News Ethereum Miners Likely Lost Money During the Past Two Years

[Admin]

With Ethereum prices way down and mining profits trailing off toward nothing, we take a look at the potential profits from mining with various graphics cards over the past two years. What hardware came out ahead, and what was the best strategy for turning a profit?

Ethereum Miners Likely Lost Money During the Past Two Years : Read more

 

[Allen_B]

My tears, they are blinding.

Seriously, the more people lose money on this environment-damaging, useless scheme that is cryptocurrency, the sooner it will go away.

 

[King_V]

Maybe this makes me a terrible person, but...

 

[BX4096]

Maybe this makes me a terrible person, but...

Why would that make you a terrible person? Planet-destroying cryptoparasites deserve all the scorn in the world, as far as I'm concerned. Time to get a real job, you bums.

Cambridge University Study: Blockchain and crypto fads like NFTs are good for business, bad for our planet.

 

[Thunder64]

I'm OK with this.

 

[Gam3r01]

Why would that make you a terrible person? Planet-destroying cryptoparasites deserve all the scorn in the world, as far as I'm concerned. Time to get a real job, you bums.

Cambridge University Study: Blockchain and crypto fads like NFTs are good for business, bad for our planet.

Environmental Scientist here:

While I agree that something like this, a pointless consumption of energy (mostly non-renewable) is, well, pointless and bad for the environment, your linked article is clickbait and supported by some severely lacking "scientific" documents.

For example, they reference an article from Nature, that claims "Bitcoin emissions alone could push global warming above 2°C ", yet in their own data sets they show in the last ~150yrs global temperatures have risen (on average) .9C, due to ~584GtC emissions. They then go on to state ~49MtC were emitted from coin mining in 2017, that would mean it would take over a thousand years for mining to raise temperatures by 1C, let alone 2C.

They then go on to try and justify this by stating, by the year 2040, bitcoin mining on the scale of emissions we see now will be adopted globally, by most of the population, at the same rate as innovations such as credit cards, dishwashers, and electricity itself. Their entire argument is contingent on 50-95% of the global population owning mining farms, according to their graph analysis.

Im all for supporting environmental policies and more effective and cleaner energy models, but this is just poor journalism and downright bad research.
Do not mistake this for supporting coin mining etc, It is absolutely a waste of resources, but these "news" outlets should at least make some credible points against it first.

 

[Yebemather]

 

[Makaveli]

 

[ssj3rd]

A good day to be alive!

 

[BX4096]

Environmental Scientist here:

While I agree that something like this, a pointless consumption of energy (mostly non-renewable) is, well, pointless and bad for the environment, your linked article is clickbait and supported by some severely lacking "scientific" documents.
...
Do not mistake this for supporting coin mining etc, It is absolutely a waste of resources, but these "news" outlets should at least make some credible points against it first.

While I definitely appreciate the correction (the link was just an example: I rarely read MSNBC and I haven't really followed this study), the fact remains that Bitcoin alone consumes 91 terawatt-hours of electricity annually (as of 2021)–more than is used by Finland, a nation of 5.5 million that ranks #36 by electricity consumption out of 200-plus nations and territories worldwide. And that's just Bitcoin.

Bitcoin Devours More Electricity Than Many Countries

While the exact levels of crypto mining's environmental impact may still be debated, the fact that it is absolutely negative is hardly in question.

 

[TerryLaze]

Why would that make you a terrible person? Planet-destroying cryptoparasites deserve all the scorn in the world, as far as I'm concerned. Time to get a real job, you bums.

Cambridge University Study: Blockchain and crypto fads like NFTs are good for business, bad for our planet.

I'm sure people where saying that same thing to the first people that made gaming hardware, you are just wasting electricity and resources for no reason, we are still here some 70 years later (someone should figure out how much all the consoles/gaming PCs in the world burn per year) , or to the first people that created the internet/data centers, I'm sure google burns through tons of electricity "for nothing" so that you and I can do posts on forums.
I don't know how long it's going to take but one cryptocurrency is going to prevail and it will be part of our future, there is a need and a use for it, it's only crazy now because it's basically the crypto-wars, it's the flip side of having too much competition in a field but just like everything else it will distill down to basically just one.

 

[A Stoner]

My tears, they are blinding.

Seriously, the more people lose money on this environment-damaging, useless scheme that is cryptocurrency, the sooner it will go away.

Not really. The entire point of crypto is to fund nefarious activities and both governments, mafia and cartels are all involved in keeping it going.

 

[BX4096]

...I'm sure google burns through tons of electricity "for nothing" so that you and I can do posts on forums.
I don't know how long it's going to take but one cryptocurrency is going to prevail and it will be part of our future, there is a need and a use for it...

Let me guess, a miner? Thanks for the laugh comparing your lazy excuse not work to Google's contributions to society, though. As for the need and the use, true, from pedophiles to terrorists to money launderers, some people already can't imagine living without as we speak...

Cryptocurrency Fuels Growth of Crime
Dogecoin Increasingly Tied To Terrorism And Child Sex Abuse Material, Research Shows

 

[Deleted member 431422]

Some people don't pay for electricity on monthly basis. They get a forecast, every six months. Turning off the mining rig won't lower their electric bill next month. They'll have to pay inflated bill until next forecast 😁

 

[Peter_Bollwerk]

Very glad I tested the waters with an old card I had (1080 ti) and got out 6 months ago. I still made a little money, but it wasn't really worth it.

 

[InvalidError]

They then go on to state ~49MtC were emitted from coin mining in 2017, that would mean it would take over a thousand years for mining to raise temperatures by 1C, let alone 2C.

The problem with letting wasteful uses of power and resources go unchecked is that climate change is on an exponential curve. Every extra bit beyond the planet's ability to process is one extra bit that contributes to polar caps melt, permafrost thawing, ocean acidification, etc. releasing more CO2 and CH4 into the atmosphere, further accelerating the cycle.

I don't know how long it's going to take but one cryptocurrency is going to prevail and it will be part of our future, there is a need and a use for it, it's only crazy now because it's basically the crypto-wars, it's the flip side of having too much competition in a field but just like everything else it will distill down to basically just one.

Crypto will not be broadly accepted in the legal world until it can provide consumer protections equivalent to traditional financial vehicles. How do you reverse fraudulent charges on a block chain? You don't, all mistakes and fraud is final unless the other side is willing to cooperate. By the time you add all of the mechanisms necessary to ensure people don't get screwed with at every turn and have ways to seek remedial when something goes wrong, you end up with gatekeepers who have pretty much the same powers and obligations as traditional banks that crypto was created to get away from.

My crypto prediction is that once all is said and done, it will go down in history as a dumb experiment.

The only sort of "block chain" (more like a tree) that makes sense to me is things like RSA certificates.

 

[AtrociKitty]

This article is pretty far from accurate. It's entirely predicated on holding all of your mining income, which almost no one does. If you mine, you regularly sell your holdings. You're not a crypto investor, you're looking for your hardware to earn a set daily profit.

I mined for most of 2021 using my gaming PC. I started with the RTX 2080 Ti I already had, then picked up a $3300 i9-10850k prebuilt with an EVGA RTX 3080 and mined with both cards. I sold the 2080 Ti at the end of the year for what I bought it for ($1200), and stopped mining going into 2022. Even after tax, the mining earnings entirely covered the cost of my new computer.

 

[daworstplaya]

I'm sure people where saying that same thing to the first people that made gaming hardware, you are just wasting electricity and resources for no reason, we are still here some 70 years later (someone should figure out how much all the consoles/gaming PCs in the world burn per year) , or to the first people that created the internet/data centers, I'm sure google burns through tons of electricity "for nothing" so that you and I can do posts on forums.
I don't know how long it's going to take but one cryptocurrency is going to prevail and it will be part of our future, there is a need and a use for it, it's only crazy now because it's basically the crypto-wars, it's the flip side of having too much competition in a field but just like everything else it will distill down to basically just one.

Gaming serves a purpose . Crypto doesn't, it just exploits the greater fool theory while damaging the environment.

 

[TerryLaze]

Let me guess, a miner?

Not even close, I'm just not an hypocrite.

As for the need and the use, true, from pedophiles to terrorists to money launderers, some people already can't imagine living without as we speak...

All of these arguments are true for the internet as well, more so because of how many more people use the internet.

Crypto will not be broadly accepted in the legal world until it can provide consumer protections equivalent to traditional financial vehicles. How do you reverse fraudulent charges on a block chain? You don't, all mistakes and fraud is final unless the other side is willing to cooperate. By the time you add all of the mechanisms necessary to ensure people don't get screwed with at every turn and have ways to seek remedial when something goes wrong, you end up with gatekeepers who have pretty much the same powers and obligations as traditional banks that crypto was created to get away from.

My crypto prediction is that once all is said and done, it will go down in history as a dumb experiment.

The only sort of "block chain" (more like a tree) that makes sense to me is things like RSA certificates.

Search for central bank digital currency, or CBDC, nobody said that it will be easy or that it will happen quickly but the future is the future and digital money will be a part of it.

 

[InvalidError]

Search for central bank digital currency, or CBDC, nobody said that it will be easy or that it will happen quickly but the future is the future and digital money will be a part of it.

Your credit and debit cards are already digital currencies without the need for crypto or a whole other separate currency tied 1:1 to some other "real world" currency. You don't need to go crypto to go digital and even the CDBCs don't have to have any crypto or crypto-like consensus associated with it since they are managed by central banks. Only thing needed is securing the ledger and access to it, just like normal online banking.

 

[TerryLaze]

Your credit and debit cards are already digital currencies

No they are not, you don't pay with spacebucks when you use a card, it's still dollars or euros or whatever one's currency is.

Your credit and debit cards are already digital currencies without the need for crypto or a whole other separate currency tied 1:1 to some other "real world" currency. You don't need to go crypto to go digital and even the CDBCs don't have to have any crypto or crypto-like consensus associated with it since they are managed by central banks. Only thing needed is securing the ledger and access to it, just like normal online banking.

It's not about needing or having to, if a government can see a potential benefit from it they will look into using it.

 

[shady28]

Handing out likes like candy in this thread.

I find it amusing how crypto, purported to be a hedge against inflation, crashes to the ground as the dollar rises. Also how crypto, supposedly not part of traditional markets, topped at exactly the same time as all major stock indexes (first half of November 2021).

The more things change, the more they stay the same. Beanie babies started to crash in 1999.

View: https://www.youtube.com/watch?v=PgDsyj5eLmo

 

[InvalidError]

No they are not, you don't pay with spacebucks when you use a card, it's still dollars or euros or whatever one's currency is.

A digital currency tied directly to a "real" currency of any other name is a distinction without a difference.

The card is purely symbolic: you can do online payments from your bank account. The card is nothing more than a convenient ID to avoid having to punch in a whole bunch of numbers, much like a crypto wallet manager spares you from having to remember your wallet addresses.

 

[Tac 25]

My tears, they are blinding.

Seriously, the more people lose money on this environment-damaging, useless scheme that is cryptocurrency, the sooner it will go away.

it's a fine day to wake up see this amazing news!

 

[Math Geek]

i gave it a good 15 minutes, but that's all i can spare today.

i tried to care about them losing money. i really really did. but in the end it seems i feel like the majority here and hope they didn't just lose money but their house, dog, car and even the racoon that has been living in the attic. i hope they lose it all and have nothing to show for it but a bunch of worn out gpu's and nothing they can do with them....