Crypto meltdown!

Discussion in 'The Guru's Pub' started by G13Homi, Jan 11, 2021.

  1. KissSh0t

    KissSh0t Ancient Guru

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    There are few things that can make me happy, but I can confirm that this does.

    [​IMG]
     
  2. wavetrex

    wavetrex Ancient Guru

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    Ouch, very ouch (for them miners)

    upload_2022-9-18_16-38-4.png

    The green column is the amount of profit these cards can "potentially" make, but that's calculated based on some shitcoins that haven't yet been fully destroyed by the excessive mining power and quick dump from miners.

    ---
    Looking at the actual ex-ETH mining power still in operation, it has dropped down significantly.
    It used to be about 950 TH in total for ETH + others, and now it's looking like this:
    upload_2022-9-18_16-41-37.png

    Just 3 days later after the merge, it's less than half, and, while this 375 TH number might still seem large, the reality is that they aren't actually making any money of it.
    All these 4 coins are being mined at a loss right now, when calculating only electricity price (ignore auxiliary costs, cooling, personnel, maintenance, rent for the warehouse they are mining in, other costs).
    They will inevitably be forced to shut off very very soon, there simply isn't any money to be made anymore from crypto-mining, and it's not coming back until the next boom cycle (assuming the next boom will even happen)
     
  3. -Tj-

    -Tj- Ancient Guru

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  4. Ryu5uzaku

    Ryu5uzaku Ancient Guru

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  5. wavetrex

    wavetrex Ancient Guru

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    upload_2022-9-23_16-27-24.png

    We are now in the single-digit cents per day level for "profitable" mining (which is mostly fake), basically every gpu and every coin is mining at a loss.

    Yet, some 250 TH of mining power is still operational (about a quarter of the original 1000 TH before ETH switch to Pos)

    upload_2022-9-23_16-28-39.png

    These people that continue to do mining today are nuts, they are literally throwing money out on electricity.
    It's mind boggling that it still continues ... are they hoping the crypto market will just magically bounce back ? I don't know. I think they are just crazy.

    ---
    It seems it's too soon, mining cards aren't yet hitting large volumes on eBay



    Best thing right now is to continue waiting for a bit longer, at least until AMD announces their lineup.
     
    Last edited: Sep 23, 2022
  6. 386SX

    386SX Ancient Guru

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    You guys remember when I said I placed 1 Euro onto every mining rig article I could find on eBay one day?

    Well I almost shat my pants when an email arrived last night to tell me I won an auction.
    I jumped out of bed, ran to my computer and immediately logged into eBay.

    Well ....

    Seems my wife bought vacuum bags yesterday and the message was the confirmation about the purchase, sent by the seller. :(

    But I used the chance to offer 1 Euro for another 3 mining rigs. :D
     
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  7. SplashDown

    SplashDown Master Guru

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    I feel for ya but at the same time I laughed my azz off. I can imagine the smile that hit your face for a minute. Sorry ........
     
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  8. 386SX

    386SX Ancient Guru

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    @SplashDown I am aware of the fact this is funny. Have a good laugh on that, don't hold back. I laughed as well after some minutes.

    And yeah, I, too, would have loved to have a photo of my face from last night. :D
    I can laugh about myself without hesitation, don't worry. ;)
     
  9. SplashDown

    SplashDown Master Guru

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    O I've had stuff like that happen too, couple times actually ...lol
     
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  10. haste

    haste Ancient Guru

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  11. KissSh0t

    KissSh0t Ancient Guru

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    Last edited: Oct 1, 2022
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  12. chispy

    chispy Ancient Guru

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  13. chispy

    chispy Ancient Guru

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  14. Horus-Anhur

    Horus-Anhur Ancient Guru

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    I wonder how many of those still work , without issues.
     
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  15. chispy

    chispy Ancient Guru

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    Me too bro , too many gpu's used for minning almost until death. I would not risk spending money on one of those , let them eat it :D
     
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  16. Solfaur

    Solfaur Ancient Guru

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  17. Undying

    Undying Ancient Guru

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    You bring a pc and try the gpu thats the only way i would buy one.
     
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  18. Airbud

    Airbud Ancient Guru

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    And give me 5 for the price of 1...yea!...:D
     
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  19. haste

    haste Ancient Guru

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  20. Horus-Anhur

    Horus-Anhur Ancient Guru

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    Falling down like a pyramid scheme.
     
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