Best place to sell GPUs for Mining?

[nzpancakes]

Hi, I was just watching the Bit Wit stream and a donation asked if they should sell their GPU to buy a better one. After a few seconds of thinking this over... I then realized... THIS IS A REALLY GOOD IDEA! I have a gtx 1070 strix and see they have been going for like $700! If I sold mine for this price, I could go to my local microcenter and buy a gtx 1080 for about $550-$600! So, where can I sell my current gpu at that price? Any thoughts? Thanks!

[Infernal Burrito]

That doesn't make much sense. Why would someone buy your used 1070 for $700 when they could get a 1080 new for less?

[nzpancakes]

Just now, Infernal Burrito said:

That doesn't make much sense. Why would someone buy your used 1070 for $700 when they could get a 1080 new for less?

Because they cant buy locally? I would be selling online where most miners buy their gpus. I would then buy locally.

[Mooshi]

Mining bubble is already leaking, you may be a week too late to extort desperate miners.

[Infernal Burrito]

Just now, nzpancakes said:

Because they cant buy locally? I would be selling online where most miners buy their gpus. I would then buy locally.

A miner can buy locally too. Normally, people would sell/buy on craigslist (or your local equivalent) or ebay though, to answer your question.

[nzpancakes]

Just now, Mooshi said:

Mining bubble is already leaking, you may be a week too late to extort desperate miners.

Yea, do you know why this is? just a couple days ago I saw that GPUs were around $1000 on New Egg, why would this be dropping?

[nzpancakes]

1 minute ago, Infernal Burrito said:

A miner can buy locally too. Normally, people would sell/buy on craigslist (or your local equivalent) or ebay though, to answer your question.

K

[solsra]

If you think you can find a buyer for that price, go for it!!

[HunterSkater429]

1 hour ago, nzpancakes said:

Yea, do you know why this is? just a couple days ago I saw that GPUs were around $1000 on New Egg, why would this be dropping?

because the price of other currencies dropped, so mining rn wont make you money,

 

this is how it works, when people decided to sell what they mine the price will go down as more and more of the currency is sold, and people have auto sellers to sell off when the current hits a certain low, and that wrecks it even more. so rip

[nzpancakes]

Just now, HunterSkater429 said:

because the price of other currencies dropped 

Dang, is there a cycle or does it just do this randomly?

[Guest]

4 minutes ago, Mooshi said:

Mining bubble is already leaking, you may be a week too late to extort desperate miners.

I disagree, I personally don't wanna get into mining but I think it'll go back up.

[HunterSkater429]

1 hour ago, nzpancakes said:

Dang, is there a cycle or does it just do this randomly?

i edited my post,

 

but its kinda random, the price could stay low or it could go back up its just supply and demand 

[nzpancakes]

Just now, Abyss Gaming said:

I disagree, I personally don't wanna get into mining but I think it'll go back up.

For my sake, I hope you are right

[Guest]

Just now, nzpancakes said:

Dang, is there a cycle or does it just do this randomly?

Not a cycle, but it isn't necessarily random. I think you still may be able to sell it, maybe it'll go up in like a day somehow and then all the people who think they can just push the button and make money will go for it. I'm selling my r9 390 (trying atleast)

[Guest]

Just now, nzpancakes said:

For my sake, I hope you are right

For both of us lol. I'm trying to sell my 390.

[nzpancakes]

Just now, Abyss Gaming said:

Not a cycle, but it isn't necessarily random. I think you still may be able to sell it, maybe it'll go up in like a day somehow and then all the people who think they can just push the button and make money will go for it. I'm selling my r9 390 (trying atleast)

Wait, so looking at this logically, a lot was just mined, so... a lot should start to be sold... and then it should just hit a stopping point for which people stop selling and nothing will happen for a while?

[nzpancakes]

1 minute ago, Abyss Gaming said:

For both of us lol. I'm trying to sell my 390.

Good luck, you have higher luck because of amd, but miners are probably going for the higher end stuff

[Guest]

Just now, nzpancakes said:

Good luck, you have higher luck because of amd, but miners are probably going for the higher end stuff

Hey I saw on Reddit somebody sold an r9 390 for 500 on Amazon... They go for around 3-350 on eBay. Just saying cause you might be able to sell your 1070 for more on Amazon than eBay or Craigslist. I'm gonna try and sell it for 550 since the next highest seller is 650.

[Guest]

3 minutes ago, nzpancakes said:

Wait, so looking at this logically, a lot was just mined, so... a lot should start to be sold... and then it should just hit a stopping point for which people stop selling and nothing will happen for a while?

Alot is still being mined. More and more people get into it each day. So are you saying you think the price won't rise for a while? 

[tlink]

13 minutes ago, nzpancakes said:

Dang, is there a cycle or does it just do this randomly?

its trading, there is no indication what it will do in the long term. we can speculate but nobody really knows.

[nzpancakes]

7 minutes ago, Abyss Gaming said:

Alot is still being mined. More and more people get into it each day. So are you saying you think the price won't rise for a while? 

Well, I guess I should have thought about this before, but... if we follow the rules of the stock market... ether has just been mine d like crazy, which will lead to people selling like crazy before the price goes down, and then nobody will want to buy or sell, then it will be at a standstill, at that point, we will just have to wait for the randoms to raise prices again and start another craize. That is my thinking at least.

[DrMacintosh]

37 minutes ago, nzpancakes said:

Dang, is there a cycle or does it just do this randomly?

its a cycle, its not a regular cycle but it does repeat. 

 

Its like Capitalism, if left unregulated it will run itself into the ground.....and Crypto Currency is basically unregulated. So.....

[Pachuca]

42 minutes ago, nzpancakes said:

Hi, I was just watching the Bit Wit stream and a donation asked if they should sell their GPU to buy a better one. After a few seconds of thinking this over... I then realized... THIS IS A REALLY GOOD IDEA! I have a gtx 1070 strix and see they have been going for like $700! If I sold mine for this price, I could go to my local microcenter and buy a gtx 1080 for about $550-$600! So, where can I sell my current gpu at that price? Any thoughts? Thanks!

the price you see on like ebay or amazon doesn't mean people are actually buy them for that much. You will see the same gpu get posted by the same seller on different sites so its not really a good indication of anything. The prices will start to come down once the factories can push out more gpus. I don't think that the demand is that high anymore and people wouldn't buy used gpu for such a high amount. It's more likely going to sell around the $450-500 range if you're lucky. That's going to be already $100 more than msrp. You might get lucky and find someone desperate enough to buy it for $600-700. Can't hurt to try, good luck. 

[Pachuca]

3 minutes ago, DrMacintosh said:

its a cycle, its not a regular cycle but it does repeat. 

 

Its like Capitalism, if left unregulated it will run itself into the ground.....and Crypto Currency is basically unregulated. So.....

but it didn't run itself into the ground because capitalism doesn't have blockchain. I think we will eventually see the current financial institutions move towards cryptocurrencies more or they might get replaced eventually with something else if they don't find a way to compete with this new currency. 

[DrMacintosh]

1 minute ago, Pachuca said:

if they don't find a way to compete with this new currency. 

This is wrong

 

The current forms of currency do not need to compete with Crypto Currency, Crypto Currency needs to be able to compete with current forms of currency. 

 

You can't be paid in in a Crypto Currency for doing your day job, not it its current form.