Collapse of crypto mining industry leads to auctioning off of thousands of graphics cards

Discussion in 'Frontpage news' started by Hilbert Hagedoorn, Jun 22, 2022.

  1. chispy

    chispy Ancient Guru

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    Gamer's rejoice , karma is in full swing :D . Back on the gpu shortage days i had such a very hard time trying to get an rtx 3070 , took me months to find one due to miners and scalpers in stock and i had to pay a way overpriced one for $900US :eek: ( msrp is $499 US ) , just crazy and absolute bunker's what i payed for that video card but that's what my son wanted for his birthday so i had to do it . Since then i will never forget what greedy miners did to this industry and what us gamers suffer beacuse of their greed. I will never forgive ... and i am laughing my ass off every day seeing this sinking boat of crypto with flooded gpu's everywhere selling for peenies.

    Also a good read right here - https://forums.guru3d.com/threads/crypto-meltdown.442990/





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    Last edited: Jun 22, 2022
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  2. bobnewels

    bobnewels Maha Guru

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    Awesome ,Also and the new RTX 4090,RX 7950 better not be more than $300-$350.
     
  3. Venix

    Venix Ancient Guru

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    I was telling for months flood incoming!
     
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  4. fantaskarsef

    fantaskarsef Ancient Guru

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    I already said, he was a time traveller! ;)

    On a more serious note, since the movie is based on the comic, which is losely based on reality, I guess they changed it because nobody would have wanted to see a soon to be senior standing right there. I absolutely believe you, but I guess they went for artistic freedom there.
     
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  5. Hypernaut

    Hypernaut Master Guru

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    People pay 100 bucks for a cut and past CoD campaign. Something tells me they will sell
     
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  6. IceVip

    IceVip Master Guru

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    They'll sell alright. Everyone here is acting like the miners just lost. Even if they gave all the cards they used for free, they made way more than that so whilst everyone's celebrating, they're wiping their tears with money. And who knows, nobody can predict what will actually happen to bitcoin once nvidia releases the 4000 series. Could be a second wave where it reaches 200k.
     
  7. AuerX

    AuerX Ancient Guru

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    Well people really dont want the "miners" to walk away with all the money. But thats how it all went down.
    This was a massive cash cow and for the people who knew what they were doing they got their GPU investment back 100 times over.

    No karma, no just desserts etc. The big players walked away with it all.
    And by big players I mean the ones that got truckloads of GPU's directly from the factory. Not some 10 gpu amateur on Reddit.
     
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  8. TheDeeGee

    TheDeeGee Ancient Guru

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    Flood of e-waste, no way i'll buy such a card.
     
  9. fantaskarsef

    fantaskarsef Ancient Guru

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    I absolutely agree with you guys, this is not as dramatic as it seems, and I doubt any miner will die due to malnutrition because he lost so much money on his cards...
    We're all just people, and when gamers who couldn't get / afford a new GPU get "hurt", they're happy to see who they blame for it gets "hurt" too. Very, very basic and understandable reaction to post memes to this, imho.
     
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  10. AuerX

    AuerX Ancient Guru

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    Unfortunately no happy ending here, and Ebay is now full with miners sloppy seconds.
     
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  11. fantaskarsef

    fantaskarsef Ancient Guru

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    Yeah... I personally wouldn't buy a miner's card, no matter how cheap it is (although just in my situation, of mounting a waterblock anyway to keep it cool and not have to care about those fans' life time), but that's a very, very subjective thing.
     
  12. babylon52281

    babylon52281 Guest

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    A concern in my part of the world, here consumer rights are poor and quite uninformed, and it can be very tempting for some(or many) of these USED cards to be repackaged as BRAND NEW for system builders since retail new GPU prices barely moved a cent. The risk is that a typical PC buyer would be none the wiser that his "brand new" GPU was a used mining card harvested for cheaps and he would be oblivious (moreso if that mining GPU is of current generation) unless there is a program that could detect usage of the GPU in the same way that Crystaldisk could show the power on hours for HDD/SSD.
     
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  13. babylon52281

    babylon52281 Guest

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  14. CrazY_Milojko

    CrazY_Milojko Ancient Guru

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    All miners I'm aware of in my surroundings using 10+, 50+ GPUs or way more of these are either well known for connections with local criminal structure or they're criminals itself. Money to buy those GPUs they got it via all kinds of criminal activities like dealing drugs, money laundering, illegal gambling, loansharking... These scumbags are the huge part of the problem why many people I know personally couldn't buy decent GPU for reasonable price in past year and half and use them for their job, gaming... I don't give a flying f*ck about these mining rats, no way I'd buy any of their GPUs used for mining and most still under warranty even for 1/2 of MSRP. Sad part for us here is that they probably had information when was the right time to step out from this pyramidal scheme, took the money and run. Till now they probably didn't lose much, they don't regret anything and they're going to repeat the same process anytime in the future if anything similar to this mining boom happens again.

    On the other hand I know few people here where I live who started small scale mining operation using 3 - 6 GPUs, borrowed the money, sold their car of took the loan from the bank to buy overpriced GPUs hoping to get rich over night, they've paid high energy bills past year or so, but didn't cash out coins on time and now they got stucked with unpaid energy bills, useless GPUs and very few coins worth almost nothing. That's how you end up on the bottom of the pyramidal scheme.

    I say don't buy any of these mining GPUs before 4000 and 7000 series launch, or at least week or two before new gen GPU launch, there will be plenty of used GPUs to be sold in next few months. Gaming PCs of my kids they can wait for 4000 and 7000 GPU's later this year and my wallet of course can wait. Karma is a bitch, enjoy the summer folks.

    Yep, not sure where are you from but I'm almost positive this will happen here where I am because IT stuff import here is under monopoly of one man, for sure many of these mining GPUs are going to end up in prebuild gaming PCs labeled as brand new.
     
    Last edited: Jun 22, 2022
  15. alanm

    alanm Ancient Guru

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    I generally do not like to buy used cards from ebay, mined or not. But if used ones should appear on Amazon at silly low prices, I might consider. As long as it runs properly and I have an adequate window of return if something is amiss. LTT doesnt seem to be bothered by mining cards.

     
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  16. AuerX

    AuerX Ancient Guru

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    LTT is saying what his viewers want to hear.
     
  17. ruthan

    ruthan Master Guru

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    Gpus needs some built it mileage meter, same as game HDD and SSDs.. to simply avoid these cards..
     
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  18. Keitosha

    Keitosha Ancient Guru

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    So many likes to give in this thread. Whoohoo!!! :cool:
     
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  19. anticupidon

    anticupidon Ancient Guru

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    The only thing I regretis that I didn't sold my RX580 at inflated prices.
    First and foremost, I would be forced to buy another GPU /APU at inflated price, which I avoided at all cost.
    Second, I would add my part to the GPU inflation, so I avoided "few bucks today, hunger for tomorrow".
    Maybe I am stupid, or something. But also I hate to play the market and following trends.
     
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  20. Ub3rslay3r

    Ub3rslay3r Member

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    I find the hate on purchasing mining GPUs quite interesting. I understand there are some risks, but if the price is reasonable and there's at least a brief return window, I don't see a problem with it especially with the current generation of GPUs. In reality, most of the cards haven't been mining that long. A lot of what I have seen in the past regarding dead cards had to do with GPUs mining a lot longer than the current gen cards. If you have a way to verify that a card was treated well while mining, it shouldn't be a problem.

    I purchased 2x RTX 3090s (Newegg purchases) put water blocks on them (both front and back) and mined + played games on them. When mining, I would always lock the GPU clocks lower than gaming and overclock the RAM. I also slightly lowered power limits. During mining, the GPUs would hit a max temp of about 48C. RAM would hit about 70C. During gaming, the GPUs would go to about 52-53C and the RAM would sit in the 60C range. I'm not offering to sell a card to you, but if you knew that a card used mostly for mining had this history or something very similar, would you reconsider buying it?
     
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