Wednesday, June 7th 2017
Ethereum Mining Wipes Out Radeon Inventory, AMD Stock Rallies
AMD Radeon graphics cards have always been too good at GPGPU for their own good. The new Ethereum block-chain compute network, with the Ethereum crypto-currency, works really really good with AMD Radeon Graphics CoreNext architecture-based GPUs (that's every AMD GPU since Radeon HD 7000 series). As a result, not only have Ethereum prospectors bought out nearly all inventory of AMD Radeon graphics cards from the market, but also forced an inflation of used AMD Radeon graphics cards on online tech-forums, and used-goods stores on eBay and Amazon. Some of these used cards are priced higher than even launch-prices.
Every $1,000 spent on AMD Radeon hardware towards Ethereum mining is recovered within 2 months, and then as long as your hardware lasts and you're paying your power bills, you're swimming in crypto-currency that can be converted to Bitcoin and even US Dollars. One Ethereum (ETH) exchanges to USD $265 at the time of this writing. There's already $330 million worth Ethereum being traded, and that number is only going to grow as people sell USD or BTC to buy ETH and pay for entry into the Ethereum network, and use ETH as a crypto-currency.
AMD is at the receiving end of this mad rush to grab up Radeon graphics cards. The company's stock surged nearly 9 percent on Tuesday (6th June). Those shorting (betting against) the AMD stock have been inflicted with heavy losses. "As of Monday, AMD short-sellers had been up about $15 million for 2017. But Tuesday's share surge left them at a loss of $125 million on paper for the year," writes Reuters, citing S3 Partners, a financial analytics firm. The AMD stock was also bolstered by Apple's announcement of new iMac, iMac Pro, and Macbooks that use AMD Radeon graphics chips.ETH-USD chart by Coingecko, Source: Reuters
Every $1,000 spent on AMD Radeon hardware towards Ethereum mining is recovered within 2 months, and then as long as your hardware lasts and you're paying your power bills, you're swimming in crypto-currency that can be converted to Bitcoin and even US Dollars. One Ethereum (ETH) exchanges to USD $265 at the time of this writing. There's already $330 million worth Ethereum being traded, and that number is only going to grow as people sell USD or BTC to buy ETH and pay for entry into the Ethereum network, and use ETH as a crypto-currency.
106 Comments on Ethereum Mining Wipes Out Radeon Inventory, AMD Stock Rallies
at least in my old fashioned way of thinking.. he he..
trog
ps.. i did read somewhere that 10.000 put into bitcoin back in 2010 would be worth over 30 million now.. okay for a lucky few but when the world and his dog get in on the act who the f-ck knows.. :)
And well an opinion is always allowed, but is only worth something through arguments.
And while I have no clue what all this is about I do also want to add that many times people dont seem to understand what an opinion is, for example saying that in your opinion the Statue of Liberty is 2 meters tall is just plain wrong.
EDIT, read it a bit and well about you just being wrong I guess we need to refer back to @killa007 's post which while admittingly comes across way too hostile and therefor a little childish, they make a lot of points towards what makes it actually useful.
So stating its useless is simply wrong.
and to the hostility, I feel sadly that this website has also been consumed in the maelstrom of negativity these days.
Idk what is going on in the world, but man people sure are angry these days and everywhere...well atleast everywhere on the internet.
Sad stuff.
Or maybe I can wait a year and pick up an RX 580 for almost half or the price a year later, by then VEGA should be out I guess.
And did I not just make a remark about all the negativity? no need to start lashing out like a child yourself now as well.
Lastly, I think @mistme was making a point about how many people seem to hate on other people for calling them out on bad behavior, claiming they have a right to freedom of speech, yet then ignore the same right of those people to criticize them for it.
There are gridcoin (BOINC), curecoin (Folding@Home) , foldingcoin (Folding@Home) for you to choose from if you want to help science in the process.Well, they already exist and are listed above.
So you think people who walk a mile or two to work, in a bank, or commute 2~4 hours to/from work are a waste of resource? As compared to what - slobs sitting in a chair mining bazillions of BTC/LTC/ETH spending literally tons of fossil fuel in the process! The ones putting multi billion $ bets on stocks, not their money of course, are a different kind of <insert cute insult> & not worth debating, for what happened in 2008, but the regular joe is just as hard working as any other person out there.
Yeah there's an argument that the current financial system in place is inefficient, then again there are digital wallets out there which are just as efficient as any crypto currency, though not as untraceable as them. There is a reason why it's in demand, & no it's got more to do with shadiness than just anonymity or security!
Also apart from ETH, which still needs to be proven that it can do what R-T-B is saying, which other currency is doing anything for humanity? While we're at it why don't we ask everyone employed in the banking system to sit on their fat asses at home & mine ETH, that'll teach them! Then again next time you go to a hospital why don't you furnish BTC or whatever as a mode of payment, NO so how come your crypto currency needs to be converted into real money for it to be useful?
I'm waiting for someone to make an Asic that can mine Etherium, that way GPU's will be freed up for their original intended use.
A cult? Wth???!!!
Its also offensive when you say something is retarded. Are you 10 years old or simply prefer to use zero discretion and show no class when speaking? Shame on you.
And a lot of mining is done in the energy rich hydro powered Puget sound region and surround, by the way.Actually, for something with a governing body and registered name (which Ethereum has) there most certainly is.
What can happen is to adopt the POS pattern.
The idea here is that people could be persuaded to use a "FEDcoin" instead of a Bitcoin (or other variants).
The minimal requirement for a stable currency is being able to control the amount of money - something that we don't have with the non-state cryptocurrencies. Another point would be to track the coins, which can be done (some BTC wallets do this). A cryptocurrency stored on a server in central bank would not be anonymous and hence hard to use for illegal transaction.This could be simply solved by paying people for taking part in distributed computing. With real money.
We know that there will be 21 mln bitcoins - that's under 60 bln USD at current quote.
Ransomware attacks are expected to cost billions USD each year, so it's not like there isn't a way to gather funds. :-)
Plus, there isn't really any guarantee that Ethereum network will ever be used for something useful. Personally, I really don't believe this will happen with Ethereum or any other mining network, but I'd love to be wrong.
Eth has actually a purpose and a dev platform to use gpu cycles ,it is work ,kinda like being a shit server it guy.