Ethereum Gold Rush Wanes As Price Plummets, Mining Difficulty Skyrockets

[lakimens]

Coins are created by mining, mining also help secure the network and process and verify payments. It's a crucial part of the coin.

 

[Tongi_]

this is so false, eth will not go down atm, its on 220 dollars atm.

 

[Tyson_13]

Well I "profited" Sold my 390's for $700 bought a 980 TI hybrid and took the gf to dinner.

 

[buzznut]

Yes, exactly as I said 2 weeks ago Ethereum mining is inadvisable. There are other coins that remain profitable, however I have always made more money from trading. So I am still hashing away at Zcash, and will be using my coins in trade until it is doubled, tripled, etc.

However, there is a huge panic going on as weekend warriors fold like a cheap tablecloth. There is about to be a huge glut in the used GPU market which will drive prices down.

If you are about to buy a graphics card, DON'T!
Wait at least two weeks. You will thank me later. Waiting for Vega is a very smart move, even if you hate AMD. 1060's will drop from $300+ to below $200. 1070's will be $300. Mark my words.

 

[Kennyy Evony]

all i can say is LOL

 

[Imre_2]

Only in America and some other parts of the world Dubai ; some Asias , prices are good. Its got to be fixed.
UK price the cards the same at America but in their currency its rubbish.
I stay in Africa - the guys double or triple the prices here.

 

[captaincharisma]

good, with this happening and AMD releasing Vega maybe this will get NVIDIA to prices on the 1060 cards

 

[hixbot]

Very frustrating in recent weeks to buy a GPU for gaming purposes.
The good news is there should be alot of cheap 2nd-hand GPUs on the market in the coming months.

 

[bloodroses]

Very frustrating in recent weeks to buy a GPU for gaming purposes.
The good news is there should be alot of cheap 2nd-hand GPUs on the market in the coming months.

Honestly, I don't know if I'd trust a 2nd-hand GPU that was used for mining since they're used 24/7 at 100% GPU usage.

At least new retail cards should come back down to normal prices finally.

 

[InvalidError]

Honestly, I don't know if I'd trust a 2nd-hand GPU that was used for mining since they're used 24/7 at 100% GPU usage.

Ethereum is memory-bound, it doesn't push GPUs anywhere near 100%. Even if it did, reasonably well cooled GPUs with a clean PSU should still last many years. I used my HD5770 for seven years and it was under load 24/7 for half of that time. Still worked fine by the time I decided to upgrade to a GTX1050.

Manufacturing defects notwithstanding, most GPUs will outlive their useful life when taken good care of.

 

[TJ Hooker]

Honestly, I don't know if I'd trust a 2nd-hand GPU that was used for mining since they're used 24/7 at 100% GPU usage.

Ethereum is memory-bound, it doesn't push GPUs anywhere near 100%. Even if it did, reasonably well cooled GPUs with a clean PSU should still last many years. I used my HD5770 for seven years and it was under load 24/7 for half of that time. Still worked fine by the time I decided to upgrade to a GTX1050.

Manufacturing defects notwithstanding, most GPUs will outlive their useful life when taken good care of.

One of the more popular ETH algorithms is Claymore's dual miner, which mines a 2nd cryptocurrency (one that is compute bound) simultaneously while mining ETH. That would probably pin the GPU at 100%.

That being said, I do agree that simply being at 100% use for an extended period of time shouldn't drastically reduce the card's lifetime. However, I'm not sure if some of the custom mining BIOSs out there may disable some of the automatic thermal/power throttling self protection features of the card. If so, I'd maybe be a bit worried about the card's longevity, but I really don't know if that's the case.

 

[spat55]

I hope to see all those idiots that paid into GPU's for mining unload them used onto the market for cheap, I'll probably pick up a cheap card if possible.

 

[Kennyy Evony]

Honestly, I don't know if I'd trust a 2nd-hand GPU that was used for mining since they're used 24/7 at 100% GPU usage.

Ethereum is memory-bound, it doesn't push GPUs anywhere near 100%. Even if it did, reasonably well cooled GPUs with a clean PSU should still last many years. I used my HD5770 for seven years and it was under load 24/7 for half of that time. Still worked fine by the time I decided to upgrade to a GTX1050.

Manufacturing defects notwithstanding, most GPUs will outlive their useful life when taken good care of.

Coin miners are looking for a quick buck no miner is going to take their time to build a properly ventilated and built rig. They will most likely stuff them all in a card board box with couple holes made with a pencil. They are not system builders which take creating systems as work of art.

 

[Kennyy Evony]

Now hopefully when AMD releases Vega the miners wont buy them all and cause the prices to skyrocket.

You jinxed it.

 

[bloodroses]

Honestly, I don't know if I'd trust a 2nd-hand GPU that was used for mining since they're used 24/7 at 100% GPU usage.

Ethereum is memory-bound, it doesn't push GPUs anywhere near 100%. Even if it did, reasonably well cooled GPUs with a clean PSU should still last many years. I used my HD5770 for seven years and it was under load 24/7 for half of that time. Still worked fine by the time I decided to upgrade to a GTX1050.

Manufacturing defects notwithstanding, most GPUs will outlive their useful life when taken good care of.

Coin miners are looking for a quick buck no miner is going to take their time to build a properly ventilated and built rig. They will most likely stuff them all in a card board box with couple holes made with a pencil. They are not system builders which take creating systems as work of art.

That's the biggest thing, miners will not take care of the hardware properly. They are just looking at the quickest, cheapest way to make a buck. It's like buying a used car. If the car was well taken care of, it will last. If it was constantly 'ragged' on during that time, problems will start to show up.

 

[InvalidError]

Coin miners are looking for a quick buck no miner is going to take their time to build a properly ventilated and built rig. They will most likely stuff them all in a card board box with couple holes made with a pencil. They are not system builders which take creating systems as work of art.

Most remotely serious coin mining setups I have seen have their systems open-air on wire mesh racks with GPUs hanging zip-tied under the shelves and connected to the host system via USB-to-PCIe bridges so a single entry-level system can host 6+ GPUs. No chassis whatsoever to get in the way of airflow and way more space between GPUs than in a conventional PC.

 

[bit_user]

Interesting I didn't know difficulty increased as network power increased. I just thought the number of available coins decreased as they got mined. So, the likelihood of finding one simply decreased.

Don't confuse difficulty with value.

As for supply, Bitcoin works that way, but Ethereum has built-in inflation. For 2017, the supply will increase by 14.75%, but the inflation rate will gradually drop each year.

https://en.wikipedia.org/wiki/Ethereum#Ether_supply_increase_rate

 

[bit_user]

Except at the time of writing this comment we are now at $216.16 which leads me to believe that you have no idea how this market works. It is extremely volatile, and there is no indication of when it will find a baseline to settle on. This could go on for months.

Hey there, first post. I'm guessing your mining rig isn't paid off, yet? Or maybe you're sitting on a pile of ETH that you bought or failed to sell when it was higher?

Check out what I said about inflation. This is not like Bitcoin - the inflation is a feature designed to combat hoarding and excessive speculation. The only way it goes up, in the long term, is if its usage skyrockets.

 

[bit_user]

this is so false, eth will not go down atm, its on 220 dollars atm.

Only days later, it dropped to $142. I hope you didn't panic-sell.

http://www.coindesk.com/ethereum-price/

 

[bit_user]

That's the biggest thing, miners will not take care of the hardware properly. They are just looking at the quickest, cheapest way to make a buck. It's like buying a used car. If the car was well taken care of, it will last. If it was constantly 'ragged' on during that time, problems will start to show up.

Depends on how long they were planning on mining. Remember that replacing failed GPUs costs money, which hits their profit margins. And that improving ventilation means they can probably clock a bit higher.

So, while I wouldn't count on a miner to use a well-ventilated setup, I think it's more likely than the cardboard box scenario.

 

[okcnaline]

Hopefully miners are baited towards the Vega so gamers get their RX 570s cheap.

 

[InvalidError]

Hopefully miners are baited towards the Vega so gamers get their RX 570s cheap.

High-end GPUs have horrible cost per hash for Ethereum and that will get worse as the hash block grows. Also, at MSRP, you'd be able to buy two RX470/480/570/580 for Vega's cost. Vega won't be anywhere near twice as fast at mining Ethereum and Scrypt-based currencies, so miners will continue chasing mid-range GPUs as the better $/hash option.

 

[okcnaline]

High-end GPUs have horrible cost per hash for Ethereum and that will get worse as the hash block grows. Also, at MSRP, you'd be able to buy two RX470/480/570/580 for Vega's cost. Vega won't be anywhere near twice as fast at mining Ethereum and Scrypt-based currencies, so miners will continue chasing mid-range GPUs as the better $/hash option.

Hopefully miners are baited towards the Vega so gamers get their RX 570s cheap.

 

[InvalidError]

If serious miners were that easily duped, they would be making colossal losses instead of managing to turn a profit.

 

[Imre_2]

Dont see retailers dropping their prices soon for an cards as recent as gtx1060 or rx480