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Nvidia Cards
#11

Gpu mining goes away in 5-10 years? Hahaha right. There is still people profiting, like people who have got a very cheap power plan. You can do solar and wind too. So no, it will not disappear entirely. Have you got any real facts to back up your theory?

I just love how people freak out being 2 months in a bearmarket (for miners especially)

Yeah its bad times right now, but alot of people are working to make this work, and to make gpu mining great again.

I think the future is bright for gpu mining, theres just so many possibilities with all this new technology brought to the table.

I think gpu mining has come to stay, and eventually things will stabilize and be profitable again.

In Norway we have a wierd power support plan for our citizens and I was able to make 1000 euro one month, and I also accumulated thousands of neoxa, raven, kaspa. Which I will sit on for a few years.

Kompa out!

#12

Actually it’s just my own vision of things but of course I don’t have a crystal ball to predict the future. Nevertheless, I based my analysis on few relevant informations for instance, Ethereum is now a green blockchain i.e. it now requires very little energy to run a proof-of-stake validator. For instance, one server/validator is using around 50 watts per hour of electricity and on that same machine you can run several validators without much electrical input increase. I know because I presently run one server with 2 Ethereum nodes on it. All the proof-of-work cryptos you can mine with GPUs are energy-intensive which is bad for the environment plus with the actual energy crisis it’s not interesting.

Also, it’s important to see the usage behind these blockchains. You have to check the active addresses on a blockchain and the decentralized apps being used. In my opinion, Ethereum is the future with few interesting competitors like Solana or Cardano and they all use proof of stake consensus mechanism to approve new blocks. My brother is a back-end engineer working for a crypto company and he confirmed me that the vast majority of developers are presently coding on the Ethereum protocol. On the cryptos you can mine with GPUs, there’s not much activities. Go look on GitHub, you’ll see there’s not a lot of developers working on proof-of-work cryptos.

The cryptos running on proof-of-work which could be mine with GPUs don’t have much real usage other than speculative investment or store value. GPUs can be use for machine learning but if there’s no lucrative solutions at the end for miners then they won’t get good traction other than researches.

Go check EthereumClassic TVL - DefiLlama
there’s just $308,043 of total value locked (USD) in Ethereum Classic, there’s no decentralized finance applications really on ETC. It’s mostly speculation of store value which will probably fade away with time. GPU crypto mining was working because before the merge we could mine ETH, not anymore.

By the way, with the actual ETC price you have to get electricity cost at 0.01$ kWh just to get even. It seems in Norway electricity is almost free. :wink:

#13

I already know this, but there are some drawbacks.
First of all I am forced to use BzMiner.
Secondly, even with BzMiner, triple mining doesn’t work (ERGO+KASPA+ZIL on Windows works like a charm, on HiveOS it’s a no-no).
Thirdly, with Gminer (best ERGO+KASPA optimization right now), the stats for the second algo don’t get displayed (only ERGO is shown).
Is it really that hard to enable all dual coins in the flight sheet, so we can freely choose what we want no matter what miner we use? (asking really out of curiosity as I am no programmer).

#14

We can talk one way or another, only one thing is real and important.
The price of electricity dictates the result of mining.
At the end of the day, everyone who does mining is basically doing it for profit. In the end, no one is so stupid that they spend more than they earn.
So let’s go back to profitability. According to HIiveos statistics, ETC is currently mined the most. In the domain of the Nvidia card group, the most are GTX1660 Super and RTX 3070.
Now if we take these data, the question is where is the profitability in that case if we take into account that with those cards with which ETC is mined, the profitability is below zero if the price of electricity is higher than 0.03 $/Kwh, which I do not believe that such everyone has the price of electricity.
And that would be the ultimate answer. The question itself still stands.
How can mining be profitable and why do people still mine?

#15

I think most people are just spec mining for next year or whenever the next BTC cycle will be. Personally
I don’t understand why you wouldn’t just buy the coin at that point, but I guess mining is less hassle?

#16

Oh also, Didz if I’m not wrong ETH going POS isn’t saving that much power as the asics went to ETC and the gpus went to other coins that are actually higher power consumption algorithms like kawpow and kheavyhash. Please correct me if I’m wrong

#17

Not everyone, perhaps most got into mining because of profit. But there’s a fair amount of people doing it as a hobby. There are people starting mining even now (starting small, with a card or two), just because they want to get the grasp of it.

The only reason for this (apart from mining as a hobby), is because some coins are not easily available on well-known exchanges so -as you stated- it’s less of a hassle to obtain them via mining (if one has the setup already that is).

Actually, a very big amount of gpus moved towards lower power consumption algorithms, like Ergo, Kaspa, Radiant, Alephium and so on. kheavyhash (Kaspa), uses a lot (and I mean A LOT) less power than ethash.

Your original question though was why people are leaving HiveOS (unless you assume everyone mining is using HiveOS).

1 Like
#18

A realistic assumption is that people leave Hiveos the same as other mining platforms

#19

So are they leaving (aka stopping mining) or are they still mining? Make up your mind please :slight_smile:

#20

Thats true actually but, if people were using efficient overclocks when mining eth it would be pretty similar, but since people were trying to get max profit, they were using more power. So, I guess that’s true.

#21

I thought you couldn’t mine ETC with ASICs. ETC is ASIC-Resistant no?

#22

The answer is simple, presently miners lose money but they keep their crypto tokens hoping to see their market prices going up in the future and later realizing a profit. Plus, many like me invested a lot in a mining farms, a lot of time too, so just switching off the plug it’s psychologically hard. I can afford to pay the electricity cost but for someone else it can be different.

1 Like
#23

ETC is not asic resistant

#24

No, ive mined etc with my gpus. Profits were fucking shait so stopped.

#25

As I said, I have a really wierd power support plan where I can make 1000 euro or more a month. And a cheap power plan for the next 4 years. I might have to find something else to do after 4 years. Interesting reading there mate, thanks for sharing.

#26

No matter how low you would try to run ethash, there’s no possibility to reach the low 30 watts a 3060 or 50 watts a 3060 Ti consumes when mining Kaspa. There are algorithms that use less power, just as there are algorithms that use more power. No matter how efficient OC settings you use. It’s just how the algorithms work.

#27

this is already 3 weeks old (they should be having a new one soon)

#28

True but there are also other algorithms that people do mine that are LESS efficient than ETH as kaspa profitability is already dropping since so many people moved to it

#29

Problem also is when you want to convert your crypto in a Fiat. The spread might be very bad or bad liquidity. That’s why I stick to ETC for now.

#30

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