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How Bitcoin and cryptocurrencies are hurting gamers

Greater fool theory at play. Doesn't mean there isn't money to be made.

I got tipped on Ethereum at $40 and had a few grand sitting around. Couldn't see it taking off. 2 months later it hit $400 briefly. D'oh.
 
TNA said:
Yep. I think they will eventually be under £100, will grab one at that point :)
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Yeah I picked up two ex 290 mining cards for £120 the coolers were in a right state with thick black gunk on them. Cleaned one up and sold it for £100 the other I used for a bit with a spare Arctic cooler I had till I sold that too and made a little profit.
 
bitcoin is a big boat. There's a chance of it turning into a big golden boat or a smaller chance of it being a sinking failboat.

I'll buy my golden tickets for the chance not to miss the boat.
 
varkanoid said:
Yeah I picked up two ex 290 mining cards for £120 the coolers were in a right state with thick black gunk on them. Cleaned one up and sold it for £100 the other I used for a bit with a spare Arctic cooler I had till I sold that too and made a little profit.
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I think it was you I sold my 290 to for £105. But I know for sure it was clean, just maybe a little dust in hard to reach places. Was the MSI Gaming one. Could have got double that for it had I hanged on for a bit but who would have known. I had a GTX 1080 at the time and thought I would keep that, but my plans changed.

No big deal though, I ended up buying a R9 Nano for £160 here after selling my 1080 and then selling it for around double that and then recently buying a 7970 for £55 which will do the job until I either get a Vega or Volta :D
 
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CB did a short article about price rises for graphic cards:
https://www.computerbase.de/2017-07/grafikkarten-preise-mining/
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(that's +€ as in compared to the May price, a RX 580 is €161 more now in July)
 
Did I read it wrong or did the amount near the end say that he earned $335 over a 1-2 year period?

Probably read it wrong as I have zero knowledge of mining, however I'm a naturally curiously skeptical person and something just feels wrong about it, can't put into words it's just seems to good to be true in some way.
 
Doobedoo said:
Did I read it wrong or did the amount near the end say that he earned $335 over a 1-2 year period?

Probably read it wrong as I have zero knowledge of mining, however I'm a naturally curiously skeptical person and something just feels wrong about it, can't put into words it's just seems to good to be true in some way.
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the people that do it aren't running normal rigs.

they run 1 small efficient CPU like a G4560, they have a motherboard with pci-e risers plugged into pci slots. giving them 5-6 graphics cards plugged into 1 motherboard. they then don't bother with buying a case, just a small hard drive and a powerful efficient PSU

no need for a case, lots of RAM, lots of storage, etc.

this keeps costs low and it also keeps their electric usage low.

they also don't tend to pay for electricity, they will be living somewhere where elctricity is included in the monthly bill, student accomodation, army barracks, oil rig, parents house, etc.

obviously you have the other end of the scale where it's a warehouse running a farm. probably using solar power for free electricity.


i think if the average person is looking into it then they need to buy solar panels with battery storage. try and take full use of the free leccy. that way they have no running costs. they can afford to just leave a rig running 24/7 even when it's not profitable for others.

people saying a crash will happen, they have been doing this for years. everyone said bitcoin would never work. now people are saying it will be $5K per bitcoin soon. at one point it was worth 1p each.
 
Yeah I watched the above video I mean it's a hard one, I was always taught to avoid get rich quick schemes. No doubt people are making money but to what effect on the rest of the population? We obviously see an increase in Gpu prices, but what about the increased energy demand and it's inevitable knock on price rises for the general population, what about the environmental factors of this excess energy consumption, as in that which is not renewable.

I don't like it but then again it's nothing new, we've had the gold rush, oil boom ect. Few get mega rich while the average person gets steadily poorer. We have technologically advanced massively over a short period of time, yet, as a species we don't seem to have made much progress.

Oh well it is what it is I guess :)

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Doobedoo said:
Did I read it wrong or did the amount near the end say that he earned $335 over a 1-2 year period?

Probably read it wrong as I have zero knowledge of mining, however I'm a naturally curiously skeptical person and something just feels wrong about it, can't put into words it's just seems to good to be true in some way.
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It is very big business.

There is an interview with a the guy who owns the above set up. Its insane how much it costs to run..
 
It will be over again soon, the returns for mining Cryptocurrency through NiceHash has already fallen by about 60% in the last 2 or 3 weeks, pretty soon its not going to be profitable at all anymore.
 
imginy said:
Yes mining ether alone uses more than some small coutries. I think bitcoin uses even more.
https://www.google.co.uk/amp/s/www.pcgamesn.com/ethereum-gpu-mining-power?amp
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Every action has an equal and opposite reaction I once heard someone say. And few individuals have more money combined than half of the population of the entire planet. Crazy World and all that.

Eight men now control as much wealth as the world's poorest 3.6 billion people, according to a new report from Oxfam International. http://money.cnn.com/2017/01/15/news/economy/oxfam-income-inequality-men/index.html
Sorry for the tangent i know this isn't quite the right place it just really irks me. Anyway back to more meaningful things :)
 
imginy said:
Yes mining ether alone uses more than some small coutries. I think bitcoin uses even more.
https://www.google.co.uk/amp/s/www.pcgamesn.com/ethereum-gpu-mining-power?amp
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Most of the large farms are in locations that get cheap hydro power. So no wasted electric as what isn't used isn't generated. Iceland has huge overcapacity of hydro and geothermal energy.

In china most of the big farms will also locate in hydro power areas as that is where the cheapest electric is found.

For home users here running a 500 W rig for a year has the same CO2 output as a return trip London to New york, or 5,000 miles in 2.0 L Car.
 
If you mine then AMD is what you are looking for, but if you game then just buy invidia 1060 or 1070.
It's simple dont pay more for a AMD if the invidia one is cheaper. I dont get people who are brand loyal.
If they do the same or there about then go for whats cheaper at the time. I have intel cpu at the moment, as I got it last year.
If I was gonna buy a cpu with the same cash this year, it would be a AMD (I'm no fanboy) just cost aware boy :D
 
Bitcoin reminds me of religion. A lot of hype, a lot of people "not wanting to miss out". But essentially, there is nothing there. No point.
 
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