Bitcoin price suddenly surges to 3-year high

[trog100]

I'm slowly building the rig. Doing things like buying GPUs as backorders so I pay what would be closest to MSRP. Only issue is the wait game.

Getting a RX 6800 XT for gaming and helping a bit with mining in a seperate rig, but the mining rig, I'm hoping to find at least a 3080 or two 3060 ti's to work with the 3 3070's.

So far, no luck. 3080 is more or less mythical here.

the pent up demand for "closer to MSRP" graphics card must be huge.. you may be waiting a long time maybe for ever..

as long as crypto keeps doing what its doing the gap between supply and demand is gonna get bigger..

i treat the ebay price as the true price.. it is based on what people are prepared to pay.. at least enough of them to swallow up the available product..

trog

 

[freeagent]

One day GPU's will be obsolete for mining. Nothing lasts forever. It might look good now, but no one here can predict the future, no matter how in tune you might be.

 

[Vya Domus]

One day GPU's will be obsolete for mining.

Ain't gonna happen, many crypto algorithms are now designed to require general purpose computation, this means they will never become obsolete because a specialized piece of hardware simply wont work. GPUs used for gaming will be a rare sight, I am not joking or exaggerating, I mean you'll have your crashes in prices here and there allowing some to make their way to gamers but by the looks of it PC gaming is done for.

The only thing that can stop this is that these networks grow so much that they're not sustainable with the available hardware in terms of computation or power. This is a real possibility but who knows how long it will take before such a scenario is reached.

 

[moproblems99]

Maybe now is a good time to sell my rigs with support for 9 gpus

 

[Caring1]

Maybe now is a good time to sell my rigs with support for 9 gpus

You just reminded me to check eBay to see how high bids are on the GPU i'm selling.

 

[Mescalamba]

I wouldnt buy GPU today. Sure, price of BTC might stay high, but since there is basically no way to tell what will be next ATH and when it will be reached and what will happen after..

Basically you might buy GPU today with idea that it will "pay for itself" within a year or half, but what will happen if BTC does its typical nosedive after ATH? How profitable will be mining at 50% of current price or 30%?

That paying for itself might be a a bit longer in that case.

Also, it pays for itself.. cool, but "pure profit" when?

I might be wrong, but investing big in mining now seems a bit risky. Price increase since 20th Feb was at max around 7%. BTC does sorta keep its price (in classical way which is swings up and down), but it doesnt really go up. If it wont go up in some rather close future, it might go down.. a lot.

 

[trog100]

I wouldnt buy GPU today. Sure, price of BTC might stay high, but since there is basically no way to tell what will be next ATH and when it will be reached and what will happen after..

Basically you might buy GPU today with idea that it will "pay for itself" within a year or half, but what will happen if BTC does its typical nosedive after ATH? How profitable will be mining at 50% of current price or 30%?

That paying for itself might be a a bit longer in that case.

Also, it pays for itself.. cool, but "pure profit" when?

I might be wrong, but investing big in mining now seems a bit risky. Price increase since 20th Feb was at max around 7%. BTC does sorta keep its price (in classical way which is swings up and down), but it doesnt really go up. If it wont go up in some rather close future, it might go down.. a lot.

i just bought a new msi trio 3060ti.. i paid £1099 for it.. its to go in alongside a gigabyte 3080 in one of my desktop machines the machine should produce 150 m/sh..

i had a 2080TI i was gonna sell but that has now gone in alongside a palit 3080 in my other desktop machine that one is at 150 m/sh..

along with my old 8 x 1070 mining rig (4 years old) that gives me a nice 500 m/sh...

i have decided that cash in the bank is a total waste of space.. i have turned some of it into something that isnt.. i also decided that mining hardware is just gonna get more expensive so the quicker it gets bought and earning money the better..

i hodl and add to my bitcoin stash with mining.. i view it as a long term thing...

trog

 

[moproblems99]

This is the one time I have considered buying a scalped 3080. As set it to mine until it pays itself back to msrp

 

[trog100]

This is the one time I have considered buying a scalped 3080. As set it to mine until it pays itself back to msrp

your only mistake was not buying one earlier..

trog

 

[Zach_01]

I wouldnt buy GPU today. Sure, price of BTC might stay high, but since there is basically no way to tell what will be next ATH and when it will be reached and what will happen after..

Basically you might buy GPU today with idea that it will "pay for itself" within a year or half, but what will happen if BTC does its typical nosedive after ATH? How profitable will be mining at 50% of current price or 30%?

That paying for itself might be a a bit longer in that case.

Also, it pays for itself.. cool, but "pure profit" when?

I might be wrong, but investing big in mining now seems a bit risky. Price increase since 20th Feb was at max around 7%. BTC does sorta keep its price (in classical way which is swings up and down), but it doesnt really go up. If it wont go up in some rather close future, it might go down.. a lot.

To stop mining after prices nose dive is a practice of those who are after opportunistic profit. The ones that are not sure, or don’t believe that the prices will go up again or the ones that want profit now or all the above. It’s a practice that I can understand. But seems very short sighted to me.

I’m into crypto long term wise. And I mean at least 10-15 years or even more. I’ve put some money in that market, already got it back and still I have a triple that in it. And I was mining (and also buying some) during the 2018-2019 nose dive. All this after “only” 3 years.

Personal Opinion...
Cryptocurrency or digital assets if you prefer are here to stay many years and we are only in the beginning. The world is getting in it more and more. From regular people to institutes, organizations, digital service companies and even Visa and MasterCard will/are dive in. As I said Revolut is already exists. It’s a world in progress and still in its infancy.

And for all this to be vanished, disappear or worth nothing it will take something like WWIII, where any fiat currency will turn into the most lousy toilet paper ever. So... I don’t think I’m loosing anything.

 

[trog100]

bitcoin is making another play for 60K..

eth is about 1870..

will it make it or get kicked back down again..

trog

 

[ppn]

There is a run at the beginning of every month like no other, usually after the healthy correction. Hodl buy the gap, rinse and repeat. So this is whole thing is just measuring the signal reading capabilities and knee jerk reactions. And it really acomplishes nothing in the end besides making a few people rich, and many poor. Clearly there is a big wave of salaries being thrown into the fire pit at the start of every month. yeah. With 1.016/026 conversion, the exchanges must own the market thousand times over by now, so what is this whole thing meaning. You are playing against the house, and the house always wins. This avalanche represents just that.

 

[trog100]

it briefly hit 60K but got knocked back down again.. its now at 56K and eth is at 1776..

the next time maybe.. he he..

trog

 

[Radi_SVK]

This is the one time I have considered buying a scalped 3080. As set it to mine until it pays itself back to msrp

Was never into crypto mining myself, but thats exactly what I have decided to do! And I can consider myself lucky to get an 3080 for £689 ordered at the launch, after a 1.5 month wait.
Way way too lucky to avoid them ridiculous prices right now (and for a good while already). So my plan is to make the 3080 pay back for the cost of the whole build, which was somewhere near £2400.
I am not in hurry and have to say I am also glad I have overcome the initial scepticism. Took a while to set things up for optimal settings, but is done and I mine 12 - 20 hours, never 24H. I am getting mostly 91MH/s up to 95MH/s @ only 65% power limit, which sits around 208W , making average £5 a days. Happy days..

 

[R-T-B]

And why is THAT happening? Hmmm?

A pandemic?

 

[lexluthermiester]

A pandemic?

That's a part of the problem, sure, but not the whole problem.

BTW, It looks like coin prices are tetering... Could this be the beginning of the next crash?

 

[trog100]

That's a part of the problem, sure, but not the whole problem.

BTW, It looks like coin prices are tetering... Could this be the beginning of the next crash?

it got close to 60K a few days back it always get kicked down when it hits 60K.. its now at just under 56K.. not many signs of the next crash there.. just a normal blip..

trog

 

[R-T-B]

That's a part of the problem, sure, but not the whole problem.

It's absolutely the chief problem (although not the exclusive problem, as you note, just the biggest).

You can't even buy webcams at normal rates and no miners are buying those. The pandemic is the biggest issue.

The pandemic was a double whammy (reduced production + increased demand). If it's the cancer, the other things are more like opportunistic infections. We could've handled all of them were it not for the pandemic. Heck, some of this instability and coin-valueing is driven by the pandemics uncertainty.

 

[lexluthermiester]

It's absolutely the chief problem (although not the exclusive problem, as you note, just the biggest).

We'll have to agree to disagree on that. The reason I disagree is that the GPU shortage problems didn't start until the turn of the year. In the whole of 2020 the market was just fine. So the pandemic reason simply does not hold water and is therefore nearly meritless. It may be currently compounding the problem, but it is not the cause.

 

[R-T-B]

The reason I disagree is that the GPU shortage problems didn't start until the turn of the year.

I mean, we were still distributing silicon released in 2019 was the chief reason for that. But it's really pointless to argue about. The end result is the same: suckage.

 

[Space Lynx]

India to propose cryptocurrency ban, penalising miners, traders - source

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.

www.reuters.com

What came of this? When is the vote expected?

 

[lexluthermiester]

The end result is the same: suckage.

Agreed.

Ok, just watched this. It was interesting. Linus dropped some serious logic here..

R-T-B, I will concede. You might be right.

 

[Zach_01]

You can say I am a fan of crypto, and I have to admit that the current shortage and overpricing of GPUs is a mining thing more than anything else. Miners are willing to pay x2 and x3 the MSRP because of the gain return. It would still be profitable even if crypto prices drop to 1/3 from current. I'm out of mining long ago because now I dont need it.

I remember back at 2018 when this happend for the first time and along with GPUs some specific boards went up in price and all PSUs also. And it didnt matter if they were large wattage or not. Just like now it doesnt matter if the GPU is highend or midrange or entry level. Once demand is through the roof the whole market segment is up in prices. Same for PSUs.

 

[moproblems99]

Mining is as much the reason of the gpu shortage as it is the reason for toilet paper shortages. Well, I take that back. There are more miners buying gpus than whiners blowing their noses in tp.

 

[trog100]

the pandemic has caused economic problems its also caused massive money creation.. add the two together and you have something that could not be predicted.. lots of people not working but getting more money via stimulus checks than if they were working.. the demand is high but the production is low..

a shortage of goods and no shortage of money leads to inflation.. which is exactly what we are seeing and as long as the stimulus checks keep coming the situation will just get worse..

one of the reason big business is buying into bitcoin is because the dollar is losing its purchasing power.. its all a bit of a f-ck up with no easy answer..

having said that without the stimulus checks there would be societal breakdown.. the poor really would be eating the rich..

trog