Ethereum Switches to Proof of Stake, GPU Mining is Dead

[TranceHead]

All those are ASIC mined by now AFAIK. Unless something changed. ZEC was certainly a nogo when I last messed with it.

I spark up the ZEC miner every now and then to bench, the 2080ti not really great but the 40xx series may have got decent hash, but i won't be able to bench because likely hashrate limited. Was getting 400+ sol/s on 2080ti though last time i fired it up, may fire it up tonight and see how ZEC runs along with btcgold and btccash

All those are ASIC mined by now AFAIK. Unless something changed. ZEC was certainly a nogo when I last messed with it.

Just checked Zcash website, it seems you are correct.
Been a long while since i did a hashrate test i guess

 

[trparky]

I mean if you stretch the definition that much then many stocks also are ponzi schemes, mainly the ones yet to pay out dividends.

I disagree. Companies, even those who pay dividends on their stocks, are different than crypto coins. Crypto coins produce and contribute nothing to the overall good of society. Companies (generally) contribute to society by providing products and services to those who pay for it.

 

[R-T-B]

I disagree. Companies, even those who pay dividends on their stocks, are different than crypto coins. Crypto coins produce and contribute nothing to the overall good of society. Companies (generally) contribute to society by providing products and services to those who pay for it.

What about companies that don't pay dividends, and run quarter after quarter at a loss supported only by stock buy ins?

There's a lot of those.

Crypto also provides an ecosystem people use. It's use is... limited, but so is many of the companies I just kinda pointed out. Netflix is a prime example. The investors there are on pretty shaky ground. For what? Entertainment?

 

[trparky]

What about companies that don't pay dividends, and run quarter after quarter at a loss supported only by stock buy ins?

There's a lot of those.

I don't know what to say about that one.

 

[R-T-B]

I don't know what to say about that one.

Yeah, it's just complicated. I'm not saying your wrong, I'm saying laws need to change before we can do much about it. Stock laws included.

 

[R0H1T]

Miners pre 2022 ~

Spoiler

Miners post 2022 ~

Spoiler

There's next to no profitability there, thank goodness.

Well we've seen electricity thieves & lots of people bragging about free power on the dusty old web so no that's not exactly true! Yes the numbers would likely be much less but also not negligible.

The key part that's missing in making it a ponzi scheme is the fraud. There is no fraud in crypto inherently, just overeager investors without knowledge.

Or that one guy who pumped DOGE & then gets sued for what $250+ billion IIRC?

 

[R-T-B]

Miners pre 2022 ~

Spoiler

Miners post 2022 ~

Spoiler

Well we've seen electricity thieves & lots of people bragging about free power on the dusty old web so no that's not exactly true! Yes the numbers would likely be much less but also not negligible.

Or that one guy who pumped DOGE & then gets sued for what $250+ billion IIRC?

Hey I was a miner.

Or that one guy who pumped DOGE & then gets sued for what $250+ billion IIRC?

Inherently was the key word. Would you make a deal with a guy whose name sounds like an ad for erectile dysfunction, and is famous mostly for his twitter posts?

If so , I'll trade you 3 pennies for just one dime, anyday.

 

[R0H1T]

I suppose but the slightly more "anonymous" nature of crypto makes it hard to punish the really corrupt con artists doing massive pumps & dumps behind the scenes. Though tbf, like you said stocks aren't any better ~ if the govts really did want to punish the thieves we'd be out of politicians leaders pretty quickly!

 

[R-T-B]

I suppose but the slightly more "anonymous" nature of crypto makes it hard to punish the really corrupt con artists doing massive pumps & dumps behind the scenes. Though tbf, like you said stocks aren't any better ~ if the govts really did want to punish the thieves we'd be out of politicians leaders pretty quickly!

Meh, I'm not of the opinion all politicians are crooks. But certainly enough are, and yes, it's a neverending problem. The medium changes. The abuse does not.

 

[pf100]

Something tells me GPU prices ain't gonna budge anyways.

I'm posting 2 days after your post, and used rtx 3080 10gb's on ebay have dropped from $600 to $500. In two days.

 

[R-T-B]

I'm posting 2 days after your post, and used rtx 3080 10gb's on ebay have dropped from $600 to $500. In two days.

I don't think anyone with actual knowledge of the scenario doubted this would tank prices.

 

[TheDeeGee]

I'm posting 2 days after your post, and used rtx 3080 10gb's on ebay have dropped from $600 to $500. In two days.

I don't want a used miner card with broken memory chips.

 

[pf100]

I don't want a used miner card with broken memory chips.

You're missing the point. Prices are going down. If used card prices go down, new card prices must eventually follow.

 

[Valantar]

You're missing the point. Prices are going down. If used card prices go down, new card prices must eventually follow.

Not necessarily - especially when Nvidia has confirmed in their latest earnings call that they're restricting supply specifically in order to keep retail prices high.

 

[pf100]

Not necessarily - especially when Nvidia has confirmed in their latest earnings call that they're restricting supply specifically in order to keep retail prices high.

I would say that EVGA has the most restricted supply of anybody and they said that right now they have a year's worth of cards to sell.

 

[Valantar]

I would say that EVGA has the most restricted supply of anybody and they said that right now they have a year's worth of cards to sell.

EVGA has stated that they aren't making more cards, just selling through existing stock. So what "a year's worth of cards" means is quite open to interpretation. Also, Nvidia was talking about what goes out to retailers ("channel"), not supply to AIB partners. Most likely they have AIB partner contract clauses that allows Nvidia to somewhat manage sell-through on their part. (It would certainly match Nvidia's reputation for being a terrible business partner.)

 

[grammar_phreak]

What amazes me is how resilient these miners are. I watched what the mining farms did when Cryptos crashed back in 2018. I checked sites like minerstat and whattomine to look up the profitability calculations based off electric rates at .03 cents a KW/h, then I had checked the network hashing stats on etherchain or etherscan. Factoring in the low rates, miners were mining at a loss for about a month or so. Then they were breaking even for quite a while.

They have to be playing chicken with eachother by squeezing eachother out until the hashing difficulty levels out with the profitability.

 

[DigitalDude]

thread full of comments by ignorant people who have absolutely no clue about almost any aspect of cryptocurrencies.... it is surreal.

and this is supposed to be a tech forum. sigh!!

 

[pf100]

thread full of comments by ignorant people who have absolutely no clue about almost any aspect of cryptocurrencies.... it is surreal.

and this is supposed to be a tech forum. sigh!!

Ah, I see we have a scholar who doesn't understand grammar, punctuation, and capitalization calling others ignorant while simultaneously not correcting the egregious errors of those alleged to be ignorant by pointing out the wrong statements and telling us the correct ones. Okay then.