Bit coin and crypto takes huge dive.

[Tailmon1]

So today the Bit coin took a huge dive and so did all the others. Along with the stock market taking its worst dive in a long time. Is the end of bit coin mining or is this just a short breather for everyone. Are you hoping that the GPU market goes down to where they are available and back closer to MSRP than now? Perhaps the Used market will be flooded with used cards as well as miners dump their equipment?

[Skiiwee29]

it will probably be a month or 2 before we see prices come down if crypto remains down... have some patience as these things dont shake down overnight like that. 

[Noyu]

4 minutes ago, Tailmon1 said:

Perhaps the Used market will be flooded with used cards as well as miners dump their equipment?

seasoned miners will probably hold on to their cards much longer or may even wait for the new cards.

nervous newbies however will probably start dumping. at least if the bitcoin state doesnt improve.

 

I'm already seeing a local ad of someone dumping 10 1050Tis for 190$ each (still way above the MSRP)

[Shreyas1]

I feel like people are just going to buy more now that the price is lower.

[Daniel644]

Seasoned Miners won't be idiots, they will ride it out and continue to mine, as long as we still cover our electric bills we keep going, seasoned miners actually see these dips as another way to acquire more bitcoin by buying it on the cheap (when it was last at these levels in November I bought a mix of BTC and LTC for a total USD investment of 299, one month later, almost to the day, I cashed out enough BTC to get my money back and still had ALL the LTC and like half the BTC left, had I cashed out everything I would have been up over 800 bucks at the peak after my original investment was recouped), miners also buy up the cards from the newbs that are bailing out at the first sign of trouble, I may roll back in some of my cashed out earning from mining and see if I can double it again, waiting to see what the price floor ends up at.

[Tailmon1]

So today I see it is now at 6k for bitcoin. You have to wonder if now many of the miners are thinking Um time to bail?  Its a 2x drop in prices.

[Daniel644]

19 minutes ago, Tailmon1 said:

So today I see it is now at 6k for bitcoin. You have to wonder if now many of the miners are thinking Um time to bail?  Its a 2x drop in prices.

maybe newbs that built there rigs using there credit cards might sell check out UFDTech's latest video on youtube

[Mick Naughty]

Still free money, no reason to stop.

[Sat1600]

2 hours ago, Mick Naughty said:

Still free money, no reason to stop.

I read somewhere that it costs an average of $6100 in electricity to mine 1 bitcoin. Can't find the article now. Obviously that will depend on your local electricity cost. Not sure about ethereum

[Mick Naughty]

33 minutes ago, Sat1600 said:

I read somewhere that it costs an average of $6100 in electricity to mine 1 bitcoin. Can't find the article now. Obviously that will depend on your local electricity cost. Not sure about ethereum

That’s depends what no a million things. 

[Blademaster91]

34 minutes ago, Sat1600 said:

I read somewhere that it costs an average of $6100 in electricity to mine 1 bitcoin. Can't find the article now. Obviously that will depend on your local electricity cost. Not sure about ethereum

Mining bitcoin isn't worth the cost unless you can afford a bunch of ASICs and have cheap or free power.

3 hours ago, Mick Naughty said:

Still free money, no reason to stop.

No reason to stop for those that ordered pallets of GPU's that can still profit but plenty are going to get scared that crypto may not recover,

this is a good thing for the rest of the PC market now that normal users can build as buying ram hurts a budget build enough.

 

 

[Mick Naughty]

Fine with me with people quit. Doesn’t bother me in the slightest. Don’t think the prices will change that much yet but you can still get cards at msrp. 

[Sat1600]

Back to 7800. That's the problem with trying to figure anything out. $2000 up or down in one day is totally normal. 

[aezakmi]

I only want the GPU prices to be normal again so I upgrade

[Mick Naughty]

Prices are normal if you shop at the right places. 

 

 

[Tailmon1]

Thats if they have stock to sell that is.

[Mick Naughty]

Which they do. Isn’t too difficult. 

[Tailmon1]

hum lets check. Crused  some sites and all out of stock. Seen a random 1050 2gig card but nothing in the range of good gaming at

Retail or close to it even

[Mick Naughty]

Yea just click auto notify and get it when its in stock. Plenty of options.

[Tailmon1]

Yes that is an option but how many are on the Auto notify list atm.  What if you want a good card now?  That is the problem you saved up for

a nice build only to get to the GPU and none are available and the ones that you find are Way out of your budget. I personally know a person that is in the process of building about a million dollar Mining set up. Guess who will get the cards first?

[Mick Naughty]

If you want a good card now, pay the price or do the foot work. Kinda how it goes when you wait a year or two to get a card.

[Daniel644]

On 2/6/2018 at 4:14 PM, Sat1600 said:

I read somewhere that it costs an average of $6100 in electricity to mine 1 bitcoin. Can't find the article now. Obviously that will depend on your local electricity cost. Not sure about ethereum

so what, no average person mines bitcoin directly (you need specialized hardware for that), mining other coins and exchanging for bitcoin using Nicehash I could earn 1 Bitcoin for about 1,100 USD worth of electricity (based on my BTC daily earning average and cost of electricity), but even then it's a meaningless number, you don't HAVE to get to 1 bitcoin before you can sell your bitcoin. so referencing how much electricity to get 1 bitcoin is pointless, even at current values I'm earning BTC equivalent to 7 to 8 times the cost of my electricity if I where to sell right this second, so once hardware costs are covered i'll see 700% returns on investment in electricity or better.

[Mick Naughty]

With bit coin being low 8k right now. I have 2 friends that’s both make around 8k a month right now. 800-1000 for electric each. So 6k for one coin isn’t even close. Should have seen it when it was at 14k.