Topic: If BTC doesn't close this week above $3000 gpu mining is done - page 3. (Read 3023 times)

Actually that is not my quote, I was simply empathizing the quote from the poster whom I did quote in my post. Other than that, yes you are agreeing with what I was implying that mining profits are in no way guaranteed.

since 2014 there is always been something profitable to mine with GPU (apart from few months and depending on your electricity price)


Yea, that's no far off and the funniest bit is that JAXX wallet may be even able to implement BCH before new fork LOL

Yes, I would guess so. That means casual miners may be disconnected from the net.

ASIC mining of BTC/LTC/Dash is unlikely to stop since they are doing well. But for ETH, XMR, shitcoins or GPU coins, China doesn't make GPUs themselves so they might need a solid case about academic research, local economy or national security before mining them.

What they want from CNY exchange ban is to "control financial risk", or stop the money laundering craze and stop ICO scams. Once they realize that large mining farms can be used for money laundering they'll likely put the cuffs on it.


https://twitter.com/SimonDixonTwitt/status/909010478872928256/photo/1

They probably already do. There's rumor saying GFW will try to block bitcoin traffic. I hope that they'll try not to disrupt the bitcoin network.

Joke/Sarcasm

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Your head

 ONLY if you have a very cheap electric cost.

 There have been long periods where even 8 cent/kwh electric rate was enough to KILL profitability entirely (and keep in mind that 8c/kwh is BELOW AVERAGE for most areas).

Yes it would, but we can only dream.

I think most of this China is a lot to do about nothing. For one thing I think the word "Ban" either gets mistranslated or has another meaning in China than westerners take it. For most people once they hear the word Ban and think that's it, permanent shutdown of all things crypto in China forever.

The last time exchanges were supposedly "banned" it was more of a temporary suspension and they were told to cease the practice of 0 cost trading. When trading resumed with minimal trading fees in place, the large amounts of previous wash-trading was finally exposed and showed that China's previous dominance in crypotrading was overstated by several fold. This change caused the market to react to more real trading volume data and the price of Bitcoin and other cryptos started to increase, where they had previously struggled for over 2 years when China and its fake trading volumes were manipulating and holding down true price discovery.

So I think this time it is much the same. Exchanges will indeed shutdown, but I suspect the Chinese government will come up with some sort of license that an exchange need to qualify for to be re-opened. This will curtail much of the pure speculation type markets going on, ICOs as a recent example, and making crypto exchanges toe the line so to speak in regards to laws and regulations designed to protect investors. While a lot of people here might find that against the free spirit of crypto, you need to realize that in China a lot of working class people were the ones getting taken advantage of and losing their life savings by all these guaranteed get rich quick ICO schemes.

Everyone is so in this China thing that they completely forgot this upcoming segwit2x split/ hardfork whatever that mess is. I mean, it was there all the time.

That would be a dream come true lol but i doubt it

Actually your very response is telling in and of itself.

You are not offering him current value for his cards of roughly $400 a piece, instead you are somewhat agreeing with his position by stating that you would only consider buying a rig in the current environment at a greater than 75% discount. If the mining outlook is so damn rosy offer him the going rate, after all "history has shown that as long as you mine continuously you will make ROI consistently".

It is a bit disingenuous of the PBOC to ban IOCs and Bitcoin exchanges while turning a blind eye to the Forex market in China, which is big business there.  Many common people put their savings into Forex trading instead of banks there, and bitcoin is just another currency.   I think bitcoin was just an easier target to tackle by the PBOC before cracking down on Forex later.

Only trading against cny is banned.

Almost all mining hardware is china based, that alone will make sure they will not ban mining. Or maybe mining will only be allowed for government owned farms? (:

They banned exchanges not mining.

GPU mining is about done in China. It won't be long before police starts shutting down big mines, and then difficulty will drop.

New use cases for blockchain technology increase in number every month.

1) Equifax hack: A blockchain based, people friendly, credit bureau where you and a financing entity individually supply some sort of code before your credit report is released to the financing entity.

2) Now that our finance info might be in the wild, there is a driver to store money in a block chain wallet as opposed to some bank whisperer talking it out of your bank..

3) Some post IIRC, mentioned that credit card fees and operations eat up a lot of money, $130 billion worldwide.

4) The control reflex of the PBOC and Dimon's outburst are a reaction to the threat.

Comments:

a) Weakness of the crypto is for criminals argument is that if countries were serious, they would eliminate the $100 bill, the 500 euro note or just do a currency recall and issue new banknotes.

b) I'm not Chinese, but my impression is in China, crypto is seen as way for ordinary people through their own efforts to make money. There is a tinge of hypocrisy for the PBOC to ban IOC's because of their "speculative" nature and that they don't want the "little people" to get scammed, but if you are a million/billionaire it's ok to buy, build, speculate on companies, real estate and blow money on whatever.

Looks like $3000 will hold, only asian monday morning megadump could brake it. So yet another overtime for miners.

It's September and it's getting colder out there, at least my space heaters earn something.


It was Signatum.

If you paid $700 then you are deluding yourself, based on the data and profitability since june you never even got 50% out of the $700 with it.

$3789 at the moment.

and  my  paid for 1080ti's are turning profit as I type.

Maybe if BTC hit like $1000 people will stop mining but the low amount of power that these RX series cards use, people will mine anyways.

In my opinion, you're spreading unnecessary FUD.

Bitcoin has survived far worse crashes, proportion-wise. Bitcoin's price dropping below an arbitrary threshold of $3,000 is not going to signify the death of GPU mining. Perhaps new miners with higher power costs will be the first to drop out when the short-term expected revenue drops below electricity costs.
However, most veteran miners didn't first get into mining because we expected a constant reliable stream of income, but because we have faith in cryptocurrencies (as a concept, or specific ones) in the long run. Depending on the exact circumstances, I would likely still mine if it's slightly unprofitable day-to-day.

Xmr believer here. But xmr will also tank if btc weekly closes below $3000.

$3000