Anyone just given up on looking for a new GPU?

mid_gen · 14 Feb 2021 at 12:17

Twinz said:
I would hate to go without backup parts right now. That's why I'm not cashing in my 1080ti. I can't plug my Reverb into a stack of cash if something goes wrong with my 3080 and I have to RMA it.

Hrm, well I can live without a GPU for a bit if necessary, having redunant graphics card is a step too far when I've got a Series X if I really need to play games!

Combat squirrel · 14 Feb 2021 at 12:27

decto said:
1 x 3060Ti = £140 per month profit at current prices.

In reality it is variable as it depends so much on transaction volume (gas fees) and coin price... could be 3 months, could be 12 months... or never.

However when people look at 3-4 months for profit, their eyes glaze over and it is buy buy buy.

What currency's are generating that sort of money ?!

decto · 14 Feb 2021 at 12:28

Combat squirrel said:
What currency's are generating that sort of money ?!

https://whattomine.com/gpus/52-nvidia-geforce-rtx-3060-ti?cost=0.19&button=

decto · 14 Feb 2021 at 12:36

Jono8 said:
But really there is no risk to it (unless you are buying at way over RRP). I mean worst case is you will earn a bit, to at least cover the cost of selling it 2nd hand in the future if prices normalise again.

Best case is that you mine a load of bitcoin now, cash in to pay off the card, and then keep the rest and see if bitcoin doubles, triples, quadruples in the next few years.

i think the main reason is the expectation that Bitcoin could go even more stratospheric than it already has what with Visa/Mastercard/Tesla all recently giving it more validation.

If it does, the £5 a day you are mining now could actually be £20, £30, £40 a day.

There is risk, coin price could drop back 80%... it's done a 15x in the last 12 months so more likely we are near if not at the top of a cycle than at the start of a run. You need to be able to hold the coins (investment) indefinitely to stand the best chance to recover the funds if there is a crash.

Difficulty of Eth (you can't profitably mine bitcoin on a GPU) is increasing 20-25% per month so coins earned per day halves in less than 3 months, unless coin price keeps going up at 20-25% per month ROI gets longer and you run into the high EU/UK energy costs. 2x that in Canada and 3 x part of China.

If you have GPU's by all means mine on them, if you can afford to buy a couple of extra GPU's and consider it as a long term investment... then fine.
However I would strongly discourage someone buying 10 GPU at scalper prices on their credit card, if they are relying on the mining income to pay the debt back because that has a very high change of tears.

Jono8 · 14 Feb 2021 at 12:39

decto said:
There is risk, coin price could drop back 80%... it's done a 15x in the last 12 months so more likely we are near if not at the top of a cycle than at the start of a run. You need to be able to hold the coins (investment) indefinitely to stand the best chance to recover the funds if there is a crash.

Difficulty of Eth (you can't profitably mine bitcoin on a GPU) is increasing 20-25% per month so coins earned per day halves in less than 3 months, unless coin price keeps going up at 20-25% per month ROI gets longer and you run into the high EU/UK energy costs. 2x that in Canada and 3 x part of China.

If you have GPU's by all means mine on them, if you can afford to buy a couple of extra GPU's and consider it as a long term investment... then fine.
However I would strongly discourage someone buying 10 GPU at scalper prices on their credit card, if they are relying on the mining income to pay the debt back because that has a very high change of tears.

Yes, the price could drop back....but then next year it might shoot to £200,000 a coin.

I mean, everyone thought it was insane that Bitcoin reached £1000, let alone £30,000.

Is it a slight risk for those buying loads of cards? Yes. But then you will never make any money in life if you dont take risks with some of what you have.

Many see this as an investment and now that even Tesla have put $1.5 Billion into it, who is anyone to say it is a bad one?

I agree that buying loads of old gen cards for insane prices is quite risky.

However, buying one or two 3XXX cards at RRP to mine on really holds zero risk at all. If you bought them at RRP, and just did a few months mining you could probably still sell them for a net profit even if Bitcoin/Eth collapses.

McPhee · 14 Feb 2021 at 12:50

Combat squirrel said:
destroying the environment by using absurd amounts of electric

Care to quantify that?

My 3060 Ti is using <120W while mining. The rest of the system is basically idle, unless it's being used for something else. Let's say mining uses 4kWh per day. Taking a look at electricitymap, the UK's current carbon intensity is 161g CO2 per kWh. So 644g CO2 per day.

How far can a typical petrol car travel before having the same carbon footprint? 2-4 miles, without accounting for fuel refining emissions (which I really cannot be bothered to work through).

Dicehunter · 14 Feb 2021 at 12:53

I'm slowly building up a new rig focused on non RGB and silent but powerful, Got the case, Cooler, PSU, Storage, Memory, Fans, Monitor, Peripherals, X570 motherboard and CPU but the GPU... yeah no... GPU prices are beyond greedy even from reputable retailers, I'll wait until they stop worshipping at the altar of greed or wait for a decent pre-owned deal to come along when the eventual 4000 series lands from Nvidia.

ljt · 14 Feb 2021 at 12:55

DaveGW said:
In simple terms..even you can understand, spend quality time researching where and when to apply your time, decide how much you can possibly afford, balance cost of component with ''mining returns'', if thats your bag, component or Pre-Built, loads of great Pre-builds around.The lazy, the useless moaners will always miss out. EASY...for some of us.

Not interested in mining or spending time "researching" I dont have time for that between work and caring for my Mom. What little quality time I do get where I even have the energy to do anything is spent doing the one thing I enjoy and that is getting away from it all by losing myself in a game.

anyway I have no interest in carrying on this discussion, your attitude stinks and honestly you sound like a total **** so you'll be another one on my ignore list.

Richdog · 14 Feb 2021 at 13:59

robj20 said:
So using electricity to make money is destroying the environment, but using electricity to play games is okay.
I think you need to give your head a wobble, what ever that means!
Stop whining acting like gaming is so important and graphics cards are some how only for you and not for anyone that wants them for what ever reason.

My 12 year old cousins could come out with a better argument than this, I mean seriously that is Kindergarten logic. We are talking about 1x miner using MANY MANY times the amount of electricity that 1x gamer with one card consumes. It's not comparable and it's not the same principle.

Combat squirrel · 14 Feb 2021 at 14:26

Richdog said:
My 12 year old cousins could come out with a better argument than this, I mean seriously that is Kindergarten logic. We are talking about 1x miner using MANY MANY times the amount of electricity that 1x gamer with one card consumes. It's not comparable and it's not the same principle.

I'm glad SOMEONE explained the obvious!

However sure, if it really is MAGICALLY that profitable, then I see why people do it - but, I just don't see how people are mining and simply transferring hundreds of pounds into their account, it surely can't be 'that easy'

Can it ?

However no matter which way you look at it, it's defo damaging to the environment, I'm sure I read somewhere its now using a huge % of the entire planets electricity supply, especially overseas in China etc

Joxeon · 14 Feb 2021 at 14:31

Combat squirrel said:
I'm glad SOMEONE explained the obvious!

However sure, if it really is MAGICALLY that profitable, then I see why people do it - but, I just don't see how people are mining and simply transferring hundreds of pounds into their account, it surely can't be 'that easy'

Can it ?

However no matter which way you look at it, it's defo damaging to the environment, I'm sure I read somewhere its now using a huge % of the entire planets electricity supply, especially overseas in China etc

It is that easy but that's not to say the tax man won't come calling in a few years as I'm sure most are not declaring.

shaunwil · 14 Feb 2021 at 14:41

I wouldn't be supprised the tax man cometh for all the scalpers too given the tax hole we have now.

pigeonguyuk · 14 Feb 2021 at 15:19

got myself a 4gb 1650 ventus gp as a temp until get something better. was sub £200 incl delivery, considering some 4+year old 4gb gpus fetching that i suppose not too bad

Darujhistan · 14 Feb 2021 at 16:27

pigeonguyuk said:
got myself a 4gb 1650 ventus gp as a temp until get something better. was sub £200 incl delivery, considering some 4+year old 4gb gpus fetching that i suppose not too bad

What was wrong with the 5500XT?

pigeonguyuk · 14 Feb 2021 at 16:54

Darujhistan said:
What was wrong with the 5500XT?

It was RMA'd was getting serious BSODs. amdkmdag.sys error. this could be 2-3 in 10 mins or just webbrowser or in games or could have been 4+ hours nothing. Wasnt hardware as multiple win reinstalls didnt fix, and the temp gpu now in system (r9 270x) is working fine without the same issue but all other drivers/bios the same

denigor777 · 14 Feb 2021 at 17:52

Combat squirrel said:
I'm glad SOMEONE explained the obvious!

However sure, if it really is MAGICALLY that profitable, then I see why people do it - but, I just don't see how people are mining and simply transferring hundreds of pounds into their account, it surely can't be 'that easy'

Can it ?

However no matter which way you look at it, it's defo damaging to the environment, I'm sure I read somewhere its now using a huge % of the entire planets electricity supply, especially overseas in China etc

Yes it's bad for the environment if the energy (heat) is just going out of the window. But if you are using the mining rig heat to warm your home, then there's no loss.

Richdog · 14 Feb 2021 at 18:08

denigor777 said:
Yes it's bad for the environment if the energy (heat) is just going out if the window. But uf you are uding the mining rig heat to warm your home, then there's no loss.

Not sure if serious... you think a mining rig in one room is going to heat an entire house?

Combat squirrel · 14 Feb 2021 at 18:34

Joxeon said:
It is that easy but that's not to say the tax man won't come calling in a few years as I'm sure most are not declaring.

it doesn’t seem to be that easy, iv a Vega 56 on my Mac and it looks near impossible to setup and mine eth (apparently good for gpu) and I don’t want to boot camp ........ seems to be a minefield and guides on google are all vastly different and there is no simple Mac and windows guide on the ocuk mining forum......seems to be rather difficult tbh

Joxeon · 14 Feb 2021 at 18:41

Combat squirrel said:
it doesn’t seem to be that easy, iv a Vega 56 on my Mac and it looks near impossible to setup and mine eth (apparently good for gpu) and I don’t want to boot camp ........ seems to be a minefield and guides on google are all vastly different and there is no simple Mac and windows guide on the ocuk mining forum......seems to be rather difficult tbh

Not sure about a Mac but on Windows all you have to do is set up a Nicehash account, download the miner software then install it and hit start mining. Then you just need a coinbase account link to Nicehash to move the BTC over and sell then a PayPal account linked to coinbase to withdraw the proceeds.

robj20 · 14 Feb 2021 at 18:42

Richdog said:
Not sure if serious... you think a mining rig in one room is going to heat an entire house?

Do you understand how a computer works. It's a valid use to use a pc to add to the heating of a room.
If a pc uses 200w for instance a large portion of that is heat, then sound.
Mine keeps our dining room noticeably warmer than the other downstairs rooms when the heating is off.