Etherum price back up to "pre-crash value"

[maartendc]

Hey all,

 

So with the rumors surrounding AMD's RX Vega being insanely good for mining, I decided to take a look at the current Ethereum price. Because I seem to remember a couple of weeks ago everyone talked about an Ethereum "crash" in value, while the hashing was simultaneously getting much harder. People were predicting this was the beginning of the end for Ethereum.

 

https://www.coindesk.com/ethereum-price/

 

Well.. In the last week, Ethereum's price has shot up from $197 to $270. And from a low of $157 in mid July. It is not really back to the peak of $395 yet of early June, but it is creeping closer and closer again.
 

So, is this the end of the 'beginning of the end' for Ethereum?

Was the "crash" really just a temporary dip in value, and is Ethereum here to stay?

And thus, are high GPU prices here to stay for the time being, and possibly ruing RX Vega for gamers?

 

 

[tom_w141]

3 minutes ago, maartendc said:

It is not really back to the peak of $395 yet of early June

This conflicts with the title  So its really nearly 2/3 of the way.

 

3 minutes ago, maartendc said:

So, is this the end of the 'beginning of the end' for Ethereum?

It still is for the majority. Vega might save some miners because it apparently has a crazy good hash rate (no idea how, HBM should be shit for mining). Its still the death for 10 series and RX 4/500 series cards though.

 

EDIT: Also as this isn't news from any reputable source, rather your own musings on the subject it may not be compliant with the news section rules but that's not up to me. Also I'm not saying its not relevant for discussion it just might get moved to another section.

Edited August 7, 2017 by tom_w141

[Misanthrope]

Trying to predict something this volatile means that by the time we reach page 2 or page 3 of comments it could have already crashed again. We need like a month after GPUs are rendered virtually useless for mining (probably when ASIC devices are introduced to Ethereum, if it's even possible to use ASIC devices here) before any changes might reflect availability (and henceforth pricing) for gamers.

[brendon1996]

Crypto currency is the future.

[Ophidio]

I hope mining just dies some more. Like I don't mind it but when I'm trying to build a new PC but don't want to pay overpriced amounts for my hardware then it becomes an issue. Dill-holes just need to chill and let the gamers have Vega for a months before they decide to take them all. 

2 minutes ago, tom_w141 said:

This conflicts with the title  So its really nearly 2/3 of the way.

 

It still is for the majority. Vega might save some miners because it apparently has a crazy good hash rate (no idea how, HBM should be shit for mining). Its still the death for 10 series and RX 4/500 series cards though.

Are you refering to those cards dying for mining or just in general?

[JoeCoke]

Bitcoin GPU mining is the worst thing to ever happen to this community... It's just a god damn disaster. I feel sorry for anyone building PCs right now.

[tom_w141]

Just now, Ophidio said:

Are you refering to those cards dying for mining or just in general?

By die I meant those cards will lose their effectiveness for mining as mining any crypto currency gets harder over time.

 

1 minute ago, Ophidio said:

Dill-holes just need to chill and let the gamers have Vega for a months before they decide to take them all.

Difficulty increases over time, the more you wait the less profit you'd get. Miners would absolutely not do this, if its good they will snatch supply immediately.

[Shreyas1]

When are those dedicated mining cards coming out?

[tom_w141]

Just now, 2Buck said:

Bitcoin mining is the worst thing to ever happen to this community

Are you posting from 2013? Bitcoin mining stopped being viable on gpus years ago and hasn't influenced consumer hardware prices since. The current prices are due to "Alt Coins" like Ethereum and Zcash, which are entirely different to Bitcoin and are mined via GPUs.

[Sakkura]

It had been hanging around in the $200-225 range for a while, going up to $270 is not that dramatic.

[Ophidio]

1 minute ago, tom_w141 said:

By die I meant those cards will lose their effectiveness for mining as mining any crypto currency gets harder over time.

 

Difficulty increases over time, the more you wait the less profit you'd get. Miners would absolutely not do this, if its good they will snatch supply immediately.

I know and it saddens me.  We re the friendlys to the cards and treat them with respect and care but yet we don't get the love. 

[maartendc]

7 minutes ago, tom_w141 said:

This conflicts with the title  So its really nearly 2/3 of the way.

 

It still is for the majority. Vega might save some miners because it apparently has a crazy good hash rate (no idea how, HBM should be shit for mining). Its still the death for 10 series and RX 4/500 series cards though.

 

EDIT: Also as this isn't news from any reputable source, rather your own musings on the subject it may not be compliant with the news section rules but that's not up to me. Also I'm not saying its not relevant for discussion it just might get moved to another section.

Hmm interesting. So you are saying the RX 4/500 cards and GTX 10 series cards still are not profitable anymore?

 

You are right, probably should have posted this in general discussion. Whoopsie.

4 minutes ago, Misanthrope said:

Trying to predict something this volatile means that by the time we reach page 2 or page 3 of comments it could have already crashed again. We need like a month after GPUs are rendered virtually useless for mining (probably when ASIC devices are introduced to Ethereum, if it's even possible to use ASIC devices here) before any changes might reflect availability (and henceforth pricing) for gamers.

That is probably true. It is hard to make predictions on this stuff. Nevertheless, the value has gone up again significantly, so it has not stayed low since the so-called "crash" happened. I guess if anything is hampering the profitability of mining, it is more the increased difficulty in mining versus the actual market price of the currency.

[tom_w141]

1 minute ago, Ophidio said:

We re the friendlys to the cards and treat them with respect and care

I agree its unfair but typically no one looks after their cards better than miners do. for miners they are a source of income so the best miners make sure they run under good conditions, nice and cool, tweak them to perfection and often undervolt them to maximise power/profits. Where as gamers run them balls to the wall  If I was buying used I'd rather buy a card from an experienced miner than a gamer that has probably overclocked and overvolted their card via MSI Afterburner for years.

[JoeCoke]

1 hour ago, tom_w141 said:

Are you posting from 2013? Bitcoin mining stopped being viable on gpus years ago and hasn't influenced consumer hardware prices since. The current prices are due to "Alt Coins" like Ethereum and Zcash, which are entirely different to Bitcoin and are mined via GPUs.

Listen, I don't know shit about "alt coins". I meant "alt coins". Ex-fucking-scuse me. :I

[TidaLWaveZ]

I wonder if there's any correlation with the WannaCry people cashing out.

[tom_w141]

2 minutes ago, maartendc said:

So you are saying the RX 4/500 cards and GTX 10 series cards still are not profitable anymore?

There are graphs explaining it better on reddit but basically it you bought a $300 580 now it would take a very long time/potentially never to make your money back, whereas a few months ago it would have taken 1-2 months. As soon as mining a coin gets popular its marked for death. the people that made the most money on this are the people that mined it and held on to it when it was still niche.

[themctipers]

I'm happy. I'm mining eth on my 1070

 

 

no I didn't buy it for mining. 

 

 

 

 

 

Mining is my contribution to making ETH harder to mine for every block  with some profit. 

[tom_w141]

15 minutes ago, Misanthrope said:

(probably when ASIC devices are introduced to Ethereum, if it's even possible to use ASIC devices here)

Generally agree with your post except the above. Ethereum and other popular alt coins are designed to be ASIC resistant so they will always be mined by gpus.

[tom_w141]

Just now, themctipers said:

Mining is my contribution to making ETH harder to mine for every block  with some profit. 

Profit on a 1070 would be like $1-2 a day now? That's 24/7 too, so minus any time you actually use the PC. Are you paying for the power usage?

[NumLock21]

This is no good!

[themctipers]

Just now, tom_w141 said:

Profit on a 1070 would be like $1-2 a day now? That's 24/7 too, so minus any time you actually use the PC. Are you paying for the power usage?

$2.50 GPU mining only AFTER crash

$5.50 GPU BEFORE crash

 

power usage is around 300w maybe, whole system after power supply. 

 

I do use my PC sometimes but not often. I used to fold when I didn't use PC. 

[themctipers]

1 minute ago, themctipers said:

$2.50 GPU mining only AFTER crash

$5.50 GPU BEFORE crash

 

power usage is around 300w maybe, whole system after power supply. 

 

I do use my PC sometimes but not often. I used to fold when I didn't use PC. 

Ripriprip

[TOMPPIX]

cryptocurrency should be banned worldwide.

[Bcat00]

Am i the only one noticing the whole crypo currency thing is a ponzy scheme bullcrap?

 

[SpaceGhostC2C]

23 minutes ago, tom_w141 said:

Bitcoin mining stopped being viable on gpus years ago and hasn't influenced consumer hardware prices since. The current prices are due to "Alt Coins" like Ethereum and Zcash, which are entirely different to Bitcoin and are mined via GPUs.

I'm going to piggyback this post to make an almost off-topic comment, but...

 

When people discuss BTC and co., they often mention the supposed advantage of supplying being exogenously fixed in nominal terms (I've discussed why this is actually bad in this forum before, but it doesn't matter for the point I'm making here). While this may hold true individually for a "cryptocurrency", what does it exactly mean when there are a number of such "currencies" at different stages of their life cycle, and when new ones can be created any moment?