Maybe this is an incredibly uneducated comment, but won't they have to buy those GPUs back when the price of ETH inevitability goes up again? This is all just FUD from August 1st, ICO instability, and lack of Ethereum use cases. All of these issues have resolutions planned. So one would be stupid to think Ethereum stays at $150 for even a year.
Used GPUs flood the market as Ethereum's price drops below $150
41–50 of 361 posts
Re: Used GPUs flood the market as Ethereum's price drops below $150
#42On the bright side, this has been a great test of etheriums scalability. Which isn't great, but when this mining craze dies down I won't hesitate to run ethminer when I'm not home for a little extra dough.
What I would really expect is an overreaction to the price crash, which means the difficulty rate might drop a lot. At this point, doing what a lot of people do with bitcoin - mining small amounts for a long period of time and just holding it until it reaches all time highs to cash out - is probably really easy money.
Probably most relevantly is how crypto valuations are bound together. Bitcoin is also down about 20% from its ATH, and will certainly drop more as long as eth pulls it down. The entire market will rise and fall on the hype of just one blockchain. Coins nobody even cared about like peercoin saw 5x returns on miners during this eth bubble.
Re: Used GPUs flood the market as Ethereum's price drops below $150
#43Earlier quoted context omitted.
But that's 385 / month revenue? On a setup that's what, $3400 to buy, for seven 1070s? Seems like asking for 10 months to cover capex is a bit thin, given the price instability.
Miners shouldn't be meaningfully exposed since they can sell off their ETH as soon as they mine it (deposit it to an exchange address and sell off every few minutes via an API, or something like that). And while ETH might crash enough to make it no longer profitable and risking your capex, you can switch your GPU to mine whatever is most profitable, so you're more diversified than it looks and insulated from the inst…
If Eth crashes (more) and bitcoin continues to drop, no crypto is going to be worth anything.
Re: Used GPUs flood the market as Ethereum's price drops below $150
#44Earlier quoted context omitted.
But that's 385 / month revenue? On a setup that's what, $3400 to buy, for seven 1070s? Seems like asking for 10 months to cover capex is a bit thin, given the price instability.
> On a setup that's what, $3400 to buy, for seven 1070s? Well you can always resell them on the used market after stopping the mining operation and get a decent chunk of the money back...
Or just, you know, buy ETH with money right now.
Re: Used GPUs flood the market as Ethereum's price drops below $150
#45On the bright side, this has been a great test of etheriums scalability. Which isn't great , but when this mining craze dies down I won't hesitate to run ethminer when I'm not home for a little extra dough. What I would really expect is an overreaction to the price crash, which means the difficulty rate might drop a lot . At this point, doing what a lot of people do with bitcoin - mining small amounts for a long peri…
Proof-of-stake is coming to Ethereum later this year, so there isn't much point investing in a few more months of mining. Casper is the real reason everyone is selling their mining hardware.
Re: Used GPUs flood the market as Ethereum's price drops below $150
#46Earlier quoted context omitted.
And I can attest to learning this lesson personally in 2012.
lol, sorry, but how long until your landlord contacted you? What was the conversation like? I'd would have said, sorry running servers for my internet business.
> I'd would have said, sorry running servers for my internet business.
Why do you think that would have helped? The landlord cares about the fact that he/she is paying more money because power consumption is high, not about why power consumption is high.
Re: Used GPUs flood the market as Ethereum's price drops below $150
#47Off topic, but the "ETH/USD" label on the price graph bothers me. Shouldn't it be USD/ETH?
https://www.overclock3d.net/gfx/articles/2017/07/16083553143...
150 ETH/USD would mean that you can get 150 coins per 1 USD. On the other hand, 150 USD/ETH correctly captures the mathematical relationship.
Re: Used GPUs flood the market as Ethereum's price drops below $150
#48On the bright side, this has been a great test of etheriums scalability. Which isn't great , but when this mining craze dies down I won't hesitate to run ethminer when I'm not home for a little extra dough. What I would really expect is an overreaction to the price crash, which means the difficulty rate might drop a lot . At this point, doing what a lot of people do with bitcoin - mining small amounts for a long peri…
Proof-of-stake is coming to Ethereum later this year, so there isn't much point investing in a few more months of mining. Casper is the real reason everyone is selling their mining hardware.
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Re: Used GPUs flood the market as Ethereum's price drops below $150
#49Welcome to the end. Ethereum crasheses, bringing NVDA down. Bringing the NASDAQ down. Down and down it all goes. This house of cards, these castles in the sky.
If you really believe that, then put your money into a short position and profit handsomely. But I suspect you are just talking, and don't believe what you say enough to risk a dollar.
I do believe. Wait for it. Goes go drink symmore. This is not investment advice
Re: Used GPUs flood the market as Ethereum's price drops below $150
#50Maybe this is an incredibly uneducated comment, but won't they have to buy those GPUs back when the price of ETH inevitability goes up again? This is all just FUD from August 1st, ICO instability, and lack of Ethereum use cases. All of these issues have resolutions planned. So one would be stupid to think Ethereum stays at $150 for even a year.
> All of these issues have resolutions planned. So one would be stupid to think Ethereum stays at $150 for even a year.
Honestly, there is nothing anyone can do to convincingly predict the future price of something like Ethereum or Bitcoin, because they are purely speculative investments.