TLDW? Is it about the news that Nvidia will pull a WD with their RTX 3XXX GPU?
CryptoCurrency Mining with GPUs *spawn*
- Thread starter CarstenS
- Start date
Well EIP 1559 is coming in july / august and it looks like some portion of 2.0 will be ready by the end of the year. It sounds like it will take a few months to half a year longer to move everything over to Proof of stake. But I would try and set your break even point july or worse case Sept. Also try and buy close to msrp and think about what the resale value of a card might be in the end of year early next year time frame.
plot twist, nvidia will double down on miners market by releasing mining optimized driver like amd
No, it's about ASICs systems being sold commercially to mine Ethereum, rendering GPU mining obsolete/unprofitable.
As a consequence GPU miners will shift away from Ethereum to other coins, making them blow up.
Cheers
don't forget that the asics will be worthless next year with the switch to Proof of Stake.
Like i say , don't pay much more than retail for your cards. Yes once Ethereum becomes un profitable there are other coins out there. But i think in the short term miners switching over to them in mass will make profits free fall . At that point your just mining and hoping one of the coins your mining hits big
Mining creates zero value, so that entirely depends on how good their propaganda teams are.
AFAICT proof of stake won't need GPUs at all. The computational burden is much lower and validators aren't competing, they are chosen at random.
Cheers
They create blocks for the chain, that has value.
Things are out of whack. There are 1.4M transactions per Day. The average transaction fee is $8, so a little over $11M in revenue per Day, but miners are awarded eth equivalent to $55M per day. That won't continue indefinitely
Cheers
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So I have to pay to mine ?
Yes gpus wont be needed for POS but neither will asaics
No , the majority pools hold your earnings till a certain day of the week and will form their own block with all the payments to minimize or eliminate how much they pay to transfer it to everyone
ethermine, flexpool, etc are mining pools. its a pool that contain miners.
flexpool charge you transfer fees (gas?) tho. while ethermine already incorporate the fees in the payment they gave you.
The consensus: if you got hundreds of MH/s, better to use flexpool. Because you can transfer the eth to you in large bulk with 1 transfer fee in a reasonable time. Otherwise you would need to mine for months to get the transfer fee vs money you got ratio better than ethermine.
Yup unlesss you have multi gigahash worth of power your likely hood of solo mining a coin is extremely tiny. But if you band together with others the group is more likely to find a coin. The more hash power the more coins you find per unit of time and so on and so forth.
I use hiveon cause I just have 2 cards
https://hiveon.net/
You need 0.1eth for minimum pay out , they pay out daily at 2:33am gmt5 and they pay the transaction fee plus they charge 0% pool fee. For me i've been getting paid like every 16-20 days now depending on how much I game.
Right now I'm at roughly $1900 or 0.56 eth total mined since the middle of February. I started with a 3080 and vega 56 and now am running a 3080 and 3070. I estimate i will come close to 1 total eth by eip 1559. between 0.8-1 eth. I paid $800 for my 3080 back in Nov for the express purpose of gaming. The vega 56 was a launch purchase what 3 /4 years ago now? The 3070 I bought the end of march for $800 and was a hey let me update the vega for my wife while it can pay for itself and oh my brother in law wants to mine and i don't want him totally ripped off after he went and bought a 4gb 580
. I will keep mining after 1559 depending on if etherium makes me the most. IF raven coin or something else makes me more I will mine that
and for those that didnt want the hassle of determining the pool and the coins most profitable, they can use nicehash. here's my nicehash referral link https://www.nicehash.com/?refby=4ff3fbec-02e3-4f5f-aa05-9339116bb042
But I no longer use nice hash, as currently Im directly mining ETH because ETH exchange rate keeps getting stronger and stronger (so i can keep holding it until a point where i cash it out to fiat)
But I no longer use nice hash, as currently Im directly mining ETH because ETH exchange rate keeps getting stronger and stronger (so i can keep holding it until a point where i cash it out to fiat)
It's necessary for the chain to function ... but you're putting the cart before the horse by saying more mining will blow up a coin. A coin which is blowing up in value will cause more mining, not the other way around.
If the miners tried to pile on other coins they'd just lose money, if Ethereum goes PoS this year a massive number of GPUs will get dumped on the consumer market ... that will be the most profitable way to use them and miners care about profit (or cutting their losses).
Silent_Buddha
Legend
That'll depend on whether they decide it's more profitable at that point to sell their GPUs or to switch to the next most profitable GPU minable coin. The closer in profitability the next GPU minable currency is to ether coin the less likely GPUs will be dumped in mass.
After all, by that point they've likely already recouped or close to recouped their initial cost on the GPUs, so it's mainly just electricity costs at that point.
Regards,
SB
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