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

#26
Vayra86
Papahyooie
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?
Guess what, nobody cares what you make or made.

People do care about the tech landscape, trustworthiness of crypto as it was touted at the beginning etc etc. ad infinitum. This was never about you are anyone else making profit.
Posted on Reply
#27
Papahyooie
Vayra86
Guess what, nobody cares what you make or made.

People do care about the tech landscape, trustworthiness of crypto as it was touted at the beginning etc etc. ad infinitum. This was never about you are anyone else making profit.
I disagree, even as an ideological proponent of crypto. Mining is 100% about making a profit. Nothing more. Crypto generally has many reasons to support it as an open and free (as in freedom) currency, yes. But mining is 100% about profit.


Vya Domus
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.
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.
Like I said... take advice from losers who didn't make any money. I couldn't care less. :toast:
Posted on Reply
#28
Vayra86
Papahyooie
I disagree, even as an ideological proponent of crypto. Mining is 100% about making a profit. Nothing more. Crypto generally has many reasons to support it as an open and free (as in freedom) currency, yes. But mining is 100% about profit.




Like I said... take advice from losers who didn't make any money. I couldn't care less. :toast:
Mining and crypto are very much related. So mining is also about crypto and vice versa. Denying that... well, that's where your line of thinking goes wrong. You can't use and abuse and not consider the consequences. Thát is why people got their panties in a bunch.
Posted on Reply
#29
Captain_Tom
Vya Domus
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.



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.
Are you kidding me? Usually articles like this have the obligatory wall of "Crypto must die" and "I hate miners so much!" It's not the miners crying like babies, it's the large pile of spoiled gamers who are commenting on something they do not understand even a little bit lol.

I am a miner, and I too call these commenters stupid. I cannot believe some people are crying it costs them an extra $100 for them to get a useless 10% increase in framerate lol. It costs $100 more because now that toy you bought can pay for itself in 6 months. Sorry if your too stupid (more likely stubborn) to figure this out.
Posted on Reply
#30
Papahyooie
Vayra86
Mining and crypto are very much related. So mining is also about crypto and vice versa. Denying that... well, that's where your line of thinking goes wrong. You can't use and abuse and not consider the consequences. Thát is why people got their panties in a bunch.
You completely missed my point. If you're saying that by mining for profit I've not considered the consequences to the ideological pros of crypto... that just doesn't make sense. Mining for profit doesn't hurt crypto. It's integral to crypto. The use of crypto as a speculation tool instead of a trade medium is what hurts crypto as a currency, not mining. Do I use it as a speculation tool? Yep. Did I start that fire? Nope. But I'm not gonna miss out on it and cry about it while the whole thing burns to ashes.

It doesn't matter, because your original assertion that "Nobody cares what you make or made" is false.

I care. And I was replying to someone who directly asked for miners' testimonials, so he cares (even if he did ask sarcastically.)
Posted on Reply
#31
Fx
Papahyooie
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.
Damn right he did. An evil, shrewd man to be sure, but that statement is full of truth.
Posted on Reply
#32
theonek
well, these new graphic cards have to be sold in millions again, so mining is far from over....
Posted on Reply
#33
R-T-B
Vayra86
This was never about you are anyone else making profit.
Unfortunately, you are dead wrong there. For several it is. Not on this site though, I agree. We should hold ourselves to a higher standard and find other reasons... even if their just fun.

Vayra86
Mining and crypto are very much related. So mining is also about crypto and vice versa.
Proof of Share? The other new Proof of Work types I can't even keep track of?

"Mining" (AKA Proof of Work) isn't the only crypto type out there, so your statement is false. It just gets the most headlines because well, money talks.

Vya Domus
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 ?
Why do people on this site feel the need to brag about an OC?

I can't believe you honestly just asked this question.
Posted on Reply
#34
trparky
Captain_Tom
I cannot believe some people are crying it costs them an extra $100 for them to get a useless 10% increase in frame rate lol. It costs $100 more because now that toy you bought can pay for itself in 6 months. Sorry if your too stupid (more likely stubborn) to figure this out.
It's not just that, many of us couldn't even buy a damn video card even if our lives depended upon buying one. Many stores were completely wiped out of any video card. It wasn't always a money/cost issue, it was also a supply issue in which you couldn't get one even if you had the cash in hand to buy one.
Posted on Reply
#35
StrayKAT
I have nothing against miners (it's a free world), but calling gamers "stupid" and using "toys" is pretty lame. Come on, now.
Posted on Reply
#36
hat
Enthusiast
Meh, talking mining may as well be talking politics or religion on this site. I mine, and I've held no secrets about it, and have participated in many mining discussions... but I won't join the flame war about it, that's just pointless.
Posted on Reply
#37
StrayKAT
Correction: It's actually not a free world. lol

Not sure why I said that < I'm a silly American >

Carry on.
Posted on Reply
#38
theoneandonlymrk
hat
Meh, talking mining may as well be talking politics or religion on this site. I mine, and I've held no secrets about it, and have participated in many mining discussions... but I won't join the flame war about it, that's just pointless.
Im with you , until the rebound then , goodnight thread.:D:):p
Posted on Reply
#39
FordGT90Concept
"I go fast!1!11!1!"
DeathtoGnomes
We wont see another craze like that for a very long time.
Seems to happen every decade or two.
Posted on Reply
#40
Vya Domus
Papahyooie
And I was replying to someone who directly asked for miners' testimonials, so he cares (even if he did ask sarcastically.)
Quite the opposite, we all know how much a testimonial is worth over the internet.

Again with the typical superiority complex that makes you believe everyone is concerned about your well being. I clearly wasn't, I was just describing an archetype and you proved my point I suppose.
Posted on Reply
#41
R-T-B
Vya Domus
Quite the opposite, we all know how much a testimonial is worth over the internet.
I mean I know what you are getting at... Irony is with block chain, a personal wealth CAN be proven over the internet... irrefutably so.

EDIT: Pretty amazing the downvote brigade going on from some users.
Posted on Reply
#42
Eric3988
I'm thrilled to see that Crypto has receded for the time being. I'm all for capitalism , but for me the mining craze was a big waste of time and resources. What good is money if you can't go to the store and buy groceries or fill your vehicle's gas tank? Hell paper money or whatever is in the bank is useless if you're caught in a natural disaster scenario. I would love to get a hold of precious metals for something like that. Anyways, here's to "death of Crypto", but it will probably rise from the dead in the next decade for some reason.
Posted on Reply
#43
StrayKAT
Eric3988
I'm thrilled to see that Crypto has receded for the time being. I'm all for capitalism , but for me the mining craze was a big waste of time and resources. What good is money if you can't go to the store and buy groceries or fill your vehicle's gas tank? Hell paper money or whatever is in the bank is useless if you're caught in a natural disaster scenario. I would love to get a hold of precious metals for something like that. Anyways, here's to "death of Crypto", but it will probably rise from the dead in the next decade for some reason.
The minute those precious metals come into play (as an actual currency, that is), it'll be far worse than a natural disaster. Think "Mad Max". Or at the very least, Venezuela.
Posted on Reply
#44
FordGT90Concept
"I go fast!1!11!1!"
R-T-B
I mean I know what you are getting at... Irony is with block chain, a personal wealth CAN be proven over the internet... irrefutably so.
Nah, only how much an account has (like any ledger). But what that account is worth is highly variable because the units are mostly traded for profit (commodity), not as a medium of exchange (currency). The risk of holding any commodity is that the commodity's market value can jump up and down based on supply, demand, and speculation. The ~$6000 market value of BTC now could easily still be elevated far beyond its market value. I think you'd be hard pressed to find someone that says it is undervalued. That's fundamentally what is going to point the trend up or down.

Fast forward 10 years from now and BTC is trading for $100 USD. Whatever you held was devalued hugely but the ledger shows you still have x number BTC. Unless all you own and all of your transactions are encoded in the ledger, it can't show your entire "personal wealth." But such is the case with any accurate ledger. Cryptocurrencies aren't unique in this regard. The only thing unique about BTC especially is that the ledger is public (which is a mixed bag).
Posted on Reply
#45
Captain_Tom
trparky
It's not just that, many of us couldn't even buy a damn video card even if our lives depended upon buying one. Many stores were completely wiped out of any video card. It wasn't always a money/cost issue, it was also a supply issue in which you couldn't get one even if you had the cash in hand to buy one.
Supply and Demand - Welcome to capitalism. Not saying it didn't suck, but it was never as bad (imo) as most people act like it was.

FordGT90Concept
Nah, only how much an account has (like any ledger). But what that account is worth is highly variable because the units are mostly traded for profit (commodity), not as a medium of exchange (currency). The risk of holding any commodity is that the commodity's market value can jump up and down based on supply, demand, and speculation. The ~$6000 market value of BTC now could easily still be elevated far beyond its market value. I think you'd be hard pressed to find someone that says it is undervalued. That's fundamentally what is going to point the trend up or down.

Fast forward 10 years from now and BTC is trading for $100 USD. Whatever you held was devalued hugely but the ledger shows you still have x number BTC. Unless all you own and all of your transactions are encoded in the ledger, it can't show your entire "personal wealth." But such is the case with any accurate ledger. Cryptocurrencies aren't unique in this regard. The only thing unique about BTC especially is that the ledger is public (which is a mixed bag).
Look pal - you have made it abundantly clear that you don't get the point of Bitcoin, and that you want us to enjoy screenshots of you being so utterly wrong in the future. I personally don't get how you (and others) can continue to say the same ignorant stuff since 2013. It's not 2013 anymore.

Please truly do some research on Sound Money, Austrian Economics, and the history of Currencies. It seems like you know very little about these subjects, or even worse - You are one of those blundering Keynesian people...
Posted on Reply
#46
R-T-B
FordGT90Concept
Nah, only how much an account has (like any ledger). But what that account is worth is highly variable because the units are mostly traded for profit (commodity), not as a medium of exchange (currency). The risk of holding any commodity is that the commodity's market value can jump up and down based on supply, demand, and speculation. The ~$6000 market value of BTC now could easily still be elevated far beyond its market value. I think you'd be hard pressed to find someone that says it is undervalued. That's fundamentally what is going to point the trend up or down.

Fast forward 10 years from now and BTC is trading for $100 USD. Whatever you held was devalued hugely but the ledger shows you still have x number BTC. Unless all you own and all of your transactions are encoded in the ledger, it can't show your entire "personal wealth." But such is the case with any accurate ledger. Cryptocurrencies aren't unique in this regard. The only thing unique about BTC especially is that the ledger is public (which is a mixed bag).
You are assuming I'm not referring to a snapshot in time. I am.
Posted on Reply
#47
Papahyooie
See the funny part is, you all hate me as a miner as if I hurt you somehow. I ruined your fun because you couldn't buy your toys.

Truth is, I never, not a single time, bought a new GPU to use for mining.

So continue on with your prejudicial crusade. As I said above... cry more. I'll laugh. Did I "Kill it"? I'm not a millionaire, no. But my mining profits bought me a new computer (for gaming) bought my wife a new GPU (for gaming) and my profits from trading paid for the closing costs on the house I just bought, which I might not have been able to close on if not for those crypto trading profits.

So once again... Don't care. You want to kick and scream about how we peed in your pool? Well I didn't. My mining has utterly, irrefutably, NOTHING to do with you, and is none of your business.


Vya Domus
Quite the opposite, we all know how much a testimonial is worth over the internet.
Again with the typical superiority complex that makes you believe everyone is concerned about your well being. I clearly wasn't, I was just describing an archetype and you proved my point I suppose.
Doesn't matter how much a testimonial is worth over the internet. He asked. I provided. You stuck your nose in the middle. Typical. (and not surprising, considering you seem to think that my doings are your business in the first place.)

What you see as my "superiority complex" is directly proportional to how much you complain about me and people like me. Don't like me making fun of you? Don't start threads, and comment on threads, directly attacking us.

Back in the 90's we said "Don't start none, won't be none."
Posted on Reply
#48
Captain_Tom
Papahyooie
See the funny part is, you all hate me as a miner as if I hurt you somehow. I ruined your fun because you couldn't buy your toys.

Truth is, I never, not a single time, bought a new GPU to use for mining.
Yeah that's one thing none of these kids seem to understand - The GPU shortage was cause by Nvidia/AMD literally shipping new cards direct from the factory to North-Western China to be used in MASSIVE warehouses full of thousands of GPU's, or in the case of the mining firms based in the Pacific Northwest - literal cargo jets full of 1060's flying out of the factories directly to the "mining site."

The GPU shortage was IN NO WAY effected by small-midsized miners who were smart enough to get in on a lucrative side hustle.
Posted on Reply
#49
FordGT90Concept
"I go fast!1!11!1!"
I'll just say this: more people cheer when the cryptocurrency market shrinks than when it grows.
Posted on Reply
#50
Papahyooie
FordGT90Concept
I'll just say this: more people cheer when the cryptocurrency market shrinks than when it grows.
And as we've gone round and round in thread after thread about this, I maintain that people who cheer at the destruction of someone else's interests that don't involve them, are dicks.
Posted on Reply
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