Radeon RX 6900 XT LC Graphics cards end up in mining farms

Discussion in 'Frontpage news' started by Hilbert Hagedoorn, Nov 29, 2021.

  1. Hilbert Hagedoorn

    Hilbert Hagedoorn Don Vito Corleone Staff Member

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  2. Kaarme

    Kaarme Ancient Guru

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    Yeah, not very shocking or unexpected news. Graphics cards are so expensive right now that they mainly attract miners, who can earn the money back. Some also choose to pay the scalper price by first selling their old card, assuming it still carried so value, thus compensating for the high price of the new card. Of course there are also unfortunate people who lost their old card to a malfunction and had no choice. I imagine some of these people became sunday miners to try to recoup the lost money. Nevertheless, every card sold at the current prices feeds the crypto scheme.
     
  3. ruthan

    ruthan Master Guru

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    Once vendors/retailers managed to turn graphics cards to luxury goods, it would be very hard / impossible to return to old status quo.

    Imagine these margins and customers willing to wait long time for any card.. vendors and retailers are now on trip in heaven.

    Problem is once customers accepted these terms, vendors are happy with them.. yeah they will occasionally write something like that they understand that is bad for customers and they will try to find some reason how to defend why prices are so high, its usually empty as talk about how bad is that some people have enough food or medicine, bla bla.

    Unless whole crypto would implode there is not real force to change situation.. and crypto is now even part of lifestyle, be progressive, big people as Elon Musk are in.. its not seen as bad thing - which is wasting energy, resources, climate, make some items expensive.. and legalize dirty money.. beside to enable some suppressed Chinese people to buy some proper currency (which is good thing), and its needed only because China is leaded by very bad people / party.
    Graphic cards and crypto are become now almost strategic resource..

    Why would vendors/retailers sell cards with 1/5 margin, they would be sell 5x times more cards to get some money, or even more because other expenses? Its like diamonds to everyone its very slim chance that it would happen, unless miracle will happen.
     
  4. KissSh0t

    KissSh0t Ancient Guru

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    Honestly who else is buying high end video cards....
     
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  5. Valken

    Valken Ancient Guru

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    The math is terrible for GPU mining but everything rides on the speculation part:

    https://www.hashrate.no/6900xt

    The 6900XT will pay for itself at $999 in 223 days, 24 hours in operations or about 4.xx USD per day.

    That is at the current rate of Etherium @ 4297 USD per ETH as of this post:

    https://coinmarketcap.com/currencies/ethereum/

    But if ETH doubles, then you just made another $999 in 223 days in cash plus the original 999 back.

    The value really depends on speculating ETH to go nuts like Bitcoin...

    I think it is literally the same if the miners just mined Helium off RF frequency with a lower power and priced device (~ 300 USD) making 4 USD per day with a current value of ~ 40 USD Per HNT coin and breaking even in ~ 2.5 months? If HNT spikes up to 50 USD, then you just cut the ROI down by 20% so down to 2 months or 60 days to break even. Then the rest is profit.

    Or better yet, just buy ASICS, eat the upfront costs in the thousands but make all your money back in a fraction of the time. GPU mining is becoming the poor man's miner in terms of cost and efficiency. ASIC is really the way to go even for beginners in terms of initial investment vs ROI.

    Yes, I look into these things as it gets asked around a lot even in IT circles. The money being thrown around is ridiculous compared to network infrastructure gear. We are talking millions...

    Still technically, it is free money after ~ 9 months of investment from then on, so long there is no crash.

    Better than any bank interests currently honestly...
     
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  6. Tat3

    Tat3 Ancient Guru

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    Currently, but people who invest are looking into the future. Stock prices are at all time high, but there is still money to be made and risks are much lower than with cryptos.
     
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  7. Valken

    Valken Ancient Guru

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    I agree. I am not dunking on crypto... in fact it is the opposite...

    If one had enough savings, they can literally invest into ASIC to mine crypto NOW and generate more income than working at a fast food joint for example.

    Then later sell off the Crypto gear for money back or upgrade, or work a part time or full time job and still make more money than just working...

    It is just very slow compared to investing into stocks...

    But GPU mining in terms of scaling is terrible compared to other mining options that can be done now...
     
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  8. rl66

    rl66 Ancient Guru

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    Remember me how many crypto are lost due to noobism of the one that have mine them?
    It's not for half of the ones that mine...
     
  9. Alessio1989

    Alessio1989 Ancient Guru

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    disgusting
     
  10. H83

    H83 Ancient Guru

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    I´m shocked because i wasn´t expecting this...


    This is the main problem currently, interests are so low that everyone is taking money out of their bank accounts and are investing it like crazy.

    This is creating a lot of speculative bubbles in several areas, like housing, stocks, crypto and so on...

    The problem is that sooner or later, those bubbles are going to burst big time and then we are going to end up with another major financial crysis, even bigger than the ones before!

    I wonder if the geniuses of central banks around the world don´t understand that low interests are doing much more harm than good since the last 2 or 3 years...

    But hey, we are almost celebrating a century since the 1929 crash and what better way to celebrate it than to have another crash 100 years after...
     
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  11. FlawleZ

    FlawleZ Ancient Guru

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    The major inflation hitting is another reason people are investing their $$$ into assets or services. Oh and those in control of the central banks who sit at the very top don't care how this negatively impacts 99% of the world. They truly believe they control the world anyway.
     
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  12. schmidtbag

    schmidtbag Ancient Guru

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    I don't get it... what's the problem here? I thought these were mining cards? Seems to be just business as normal.


    /s
     
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  13. Reardan

    Reardan Master Guru

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    It definitely does not hinge on ETH or any currency doubling. You guys need to learn some basics about investment.

    At .15c per kwh, much more expensive than I pay, but so we can be somewhat conservative, a 6900XT is going to make you approximately 3.63USD/day. That's 275 days to break even for power and the card at 1000 dollars. That leaves you approximately 90 days in the year, at 3.63/day, you're looking at 330 dollars profit.

    That's a 33% return on your first year and you can easily scale it up. Wanna buy four? For a small additional price for the PSUs required and risers, you're still going to pay them off around day 275 and still going to hit something like 30% returns year one. Find me another investment vehicle this easy that'll net you a 33% return within one year. And scales. The next year? Even if your returns half the next year, you're STILL looking at over 650 dollars pure profit. So within two years, assuming your returns half the second year, you've invested 1000 and made approximately 2000 dollars. That's a 100% return in two years. Can you find me another investment you can do that with?

    And that's not even with a particularly good mining card. A 3080 without LHR on the other hand can average almost 6 USD per day.
     
  14. Legacy-ZA

    Legacy-ZA Master Guru

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    Pretty much describes my case, my GTX 660Ti died, the RTX3070Ti, it now happily mines when I am not gaming. Still hate it, as I know how hard it works the VRAM, figured, should something go wrong, at least I have my 3 year warranty to help me out.
     
    Last edited: Nov 29, 2021
  15. anticupidon

    anticupidon Ancient Guru

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    At this point, I just pray that my card will age well and survive.
    APUs are a sidegrade or a solution.
    But we all knew where all GPU will end up.
     

  16. MonstroMart

    MonstroMart Maha Guru

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    GPUs requiring gamers to mortgage their house to buy end up in mining farm. News at 11.
     
  17. itpro

    itpro Maha Guru

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    At least winter is sweet near hot hardware :rolleyes:
     
  18. Agonist

    Agonist Ancient Guru

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    There is a clown here trying to sell 9 6900xts in a mining rig for $15k.

    Been on there for almost 6 months.
    Many people I do know who mine are bailing.
    I cant wait to watch all these fools loose again like in 2018.
     
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  19. Valken

    Valken Ancient Guru

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    Untitled.png

    But you are correct, it will not scale, it is exponential.

    Still you can do both, it is not one or the other.
     

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