# eth mining returns tanking..



## trog100 (Jun 6, 2021)

my 720 M/SH is showing $41 dollars per day on nicehash..

that equates to a 3080 card producing maybe $5 dollars per day or just over.. not a lot allowing for current hardware prices.. 

trog


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## ThrashZone (Jun 6, 2021)

Hi,
Long term is what matters right, so you just keep mining on and not take current pricing seriously until it completely tanks


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## Nuckles56 (Jun 6, 2021)

I guess so that means we might be able to buy the new cards soon.


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## X71200 (Jun 6, 2021)

Nuckles56 said:


> I guess so that means we might be able to buy the new cards soon.



If you consider cards thrown out of mining rigs as "new", maybe. Expect high pricing on those even. The current situation won't end anytime soon, this is not the only reason.


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## trog100 (Jun 6, 2021)

Nuckles56 said:


> I guess so that means we might be able to buy the new cards soon.



it probably means Ebay gpu prices will stop going up and may come down some but thats about all..

trog


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## 64K (Jun 6, 2021)

I just checked and Ethereum is up.

The coin markets are volatile.


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## silentbogo (Jun 6, 2021)

It's transaction fees that are tanking. Nicehash had an explanation posted in news recently, if you don't keep up with things.
First, there was a lot of crypto-movement during the "dump" phase last month (where my puny 300MH/s farm was spewing something like $100+/day profits for half-a-day), and then there was panic and market halt. 
Very few people are moving and trading assets right now, hence less transactions, hence less load on the network, hence less fees. Add it all together with increasing difficulty, and that's where we are right now. But just to put it in perspective, it's about the same amount of tx rewards as exactly 1 year ago, only ETH is now worth 10 times more, so things aren't bad, it all boils down to whether ETH will grow or crumble 
past PoS, and how much you'll be able to mine in the meantime.
ATM what we are getting on average, is just a tad over your base 2ETH per block, but with upcoming PoS transition I'm 100% sure there will be at least few more spikes in rewards before year's end.



Nuckles56 said:


> I guess so that means we might be able to buy the new cards soon.


Highly doubt that. Regardless of what public opinion or "common wisdom" tells you, the problem isn't miners. They are just a source of income (or means to an end) in this situation.
Scalpers aren't going to disappear, and deficit isn't going to end any time soon. Mining profitability has been relatively low for some time, and the only dent in the market it made(at least in my area), is RTX3060 falling from $1000 to $930 on the second-hand market (stores keep the same ridiculous $1500 price tag). Still a far cry from $329 MSRP. 
Another thing to note, is that most of these "shortages" are artificial. Our biggest e-tailers have ALL cards in stock (including RTX20-series), our local fleebay is flooded with listings for brand-new sealed 30-series cards (both retail and bulk), and even our news occasionally bring up yet another busted container or a truck full of contraband arabian sigs and hundreds/thousands of GPUs. 
My partner went to a supplier last week, and he sent me a photo of GPU pallets in dude's garage! And that's just one dude, one single cog in this global ripoff scheme. Shortage is a lie. Scalping is real.


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## trog100 (Jun 6, 2021)

i think the rewards are low enough so as to not encourage new small time miners into the game.. the current gpu ebay prices were arrived at back when a 3080 gpu would earn $10 per day.. 

i dont see anything happening to drive the rewards up so current ebay prices will have to drop a fair bit.. this will take a week or two to happen but happen it will.. 

ebay prices are the only real prices with an actual product behind them.. anything else is just pretend..

trog


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## 64K (Jun 6, 2021)

trog100 said:


> ebay prices are the only real prices with an actual product behind them.. anything else is just pretend..



They are not pretend at most stores. It's just that supply is so low due to miners, scalpers and the Pandemic. You just have a long wait.


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## trog100 (Jun 6, 2021)

64K said:


> They are not pretend at most stores. It's just that supply is so low due to miners, scalpers and the Pandemic. You just have a long wait.



there is no real readily available product behind the so called store prices.. if there aint a product readily available the price is fake.. 

there has to be a connection between supply and demand.. you may be lucky and after a long wait you may get the product just means the price is a come on and aint real.. 

the bottom line being that most people who fall for the fake price will never ever get the product.. the price is fake.. the price is just a come on.. 

an asking price of xxxx but we dont have any and have no clue when we will have any is about as fake as it gets.. he he

an ebay price of xxxx and the product arrives in the post a couple of days later is real.. it may not be what some people want it to be but at least its real... 

trog


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## ThrashZone (Jun 6, 2021)

Hi,
Picking on adjectives is circular and pretty weird actually lol 
There is no stock at retailers period so what ever price they state is meaningless until there is add to cart next to it.


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## 64K (Jun 6, 2021)

trog100 said:


> there is no real readily available product behind the so called store prices.. if there aint a product readily available the price is fake..
> 
> there has to be a connection between supply and demand.. you may be lucky and after a long wait you may get the product just means the price is a come on and aint real..
> 
> ...



But most of them had to come from a e-tailer / retailer at some point. Yes I have heard the rumors that manufacturers are selling them directly to scalpers or they are being stolen from warehouses. The only real evidence I could find of this on Ebay one guy was selling a lot of 100 RTX 3090 for $300,000
He didn't get those 100 cards through normal means.


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## GerKNG (Jun 6, 2021)

great news.


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## trog100 (Jun 6, 2021)

64K said:


> But most of them had to come from a e-tailer / retailer at some point. Yes I have heard the rumors that manufacturers are selling them directly to scalpers or they are being stolen from warehouses. The only real evidence I could find of this on Ebay one guy was selling a lot of 100 RTX 3090 for $300,000
> He didn't get those 100 cards through normal means.



i think most of the ones appearing on ebay have been acquired lucky dip wise from retailers.. people lucky enough to get one are just bunging them on ebay for a nice profit.. the same with the new 3080ti cards.. a lot just say guaranteed order people are ebaying them before they actually get them..

i recon most of the people who put effort into getting one fully intend bunging it on ebay for a quick profit.. it would be hard not to.. 

trog


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## Hardcore Games (Jun 6, 2021)

I have heard widely about earnings tanking for several so-called assets, people are waking up to the scam


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## silentbogo (Jun 6, 2021)

64K said:


> They are not pretend at most stores. It's just that supply is so low due to miners, scalpers and the Pandemic. You just have a long wait.


That's BS. If supply was low and "honest" retailers had no choice but to charge you 400% of the initial value, we'd definitely see empty physical and virtual stock everywhere in the world, just like in 2017. Back then, though, I still managed to snag a 1060 6G at MSRP from Newegg and ship it overseas.
The only reason you don't see cards on shelves today, let's say, in more civilized countries like US, UK or Germany, is because there you have at least some semblance of law and legal responsibility. E.g. you can't say that you don't have cards, while your website has "in stock" listings for a few dozen SKUs. Yet, cards have to come from somewhere, and I don't want to rely on any fairy tales about trucks making backdoor-rounds to factories and stealing 100% of GPU stock. You know it's bullshit when it sounds like bullshit. Most of that shady stuff is happening on retail side of things, and funnily enough most of the contraband GPUs in my country actually comes from Germany and US.
The only more-or-less verified accounts of theft are few and not as significant, like alleged $300k worth of 3090s that "fell off the truck" or another $300k worth of 3090s stolen from MSI factory only account for around 200-ish cards per incident. There were no pirate attacks in international waters, no missing containers or cargo ships in ports, no armed break-ins in warehouses. Nothing to explain how nearly all of 20+ million GPUs ended up not where they should.

Here in CIS region regulating price gouging is not so much a law, but a mere suggestion, so all dirt and scheming is right on the surface. One of our biggest consumer electronics franchises sells contraband out in the open and has been known for tax avoidance schemes for nearly a decade, and even recent govt. raids were more of a formality to get general public and political activists off their backs. It's been only 3 months, but the incident is already forgotten and burried.
Our three largest e-tailers had 30-series cards in stock since January and I don't think they ever ran out, all while maintaining price tags much higher than scalpers. With 10-series real deficit during previous mining boom they had no GPUs for several months straight, and the situation with new GPUs was such that you weren't able to buy cards even at inflated prices. This time you can buy anything and in any quantity - just pay up. They may have only a couple 3080s and 3090s in stock at any given moment, but be damn sure that after that if someone buys 3090s at $5000/ea, they'll find a way to restock the very next day. And they all have the same regional supplier.

P.S. I apologize to mods if I'm getting a bit political or OT.


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## trog100 (Jun 6, 2021)

basically there is no shortage only at the pretend prices.. buy from ebay at what i would call the real market price and you can have a 3xxx series card delivered the next day..

in my simple world a realistic price is what someone is willing to pay.. not some retailers invention.. 

i do wonder just how stores handle the staff wanting to buy these things knowing full well a quick $1000 profit can quickly be made by reselling what you have just bought on ebay..

trog


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## sepheronx (Jun 6, 2021)

While profits are lower right now, I am doing quite good.  I have moved over 1 card to mine Ravencoin directly now and for about a week I earned at least close to 400 RVN with just a 6800xt.  Don't forget, we are earning a bit lower per day from using Nicehash vs directly mining.  I was able to get HiveOS going and mining ETH directly with 1 test machine but the simple fact that I cannot view VRAM temps in HiveOS currently (something to do with drivers and Linux), and that doesn't sit well with me, so I went back to Nicehash till I decide to mine directly ETH through windows.  But I like HiveOS cause how centralize I can have it.

If you are uneasy with the gains cause of Nicehash Trog, why not look at mining directly, and mine some other coin?  ERGO seems to be interesting as it is based off of Cardano of some sort.  Not entirely sure about the whole thing.  But interesting prospects.  You would be mining for the potential gains of the future.


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## trog100 (Jun 6, 2021)

sepheronx said:


> While profits are lower right now, I am doing quite good.  I have moved over 1 card to mine Ravencoin directly now and for about a week I earned at least close to 400 RVN with just a 6800xt.  Don't forget, we are earning a bit lower per day from using Nicehash vs directly mining.  I was able to get HiveOS going and mining ETH directly with 1 test machine but the simple fact that I cannot view VRAM temps in HiveOS currently (something to do with drivers and Linux), and that doesn't sit well with me, so I went back to Nicehash till I decide to mine directly ETH through windows.  But I like HiveOS cause how centralize I can have it.
> 
> If you are uneasy with the gains cause of Nicehash Trog, why not look at mining directly, and mine some other coin?  ERGO seems to be interesting as it is based off of Cardano of some sort.  Not entirely sure about the whole thing.  But interesting prospects.  You would be mining for the potential gains of the future.



i am not uneasy with the gains sepheronx just commenting that they are going down and how it may affect the current gpu prices on ebay..

i mine for the future but most potential new miners (gpu buyers) do it for the real time instant dollar gains.. return time on investment is important to them..

this year mining has boosted my small bitcoin stash from 1/3 to 1/2 of a bitcoin.. ultimately what its worth depends on the future price of bitcoin..

trog


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## Chomiq (Jun 6, 2021)

trog100 said:


> i do wonder just how stores handle the staff wanting to buy these things knowing full well a quick $1000 profit can quickly be made by reselling what you have just bought on ebay..
> 
> trog


It's simple, they match those prices. Every current GPU is pretty much tripple the MSRP in Poland. Scalping will mean selling it at quadruple the MSRP so they're still well set. And to avoid losing money they also intentionally stall orders that were made at launch so people are left hanging for months with orders made back in September/October last year. But hey, if it wasn't for those people they wouldn't have "400+ units sold" next to 3080s a week after launch.


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## R-T-B (Jun 8, 2021)

ASIC miners coming online is also probable.

I'll be mining eth until they shut off PoW, personally.


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## Hardcore Games (Jul 2, 2021)

Bitcoin is now finding it hard to attract investors suggesting it may well drift lower by the end of the year to below 30K


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## phill (Jul 3, 2021)

I think the profit of the coin still isn't that bad by any means, I mean, how else could you get currently $200 for electric for example, to make $2200+ total, so say $2000 profit??  Nothing is what...

I suppose it all depends on just how greedy you wish to be..  I mean its a little different to make 1400% profit to making 500% profit so to speak, but even at 100% profit, is that not enough of a return??...  I think we'll be carrying on regardless, but there's other coins out there that can be mining different things and making more profit than Eth which is surprising...  I'm not sure what it using as the algorithm but still...


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