Anyone just given up on looking for a new GPU?

[FoxEye]

In my view it will improve signfiicantly by mid year.

Both the big Crypto's have done a ~10x in the last year so mining is profitable right now, along with new more power efficient hardware.
All those GPU's diverted to mining have increased the hash rate drastically, Ethereum global hash rate is 20% up in January alone with no sign of slowing down as these new fast cards are thrown into the mix by the pallet.... along with some Asics. So that's 20% less rewards per day just this month. At this sort of rate deflation mining in the UK is already not going to be profitable on hardware bought specifically for mining.

The payback on an MRSP 3060Ti back in early January would have been 3-4 months at UK electric prices, now at £500+ for the same card it's more than six months. In 2 months time, the same £500 3060Ti will have a spot ROI of 12 months and in reality with the hash rate increasing quickly month on month even cards bought now are unlikely to ever pay back half of the purchase cost this year due to the high UK energy price and the effect of compounding global hash rate increases. Add in to the mix that mining rewards are likely to be reduced in the summer (EIP-1559) and that the above payback assumtions include the current Eth price holding at $1300 ish.... the party won't last forever.

Unless the Eth price makes a strong and permanent upward move, I predect UK miners will be looking to offload their cards from mid to late Q2.
Older (less efficent) cards will flood the market first.
Even if pricing hits $2k per Eth, that only delays break even for another couple of months.
GPU supply into key mining regions will continue but at a less agressive rate as ROI's fall so there will be more cards globally along with used cards on the market.

Keep the faith, The market will come back to gamers sooner than you think.
I expect there will be plenty of new and well priced used cards in the summer.

That said... if you do have a capable GPU's or two sitting around in a gaming machine or as a spare, you can make a little pocket change for the next few months
I've done OK over the last few months and will probably have enough profit to pay for my next GPU upgrade by summer and the extra heat hasn't gone to waste in winter.

I have it on good authority that BTC, Eth and co are going to the moon this year. Lambo production has been tripled in recent months to ensure expected demand can be met.

On a more serious note, I wouldn't recommend anyone buy used mining GPUs. Been there, done that, enjoyed the memory artefacts. Miners might downclock/downvolt the core, but they absolutely hammer the VRAM to the maximum extent they can.

 

[decto]

Have you got any good resources on getting started on mining? I'm debating doing some while I WFH.

Youtube is your friend but the easiest approch.

Set up a wallet such as MEW wallet on your phone.
Download phoenix miner from their website (make sure it is legit and unaltered) - other options available but it seems to just work.
In the folder there will be a list of batch files, you just need to change the wallet ID in a batch file to that of your MEW wallet. I use ethermine.org so change the ethermine batch file.
Start the miner with the batch file you just updated.
That's it, you are mining.

Paste the key into ethermine.org and you will see the updates. You can set payout to 0.05eth with your IP. Currently this will be ~15 days with a 3060Ti @ 60Mhash.
Profit.

You can then use Radeon software / MSI afterburner to reduce power consumption and tweak the memory up a little.

 

[pp111]

The 3070 from here arrived yesterday back at home in the UK so nice to be sat waiting for me.

I know this has probably already been discussed in circles but do we think the prices when cards become more available will just be higher now moving forward ?

I think it will be a long time before we see them go much lower. Unfortunately the needy gamers and miners have pretty much proven to the manufacturers that they are prepared to pay wildly inflated prices for GPU's. I mean even if the GPU's are avialable in huge numbers come May/June there are still going to be a LOT of people in the queue to buy one.

 

[Cleeecooo]

Youtube is your friend but the easiest approch.

Set up a wallet such as MEW wallet on your phone.
Download phoenix miner from their website (make sure it is legit and unaltered) - other options available but it seems to just work.
In the folder there will be a list of batch files, you just need to change the wallet ID in a batch file to that of your MEW wallet. I use ethermine.org so change the ethermine batch file.
Start the miner with the batch file you just updated.
That's it, you are mining.

Paste the key into ethermine.org and you will see the updates. You can set payout to 0.05eth with your IP. Currently this will be ~15 days with a 3060Ti @ 60Mhash.
Profit.

You can then use Radeon software / MSI afterburner to reduce power consumption and tweak the memory up a little.

Thanks for the explanation

 

[g67575]

not given up just yet

maybe soon tho

 

[at3k-]

Still happy enough with my 980ti, the only game I play that makes it **** the bed is Doom Eternal the ancient god's at 1440p.

Maybe I'll get one late this year idk

 

[heatonpkmassive]

I've not given up, but I'm in no rush either. It's not like I'm suffering with a 2080. Certainly wouldn't pay scalper prices, I'm not that desperate to upgrade.

 

[martian1]

I am on a rog strix 1080ti which i bought second hand about 2yrs ago and its almost at the price i paid for it now. I almost got a 6800xt payment took but then shortly after got an email..sorry out of stock. So after skipping the 2080 cards and patiently waiting i just decided as i had the money saved to just buy the best card i could find although inflated in price its around the cost of the 2080ti in its day. I have a saphire red devil 6900xt unopened ready to instal still a bit hard to stomache the price tbh i would have settled for the 6800xt but difficuilt to find as well.. crazy times the price i paid has increased £50 already so i guess if i get £400 for my 1080ti my man maths makes the red devil cost me £850 its getting to the point even if the 6800xt card i wanted popped up where i bought from its price would have gone up £100 by now then postage back for the dragon another £30 etc
Like many trying not to fold and hang on as i have its tipping point for me as although i dont desperatly need to change my card at the moment i can get damn good money for the strix card and do i want to skip this new generation of cards and be left with a poor performing gpu worth very little next year ! Also prices are just going up every week atm tough call but it is what it is

 

[alphaomega16]

yes, they seem to be going up and up and up in price

 

[7thGalaxy]

I have no choice my trusty Radeon R9 280 goes on strike the moment I put it under any strain. Works ok running Windows but any 3d environment and about 2 mins in screen turns into vertical lines and I have to reboot into safe mode.

Literally happened at the worst possible time. I'm not even looking for much of an upgrade but there's just nothing our there.

 

[venomx]

Saw a 3070 for £540 on stock informer yesterday.

 

[R33mba]

I dont know what's situation in Uk but in Balkan today was 17c summer day, spring is coming..
Get out be active spend your time on fresh air.
fck miners, bots, and horror gpu prices..
last 10 days I'm searching for gpu.
I lost all hope..
but now I can spent time outside.. enjoying

 

[henson0115]

do we think miners or scalpers are buying them up at these crazy prices? i really dont see how anyone is making a profit on them to be fair.

 

[chrcoluk]

do we think miners or scalpers are buying them up at these crazy prices? i really dont see how anyone is making a profit on them to be fair.

partner supply seems crazy low and drops are not organised, it seems if a store gets a couple in they put them up instead of waiting for large numbers, OCUK been the exception.

On the FE cards the amount of people going for at least 2 seems too many, morally I think its right to stop once you have one.

 

[FoxEye]

do we think miners or scalpers are buying them up at these crazy prices? i really dont see how anyone is making a profit on them to be fair.

Given the stories here of miners making 50 mile round trips to buy 2nd-hand Vega 56s from people (via FB marketplace, or whatever), I think it's a fair bet that this is 99% miners. At these prices anyhow. Who else is buying 5700XTs at £750...

 

[henson0115]

Given the stories here of miners making 50 mile round trips to buy 2nd-hand Vega 56s from people (via FB marketplace, or whatever), I think it's a fair bet that this is 99% miners.

o.0 i really fail to see how people making a living of it lol no wonder they are buying like 20 cards to make a profit.. crazy stuff

 

[FoxEye]

o.0 i really fail to see how people making a living of it lol no wonder they are buying like 20 cards to make a profit.. crazy stuff

There's a lot of hope (perhaps expectation) that BTC is going to hit $100k or whatever. Which in turn drags up the price of Eth and the others.

I expect with a lot of people it's FOMO. They possibly regret not buying in earlier, and are hoping against hope that they can still make a small fortune on it.

But frankly I'm hoping it goes the other way and crashes back to a couple $k

 

[henson0115]

There's a lot of hope (perhaps expectation) that BTC is going to hit $100k or whatever. Which in turn drags up the price of Eth and the others.

I expect with a lot of people it's FOMO. They possibly regret not buying in earlier, and are hoping against hope that they can still make a small fortune on it.

But frankly I'm hoping it goes the other way and crashes back to a couple $k

i just don't get peoples fascination with money, it doesn't make you any happier (how many millionaire suicides are there now?) guess people like shortcuts more than ever now.

 

[JohnG7]

If I wanted to be rich I would start by buying a lotto ticket every Wed/Sat but I have not bought one in God know how long at least late 90's after the novelty wore of (the 1 hour TV show also)

 

[FoxEye]

Hmm, think AMD just dropped 5 or 6 (lol) 6800XT. Naturally they were gone in microseconds.

Fun times I didn't get one. Doubt I ever will, lol.