In the last 18 months, Ethereum miners spent $15 billion on GPU cards.

Discussion in 'Frontpage news' started by Hilbert Hagedoorn, Jun 21, 2022.

  1. Hilbert Hagedoorn

    Hilbert Hagedoorn Don Vito Corleone Staff Member

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    chispy likes this.
  2. DarkQuark

    DarkQuark Member Guru

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    I firmly believe the power and value of crypto is that you can move around funds without government or banks. The get rich quick stuff is just that and it will get it regulated so that it's original value is no longer.
     
  3. rl66

    rl66 Ancient Guru

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    Don't forget the volatile speculative effect...
    ETH follow bitcoin in the freefall (even more with announcement of partner that will use their own crypto instead of it, around 2025)
    So... right now, most of those card are on 2nd hand sale at 1/4 of msrp price, they nearly beg you to buy from them due to saturated 2nd hand market.
    This is good for us, too bad for them :) (they were warned enough).
     
  4. Kool64

    Kool64 Maha Guru

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    it's funny because my cousin bought a 3090 just to mine and made like $1800 in the first few months but I warned him not to do it( he bought a whole Dell PC for 3k) because the market is so volatile. He didn't believe me and subsequently left the money in the wallet. He now has a fraction of what he started with and I thankfully was able to snipe his 3090 by trading him a 3060 a 2070s and a 1070 which allowed me to get the gently mined card for a fraction of it's value at the time. So over all crypto allowed me to get a video card I'd never expected I'd ever have.
     
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  5. Embra

    Embra Maha Guru

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    Now they can sell them for $5 billion if they are lucky.
     
  6. DirtyDee

    DirtyDee Member Guru

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    The RTX 3080 10GB's are going for $640+ on ebay, that doesn't sound like a deal to me. These guy's bought all the GPU's with bots at MSRP, mined the hell out of them and only selling them for $60 below MSRP? Nah, f-ck 'em. They can keep their worn out used trash.
     
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  7. Embra

    Embra Maha Guru

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    ^^I think the prices will continue to go down.

    They will if buyers hold off for a bit.
     
    Fediuld and alanm like this.
  8. TheDeeGee

    TheDeeGee Ancient Guru

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    GPU prices in my country have stagnated since March, and are atill 300-400 above MSRP.
     
  9. Venix

    Venix Ancient Guru

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    Hold the line do not buy yet if you do not need a card!
     
  10. JamesSneed

    JamesSneed Ancient Guru

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    Yes but its also possibly its downfall. The governments have there own currency and they will not take kindly if another currency ends up trying to displace it. If that happened it would get outlawed or regulated to hell. If the tech was used to say make a digital USD vs some random digital coin then it might have some hope.
     

  11. alanm

    alanm Ancient Guru

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    Yep. Bet they will be considerably cheaper over next few weeks.
     
  12. BLEH!

    BLEH! Ancient Guru

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    Second hand prices are near MSRP, if not more on eBay UK...
     
  13. JiveTurkey

    JiveTurkey Active Member

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    I am one of those who game first and mine second. The old 2080ti and 1080 are mining away. It doesn't add up too much, especially post electricity. But you can tip internet people here and there.

    Crypto you mined 6+ years has an ok margin, but reason gpus shift so hard with even a medium price dip is because the margin is so small. you can't even break even at these current prices.

    3090 is horrible at mining because the the ram on the backside goes straight to overheat. There is only backplate and no proper heatsink let alone cooling. I even added some large HSF to backplate, but it barely helps because the backplate is just not designed for serious heat dispersion.
     
  14. JiveTurkey

    JiveTurkey Active Member

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    In US you can't buy crypto anonymously, and all transactions are reported to IRS. Even mining anonymously is getting harder and harder. And all IRS needs is one price of info connecting you to a crypto address and then you get audited.

    I get it, a handful of crypto billionaires not paying taxes is annoying, there are also a handful of billionaire drug cartels and human traffickers. Which is why taxing income with a layer of complicated loopholes only people with lawyers and accountants can exploit is a garbage system. Wipe out all income taxes and only anonymously tax consumption, then everyone pays. Tax luxury goods greater than food. That is how you make such a system healthier.

    Sorry if on a rant, my point is the IRS has established framework for successfully taxing and controlling crypto, so where ever you live your government may adopt it one day.

    They do it by threatening the exchanges.
     
  15. Fediuld

    Fediuld Master Guru

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    Yep. We need to hold off over the next few months, have new gen hit the market and everything will come crashing down.
     
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  16. KissSh0t

    KissSh0t Ancient Guru

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    That's my plan, just waiting until 3060 get close to $300... I have no real interest in that card until it does.
     
  17. WAR76

    WAR76 Member

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    Let them hold the BAG
     

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