Cryptocoin Value and Market Trend Discussion

[Colddecked]

Ethereum mining is over and done with.

Expect a huge amount of used card on the second-hand market.

The Merge is here: Ethereum has switched to proof of stake

No one knows exactly what the cryptocurrency platform’s big upgrade has in store for the industry.

www.technologyreview.com

Before someone asks what about mining other coins? Well, if all the ethereum miners join other coins block rewards will plummet so much, mining will become unprofitable almost instantly.

Alot of miners already sold off their cards while their value was still around msrp. I don't think there will be a huge flood of cards, but definitely going to be a buyers market for a bit.

 

[DeathtoGnomes]

I believe so, as mining has died and reincarnated multiple times. Isn't there something like Raven coins?

Yea but... there is always a but.. Nothing has been proven to be sufficently profitable yet, unless you own Asic miners.

 

[trog100]

i am still running a couple machines on nicehash.. 4 cards in all..

basically as more people move into any given coin the difficulty goes up and the rewards drop.. it will take a while to sort itself out..

trog

 

[DeathtoGnomes]

i am still running a couple machines on nicehash.. 4 cards in all..

basically as more people move into any given coin the difficulty goes up and the rewards drop.. it will take a while to sort itself out..

trog

Thats what I said, really.

 

[ixi]

For the miners in this thread, any drop in profits?

Havent mined for years. In 2015. mined two coins. Waiting for them to rise at 5k or 10k (per coin) . Only have gained value.

 

[LFaWolf]

Havent mined for years. In 2015. mined two coins. Waiting for them to rise at 5k or 10k (per coin) . Only have gained value.

Good to know, but I am more curious if mining profit has dropped for current active miners.

 

[R-T-B]

Good to know, but I am more curious if mining profit has dropped for current active miners.

Well considering you can't mine anything but shitty value coins at the moment, heck yes.

But this is a crypto value thread and not a mining value thread.

I still am invested in Ethereum as a Proof Of Stake holder. My earnings there haven't changed much. Dipped a little with value but that was expected.

 

[TheoneandonlyMrK]

Good to know, but I am more curious if mining profit has dropped for current active miners.

By a little over two thirds.

Though I only checked with my Vega it should be a universal rate

 

[LFaWolf]

Wow, big drop eh? I wonder if active miners still plan to mine other coins, or what else to do?

 

[R-T-B]

Wow, big drop eh? I wonder if active miners still plan to mine other coins, or what else to do?

If I had still been mining, there is no question this'd be game over for me.

I imagine it will be for many.

 

[dragontamer5788]

Wow, big drop eh? I wonder if active miners still plan to mine other coins, or what else to do?

There's ETH-classic, and now ETH-POW (ie: just ignore the switch to proof-of-stake and hope for the best. Effectively forking the coin to keeping the proof-of-work coin alive).

At least, those are the big options people seem to be considering right now.

 

[lexluthermiester]

With the switch over to PoS GPU mining is over. Mining for other coin might still be a thing but ETH is done.

EthClassic is nothing as is ETH-POW. They are very unlikely to gain the traction and support ETH had.

 

[trog100]

i am still actively mining (in a small way) just to see what happens.. so far its not looking good..

trog

 

[lexluthermiester]

i am still actively mining (in a small way) just to see what happens.. so far its not looking good..

trog

I was hoping someone would chime in and drop that one. Didn't expect it to be you Trog. Hearing this everywhere, GPU mining is officially dead.

 

[hat]

Seems to be the case here as well. With two 1070s, I was making about $1/day with Ethereum. Now it's down to $.26 or so.

 

[lexluthermiester]

Seems to be the case here as well. With two 1070s, I was making about $1/day with Ethereum. Now it's down to $.26 or so.

Wow you're making THAT much?

 

[trog100]

i am currently running two machines.. one 3080 and 3070 machine and one 3070 and 2080ti.. using nicehash they are showing about 40 cents per day..

my main 8 card mining machine has been switched off for the last couple of months..

in the UK and euro land gpu mining has been hit with a double whammy.. energy prices going up massively.. in the UK i think we will be paying around 40 pence per unit.. basically to earn that 40 pence its now costing around £2 in energy.. he he..

i wont sell my cards i will just sit on them and see what happens..

trog

 

[lexluthermiester]

i wont sell my cards i will just sit on them and see what happens..

No, you should sell them now while prices will still gain you a reasonable return. The cryptomarket is going to take years to recover from this crash. Even then it's going to be a mess and your GPU will be useless to you. Things have changed permanently.

 

[Zach_01]

Pretty much mining was dead even before PoS with the already diminishing returns from difficulty and energy cost.
I'm not going to lie... I did it too for a couple of years.

Time to return GPUs to normal pricing, and if cryptos want to be (in) the future they should find a different way than wasting all this energy.

 

[N/A]

3090 profit is 4 cents and dropping. Now 2 cents. Life moves pretty fast.

 

[R-T-B]

I'm not going to lie... I did it too for a couple of years.

I think if you weren't at least initially fascinated with the idea, you weren't reading about it much. It was cool, technologically speaking. Humans and greed ruined it, but in hindsight, how could that not have been the end game for Proof of Work? Makes me feel silly for ever believing, lol.

If anything, I was overly idealistic to an extreme fault, I think.

Wow you're making THAT much?

Probably on some side coin. I don't expect that to hold as diff rises on those.

It's ugly if you want to keep mining. Best answer is to write this off for the ugly mistake it was.

 

[Zach_01]

I think if you weren't at least initially fascinated with the idea, you weren't reading about it much. It was cool, technologically speaking. Humans and greed ruined it, but in hindsight, how could that not have been the end game for Proof of Work? Makes me feel silly for ever believing, lol.

If anything, I was overly idealistic to an extreme fault, I think.

I was reading, I too believed at the time that the tech has a lot to offer. I still do but seems that it will take longer than I thought, if ever.

 

[R-T-B]

I was reading, I too believed at the time that the tech has a lot to offer. I still do but seems that it will take longer than I thought, if ever.

That's sort of where I am. My only question now is if the eventual benefit will outweigh the harm? Time will tell.

 

[dragontamer5788]

I was reading, I too believed at the time that the tech has a lot to offer. I still do but seems that it will take longer than I thought, if ever.

Remember, Bitcoin came out at the same time as Apple's "App store", in the winter of 2008/2009.

This isn't a "new technology" any more. We've had 13+ years of Bitcoin, trying to find a good use of it. Generally speaking, an idea that's obviously good and popular will be adopted by many players (ie: Google's app store, and the Windows store soon afterwards)

 

[R-T-B]

Remember, Bitcoin came out at the same time as Apple's "App store", in the winter of 2008/2009.

And bitcoin is as ancient as something like Amazons Fire OS usability wise now. I'm as convinced as ever that more things have yet to come, heck good things have already come from core blockchain ideas. This is just the tip of the iceberg. Not all tech operates at "appstore" pace.

But wait... this is the price discussion thread?