Gpu mining will be near dead by end of July, with crypto market in free fall, eth could be worth less than the cost to acquire is
Really? 1559 is set to drop ETH profitability by around 30%, but that makes it worthless to mine, does it? OK, lets assume for one moment that is the case. The arse isn't going to fall out of GPU mining. It'll just pivot to another coin. Of course, it could be less profitable, may be a lot less so; but dead? Please. Do everyone a favour and stop spouting your blind guesses as though they are gospel.
There is no other coin worth mining, Eth is basically the coin that has made this profitable. At £2k a coin I was making £400 a month after electric. Pre Eth there was no outstanding mining GPU demand, I do not know anyone who mined pre eth outside of foke who mined during the intial bitcoin days. at £1500 which it currently sits at, I make about a £100. 30% less will make it below break even. Eth is now down to £1200 by the time I got around to writing this out. I personally have stopped mining There is no bottom in this market currently. With china blitzing bitcoin hard and Elon Musks tweets. Who knows where the bottom is. Bitcoin and Eth will likely be £20k and £1k by the night is out there is no demand to prop up the market. (Thats £26k down, and £2.5k down since there peeks) As someone that has mined and plays the crypto market. I got out luckily a couple of weeks before elon musk tweet, Alot of people I know have invested £20k + in hardware that will never see them break even unless eth goes back to £2k + a coin.
Pretty harsh - a statement like the one rollo made is clearly their own opinion! And in any case, is it inaccurate to say that the arse fell out of GPU mining last time crypto crashed? Certainly that's the way it seemed to (pretty poorly-informed) me, anyway.
I don't agree that they will bottom out. Miners will move to a currency that can still be mined. Then convert to BTC and ETH given they are the easiest to use. Net effect, small blip, crypto will be up and cards will still be in demand.
Given that Bitcoin is still worth ~4x of what it was before the recent climb into the stratosphere I reckon talks of a "crash" are greatly exaggerated...
Remember, Bitcoin isn't the currency in question - you can't mine Bitcoin on a GPU. EIP1559 is set to significantly reduce Ethereum profitability by the end of July - some say up to 50%, but I think that's because it splits the gas price and some folk assume that means half. From what I've read, a 30% reduction is more likely but who knows for sure. Then theres the ETH mining switch off, by the end of the year - if it happens this time. Hasn't it already been postponed a couple of times previously? Either way, killing ethereum mining isn't immeditely going to kill all other forms of coin mining on GPUs. Yeah, it's likely that other coins won't be as profitable, at least initially, but mass migration to new coins will inevitably elevate their place within the market.
The whole crypto market is pretty much coupled to Bitcoin, most long existing coins just follow Bitcoin up and down as if it was Jesus.
Agree, I looked at mining again when the hype started and was looking at something simple so looked at nicehash. It's algorithm picks out the best thing to mine and in my case it wasn't Eth, was a mix of other alt coins, but the final payout to me was in BTC
Pandoras box was opened with regards to scalping. Once joe bloggs realised he could use a bot to hoover up the stock and sell it for 3 or 4 times what he paid, that was it.
Leaving this here without comment https://videocardz.com/newz/nvidia-geforce-rtx-3080-ti-final-specifications-confirmed
Why is there no crying emoji! But geniunely, this will begin to effect research industries now, as my company have been waiting months for a new machine, and most researchers don't have the budget for Tesla or Quatrro cards!
