Ethereum Mining Wipes Out Radeon Inventory, AMD Stock Rallies

[btarunr]

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

View at TechPowerUp Main Site

 

[R0H1T]

Yeah I was just expecting ETH to explode for a few weeks now, let's just hope it doesn't explode in someone's face. Also why doesn't AMD mine ETH themselves, I thought the same could/should/would happen during the BTC or LTC boom? I bet they can make 10x the profit they'd otherwise make by selling these GPU's & some of us investing directly into ETH would get 2~10x our money's worth & then some

 

[RejZoR]

Crypto currencies should be banned by law. This crap is the most useless thing humanity has done right after the fidget spinners. Computing some useless numbers, wasting gigawats of power on it for what exactly? Go and do compute on cancer and HIV research, but crypto currency? WHY!? No to mention it fucks up the graphics market yet again.

 

[R-T-B]

Crypto currencies should be banned by law. This crap is the most useless thing humanity has done right after the fidget spinners. Computing some useless numbers, wasting gigawats of power on it for what exactly? Go and do compute on cancer and HIV research, but crypto currency? WHY!? No to mention it fucks up the graphics market yet again.

What do video games do for people?

This powers a payment network.

I hate what's happening too, but crypto is overall a good thing for humanity and a ban is NOT the answer. One of the goals of the Ethereum network is to eventually be able to submit useful jobs to the network you are aware, right?

 

[R0H1T]

Crypto currencies should be banned by law. This crap is the most useless thing humanity has done right after the fidget spinners. Computing some useless numbers, wasting gigawats of power on it for what exactly? Go and do compute on cancer and HIV research, but crypto currency? WHY!? No to mention it fucks up the graphics market yet again.

Definitely, that's why investing directly is better IMO. Having said that a lot of blame goes to miners & speculators, if you're doing something useful with your GPU (even gaming) then that makes sense, how does anyone justify wasting tons of (fossil fuel) resources in order to make a quick buck or two? Where does the European community, who're always going on & on about climate change as opposed to their cousins across the Atlantic, stand on this issue?

What do video games do for people?

This powers a payment network.

Which is illegal in most parts of the world, for good reason too!

 

[R-T-B]

Which is illegal in most parts of the world, for good reason too!

A few odd countries is not "most parts of the world"

And as I stated in my admittedly ninja-edit, Ethereum power is not wasted as they are essentially setting up a global supercomputer for hire.

 

[R0H1T]

A few odd countries is not "most parts of the world"

You're talking about crypto currencies, or just the one in BTC?

And as I stated in my admittedly ninja-edit, Ethereum power is not wasted as they are essentially setting up a global supercomputer for hire.

How so?

 

[R-T-B]

You're talking about crypto currencies, or just the one in BTC?

Either/or. Most of the world is a bold claim. Maybe most of the third-world.

How so?

https://en.wikipedia.org/wiki/Ethereum

First line, second sentence.

 

[notb]

What do video games do for people?

Games are a form of entertainment. This is important.

Mind you, there's nothing wrong in wanting to earn some money with mining (I'd try myself one day).
But fundamentally this is just a waste of resources.

A few odd countries is not "most parts of the world"

And as I stated in my admittedly ninja-edit, Ethereum power is not wasted as they are essentially setting up a global supercomputer for hire.

And what is this "global supercomputer for hire" doing?

I agree with @RejZoR - it would be a lot better if we had a "paid" computation project for HIV cure or something like that.

Cryptocurrencies didn't give us anything useful, but they did provide issues (apart from the wasted energy, obviously). They can drive gear prices. Potentially they could even impact the value of normal currencies.
The anonymity gave a boost to illegal activities - both online (Silk Road, ransomware) and physical (even kidnappers demand bitcoin these days - no "put the bag in the trash" anymore).

 

[R-T-B]

And what is this "global supercomputer for hire" doing?

At the moment, not much. Mostly because a lot of it is disabled as they go through several testing "growth phases." But as the network matures it theoretically could be used for whatever, HIV cure included. It's turing complete.

 

[damric]

Would it be a good time to list my HD 7850s on ebay then? What should I expect to get for them...

 

[killa007]

Would it be a good time to list my HD 7850s on ebay then? What should I expect to get for them...

nothing cuz eth require at least 3gb of memory to mine, maybe even 4 already, since its going up.

 

[uuuaaaaaa]

So it's time to gimp my Fury X to R9 nano levels so that I can buy moar hardware couple months down the road.

 

[RejZoR]

What do video games do for people?

This powers a payment network.

I hate what's happening too, but crypto is overall a good thing for humanity and a ban is NOT the answer. One of the goals of the Ethereum network is to eventually be able to submit useful jobs to the network you are aware, right?

Entertainment, relaxation, trainig motoric and cognitive skills. Games are already ahead with its purpose.

How to spot a butthurt miner. Just say mining is crap and they'll lash at you like hardcore vegans. Stop being cultists mkay?

 

[silentbogo]

Which is illegal in most parts of the world, for good reason too!

There is a big difference between "illegal" and "prohibited to financial institutions".
E.g. in countries like China, India, Russia (which already qualifies as "most of the world" in terms of population), cryptocurrency cannot be used by banks for obvious tax evasion/money laundering reasons. However, general population is allowed to use crypto without regulations.
Most of the South and Central americas are completely unregulated (except Bolivia and Equador).
Entire North America, most of EU etc. etc. etc.
Some African countries depend on cryptocurrencies(largely BTC) as the most available and reliable method of payment.

Crypto currencies should be banned by law. This crap is the most useless thing humanity has done right after the fidget spinners. Computing some useless numbers, wasting gigawats of power on it for what exactly? Go and do compute on cancer and HIV research, but crypto currency? WHY!? No to mention it fucks up the graphics market yet again.

That's the most ridiculous thing I've ever heard.
1) It is not useless, it is quite useful. Just like Paypal started a revolution in digital currency and immediate transfers, BTC allows people to do the same without limits, where Paypal is not available.
I know that from personal experience, because my government f#cked up negotiations with PayPal reps at least on 3 occasions (2008-2013) and services are still not provided to Ukraine. Formerly popular Webmoney is also restricted to the point of being useless.
2) For the reasons above, your second argument on waste of resources also does not make much sense.
3) It does not f%$k up graphics card market. It only affects the used GPU market. Just like PS3 and XBox 360 deficit back in a day, it will come to balance eventually.

 

[Prima.Vera]

This is good for AMD. Their cards suck for latest games anyways. Specially on 1440p or above resolution...
For mining they are perfect though.

I wonder, what would happened if nVidia would release a dedicated Bios & Driver for crypto mining....

 

[R-T-B]

How to spot a butthurt miner. Just say mining is crap and they'll lash at you like hardcore vegans. Stop being cultists mkay?

As someone who lost a lot of money in bitcoin, and wouldn't mine again if you paid my electric, I am most certainly not a "cultist." Stop trying to discredit those who don't share your ideals, it's rude and you're bad at it.

 

[RejZoR]

So, you had a very bad experience, but you still feel the need to defend it. Totally not like a cult, right? Think whatever you want, I don't care. It's stupid.

 

[mistme]

The idiocracy by rejzor marches on while tpu is being covered in trash.

 

[TheGuruStud]

I see more and more idiots on TPU making outrageous posts. Are they turning into trolls? Have they been trolls all along? Are they going senile? Did someone piss in their cheerios?

Central banks have/are adopting cryptocurrency. Super, ultra, mega, faiiiiil posts. Good work, bub.

Almost sounds as if someone sold tons of BTC for nothing, then it blew up, and they're on the verge of suicide for basically losing hundreds of thousands LOL

 

[R-T-B]

So, you had a very bad experience, but you still feel the need to defend it. Totally not like a cult, right?

No, because unlike a cult I actually think for myself.

Sersiously dude. What do you think they strapped me down and made me mine until I loved it?

Almost sounds as if someone sold tons of BTC for nothing, then it blew up, and they're on the verge of suicide for basically losing hundreds of thousands LOL

Ironically, minus the suicide, yeah that's me. I defend it because I see its benefits and I'm not actually defending BTC as much as what I see as it's natural evolution, Ethereum.

Crypto is here to stay, because rational people can see its benefit. The world has needed a currency free of banks since we lost the gold standard.

 

[RejZoR]

So, having an opinion over certain thing being retarded is not allowed anymore. Wiu wiu wiu wiu thought police incoming!

 

[silentbogo]

 

[R-T-B]

So, having an opinion over certain thing being retarded is not allowed anymore. Wiu wiu wiu wiu thought police incoming!

No, it's allowed. Just like me calling you "rude" for bashing my counter-opinion and comparing it to a cult is allowed. Deal with it.

Anyways, I'm out of this thread. Way too much animosity here.

 

[TheGuruStud]

So, having an opinion over certain thing being retarded is not allowed anymore. Wiu wiu wiu wiu thought police incoming!

No. It's not that. You're just undeniably wrong. You might as well be defending the logic of religion.