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

#51
Captain_Tom
FordGT90Concept
I'll just say this: more people cheer when the cryptocurrency market shrinks than when it grows.
LOL that's not true at all. When the price goes down, people go on and do other things. Nobody besides stubborn idiots don't like the price going up.
Papahyooie
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.
They aren't dicks, they are just salty morons who would rather be right than live in a better world. These are the types of people who can never ever admit they are wrong even when it is ridiculously obvious.

In their twisted universe, they actually believe they are smart for not understanding something before other people. Because after all, they have to be the smartest person about everything... Right? They are the most special... Right mom?!
Posted on Reply
#52
R-T-B
FordGT90Concept
I'll just say this: more people cheer when the cryptocurrency market shrinks than when it grows.
On a forum dedicated to PC gaming?

Ford, I know you know what sample bias is.
Posted on Reply
#53
Vya Domus
R-T-B
On a forum dedicated to PC gaming?
I can tell you that I know of many that are either barley invested in PC gaming or gaming in general and they're still laughing their ass off when the crypto market takes a dive. That doesn't mean they necessarily cheer when than happens, the overwhelming majority simply doesn't care. Although some here are absolutely convinced that isn't the case and they're prosecuted by losers on PC hardware forums (wonder what were they are doing on here arguing with them in the first place but whatever ).

So, whatever bias there is, it's minuscule, actually.
Posted on Reply
#54
Captain_Tom
Vya Domus
I can tell you that I know of many that are either barley invested in PC gaming or gaming in general and they're still laughing their ass off when the crypto market takes a dive. That doesn't mean they necessarily cheer when than happens, the overwhelming majority simply doesn't care even though some here are absolutely convinced that isn't the case. Whatever bias there is, it's minuscule, actually.
Alright but I am actually curious here - Are you one of the people laughing? What are you (or the others) even laughing at?

Bitcoin is worth thousands of dollars - it's a roaring success even if it never got above $10K again. I swear in 3-6 years there will be people making fun of bitcoin because it's "Only worth $40,000" after it crashes from $250,000!
Posted on Reply
#55
R-T-B
Vya Domus
I can tell you that I know of many that are either barley invested in PC gaming or gaming in general and they're still laughing their ass off when the crypto market takes a dive.
Be that as it may in your experience, the fact remains we don't have any data from the general, unbiased population. Fact is a lot of people invested at the high. Now, color them dumb or whatever, but they existed too.
Captain_Tom
Bitcoin is worth thousands of dollars - it's a roaring success even if it never got above $10K again. I swear in 3-6 years there will be people making fun of bitcoin because it's "Only worth $40,000" after it crashes from $250,000!
I think they primarily laugh at the volatility.

Me? I find it surprising it's as stable as it is, being so young and only backed by faith.
Posted on Reply
#56
FordGT90Concept
"I go fast!1!11!1!"
Captain_Tom
Bitcoin is worth thousands of dollars - it's a roaring success even if it never got above $10K again. I swear in 3-6 years there will be people making fun of bitcoin because it's "Only worth $40,000" after it crashes from $250,000!
Honestly, how much is a BTC worth to you? What can you actually do with it that you couldn't otherwise? Would *you* pay $250,000 for a BTC? Would *you* pay $6000? That's fundamentally BTCs problem (and cryptocurrencies in general). Without buyers injecting legal tender into the market, the market deflates.
Posted on Reply
#57
Vya Domus
R-T-B
Be that as it may in your experience, the fact remains we don't have any data from the general, unbiased population. Fact is a lot of people invested at the high. Now, color them dumb or whatever, but they existed too.
Even if there is a ton of bias, why would anyone heavily invested in crypto care ? If it's great, it's great, right ? You shouldn't feel the need to pitch or justify your activities to other people who are supposedly too ignorant to recognize that and doing it on PC gaming forums of all places.
FordGT90Concept
What can you actually do with it that you couldn't otherwise?
Yup, there's pretty much no product or service than can be bought or acquired exclusively with it. As such everyone who buy any coin does so with the intent of selling it at some point.
Posted on Reply
#58
AsRock
TPU addict
DeathtoGnomes
AMD >

You better hope your wrong, or you will have to get a 2 or even 3rd job to get a new card.
Posted on Reply
#59
R-T-B
Vya Domus
You shouldn't feel the need to pitch or justify your activities to other people who are supposedly too ignorant to recognize that and doing it on PC gaming forums of all places.
I mean, I'd argue bragging is a human problem, not a mining one.
Vya Domus
Yup, there's pretty much no product or service than can be bought or acquired exclusively with it.
There are some it's better suited to buying though. Mostly products you don't want a name linked with (not even thinking illegal, though that applies too ofc)
Posted on Reply
#60
Vya Domus
R-T-B
I mean, I'd argue bragging is a human problem
It is, and it's often also a dead giveaway to other things.
Posted on Reply
#61
Papahyooie
The irony of a person who is not invested in a particular subject injecting themselves into a conversation about it to complain about those who are, and then asking why those who ARE invested in it care... :rolleyes:

Once again... I was DIRECTLY responding to a guy who asked for "confessions" of miners.

Or did you think the entire thread was talking to you, @Vya Domus ?

EDIT: and as for not feeling the need to justify my activities... the subject of the thread is literally the viability of mining. That's what we're talking about here. So far, all you've contributed to the thread is ad hominem.
Posted on Reply
#62
theoneandonlymrk
Threads balls anyway.

Even if it's not profitable I'll be heating my home via pc not central heating.

Either my pocket or folding@ home will benefit(plus me from the heat)
But it will be just as effective and at least has a bonus over just burning shit to provide warmth to my ass.

So short sighted this whole thread , basic heating as it is now is total bollox.

And this imho is one of the first actually on point replys.

After all who gives a shit if you like bitcoin or not.
Posted on Reply
#63
Vya Domus
Papahyooie
Or did you think the entire thread was talking to you, @Vya Domus ?
Well, I certainly did manage to stir up the waters a bit and grab your attention. :)

Look, I know you have an answer to everything and so do I. Can we at least agree we're both wasting our time talking with someone who'll never see their fault in anything ?
Posted on Reply
#64
Papahyooie
Vya Domus
Well, I certainly did manage to stir up the waters a bit and grab your attention. :)

Look, I know you have an answer to everything and so do I. Can we at least agree we're both wasting our time talking with someone who'll never see their fault in anything ?
You quoted me. You spoke directly to me, when I was speaking directly to someone else. Excuse me for acknowledging you. I'll try not to make that mistake again...

And no, we can't agree to disagree. You directly attacked me. You can't punch someone in the face, get punched back, and say "We're both at fault here." It doesn't work that way.
Posted on Reply
#65
Vya Domus
Papahyooie
I'll try not to make that mistake again...
So be it, I shall do the same. Didn't know a bunch of remarks would hurt your feelings so badly you would compare it to getting "getting punched and attacked", that really surprised me I must say.

But again, worry not, I'll make sure that wont happen.
Posted on Reply
#66
trparky
Captain_Tom
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.
It sucked royally because I had the money, I had the cash in my bank account and my credit card was ready for the purchase. But I couldn't buy one and it definitely wasn't from the lack of trying. I even set up alerts on one of those sites that tracked online stock numbers to tell you that a site had one in stock and I was always ten seconds too slow. Yes, ten seconds!!! I'd get the alert, I'd go to the site, add it to my cart, and then... boom, sold out. This happened more times than I could count and it pissed me off to no end. This went on for weeks until I just gave up.

The only reason I got my hands on one was because my local Microcenter was only selling cards with new PC builds, you had to buy all of the components to build a new system or no video card for you.
Captain_Tom
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."
Why the fuck did they do that?
Posted on Reply
#67
StrayKAT
"Shipping" not required apparently. I've heard of people literally buying things right out of the factories. lol I can't really confirm it, but I don't know why anyone would lie. Either way, gamers weren't getting the cards.
Posted on Reply
#68
Vya Domus
trparky
Why the fuck did they do that?
They didn't, Nvidia and AMD didn't ship anything "right out of the factories". They don't even own the factories where their cards are built and don't interfere much with the logistics that are involved, people don't have a damn clue as to what they are talking about.
Posted on Reply
#69
StrayKAT
Vya Domus
They didn't, Nvidia and AMD didn't ship anything "right out of the factories". They don't even own factories, people don't have a damn clue as to what they are talking about.
I never said that myself above FYI. I'm only relaying what I heard about some Taiwan companies who make their cards (MSI, etc). Could be complete BS, but it does laughably remind me of fish markets in Asia. :P
Posted on Reply
#70
Vya Domus
StrayKAT
I never said that myself above FYI. I'm only relaying what I heard about some Taiwan companies who make their cards (MSI, etc). Could be complete BS, but it does laughably remind me of fish markets in Asia. :p
MSI and whatever are the ones that actually manufacture cards and have control over how many cards they sell and to whom, not Nvidia or AMD.
Posted on Reply
#71
StrayKAT
Vya Domus
MSI and whatever are the ones that actually manufacture cards and have control over how many cards they sell and to whom, not Nvidia or AMD.
Of course.. I never even said anything about AMD or Nvidia.

Maybe I jumped in the conversation too late. I don't know who you're replying to, I guess.
Posted on Reply
#72
Vya Domus
StrayKAT
I don't know who you're replying to, I guess.
trparky was the one I quoted.
Posted on Reply
#73
Caring1
Threads derailed and casualties are sprawled out all over the tracks.
If heating is the only benefit now as Ethereum isn't profitable, will those mining change coin or merely continue in the hope of a long term return to profitability.

p.s. If topic can't be maintained I suggest this thread be locked before we need sawdust over the floor to mop up the blood.
Posted on Reply
#74
hat
Enthusiast
Probably both, with a third option: just stop mining. I mine with Nicehash, which lately has been dual mining Ethereum and some other coin (the second algorithm changes sometimes). Payout is still low, so it's not just ETH that's suffering, it's the whole market. That means switching coins won't help much, so anyone still mining now is basically doing so hoping that whatever they have now will be worth more later. That's how it is for me. I get payments in BTC, so if BTC climbs, so does the worth of my stash.

I'm not sure what the effect would be on the market if a significant number of people stopped mining, though. Difficulty would go down, so miners would get more whatevercoins, but there may be more than just that to it. Maybe the currency would become worth even less because of the lack of support (miners) behind it.
Posted on Reply
#75
RyneSmith
After reading this thread, it's really sad to see how close minded some people are to the tech behind crypto.

Probably won't be reading this forum any longer as it seems to have deteriorated to nothing but name calling and ignorant responses.

Have a great life TPU.
Posted on Reply
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