day payback for most video card models. This isn't a bull market but it definitely isn't a bear market. I call it a transitional market.
I think we will see a lot more capitulation than late 2018 if/when ETH goes to PoS. At least in 2018, it was a lot slower. But PoS will be like the revenue dropping by 95% overnight. It will be so bad that even miners with 3 cent power will be unprofitable. That's when the real selloff would start. I wouldn't be surprised if RTX 3090's will cost just $500!
IMO a bear market is the best time to mine if you own the equipment outright and can afford to pay your electricity bill without selling for fiat. This is especially true if you paid retail or lower for your gear. Oddly enough it seems like values have appreciated compared to pricing pre-chinese tariff.
You are right but the reason why a bear market is a good time to start mining is low mining difficulty, if no miners are leaving the network it will make no sense, look at the situation right now, we are in bear market but not as dip as that of 2018 where people are switching of their rigs, mining difficulty is still very high still.Because miners are not in a bear market. Yeah maybe 20 cent power miners are in trouble but not 10 cent power
Lets take my best rig it does 1030 mhs that is 1030 x 0.0237 = $24.41 pre power it burns 50 kwatts a day
so
$24.41 - 2.50 = 21.91 daily profit for a 5 cent miner-------- my farm
$24.41 - 5.00 = 19.41 daily profit for a 10 cent miner
$24.41 - 7.50 = 16.91 daily profit for a 15 cent miner-------- my garage
$24.41 - 10.00 = 14.41 daily profit for a 20 cent miner
$24.41 - 12.50 = 11.91 daily profit for a 25 cent miner
so we simply are not a bear mining market
anyone with over 25 cent power was more a fool than a miner.
I would argue you won't see any hash drop unless 10 cent miners are losers as that knocks out home mining in a lot of spots. { edit sp knocks }
IMO a bear market is the best time to mine if you own the equipment outright and can afford to pay your electricity bill without selling for fiat. This is especially true if you paid retail or lower for your gear. Oddly enough it seems like values have appreciated compared to pricing pre-chinese tariff.
You are right but the reason why a bear market is a good time to start mining is low mining difficulty, if no miners are leaving the network it will make no sense, look at the situation right now, we are in bear market but not as dip as that of 2018 where people are switching of their rigs, mining difficulty is still very high still.
Usually it goes like this.
You first hear about mining. Decide to try it out. So you buy 1 GPU, and mine for a week or month. Then when you finally actually cash out your profits you are like. Wow it’s real cash. So you buy 2 more GPUs.
Now you got 3 GPUs and same thing happens. You discover all this free money. So then you decide to buy 5 GPUs, then you buy 10 GPUs, then you need to buy fans, additional electrical equipment like extension cables, add more power to your place. And before you know it you got 100 GPUs.
However the difference is that your first GPU is usually much cheaper than your last. Due to the mining gaining traction, they get sold out and you start to over pay for stuff.
And then if you started in the wrong quarter you can start to lose money fast. We have all been there. However most of us got lucky. I remember I ROId my gear in like 3 months, however most late miners obviously had ROI in the 1-2 year mark.
You first hear about mining. Decide to try it out. So you buy 1 GPU, and mine for a week or month. Then when you finally actually cash out your profits you are like. Wow it’s real cash. So you buy 2 more GPUs.
Now you got 3 GPUs and same thing happens. You discover all this free money. So then you decide to buy 5 GPUs, then you buy 10 GPUs, then you need to buy fans, additional electrical equipment like extension cables, add more power to your place. And before you know it you got 100 GPUs.
However the difference is that your first GPU is usually much cheaper than your last. Due to the mining gaining traction, they get sold out and you start to over pay for stuff.
And then if you started in the wrong quarter you can start to lose money fast. We have all been there. However most of us got lucky. I remember I ROId my gear in like 3 months, however most late miners obviously had ROI in the 1-2 year mark.
IMO a bear market is the best time to mine if you own the equipment outright and can afford to pay your electricity bill without selling for fiat. This is especially true if you paid retail or lower for your gear. Oddly enough it seems like values have appreciated compared to pricing pre-chinese tariff.
The biggest issue I heard about people who ended up losing money with mining is usually because they borrowed money to buy the gear.
Either by credit card or someone lent them the money. They also overpaid for their gear. Then when bear market came they were pretty much losing money with the interest rate they had to pay on the loan.
So like any business there is always some degree of risk.
This is exactly what happened to me in 2018, except thankfully I got 90% of the cash as an investment, not a loan. If it were a loan, I would be screwed. There is no way I could have repaid $50k. Thanks to FOMO, I overpaid for the equipment, overpaid for warehouse rent and overpaid for electricity. At least I only had to bear a fraction of the total losses. Either by credit card or someone lent them the money. They also overpaid for their gear. Then when bear market came they were pretty much losing money with the interest rate they had to pay on the loan.
So like any business there is always some degree of risk.
The biggest issue I heard about people who ended up losing money with mining is usually because they borrowed money to buy the gear.
Either by credit card or someone lent them the money. They also overpaid for their gear. Then when bear market came they were pretty much losing money with the interest rate they had to pay on the loan.
So like any business there is always some degree of risk.
Borrowing money to build a mining farm will bring faster result to your door step and that's disappointment and anger, there is no way bear market won't caught up with you unless you already bought your graphic cards when bull market is just about to begin, like some said on here that they got their GPUs in December 2020. Either by credit card or someone lent them the money. They also overpaid for their gear. Then when bear market came they were pretty much losing money with the interest rate they had to pay on the loan.
So like any business there is always some degree of risk.
The biggest issue I heard about people who ended up losing money with mining is usually because they borrowed money to buy the gear.
Either by credit card or someone lent them the money. They also overpaid for their gear. Then when bear market came they were pretty much losing money with the interest rate they had to pay on the loan.
So like any business there is always some degree of risk.
Either by credit card or someone lent them the money. They also overpaid for their gear. Then when bear market came they were pretty much losing money with the interest rate they had to pay on the loan.
So like any business there is always some degree of risk.
The only group I would exclude from here,are the guys who did the above things,yeah credit card or loan and bought the gear in January-February 2021,most likely the gear already paid off until December so now it is up to them what to do,I am at such group although I bought the gear with my own money,mining money I made by mining at a loss in 2018-2019 and the gear has already paid off for me in December so from January we are still in small profit for a 330 Mhsh rig and we continue to mine,we make like 270 USD a month minus 70 USD electricity so we are still in 200 USD profit now.
I agree the ones who overbought in April/May 2021 that was the biggest mistake they could make as the future since that time has been only in the descending except October which was an all time high in which they could have sold some crypto to cover some expenses.
In the end it is all as the book "The Psychology of Money" says risk and fortune,some are taken by the risk,the ones who lose on their investment and some by the fortune,the ones who win from their investment.However the book doesn't state that old saying,fortune favors the bold.
The biggest issue I heard about people who ended up losing money with mining is usually because they borrowed money to buy the gear.
Either by credit card or someone lent them the money. They also overpaid for their gear. Then when bear market came they were pretty much losing money with the interest rate they had to pay on the loan.
So like any business there is always some degree of risk.
Either by credit card or someone lent them the money. They also overpaid for their gear. Then when bear market came they were pretty much losing money with the interest rate they had to pay on the loan.
So like any business there is always some degree of risk.
Why are you calling Nvidia NGreedia? If what you are referring to is Nvidia been greedy then why is the company still your favourite? Lol 😆, I like the idea of buying graphic cards at the cheapest rate but it's all for the long term haul, you have that spirit in you that's why you are able to see things this way, those who rushed to build rigs cares about the present returns.
I say NGreedia and GreedForce just for fun. I am more greedy than them, so I will buy whatever brand I think is best for the market.I was one of those short term get-rich-quick miners and thanks to FOMO, I rushed to rent a warehouse, get investors and build rigs in early 2018. I paid $370 for each RX 570 4GB card even though I ordered 20 at a time. The business went bankrupt, so my investors and I got badly burned. From then on, I learned my lesson. GPU mining is a marathon, not a sprint.
It can get very bad but who cares, do not put yourself at financial risk with mining. You can walk away and no big deal.
I've been in it since 2016 and have 150 gpus and never put myself at any kind risk of a large loss to my networth. After my initial investment in 2016 all my expansion was paid for with mining profits.
I've been in it since 2016 and have 150 gpus and never put myself at any kind risk of a large loss to my networth. After my initial investment in 2016 all my expansion was paid for with mining profits.
This is why many people always wait for a good time like BTC halving around the corner before buying graphic cards, when a real bear market strikes all dollars will turn to the penny, if you can take your eye off the dollar value you will be fine, a miner can easily give up when dollar worth isn't good looking anymore.
Down the road into a bear market what can a new miner except from a 500MH mining farm? How incredibly bad can this get? 5$? 8$? Asking those who are here before in 2018 so I can know what's awaiting me.
½ penny a mh which comes to $2.50 a day pre power.
If you are burning 1200 watts that is about 30 kwatts a day.
You will need 8 cent power to make a 10 cent daily profit.
I have done some gpu mining of some kind from 2012 to now.
I do not recall that 7 cent power was needed to make money.
Very bad maybe, everything will feel dead and all hopes will look lost....
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