Cryptocurrency Mining is Fading in China

Discussion in '[H]ard|OCP Front Page News' started by AlphaAtlas, Oct 19, 2018.

  1. AlphaAtlas

    AlphaAtlas Gawd Staff Member

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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.
     
  2. Twisted Kidney

    Twisted Kidney 2[H]4U

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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.
     
  3. Darrell262

    Darrell262 [H]Lite

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

    Retronym Something big is coming.

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    inb4 posts about video games
     
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  5. atp1916

    atp1916 [H]ard|DCoTM x1

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    Good.

    Lower that difficulty.
     
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  6. jnemesh

    jnemesh [H]ard|Gawd

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    2khxt4.jpg
     
  7. travisty

    travisty Gawd

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    When cryptocurrency dies the world will be a better place
     
  8. pendragon1

    pendragon1 [H]ardForum Junkie

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  9. Hatriot

    Hatriot [H]Lite

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    So...has this actually translated into cheaper prices for vid cards? In either the after-market or retail?
     
  10. Tweak42

    Tweak42 Gawd

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    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.
     
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  11. Madoc

    Madoc Gawd

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

    causticspill Limp Gawd

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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.
     
  13. Randall Stephens

    Randall Stephens Limp Gawd

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    Where are the links to these cheap rigs they mention in the article?
     
  14. triwolf

    triwolf Gawd

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    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.
     
  15. triwolf

    triwolf Gawd

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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.
     
  16. Eickst

    Eickst [H]ard|Gawd

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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.
     
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  17. triwolf

    triwolf Gawd

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    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.
     
  18. lostin3d

    lostin3d [H]ard|Gawd

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

    DocNo Limp Gawd

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    Cool - the hunt for prime numbers just got more interesting - I'll have to go find some!
     
  20. Randall Stephens

    Randall Stephens Limp Gawd

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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
     
  21. triwolf

    triwolf Gawd

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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.
     
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  22. Randall Stephens

    Randall Stephens Limp Gawd

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

    triwolf Gawd

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    Agreed, that program destroyed lots of well built old cars.
     
  24. Eickst

    Eickst [H]ard|Gawd

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    There is nothing greener than a used car.
     
  25. Darkswordz

    Darkswordz Gawd

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  26. cdr_74_premium

    cdr_74_premium [H]ard|Gawd

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    I wonder who wanted that to happen?

    But think of the corporations, man!!!
     
  27. funkydmunky

    funkydmunky 2[H]4U

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    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.
     
  28. RealBeast

    RealBeast Gawd

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    What the hell, where are all the crypto fanbois with their HODL now? o_O
     
  29. triwolf

    triwolf Gawd

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    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/
     
  30. Kdawg

    Kdawg Gawd

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