Is ethereum mining a meme?

Is ethereum mining a meme?

Won't it be a short and sweet bubble before it becomes easier to buy ethereum rather than create it?

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No

You clearly never researched the topic. The crypto currency is inverse of bubble: the less people are mining the more attractive mining is.

Bubbles are the more attractive the more people buy in them.

What's the point of buying led psu? Also why the fuck is it so dusty.
Back to your question it probably won't be easier to buy, but if too many people mine it then it's going to eventually plateau.

Like how one of the PSUs already ate shit and there's a generic piece of crap in it's place.

Those cards will be back on the market in 2 months, tops.

how much would a farm like that generate in revenue?

Nothing.

All cryptocurrency is a meme. It has no value on it's own. The only way to have value in it is for people to buy and sell it with actual money, which completely defeats the purpose of having a currency independent from FIAT.
It's a scam. moot should have banned the discussion of it instead of putting it on /biz/.

>a very real possibility it could destabilize fiat currency

>meme

>mfw a solar flare wipes out all the shitcoins.

mining crypto is a huge meme
the best way to crypto is to study the market and buy the proper coins that will raise in value overtime.

>replacing one fiat with another isn't a meme

Lost shitcoins will be the last thing you'll have to worry about if that happens.

or it could have been his first test build before he threw down on so many

Vast majority of currency on the planet is in the form of imaginary electronic bank notes.

You don't think every dollar in the US is backed up by a physically printed dollar, do you?

Can't wait for miners to enable full on damage control mode and sell their RXs for super cheap

>super cheap
You mean being sold like used up whores because miners had their memory overclocked/overvolted running at 100% for months on end? Yea, no thanks.

The bull-market won't last forever.

..but while it does you might as well take advantage. If you can, there's a worldwide shortage of AMD RX cards (400's and 500's) right now.

This .. depends. The higher the price of a coin the more people will mine it which means that the difficulty and returns of mining go down. If the price of a coin crashes down a lot then some will stop mining it but if it crashes badly then it's unprofitable to mine it anyway (but you can mine regardless and hope price goes back up).

Perhaps but there are other fun factors to consider. If you live in a house then you should mine crypto from autumn to spring - if you can stand the noise and preferably don't have a wife. If you just mine at cost then you'll have free heat.

The disadvantage is that the wife will complain about the noise all the time. Then, when you stop mining, she'll complain that the house is so cold. Then she'll complain about you building a noise isolated room. The result is that you'll have to spend most of the profit on the wife to keep all the nagging to a minimum..

Electronic wear is a myth, I would still buy a 100€ 570 (Assuming the prices drop that low)

How about flipping video cards to miners at a 150% markup?

My buddy just actually sold some of his various AMD cards he had in his closet like this. 2 old 7970s, A 290X where one of its DP wasn't working, and his new just purchased RX580.

Sold them all to one guy and made around $950 for the batch. Bought a 1080ti with the cash

>buy super cheap cards
>sell them for a profit back to miners after cleaning them up a little

>Dumb miners drive the price for RX through the roof
>Then sell those RX as cheap as possible
>Then buy them back for the insanely high price
Wat

of course not. How many coin farmers know how to do real farming.

They sell them cheaper than market worth, you just undercut the market to sell them back to other miners.

You're not trying to get market worth out of them, because they are second hand, but you're trying to make a profit off them.

Electromigration

>ethereum was about $270 this morning
>about $330 now
>mfw still waiting to get crypto buying account verified

Mining is turning electricity in to cryptocurrency. If a cryptocurrency becomes widely used enough to be useful as a currency, then it attracts "professional" miners for a lack of a better term. Basically people who don't just run a miner in the background on hardware they already own.

As miners join in you get less and less money for your computation. As this happens less hardware is able to turn a profit. You saw it in bitcoins. At first you could run it on your cpu. Then you needed a GPU. Then you needed a GPU with a lot of hashes per joule. Then someone wrote some verilog targetting FPGAs and FPGAs pushed GPUs out. Then ASICs. Then ASICs became so widespread that they became reached the break even point. That is where the return on an ASIC is less than the opportunity cost of not being able to invest that money somewhere else.

What has been profitable this whole time? Running this shit on free electricity. So technically the guy in an apartment with utilities covered under rent can make a profit. You can argue if it's worth the effort since you can only pull so much power before popping your breaker or getting the attention of the landlord. The real winners are botnets. The guys doing things like sneaking bitcoin miners in to torrent clients. The guys with 100s of thousands of computers in their botnet running up other people's bill. The guy who managed to sneak a miner on his employer's awesome cluster.

Making profit by mining is ultimately a competition about being the most efficient at doing pointless calculations and you're competing against people who get it for free. Think about that when considering long term mining.

The problem with cryptos is there's a new one everyday.

A solar flare wouldn't do that. There would still be cryptos, working computers and mobile devices. But the price couldn't be centralized, so would change significantly from market to market.

Remember when bitcoin was our little baby? Where did things go wrong?

It might have been the cheapest PSU he needed when he was setting everything up at the time.

Also, it's dusty because it's literally in some industrial garage. I'm sure there's more than one private business owner that has these setups in their garage, causing their normal employees to scratch their heads.

>Where did things go wrong?
Dogecoin

same, you using Gemini?

>Get a cheap GTX 1070 a few days ago for a HTPC build
>Without fail, buyer's remorse sets in and I feel compelled to check on other cards I could have gotten
>Check local Micro Center and all but the most expensive GTX 1070 are sold out

Am I missing something here--are GTX 1070's the next go-to mining cards?

No, Nvidia cards are shit for mining. They are about as good as a low-end AMD card. Ironically, AMD can mine shitcoins better than it can draw video game frames, go figure.

>there is no 580's because of shit rigs like this that mine currency

>mfw i'll have to fall for the nvidia meme and be forced to buy a g-sync monitor and have no HDR or DX12 because of it.

REEEEEEEEEEEEEEEEEEEEEEEE~

Yes, at this point latecomers trying to get in are going with 1070s because Polaris cards are sold out everywhere and they're the next best thing.

You missed the point of the question.

All crypto currency aside from bitcoin is essentially worthless.

There is an unlimited supply. Mine as much as you want. Produce as much as you want. Eventually they become like Zimbabwean currency and you have a trillion coins to equal one dollar.

Bitcoin circumvented this with the limitations they can distribute annually, as well as the complexity of the machines required the more complex the math is.

Some kid in china mining etherium coins all day on a salvaged PC from an electronic scrap heap powered by a car battery that is charged by a water wheel while he tends to his rice paddies is the only one gaining from altcoin mining.

How decent are the Fiji cards for mining? Upgrading to Vega later and just wondering if there would be a use for my current Fury.

Tfw want to get into a coin..... But my gut tells me its a scam with no inherent value.

It is a meme ? Yes.
Is there any money to make ? Yes.

Just sell every coin you mine. Hoarding it is how you get caught when the bubble pops.

It was a meme last year when I was mining it for $18.

How long would it take 1 gtx 970 to mine 1 ETH, i don't even know where to start with mining and i don't even have a fucking wallet but everyday i'm getting closer and closer to wanting to buy into crypto or start mining

Damn. Is it too late to invest?

Ladies and gentlemen, the pinnacle of stupidity on Sup Forums. Enjoy your (((you))), you dense troll.

So how much could I make in 24 hours before electricity expenses if I mined on a GTX 1080 ti? Are we talking less than $1 USD in present exchange rate, or maybe more than $10 a day?

I started mining a little bit ago while I wasn't using my PC. Have about 0.2 ETH now.

So? There are still new websites coming up everyday but YouTube is still up and running.

>$10 a day
lmao keep dreaming

If you mined with an RX 480 (25mh/s) you'd get about $50 a week if you ran it 24/7

I mine with two 290's and i get 60MH/s it takes me roughly 3/2.5 days to mine .1 ethereum that is 30 USD

That barely covers the electricity cost

:) I don't pay for it

So, guys, you just convert electricity you spent on mining in money which you must pay for your electricity?

How?

And how can I start mining? Is there any guide for apple user?

mom

The GPU mining period will be short, the difficulty will rise soon and profit will be less than electricity costs.

So you're effectively just getting pocket money off mommy?

Don't for get that exchanges try to scam you too, they'll have "security issues" and need to shut down in convenient times, may have your balance "stolen", or might just disappear altogether.

mummy and daddy

Is there any way of effectively acquiring and trading coins without fully exposing your identity? It seems that all these exchanges require ton of personal information to get you started, whereas having to look for sellers/buyers yourself seems to be not as efficient.

>tfw want to build a few rigs since I pay fixed rent that includes power but too poor, also Brazil have retarded prices for eletronics

I make $100 a day mining on a very old, shit DELL laptop ... even Xubuntu runs slow on it

It's called PoS voting/staking (coin name Decred)...

instead of GPU power you use your own coins to vote - they get locked for a period

Mhmmm

Shill harder. Hold on to all those coins until the bubble pops!

It's true though.
The caveat here is that the amount of coins I use for staking equals 180K USD

Haha. What a racket...

Mining is a joke.

That's 20% per year return a.k.a shit
Even mining Etherium on GPU gives you ROI of 90 days meaning 300% return not taking into account compounding

Some of us on /biz/ are working on an alt-coin where mining will more enticing for individual people to mine. Basically it's general purpose enough that GPUs don't have a big advantage but it's also limited by ram bandwidth so throwing more cores doesn't give a linear boost. You don't gain much from going from a 6 core i7 x99 system to an 18 core xeon in the same motherboard, at the same time older core2quad systems don't suffer that much as memory bandwidth hasn't increased as much as cpu power.

All currency is a meme. It has no value on it's own. The only way to have value in it is for people to exchange it for goods, which completely defeats the purpose of having a currency independent from goods.
It's a scam. moot should have banned the discussion of it instead of putting it on /biz/.

His electricity would have to be almost a dollar per kWh for that to be true, he's easily beating electricity costs.

yeah but I don't have to do anything, I don't 'have to deal with GPUs cooling, selling, anything

Just run a program on a shit laptop and forget

I used to mine in a conventional way but it's just too much of a hassle... one of the cards burned in smoke, I'm too lazy for that shit

Fans are still mechanical and running them on full blast for months will fuck them up.

Will Etherium get harder to mine eventually, and thus increase its value?

no. but the 1060 is a fairly okay alternative unless you're paying a high power bill.

Any way to only give IDLE ressources to miners, so I can still use my computer normally without the entire OS freezing all the time?

Ethereum is ASIC proof by design. AMD effectively controls the rate at which difficulty grows.

So you basically buy tickets with existing coins and voting with those tickets give you an award?

Not really. If you don't clean it or have dust filter it'll get louder, but that's about it. If you smoke near computers then forget I said anything.

>If you smoke near computers then forget I said anything.
What's your experience with that?

AMD started to lag behind in 2015 when Nvidia introduced 3 variable lookup tables (LOP3.LUT) in Maxwell. The crypto community is late to adopt, as usual.

yes , exactly

and this voting decides about the future of the coin, what the programmers should work on

first voting session has just completed:

voting.decred.org/

it was voted that Lightning Network will be implemented

...

Q.E.D.

Well said

mining is cheaper if you can use FPGA or buy some ASIC in black markets to do it with low power consumption. CPUs and even GPUs are too generic for mining

Your information is 3 years outdated.

the ethereum algorithm doesn't really allow for simple ASIC mining. Ethereum requires a lot of ram

cash deposit at a bank via bitquick or localbitcoins

They generally undervolt them to keep them energy efficient, and GPU wear is a meme, even LinusDickTips did a test on it.

Oh so once you've gathered some coins you just set a program to vote for you. I assume you need a fair amount of coins to start. For how long have you been doing this user? Is it actually profitable?

t. stopped learning about cryptocurrency in 2013

last time i did these kinds of calculations with bitcoins my energy expenses outweighted the revenues.

but i guess ethereum is different?

Running a Calc now it shows me that a 1070 will pay for itself after 3 months. (or 4, I don't really care)

For those who doesn't care about profitability this seems like an easy way to get free hardware. Yeah you can get a rx480 and earn actual money to buy whatever you want later but it's too late for now.

Opinions? I might actually go for it. I know pascal are limited to dual sli now unfortunately.

>make one for design test
this is bitcoin
>make one that would function on a global scale
etherium
>make one that will be the world standard till the end of time
coming
the day of the global bank crisis is coming. when their monopoly money becomes what it is worth.

You don't need sli nor crossfire for opencl/cuda

a system with igpu, choose igpu in bios and other gpu/s will still load up and you can use pc as normal without lag. in miner software you just tell it what gpu to mine on and no lag on igpu.