I have a few questions regarding bitcoin mining, GPUs, and ASICs. (Reposted from /r/Bitcoin)
Okay, so like a lot of you probably did, I made it to this page about mining. The basic message I took from it is that CPUs << GPUs <<< ASICs. CPUs have been rendered obsolete, GPUs are the current go-to mining hardware, and ASICs are going to dominate the future. However, it's not as simple as it seems. I know a friend who has two top-of-the-line, overclocked AMD graphics cards, running about $450 each. He's made about $300 so far, about $15 per day after the crash. So, he's still very far in the red, with about the best GPU setup you can get. Supposedly, ASICs are orders of magnitude faster than GPUs and use less power; they're the long-term future of bitcoin mining. Google led me to Butterfly Lab's page, and the profitability calculations had me salivating. However, my research revealed that they've been delaying shipping for over half a year, and nobody has actually recieved one yet. If you ordered one now, you'd get it in several months (excluding the almost-certain delays to come). Avalon is another ASIC manufacturer, and they actually ship; however, the going rate for one of their ASICs is about 77 BTC, which is anywhere from $7000-$10000, and they're currently out of stock. On top of this, once ASICs hit the market, the total hashrate will skyrocket, as well as the mining difficulty, and profit will decrease dramatically for everyone involved. I was hoping to buy either a high-end GPU or a low-end ASIC (not spending more than a few hundred dollars) and make a couple hundred dollars of profit after a few months. But now it seems that ASICs are a myth (or hideously expensive), GPUs are very expensive, and all miners are soon going to start seeing diminishing returns. All things considered, it seems that the only way to make a profit mining is to already be mining now, because if you try to pick up some hardware and start now you're never going to make enough money to cover your initial expenses. Is that an accurate analysis or is there still hope for the future of mining? Unless somebody tells me I'm wrong, I'll either try actually buying some bitcoin and hoping for the market to recover or just follow Bitcoin's ups and downs as an outside observer. TL;DR: Was really interested in making a small-scale profit off of mining, did a fair amount of research on it, now my view is "why bother if you don't already have the hardware since you'll never break even." Confirm/deny?
I have a few questions regarding bitcoin mining, GPUs, and ASICs.
Okay, so like a lot of you probably did, I made it to this page about mining. The basic message I took from it is that CPUs << GPUs <<< ASICs. CPUs have been rendered obsolete, GPUs are the current go-to mining hardware, and ASICs are going to dominate the future. However, it's not as simple as it seems. I know a friend who has two top-of-the-line, overclocked AMD graphics cards, running about $450 each. He's made about $300 so far, about $15 per day after the crash. So, he's still very far in the red, with about the best GPU setup you can get. Supposedly, ASICs are orders of magnitude faster than GPUs and use less power; they're the long-term future of bitcoin mining. Google led me to Butterfly Lab's page, and the profitability calculations had me salivating. However, my research revealed that they've been delaying shipping for over half a year, and nobody has actually recieved one yet. If you ordered one now, you'd get it in several months (excluding the almost-certain delays to come). Avalon is another ASIC manufacturer, and they actually ship; however, the going rate for one of their ASICs is about 77 BTC, which is anywhere from $7000-$10000, and they're currently out of stock. On top of this, once ASICs hit the market, the total hashrate will skyrocket, as well as the mining difficulty, and profit will decrease dramatically for everyone involved. I was hoping to buy either a high-end GPU or a low-end ASIC (not spending more than a few hundred dollars) and make a couple hundred dollars of profit after a few months. But now it seems that ASICs are a myth (or hideously expensive), GPUs are very expensive, and all miners are soon going to start seeing diminishing returns. All things considered, it seems that the only way to make a profit mining is to already be mining now, because if you try to pick up some hardware and start now you're never going to make enough money to cover your initial expenses. Is that an accurate analysis or is there still hope for the future of mining? Unless somebody tells me I'm wrong, I'll either try actually buying some bitcoin and hoping for the market to recover or just follow Bitcoin's ups and downs as an outside observer. TL;DR: Was really interested in making a small-scale profit off of mining, did a fair amount of research on it, now my view is "why bother if you don't already have the hardware since you'll never break even." Confirm/deny?
Hello, Just wanted to make a post discussing this matter in Egypt. I hope someone from government also reads reddit. I can understand logical reasons why Egypt would want to prohibit Bitcoin mining:
Paying electricity at subsidized price and then selling Bitcoins for money means you're stealing the subsidy.
Untraceable Bitcoin can be used for criminal activities or terrorist finance.
Income from Bitcoin mining is not official and counts as income, so taxes are not being paid on it.
Since they suspect people who buy GPUs of doing this, I propose the following:
Let people declare that they are mining Bitcoin and remove electrical subsidy from them (let them pay the highest electricity tier price). Let them also count the electricity as expenses to avoid double-taxing.
Require that the wallets that receive the mining proceeds be made known to the government.
Open a local Egyptian Bitcoin exchange and when mining bitcoins are sold for EGP, count the EGP as capital gains or income and make people pay taxes on them as such.
Prohibit any transfer of those bitcoin between individuals and allow the only action to be done on them is keep them or sell them on a legitimate exchange which requires KYC/AML.
Instead of causing unnecessary headache for people who want to simply buy a GPU to play games by stopping or delaying all GPUs being imported, simply require that the imported GPUs be registered to the individual name (file automatically opened by customs without need of input from the importer), and set a limit for the number of graphics cards imported annually for individual use. In addition, for people who are not registered as bitcoin miners (or doing high electricity load work), if there's an unnatural large increase in the electricity consumption suddenly that doesn't coincide with a legitimate reason (eg: summer time and start of use of Air Conditioners) and the increase goes beyond the level historically consumed by the residence, then you can suspect that they are mining bitcoin, and then you can then investigate them. This way, both the government requirements can be satisfied and at the same time, people who just want to play games or do 3D work do not need to be unnecessarily harmed or impeded by regulations. This post can be considered as an open letter to anyone from authorities.
Hi all, I built my current PC for ~£600 about five years ago, so its starting to get a bit outdated and occasionally laggy. I'm looking to upgrade but I don't know where to start!
I mainly use it for gaming, with a mix of genres like Total War, CK2/Stellaris, XCom 2, Borderlands, Cities Skylines etc.
Budget ~£400, but is flexible. If there is a good deal for more or less then great!
Open to buying used parts - I think retired bitcoin mining GPUs can be coming on sale cheap now?
I'm not going to be doing any video editing or rendering or anything.
I think I want to be upgrading my GPU and SSD, but I'm not sure if this would mean that I need up update my mobo/psu/cooler too. If something else is the bottleneck here, or you need any other information, please let me know! My current setup looks like this: PCPartPicker Part List
Nvidia and AMD stepping into the mining chip game at long last!
Seems like Nvidia and AMD are stepping up efforts to make dedicated GPU's for mining. Hopefully this is the first step towards getting rid of Bitmain's monopoly and Jihan Wu fading away into a bad memory.
Brother rented a warehouse for bitcoin mining. No contract. Responsible for electricity + rent. Warehouse closing down and they're saying he owes $24000 in electricity that he hasn't paid or else they're going to sell all his gpus (about 450)
I told him to just get a lawyer. What lawyer would he need? Debtocreditor? What is he allowed to demand? They just send an invoice that says $24000 with no breakdown. Is he allowed to ask for the electric bill each month to see if it lines up? Are they allowed to sell all of his gpus there if he doesn't pay in time? Rent is 20% of coins mined. Vancouver, BC
The game should have a warehouse ore somewhere where you can store computers for your contracts and bitcoin mining because sometimes you have too many bitcoin systems to wtore in your room at once witch makes it very annoying to replace the GPUs
KnC upgraded specs of Titan scrypt miner from 250MH/s to 300MH/s and added mini version
https://www.kncminer.com/categories/litecoin-mining-hardware Being a GPU miner myself, I accepted scrypt-ASICs. It is actually good for Dogecoin because next year the reward will be too low at 10,000 per block for GPU mining anyway. I think there will always be a market for GPU mining. When ASICs moved into Bitcoin mining, GPUs miners move to scrypts and gave birth to Litecoin and Dogecoin. So there will be some other profitable coins for GPU miners to mine.
Brother rented a warehouse for bitcoin mining. No contract. Responsible for electricity + rent. Warehouse closing down and they're saying he owes $24000 in electricity that he hasn't paid or else they're going to sell all his gpus (about 450)
I told him to just get a lawyer. What lawyer would he need? Debtocreditor? What is he allowed to demand? They just send an invoice that says $24000 with no breakdown. Is he allowed to ask for the electric bill each month to see if it lines up? Are they allowed to sell all of his gpus there if he doesn't pay in time? Rent is 20% of coins mined. Vancouver, BC. Canada.
03-25 19:44 - 'All my GPUs are mining for a cure' (self.Bitcoin) by /u/buzzdaveMBP removed from /r/Bitcoin within 0-7min
''' I converted 100% of my home mining to protein folding for a Covid cure. I challenge the world's crypto miners to do the same. Check out [foldingathome.org]1 for details on how you can help! #miningforthecure #fuckcovid [About 80 Nvidia P106 GPUs]2 ''' All my GPUs are mining for a cure Go1dfish undelete link unreddit undelete link Author: buzzdaveMBP 1: fol*i*gathome*o*g 2: preview.re*d*i*/gyjo***f***41.jpg?wid*h=800*amp;*ormat=*jpg&a*p;*ut*=w*bp&s*e6*9d*1*3*dba2a09a*7481e**e1c*5*2c*5*7*2 Unknown links are censored to prevent spreading illicit content.
My highschool has a capstone program and I heard that they alot of spare gpus, Do you guys think that I could use their older graphics cards for mining? Thanks!
Why is Bitcoin mining affecting the market for GPUs? Aren't GPUs long since unprofitable given ASICs?
(Not actually a beginner, but thought this was a stupid question and figured it was most appropriate here.) I mined myself in the GPU days and I can understand why it was causing shortages. But how can it be profitable now? GPUs are ridiculous expensive (in both initial cost and power) compared to ASICs, and with the difficulty so high, why would anyone be buying them to mine? Edit: Thanks for the quick answers. Edit2: Relatedly, looks like Monero is trying to prevent ASICs from being possible.
Bitcoin bubbled, so altcoins bubbled, so ICOs bubbled, so Ethereum bubbled, so for June only you could actually make money GPU-mining Ethereum on last year's card, so the video cards themselves have bubbled, attracting Top Minds such as this aspiring industrialist. "Bought too many Gpus - Delimma"
Free GPU Mining, It is the fastest bitcoin mining company that is reliable and easiest way with GPU power. You can make free and paid cloud mining. There’s less benefit for a six-GPU mining rig being overclocked than a single GPU in a gaming PC. Bitcoin miners are much more concerned with efficiency than screaming polygon-pushing power, so the idea of them running a card until it melts really doesn’t hold up. Plus, GPUs are engineered to run hot. Spring 2019 was extremely favorable for miners, holders and other members of the crypto community. Exchange rates are the reason for that. From the beginning of March to the end of May Ethereum rose in value from $127 to $262, while Bitcoin Gold rose from $10 to $31 in the same period. This made mining more profitable, which is why more people are joining the crypto community. As new video cards for mining hit the market, some retain their efficiency, while others become obsolete. Let’s see which ones are the best GPU for mining in 2020. Bitcoin Mining with a GPU. Bitcoin is the most valuable cryptocurrency on the market. It goes without saying that it draws the most interest when it comes to mining. Bitcoin, Ethereum and other crypto coins are still flowing, while others are booming, which means that there’s still a demand for mining GPUs. That means that there’s still quite a few of them ...
Should YOU be GPU MINING Cryptocurrency in 2020?! - YouTube
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