Cryptocurrency Mining is Fading in China

AlphaAtlas

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According to a report by the Commercial Times, the Chinese mining craze is starting to fade away. A halt on Bitcoin trading in the country certainly didn't help things, and the falling prices of alternative cryptocoins means miners are struggling to make a profit. According to the report, many miners are quitting the business, and used hardware is flooding the market.

Many mining machines have been available on second-hand trading websites in China priced less than a quarter of those of brand new machines, the report said.
 
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Their economy has been slowing for six years now, opening themselves to a meltdown in the crypto "market" is not something they need.

Especially in a country where people have to do whatever they can to carve themselves a corner.
 

jnemesh

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2khxt4.jpg

Waiting for the pissed off cat picture to show up with a 'Good' caption lol
 

Hatriot

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So...has this actually translated into cheaper prices for vid cards? In either the after-market or retail?
 

Tweak42

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So...has this actually translated into cheaper prices for vid cards? In either the after-market or retail?

Cheaper not really, in stock for below MSRP yes finally.

Also there are some jukey manufactured for mining whitebox cards with minimal ram and DVI only video outputs hitting the market.
 

Madoc

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Guess it's back to gold farming and RMT for a lot of these guys. What a shame...
 

causticspill

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There's an article in the Seattle Times today too about the state of mining in once booming central Washington (cheap hydro power).

Hooray for video card availability again, just sucks that it has to show up in the age of $500-$600 "mid range" cards.
 

triwolf

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According to a report by the Commercial Times, the Chinese mining craze is starting to fade away. A halt on Bitcoin trading in the country certainly didn't help things, and the falling prices of alternative cryptocoins means miners are struggling to make a profit. According to the report, many miners are quitting the business, and used hardware is flooding the market.

Many mining machines have been available on second-hand trading websites in China priced less than a quarter of those of brand new machines, the report said.
A good time to stock up on cheap cards, prices falling in the US too. When a new mining craze takes off, if it does, you might be able to sell them for 4x what you paid. Not looking so good now for mining, except when you can get a card that was going for $500 a year or two ago for $60, it's good to understand supply and demand.
 

triwolf

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Where are the links to these cheap rigs they mention in the article?
Check used and eBay, mining is unprofitable now, a $1400 1080 TI has a payoff of over a decade. Anyone that got in at the top is hurting bad. Lots of people overextended on credit, second mortgages. etc. The wreckage is only starting.
 

Eickst

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Check used and eBay, mining is unprofitable now, a $1400 1080 TI has a payoff of over a decade. Anyone that got in at the top is hurting bad. Lots of people overextended on credit, second mortgages. etc. The wreckage is only starting.

I don't get that at all, taking out credit to buy mining rigs? That's just dumb. It's almost always been better to just buy the coins than to mine them, mining is more of a hobby than an income due to rapidly dropping returns due to increasing difficulty. Or you mine a ton of new coins and hope they moon later on.
 

triwolf

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I don't get that at all, taking out credit to buy mining rigs? That's just dumb. It's almost always been better to just buy the coins than to mine them, mining is more of a hobby than an income due to rapidly dropping returns due to increasing difficulty. Or you mine a ton of new coins and hope they moon later on.
You'd think people were smarter, yet they allowed 1080 and the like to a 2x multiplier on MSRP. Figure out where the dumb money is going and ride the wave is my slogan. Ride it as long as you can, it's life, know how to recognize and plan for risk.
 

lostin3d

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Wonder if this has something to do with the recent surge in fake GPU's coming out of China?
 

Randall Stephens

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Check used and eBay, mining is unprofitable now, a $1400 1080 TI has a payoff of over a decade. Anyone that got in at the top is hurting bad. Lots of people overextended on credit, second mortgages. etc. The wreckage is only starting.

I was more interested if there were links into where the Chinese are dumping the stuff in their own country which is what I think the article is talking about. But yes, I need to slap myself everytimebi start thinking about sli while reading fsft
 

triwolf

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I was more interested if there were links into where the Chinese are dumping the stuff in their own country which is what I think the article is talking about. But yes, I need to slap myself everytimebi start thinking about sli while reading fsft
Yes, the article is very short, I can't help with any links sorry I don't speak chinese. One thing is for sure, as much as people hated the mining craze, it takes a lot of psus, motherboards, ram, the whole nine yards for GPU mining, and those yards are going on sale now and probably for years to come.
 

Randall Stephens

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Yes, the article is very short, I can't help with any links sorry I don't speak chinese. One thing is for sure, as much as people hated the mining craze, it takes a lot of psus, motherboards, ram, the whole nine yards for GPU mining, and those yards are going on sale now and probably for years to come.

Hopefully they wind up where folks can get them, not like that wonderful cash for clunkers bs
 

funkydmunky

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Wonder if this has something to do with the recent surge in fake GPU's coming out of China?
I don't see how. Mining uses real GPU's. There should be a flood of real GPU's but as yet I haven't seen it. Prices remain strong. The shitty falsely labeled ebay China/Hong Kong GPU's are nothing new.
 

triwolf

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What the hell, where are all the crypto fanbois with their HODL now? o_O
With all the capital created already with crypto, it is something for the history books already. One thing that bothers me is the fact that the manipulation of the prices has caused a lot of problems lately, even if it occurs on stock markets and all markets anyway. Also the fact that it is a wild west show even in 2018. I still think it is amazing to be able to send value so quick and easy, so it will morph and change and we may not recognize it in 10 years, but the concepts will still be sound.

Did you know that banks such as PNC are using the technology even as we speak, and it is basically the same with all the flaws and possibilities for it to blow up with peoples money they think is not using crypto at all? You'd be surprised.

https://www.ccn.com/pnc-joins-ripple-blockchain-ripplenet-for-cross-border-payments/
 

Kdawg

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whether it's chasing real estate or crypto gains, the chinese are always looking for easy money
 
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