Is mining starting to die down?

[Gdourado]

Hello, 

 

This week I noticed on the local classifieds here in Portugal that there were a lot more used gpus for sale second hand. 

Lots of amd RX cards and nvidia 1060 cards. 

The prices are still on the higher side, but does this mean miners are starting to quit on gpu mining? 

Is this a trend due to increase difficulty and lower roi? 

 

Cheers 

[Canada EH]

I heard something about needing over 3GB gpu's

[Crunchy Dragon]

I've seen that indication, mining is starting to drop in profitability.

[Canada EH]

thank the SEC in part

[Daniel644]

yes, but only really returning to last years numbers, lots and lots of people jumped into mining in December and January because of the INSANE profits (a 1080ti was making $10 a day at one point), what you are seeing now is the start of the sell off for all those that spent there life savings on GPU's realizing they won't make the money back in 2 months like they planned and so now they are trying to get back what they can, you also have the 3GB cards no longer working for Ethereum because the latest Windows 10 Build loads so much crap into VRAM it makes that plus the DAG file to large for 3GB cards, no reason informed miners wouldn't simply switch to other coins that can still be mined, profits are in the tank, roughly a 5th of what they where at the early January peak.

[porina]

Crypto value at the moment is relatively low compared to other recent pricing, but still up on early December. Ethereum value right now for example is a bit under half of its peak.

[done12many2]

5 hours ago, Gdourado said:

Hello, 

 

This week I noticed on the local classifieds here in Portugal that there were a lot more used gpus for sale second hand. 

Lots of amd RX cards and nvidia 1060 cards. 

The prices are still on the higher side, but does this mean miners are starting to quit on gpu mining? 

Is this a trend due to increase difficulty and lower roi? 

 

Cheers 

 

For the most part, it's safe to assume that most of us here aren't mining BTC.   With that said, when BTC is down, alts dip as well, which is what almost everyone mines with GPUs.  When BTC is pumping (rising sharply), everyone dumps their alts to buy more BTC.  When BTC is up, but stagnant, alts do very well.  Currently, BTC is down, but slowly showing strength.  As soon as its done pumping back up and levels off, you'll start to see the GPU mining of alt coins pick back up substantially.  Most miners here in the states are not really selling off their GPUs because they know profits will be good again soon.  

[Froody129]

1060 3GB are dropping a lot both used and new and I’m seeing a lot more 1060s. RX 4/580s too but their pricing is still hilarious. I’m hoping to grab myself like CF 580s when next nVidia gen releases and prices plummet (I hope!!) 

[porina]

Ethereum is still tanking and went below 500 USD now. We're into December levels, and if it drops much more will be down on when I started. For my existing hardware I'll have to seriously consider looking at other alts or discontinue. I'm doing it with what I have lying around so it doesn't bother me too much. My nephew did build two dedicated mining rigs (8+ 1070's between them) so that's another story...

 

Took a look at some used stores while out and about. Only saw an EVGA 970 for £200, and a Strix 1080 for £260, so that is kinda not far off used values given it was a retail store.

[done12many2]

35 minutes ago, porina said:

Ethereum is still tanking and went below 500 USD now. We're into December levels, and if it drops much more will be down on when I started. For my existing hardware I'll have to seriously consider looking at other alts or discontinue. I'm doing it with what I have lying around so it doesn't bother me too much. My nephew did build two dedicated mining rigs (8+ 1070's between them) so that's another story...

 

Took a look at some used stores while out and about. Only saw an EVGA 970 for £200, and a Strix 1080 for £260, so that is kinda not far off used values given it was a retail store.

 

I don't understand how folks are not profitable even with the current market.  BTC is very low, which is what is impacting all of the alt coins.  With that said, today is at its worst and I'm still making over double, almost 3x my cost for electricity.  BTC would have to dip into the $5k range before I'd consider shutting down temporarily until prices are back up.  

 

Until then, I'm taking full advantage of the weak hands and continue buying up BTC in the middle of all of these panic sells.

 

BTW, I switched from mining alts to using NiceHash weeks ago.  I usually stay away from NiceHash, but it's been consistently making money (BTC) for me throughout this dip/crash.  I manually set my algorithms and do not let it pick for me.

[porina]

39 minutes ago, done12many2 said:

I don't understand how folks are not profitable even with the current market.  BTC is very low, which is what is impacting all of the alt coins.  With that said, today is at its worst and I'm still making over double, almost 3x my cost for electricity.  BTC would have to dip into the $5k range before I'd consider shutting down temporarily until prices are back up.  

My goal early on was not maximum profit, but to accumulate ethereum directly. I never got around to looking further. Can't remember exactly, ethereum was 400 when I started, and it was profitable then. I should switch goals some time for profit but it isn't a priority.

[ItsBlck]

On ‎16‎/‎03‎/‎2018 at 6:31 PM, Canada EH said:

I heard something about needing over 3GB gpu's

Yes, Ethereum will not mine at anything under 4 gigs of VRAM. All 1050/ti lovers will rejoice (and the 3gb version of the 1060 lovers but being honest there really isn't much of those). 

[Uzume]

Bitmain is publicly releasing their Eth ASIC shortly and they are not memory bound. If you have been following the difficulty rate you will also know they have been using them in house for quite a few months now.

 

My GPUs have joined their respective CPUs in being pointed at Seti@Home for over a month now.

[FlatBrokeRacing]

On 2018-03-18 at 1:05 PM, done12many2 said:

 

I don't understand how folks are not profitable even with the current market.  BTC is very low, which is what is impacting all of the alt coins.  With that said, today is at its worst and I'm still making over double, almost 3x my cost for electricity.  BTC would have to dip into the $5k range before I'd consider shutting down temporarily until prices are back up.  

 

Until then, I'm taking full advantage of the weak hands and continue buying up BTC in the middle of all of these panic sells.

 

BTW, I switched from mining alts to using NiceHash weeks ago.  I usually stay away from NiceHash, but it's been consistently making money (BTC) for me throughout this dip/crash.  I manually set my algorithms and do not let it pick for me.

Agree 100% Minus the Nicehack part. All the people that got into it for the craze and bailed when profits dropped are not real miners though which is ok. My rigs are still doing 550+CAD every month per rig... I mean in December/January i was bringing in 5500USD/month

On 2018-03-26 at 9:59 PM, zzrhardy said:

Bitmain is publicly releasing their Eth ASIC shortly and they are not memory bound. If you have been following the difficulty rate you will also know they have been using them in house for quite a few months now.

 

My GPUs have joined their respective CPUs in being pointed at Seti@Home for over a month now.

Bitmain is on crack with their ASICS, 4500USD for 220M/H's on ETH is laughable, its basically buying a 6 RX580 GPU rig with higher power consumption. Many people dont realize this but ASIC's have been out for a LONG LONG time on ETH, its just a joke because they cant make them any more 'efficient' or powerful than GPU's due to the algorithm. Now the New A8 cryptonite miners are something to fear mining wise, luckily many of the coins have decided to fork to stay ASIC resistant.