Thursday, August 16th 2018

The Only Thing You Get with Mining Ethereum Now is Room Heating

Cryptocurrency prices continue their downward slide making them no longer viable to mine on GPUs. The value of Ethereum has dropped to USD 256, down from its historic high of $1,250 this January. Bitcoin fell to below $6,000 Wednesday, way down from its late-2017 high of $19,000. A 79 percent devaluation isn't the worst of Ethereum's problems. The currency is facing stiff inflation from conversions to other cryptocurrencies or the Dollar. At its peak, ETH held 32 percent of all cryptocurrency market cap, beaten only by BTC at 39 percent. Now ETH only makes 14 percent.
Source: Bloomberg
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108 Comments on The Only Thing You Get with Mining Ethereum Now is Room Heating

#1
RejZoR
They'll just make up some new stupid crypto currency and everything starts from zero again. Not thrilled at all... But I sure hope this means a death of this nonsense all together, hopefully...
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#2
Vya Domus
The currency is facing stiff inflation from conversions to other cryptocurrencies or the Dollar
As if that wasn't the case since the very beginning with every other coin. :roll:
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#3
blobster21
Where are the '"confessions of a miner" when you need them ?
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#4
Prima.Vera
Let me guess. They will invent another crypto coin, make it inflate to ridiculous levels, blow the bubble until it burtsts, then repeat with another currency.... And so on...
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#5
Rexter
"blobster21 said:
Where are the '"onfessions of miner" when you need them ?
Yeah, what happened to that series? Funny that it suddenly became so absent... :rolleyes:
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#6
qubit
Overclocked quantum bit
So we can finally have reasonably priced cards at good availability again. At long last.
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#7
DeathtoGnomes
"qubit said:
So we can finally have reasonably priced cards at good availability again. At long last.
not quite yet, there are still etailers still riding that train and many cards are still overpriced priced.
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#8
techy1
good, now all the miners (or as they call them selves "technology backers", "vital payment network supporters") can realize - their "work" was not needed at all, there were no market principles behind any of mining (at these self inflated levels and prices - because if there were market principles supply/demand - then how can suddenly there be 0 or even a negative need for this network infrastructure ?) and it was just big bubble that they made them selves and all it did is produced more CO2 emissions as by product. for few years we wont see another craze (because it needs hype and dumb masses - that buys, trades, mines and hopes)
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#9
DeathtoGnomes
"techy1 said:
good, now all the miners (or as they call them selves "technology backers", "vital payment network supporters") can realize - their "work" was not needed at all, there were no market principles behind any of mining (at these self inflated levels and prices - because if there were market principles supply/demand - then how can suddenly there be 0 or even a negative need for this network infrastructure ?) and it was just big bubble that they made them selves and all it did is produced more CO2 emissions as by product. for few years we wont see another craze (because it needs hype and dumb masses - that buys, trades, mines and hopes)
We wont see another craze like that for a very long time.
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#10
Fouquin
"DeathtoGnomes said:
We wont see another craze like that for a very long time.
That's what we told ourselves in 2013 after ASICs dominated BTC mining. I won't be holding my breath.
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#11
GinoLatino
"qubit said:
So we can finally have reasonably priced cards at good availability again. At long last.
I'm afraid that with the release of the new nVidia consumer cards about to be announced, there might be a new positive mining ROI making the prices rises all over again. Lets hope not. Cryptocurrencies as they work now must die.
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#12
qubit
Overclocked quantum bit
"GinoLatino said:
I'm afraid that with the release of the new nVidia consumer cards about to be announced, there might be a new positive mining ROI making the prices rises all over again. Lets hope not. Cryptocurrencies as they work now must die.
Agreed. I thought of this, but didn't dare say it, lol.
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#13
megamanxtreme
"Fouquin said:
That's what we told ourselves in 2013 after ASICs dominated BTC mining. I won't be holding my breath.
Pretty, much, the question is "when?" really.
I'm merely upset of the prices going up, I wouldn't mind miners having their go at things other than that reason.

Holding for the Nvidia cards, since I want the RX 570 performance but under $150, assuming competition can keep the GTX 2050 under that, or wait for AMD's variant, merely want the 4 Gigs to play Mankind Divided and Ultra Textures.

The Confessions were encouraging miners, which us gamers would see it as encouraging the price hikes, and the off chance that others might jump on-board due to the articles which won't make it any better.
I forgot what was said when someone was arguing about mining and directed it at R-T-B and R-T-B shrugs it off as priding himself for that, struck a new low for that guy.
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#14
Vayra86
"qubit said:
So we can finally have reasonably priced cards at good availability again. At long last.
No we cannot because AMD stopped playing.

"megamanxtreme said:

The Confessions were encouraging miners, which us gamers would see it as encouraging the price hikes, and the off chance that others might jump on-board due to the articles which won't make it any better.
I forgot what was said when someone was arguing about mining and directed it at R-T-B and R-T-B shrugs it off as priding himself for that, struck a new low for that guy.
Its also a new low for you to place any kind of blame for an 'increase' in mining popularity on @R-T-B . And not link him in the process either, seems like bad form too. This man is one forum user who is not afraid to voice his view on things, AND be candid about a change in perspective on the matter. That takes courage and much bigger balls than what you're doing here. In fact people should take his Confessions as an example to follow when it comes to that. And if you took part in those topics and discussed with him what he wrote, he was always ready to answer and actually discuss things. Kind of, you know, the whole reason a forum exists.
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#15
megamanxtreme
"Vayra86 said:
That takes courage and much bigger balls than what you're doing here.
I had the courage to voice my opinion, and bigger balls as well.
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#16
DeathtoGnomes
"Vayra86 said:
No we cannot because AMD stopped playing.
AMD >
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#17
Vayra86
"megamanxtreme said:
I had the courage to voice my opinion, and bigger balls as well.
Voicing an opinion doesn't take courage on the internet. Saying that you were wrong however, does.

'and bigger balls as well'... dude you're pathetic.
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#18
DeathtoGnomes
"Vayra86 said:
Voicing an opinion doesn't take courage on the internet. Saying that you were wrong however, does.

'and bigger balls as well'... dude you're pathetic.
hey now, I have huge huge stainless steel balls that hang rather nicely, so I'm told. But I could be wrong here.
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#19
Vayra86
"DeathtoGnomes said:
hey now, I have huge huge stainless steel balls that hang rather nicely, so I'm told. But I could be wrong here.
Stainless steel though. That's nice. Need bubble gum?
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#20
trog100
yep the days of gpu mining do seem to be dead.. whether it stays this way is yet to be seen.. :)

trog
Posted on Reply
#21
qubit
Overclocked quantum bit
"Vayra86 said:
No we cannot because AMD stopped playing.
Yeah, I know, but at least we won't get mining price inflation on top of NVIDIA's reassuringly expensive pricing. I can just see the very top "RTX 2080 Ti" topping a grand otherwise. Totally unaffordable and ridiculous.

I remember paying £400 for my GTX 580 back in 2011 and thinking how expensive that was. More than double that for today's equivalent would be totally unaffordable for me.
Posted on Reply
#22
R-T-B
"Vya Domus said:
As if that wasn't the case since the very beginning with every other coin. :roll:
It actually isn't. Ethereum fees are much higher than most coins, excluding one (bitcoin).

"Prima.Vera said:
Let me guess. They will invent another crypto coin, make it inflate to ridiculous levels, blow the bubble until it burtsts, then repeat with another currency.... And so on...
That's not how it works, really. They are all tied to bitcoin which is tied to the dollar, honestly.

"Rexter said:
Yeah, what happened to that series? Funny that it suddenly became so absent... :rolleyes:
I still mined until about last night. Shut down then and only then due to heat largely. I still invest. I don't post that article series anymore frankly because I got sick of defending my position. I don't post material just to irritate people. I actually like to educate and it wasn't going that way. I may bring it back in some form at some point. I still owe w1zzard an article or two.

"megamanxtreme said:
I forgot what was said when someone was arguing about mining and directed it at R-T-B and R-T-B shrugs it off as priding himself for that, struck a new low for that guy.
I'd really like it if you could quote things rather than just passing them off as "I forgot but think you did this." Personally I got the message when people started downvoting everything crypto related, but meh. You don't like that I mine. It's a tech choice, get over it. You game and that burns energy too and I enjoy mining almost as much as my other computational workloads.

Yeah, I was proud to try to teach people a thing or two about something they may not understand. Horrible, ain't it? Don't worry, next time I'll flavor it some way so you don't know what your reading until it's too late. :p

"techy1 said:
at these self inflated levels and prices - because if there were market principles supply/demand - then how can suddenly there be 0 or even a negative need for this network infrastructure ?)
There isn't. I know this will blow your mind, but people are still mining even now, at a loss. People will always be mining. Less maybe sure, but the network adapts. The code adapts it's issueance rate based on hashrate. That's part of it's beauty. I should be to keep my ethics act together, but this summer is too frickin' hot. Maybe in the winter.
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#23
Captain_Tom
"RejZoR said:
They'll just make up some new stupid crypto currency and everything starts from zero again. Not thrilled at all... But I sure hope this means a death of this nonsense all together, hopefully...
LOL. "Hope this means the death of the future of currency."

Yeah I am sure that Yahoo hack will be the death of the internet too...
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#24
Papahyooie
"blobster21 said:
Where are the '"confessions of a miner" when you need them ?
Right here. Made a bunch of money. 10/10, no regrets. Hope it comes back up, and if it does I'll mine some more. And I'll laugh at your tears.

Also:

"Buy when there's blood in the streets" said the patriarch of the most successful family in human history.

Maybe if people took advice from them instead of taking advice from losers and then crying, they wouldn't have so much to cry about.

Me?... I don't mine because it's losing money at the moment... but I'm still buying... and then I'll sell. And then.. I'll buy... Guess what comes next?
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#25
Vya Domus
"Papahyooie said:

"Buy when there's blood in the streets" said the patriarch of the most successful family in human history.

Maybe if people took advice from them instead of taking advice from losers and then crying, they wouldn't have so much to cry about.
A pretty cringe worthy remark with an elitist allure to it that doesn't mean much. Why do crypto enthusiasts feel the need to make it sound as if they are killing it all the time when we all know that most don't ?
Ah, guess I answered my own question.

"Papahyooie said:
Hope it comes back up, and if it does I'll mine some more. And I'll laugh at your tears.
Right, because everyone is crying at the unfathomable success that crypto is. Don't know if you noticed but every time we get news like these people do quite the opposite , they are laughing. Honestly, stop with the age old trope that everyone around you is a "hater" gauging their eyes out in frustration of the big bucks they missed out on.
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