NVIDIA GeForce Prices Skyrocket as Cryptocurrency Miners Snap up Supply

I'm so confused. Everyone else I ask, say mining is over, the fact there is a fixed # coins means the more that are put in action, the fewer there are to mine and the more time/power it takes to get one ...

what's the reality of all this, and the would be GPU miners idiots? On Bitcoin, the ASICs like Bitfury are sooooo much faster, in the Trillions of hashes per second.
 
My RX 480 sold for $370 yesterday, I paid $200 for it (y)

With it being summer I'm not too concerned on replacing it right away.
 
xX_Jack_Carver_Xx said:
I'm so confused. Everyone else I ask, say mining is over, the fact there is a fixed # coins means the more that are put in action, the fewer there are to mine and the more time/power it takes to get one ...

what's the reality of all this, and the would be GPU miners idiots? On Bitcoin, the ASICs like Bitfury are sooooo much faster, in the Trillions of hashes per second.
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You're missing the point. They aren't mining bitcoins, they're mining other coins.
 
I sold two 290x cards for a little over 300 bucks each. they literally bought my 1080 card for me even after fees, shipping and taxes. Wish i would have had 1 more 290x I would have had a free upgrade to a 1080ti. it's unreal what the older AMD cards are going for, so not surprised it's starting to effect the Nvidia side now. In a year or so it will all collapse as they dump these cards, but if you got the in demand card I would sell and upgrade to the high end.
 
Design1stcode2nd said:
From what I've read unless you get free electricity you don't make any money from mining? Perhaps it just happens to depend on which crypto-currency?
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Depends. Often at the start it isn't but if the value sky rockets like it has for bitcoin and etherium you could be sitting on a pile of cash. The hard part of course is knowing which crypto currency is going to take off and it can take several years if it ever happens. You've heard the stories of the pizza purchased with 10000 bitcoin or the tossed hard drives that would be worth hundreds of thousands to millions. It happens because when those events occurred the currency held such a low value and nobody knew what the future would yield.
 
Sold my 2 year old 295x2 that I paid $500 for on eBay, sold for $885. Even after PayPal and eBay fees I'll clear enough to buy a 1080ti. Might just hold off and see what Vega brings also.
 
If I had anything decent to fall back onto I'd sell my 480 and wait on Vega. Sure is temping regardless.
 
velusip said:
No, it's just that ASICs are designed for a particular algorithm not in used by ETH. See https://github.com/ethereum/wiki/wiki/Ethash
It takes time, money, and rationale to develop a new ASIC, so videocards are the first best option.



Wha? Maybe at the block rates from over a year ago. Assuming you're throwing over 100MH/s, it's still going to take nearly 3 months.
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The 1080ti will throw about 35MH by itself, threw my 1070 into the mining mix, that's another 28MH or so. I have some extra GPU's laying around the house as well I cobbled together. That's just icing on the cake though.

Speaking strictly for the 1080ti, assume I sold the card it replaced, I could get 450 for it instantly, that only leaves about $270 worth of mining the 1080ti has to do to pay it's way. Using one of the popular calculators putting in 35Mhash, my 8 cents per kwh, and current price difficulty means it pays for itself in 1.4 months. Power is cheap as hell here in TX, and it's about to get 12% cheaper for me (7 cents per kwh once I ink a new contract this week for 36 months) :) ETH is sitting right at 350 per coin now.... yeah you are only mining maybe getting 0.15 ETH per week, but it's still a free $50. Power costs for a single 1080ti for a week @ 0.08 are right at $2.69.

I'm in a mix of ETH, ZEC, and LBC right now myself. Since I'm gone a good chunk of the week at work, makes total sense to put what I have to work and get while the gettin' is good :)
 
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I just bought two rx580 8gb models from my supplier. Hoping he can get stock as I can make a serious profit on them. If not I'll wait until my 1070 8gb Strix goes up in value and then get a 1080 :)
 
Man I was wondering what was up with prices. I just bought a GTX 1060 3GB off of B&H Photo for 180 shipped, I looked a week later and the same cards are pushing 200.
 
Crypto'currencies' are a cancer of computing. It raises costs and generates pseudocurrency that's mostly used to do crime.

Real currency is backed with gold and government. Cryptocurrencies are backed with illegal drug trading and hackers extortion.
 
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B00nie said:
Crypto'currencies' are a cancer of computing. It raises costs and generates pseudocurrency that's mostly used to do crime.

Real currency is backed with gold and government. Cryptocurrencies are backed with illegal drug trading and hackers extortion.
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Meh it's about the same way i feel about "investment banking" it's hardly anything but gambling as the money doesn't often touch any part of the economy that produces or has jobs outside of "banking" there is no "investment", it's shuffling money around often by using other people's money. That's without all the lack of care of ethics in that whole industry that can bet against their own client's interests. In short terms, i hate investment banking.
 
Semantics said:
Meh it's about the same way i feel about "investment banking" it's hardly anything but gambling as the money doesn't often touch any part of the economy that produces or has jobs outside of "banking" there is no "investment", it's shuffling money around often by using other people's money. That's without all the lack of care of ethics in that whole industry that can bet against their own client's interests. In short terms, i hate investment banking.
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Two bad things doesn't make a who cares.
 
B00nie said:
Crypto'currencies' are a cancer of computing. It raises costs and generates pseudocurrency that's mostly used to do crime.

Real currency is backed with gold and government. Cryptocurrencies are backed with illegal drug trading and hackers extortion.
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I thought the same thing, but the problem is I don't live in China. The value of a non-government controlled currency there is very high.
 
B00nie said:
Crypto'currencies' are a cancer of computing. It raises costs and generates pseudocurrency that's mostly used to do crime.

Real currency is backed with gold and government. Cryptocurrencies are backed with illegal drug trading and hackers extortion.
Click to expand...

I think mining is stupid personally, and I'm indifferent on the whole "currency" in general. What people do with it is between them, the other party, and possibly the authorities. People can do crime with cash, or even credit cards, so that's not a factor for me.

However, I have a question for you. What percent of our government's cash do you think is actually backed by gold? I've seen claims that range between 5% and 10%. I'm not an expert, so I don't claim to know this for certain, but I've seen these numbers across several sources. Let's be generous and double that to 20% just for the sake of argument. That's still IMO not a currency backed by gold.
 
J3RK said:
I think mining is stupid personally, and I'm indifferent on the whole "currency" in general. What people do with it is between them, the other party, and possibly the authorities. People can do crime with cash, or even credit cards, so that's not a factor for me.

However, I have a question for you. What percent of our government's cash do you think is actually backed by gold? I've seen claims that range between 5% and 10%. I'm not an expert, so I don't claim to know this for certain, but I've seen these numbers across several sources. Let's be generous and double that to 20% just for the sake of argument. That's still IMO not a currency backed by gold.
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Of course it's not backed by gold anymore. However real currencies are backed by real central banks and they're based on real historical value of real traded goods. Cryptocurrencies are just someones invention that's 'mined' on computers and have no value whatsoever outside of some crazy people who chose to pay real money for it. It's value is boosted solely by it's use in criminal activities due to it being hard to track. I still haven't figured out what makes anyone trade real currency for playmoney which cryptos literally are.

Also, what actually the 'mining' is doing? It would be an awful handy way to create a willing botnet to break encryptions.
 
B00nie said:
Of course it's not backed by gold anymore. However real currencies are backed by real central banks and they're based on real historical value of real traded goods. Cryptocurrencies are just someones invention that's 'mined' on computers and have no value whatsoever outside of some crazy people who chose to pay real money for it. It's value is boosted solely by it's use in criminal activities due to it being hard to track. I still haven't figured out what makes anyone trade real currency for playmoney which cryptos literally are.

Also, what actually the 'mining' is doing? It would be an awful handy way to create a willing botnet to break encryptions.
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I agree with you on most of this. I just personally doubt the real value of the "historically traded goods" that "real" currency is based on. In my mind they aren't THAT much different. Side note: I am also curious what the mining actually accomplishes... (not the pseudo-monetary side, but the actual data side...)

I assume it has something to do with breaking corporate ice, so that we can free a couple of AIs, in order to allow them to create art. :p
 
J3RK said:
: I am also curious what the mining actually accomplishes... (not the pseudo-monetary side, but the actual data side...)
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(I am probably getting this not quite 100% accurate, but close enough in simple terms)
In most cryptocoins, the mining is "Proof of Work", every single transaction is hashed into a gigantic set of data that contains all the previous transactions, ever, known as a blockchain. The algorithm of the blockchain has a specific set of requirements that are unknown to the public, so "miners" have to process the dataset (all previous + new transactions) assigned to that block, and hope that their guessed output is the correct one. This huge amount of work is basically unhackable and is the security of the currency.

With bitcoin being so big and complex, this process has slowed to a crawl, so now they want to separate part of the data (transactions) into a speedier, less costly process, which they call "SEGWIT" (Segregated Witness).

There are many variations of the core concept, where the computation/algorithm is different, and then there are ones where all the coins are pre-mined which are much sketchier. Also there are "token" currencies that are based off other currencies and its supposed to be used as a currency for a specific service. "My SportsBetToken is worth 10 Eth, you can bet on my website for 0.1SBT with a chance to win a 10SBT purse".

PnD = pump and dump
Shitcoin = coin that is a scam, or has lost so much of its value its worthless
Bagholder = someone who is stuck with a bunch of shitcoins
Whale = Large holder of currency that will influence price by trading their coins with PnD or Sell/Buy Wall
Sell/Buy Wall = Huge Ask/Bid wall at a certain value of currency that can only be broken by huge purchase drive or a whale
HODL = "hold" or "hold on for dear life"
 
lilbabycat said:
(I am probably getting this not quite 100% accurate, but close enough in simple terms)
In most cryptocoins, the mining is "Proof of Work", every single transaction is hashed into a gigantic set of data that contains all the previous transactions, ever, known as a blockchain. The algorithm of the blockchain has a specific set of requirements that are unknown to the public, so "miners" have to process the dataset (all previous + new transactions) assigned to that block, and hope that their guessed output is the correct one. This huge amount of work is basically unhackable and is the security of the currency.

With bitcoin being so big and complex, this process has slowed to a crawl, so now they want to separate part of the data (transactions) into a speedier, less costly process, which they call "SEGWIT" (Segregated Witness).

There are many variations of the core concept, where the computation/algorithm is different, and then there are ones where all the coins are pre-mined which are much sketchier. Also there are "token" currencies that are based off other currencies and its supposed to be used as a currency for a specific service. "My SportsBetToken is worth 10 Eth, you can bet on my website for 0.1SBT with a chance to win a 10SBT purse".

PnD = pump and dump
Shitcoin = coin that is a scam, or has lost so much of its value its worthless
Bagholder = someone who is stuck with a bunch of shitcoins
Whale = Large holder of currency that will influence price by trading their coins with PnD or Sell/Buy Wall
Sell/Buy Wall = Huge Ask/Bid wall at a certain value of currency that can only be broken by huge purchase drive or a whale
HODL = "hold" or "hold on for dear life"
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Thanks! That's more or less how I thought it worked from the little bits I've gathered here and there. What I'm actually curious about though is the "work". Is it actually accomplishing something other than giving money to the electrical company? If it's not actually doing SOMETHING, that seems like a waste. It seems like certain companies or organizations should "assign" (for lack of better term) work for these calculations to do. (like renting time on a super-computer) So, say a medical firm wanted to crunch a bunch of data. Maybe it could be arranged, encrypted, then assigned to all these mining computers. That particular organizations investment in the time, actually gives some value to the currency, and the mining would accomplish something in the process. Just a thought. Not sure how practical the idea is actually. Seems like it could work though. It would be like getting paid a little to fold or help SETI, etc.

Mining for the sake of mining just seems stupid to me. (and once again, I have very little knowledge of what's actually happening here) Since I'm not overly interested in it, I haven't attempted to look this up myself. :D Thanks for taking the time to respond.
 
B00nie said:
I can't think of any scenario that doesn't involve crime. What are those?
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You can just do legal business with criminals, after all what criminal has time to mine their own crypto currency:ROFLMAO:. After all torrenting isn't all about crime, it's nothing but linux distros right?
 
Damn, Newegg is down to a handful of 1060 and 1070 models that are still in stock, and every single one of those (except a bottom-barrel 1070 model) is at least $50 over its MSRP.

If this continues creeping up from 1060s and 1070s into 1080s then I'm buying a 1080 Ti and selling my 1080.
 
My MSI GTX 1070 Gaming X card is up to $540 now it looks like. Crazy...
 
Wow, I just checked my card that I paid like 345 bucks for a year or so ago (1070 zotac amp) and it's going for like 500 bucks now...

Guess it's time to upgrade to a 1080 lol.
 
Design1stcode2nd said:
From what I've read unless you get free electricity you don't make any money from mining? Perhaps it just happens to depend on which crypto-currency?
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that's what somebody making buckets of money told you to keep you out.

I started mining this weekend on a pair of Fury X and a single 1080TI. My predicted income is about $500 USD per month using NiceHash.

It's still too early for me to tell you it's legit, since I just started - but I've been mining for 48 hours now and my first $35 bucks or so is made, and my first payout of supposedly $125 is 6/27. After that I'll know if it's legit.

If you think the whole concept of mining is overly complicated --- it is. But you can get started pretty easily with nicehash FAQ.

https://www.nicehash.com/
https://www.nicehash.com/?p=faq

Download their miner
Setup a coinbase account.
And you can literally be making BTC currency to trade to USD in 15 minutes of setup time.
 
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Sure enough, same Gigabyte 1060 I bought for $250 6 months ago is out of stock at NE, ANT wants $437! Amazon is more realistic at $280 but of stock as well.
 
Just sold my 1070 for $490. Bought a brand new 1080 for $495. five bucks to upgrade to a 1080... was going to hold off on upgrades but at that price it's too good to pass up. If the trand continues in to the 1080's I may just sell that too. freaking crazy, you would think once the 1070 prices hit the same level as the 1080 prices people would just buy 1080's.
 
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