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. fantaskarsef

    fantaskarsef Ancient Guru

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    Steal your neighbor's electric energy. :D
     
  2. Mineria

    Mineria Ancient Guru

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    Yes, buy some of my cards.

    a270nL9_700b.jpg
     
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  3. XenthorX

    XenthorX Ancient Guru

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  4. bobnewels

    bobnewels Maha Guru

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    You should have started Jan 10, 2021 when you asked me on the youtubes,with your card at the time ,I think I told you you could make around $17USD per day.You would have made enough money to buy the new RTX 4090 now. OH opportunity lost I guess,same advice still applies.

    Also you would not want to be a dirty GPU miner who made enough money to get free PC gear,that would be wrong.
     
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  5. XenthorX

    XenthorX Ancient Guru

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    The thing is, i am working with this GPU card and hopefully making more than that amount per day.. !
    I also happen to have a philosophical barrier with this whole thing.
    We have a saying in french that translates somehow like that in english:
    "Science without conscience is only ruin of the soul"

    Where is this whole thing going? At what cost? For who?
    Of course you can set your mining rig up and get your daily gratification, but even monkeys can masturbate, we ought to aim at better than that, we owe it to ourself and future generations.
     
    Last edited: Jun 30, 2022
    fry178 and Embra like this.
  6. Pryme

    Pryme Master Guru

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    To every people that I hear everyday talking about crypto, can be mining or trading coins, and dont have a proper education in the financial market, this is my message, just stay still, this is not the time fot that ventures.

    For what I can see my friend, you have a 3090, I recomend that you see the latest video of Buildzoid (is posted before), and check his opinion on what mining do to this cards over the time.
     
  7. wavetrex

    wavetrex Ancient Guru

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    Going down again after barely deadcat bouncing back to 1200 (from the low 950), -9% on ETH so far today, about to cross 1000.

    Let's hope it goes down low enough that more than 5-10% of the miners abandon (so far the hash rate only dropped a bit from the max, not that significant).
    It needs to drop 80-90% so the GPU market finally heals...
     
  8. fantaskarsef

    fantaskarsef Ancient Guru

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    Problem is, even if it drops say 80%, if it bounces back up, the start's faster than the drop...
    But yes, with hashrate still being more or less the same, I doubt it really makes a difference. I guess only retailers actually sell their GPUs now, and nobody knows if they're not in the greens and just selling them because the next gen's around the corner.
     
  9. Embra

    Embra Ancient Guru

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    Problem with Crypto mining is that it always swing very higher then very low, then repeats.

    Miners might see a good opportunity to reinvest, especially those new to mining while the cards are low $$ to catch the uplift .
     
  10. wavetrex

    wavetrex Ancient Guru

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    ETH network: 781.36 TH/s (estimated) right now.

    It has not been at this level since November last year, and seems to continue going down.
    With the recent drop to under 800 TH/s, that is a 25% drop from the peak which was sometimes in may!

    Obviously, if those GPUs have indeed been stopped permanently and not just "let's see what happens", it will take a while for them to appear on the market.. but still, damn, that's a lot of gpus no longer mining
     

  11. chispy

    chispy Ancient Guru

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    'Cryptoqueen' Ruja Ignatova added to FBI most-wanted list over OneCoin scheme



    New York: A German citizen accused of defrauding investors out of $4 billion by selling a fake cryptocurrency called OneCoin has been added to the FBI's list of its ten most-wanted fugitives, US officials said on Thursday.

    Ruja Ignatova, also known as "Cryptoqueen," was charged in 2019 with eight counts including wire fraud and securities fraud for running the Bulgaria-based OneCoin Ltd as a " pyramid scheme ". Prosecutors say the company offered commissions for members to entice others to buy a " worthless cryptocurrency ".
    "She timed her scheme perfectly, capitalizing on the frenzied speculation of the early days of cryptocurrency," said Damian Williams, the top federal prosecutor in Manhattan.
    Williams described OneCoin as "one of the largest Ponzi schemes in history."

    Source and complete story: https://edition.cnn.com/2022/07/01/business/ruja-ignatova-cryptoqueen-fbi-most-wanted/index.html
     
  12. MonstroMart

    MonstroMart Maha Guru

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    They are. We all know they'll easily find ******* to buy those card to near msrp and so they'll cash in a nice profit without having to create anything or work hard.

    Hard to answer tbh. As long as ******* will be willing to buy air for a ridiculous price hoping to make a profit it will keep being a good investment. But one day it will inevitably runs out of ******* but like big pyramidal scheme it might take a looooooooooooooooonggg while.
     
    Last edited: Oct 26, 2022
  13. Kool64

    Kool64 Ancient Guru

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    couldn't have happened to a nicer bunch
     
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  14. anticupidon

    anticupidon Ancient Guru

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    What AMD to buy, if I'll ever decide to consider a used mining GPU?
    As budget goes, I am in a dilemma, not sure how much cash to risk on this.
     
  15. Valken

    Valken Ancient Guru

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    How much cash do you have to throw a way with 0 warranty? Your tolerance for a losing lottery ticket? That is the question you need to answer.

    I would apply a 3 year usage for whatever $ spent to gauge value.
     

  16. anticupidon

    anticupidon Ancient Guru

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