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I am still honestly at a loss as to cryptocurrency and why Average Joe #6583483 thinks he can profit off it. Okay, so what I've learned from this thread is that it is hard to cash out your Crypto$ into Real$. And yet we have pictures of people who are dropping thousands on like 15 RX570s. Earlier in this thread, somebody said that Crypto mining had paid for their gaming systems over more than once! So what exactly is it? Is mining crypto accessible to the average joe like me who only has 1 graphics card and doesn't leave his computer on all day? Is it only possible to make money by having some huge aeroplane hangar full of cards mining 24/7? How is it that so many people are buying up AMD cards that they literally have a stock shortage that is driving prices up to insane levels that you can basically swap in an R290x for a brand new 1070?
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Jun 11, 2017 15:18
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Shrimp or Shrimps posted:Earlier in this thread, somebody said that Crypto mining had paid for their gaming systems over more than once!
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Jun 11, 2017 15:32
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Shrimp or Shrimps posted:you can basically swap in an R290x for a brand new 1070? I want in on this action. My wife's PC has my old 290X in it. A 1070 would be a great swap.
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Jun 11, 2017 15:34
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Shrimp or Shrimps posted:Okay, so what I've learned from this thread is that it is hard to cash out your Crypto$ into Real$. And yet we have pictures of people who are dropping thousands on like 15 RX570s. I have absolutely no clue where people got this from. I mine on my 980s because I already owned them and my bills are included. I run Nicehash, they deposit bitcoins into my wallet weekly, I sell them immediately for cash on one of the plentiful bitcoin exchanges. I have actual real money from bitcoins in my bank account, and I didn't have to get less than market value or buy poo poo in bitcoins and resell it or whatever everyone earlier in the thread was saying. I mean, I think buttmining is as dumb a trend as the next goon, but I have made literally three hundred dollars in the last month for no investment and almost no effort.
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Jun 11, 2017 15:36
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^^^^ This guy is smarter than me, made ~$300 in a month by mining when prices are high rather than me mining for like 4 months solid last year to make a similar amount when prices were low. I've been in the process of a move and my desktop has been packed up in a box somewhere for the last month, apparently I'm missing out on the real action. BIG HEADLINE posted:The only way those buyers are making that money back is if they're part of one of those ten thousand-plus card operations running out of Iceland on cheap(er) geothermal power, and even then, it's a *very* long game to actually monetize whatever is mined. This is hardly true at all. I've been 1 card mining with a 1060 of all things, and gotten more than $400 out of it, and that was last year when this stuff was far less profitable. I've got friends that are going all-in on 580s for mining (16+ cards) and one guy is fully documenting it for me, he's recouped 50% of his costs 3 weeks later. At current spot prices / difficulties, 580s are mining about $180/mo each of currency, so these guys building gigantic 20+ card rigs are making thousands a month if Ethereum prices / difficulties don't dramatically change. You don't even need cheap power anymore. Ethereum mining was profitable a year ago when it was worth 1/30 what it is now. Twerk from Home fucked around with this message at 15:40 on Jun 11, 2017 |
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Jun 11, 2017 15:37
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I'm just a simple guy who likes to play his dumb video games and the impression I'm getting is that don't even bother looking at AMD GPUs cause the immense hassle and frustration of trying to track one down isn't even worth it thanks to bitcoin.
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Jun 11, 2017 15:38
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I'd get in on Ethereum mining but I'm worried that electricity bills would sky-rocket and my GTX970 would barely break even. There's not a day that goes by where I don't regret immensely the fact I laughed bitcoins out the door back in 2010 when you could buy loads for pennies. Just looking at ETH prices, last time I checked was 2 weeks ago and it's sky-rocketing and I've got that sick feeling in my stomach cause I'm feeling like I'm missing out on another opportunity. Qubee fucked around with this message at 16:16 on Jun 11, 2017 |
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Jun 11, 2017 15:49
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Shrimp or Shrimps posted:Cryptocurrency questions You can think of cryptocurrency a lot like the stock market; just on a smaller scale. Instead of thousands of stocks to choose from you have 20-30 different coins. The operations with warehouses full of cards are the equivalent of the huge hedge funds on Wall St. They have the inside track to making money and have the resources available to quickly switch their mining operations over to whatever *coin happens to have the best mining ratio right now. The rules for the average joe are also similar in both instances. If you pick the right coin at the right time it's entirely possible to make a few thousand bucks a year either mining or buying low/selling high. However, if you want to make a living on cryptocurrency it's still pretty hard to do. While you might have millions of dollars worth of coins in your wallet if you actually want to be able to buy things, just like with stocks, you'll have to convert them into actual money by selling a portion of them on an exchange for dollars. The issue with this is that the overall crypocurrency market is so small that trying to sell a large amount of coins at a single time would crash the market and wipe out your portfolio. It's similar to what Bill Gates had to do when he left Microsoft. Pretty much all of his wealth was in Microsoft stock and he wanted to divest a large portion of it in order to fund his charity. However he couldn't do it all at once because that would tank Microsoft's stock and wipe out most of his net worth. Instead he put together a schedule and has been selling off chunks of it every year for the past decade. Realistically you'd probably have a hard time cashing out more than a couple hundred thousand (maybe a million) a year without impacting the overall market. While that's certainly not a small chunk of change it's also not retire to the Cayman's money either. Most of the big players in the cryptocurrency market are playing a long game and are holding onto their coins in the hopes that one day you'll actually be able to buy most things just using some form of cryptocurrency without having to convert it into dollars first. Krailor fucked around with this message at 16:12 on Jun 11, 2017 |
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Jun 11, 2017 16:09
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Ethereum Mining Question inc:   Running my PC with a GTX970 mining ethereum 24/7, are the values for the electricity bills correct? I used the values for my GPU under heavy stress, and put in the cost of my electricity per kWh. If it genuinely is £19 a month for that, do I stand to gain profit from this or not really?
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Jun 11, 2017 16:16
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Taking Paul's advice and listing my 390 on eBay after all, and went ahead and bought a 1070 in SA Mart (thanks owls, thowls) so I have something while it sells. Gonna be weird switching teams after all these years. Hopefully MSI Afterburner will still work and I won't need to figure out Gigabyte's GPU tool.
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Jun 11, 2017 16:38
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BurritoJustice posted:I have absolutely no clue where people got this from. I mine on my 980s because I already owned them and my bills are included. I run Nicehash, they deposit bitcoins into my wallet weekly, I sell them immediately for cash on one of the plentiful bitcoin exchanges. I have actual real money from bitcoins in my bank account, and I didn't have to get less than market value or buy poo poo in bitcoins and resell it or whatever everyone earlier in the thread was saying. Is there an easy guide somewhere on how to get going for something like this? I've got a 980 and would love to just let it mine while I do nothing so as to sell the buttcoins. My wife and I had a baby recently and hey, making easy money on the side from hardware I own sounds great.
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Jun 11, 2017 16:46
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future ghost posted:Taking Paul's advice and listing my 390 on eBay after all, and went ahead and bought a 1070 in SA Mart (thanks owls, thowls) so I have something while it sells. Gonna be weird switching teams after all these years. Give me the rundown on SA Mart, did you buy it used from a fellow Goon? I wouldn't mind sticking my 970 for sale on the SA Mart, it'll save me paying Amazon fees.
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Jun 11, 2017 16:49
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SourKraut posted:Is there an easy guide somewhere on how to get going for something like this? I've got a 980 and would love to just let it mine while I do nothing so as to sell the buttcoins. My wife and I had a baby recently and hey, making easy money on the side from hardware I own sounds great. Just google how to mine bitcoins and there's a bunch of articles, its stupid easy. Basically make a bitcoin wallet, join a mining pool(because you're never finding a bitcoin on your own), point your mining software to your pool address and let that poo poo rip With one 980 you'll be rolling in the dough making perhaps 1-2 USD a day!!!! (After electricity and component deterioration of course, and assuming mining difficulty doesn't increase too much) BUT what if you could just buy a bunch of GPUS and quintuple that! Welcome to the bitcoin zone Nah but seriously it's not hard, and you can get a few extra dollars but it's waayyy too late to be rich like in 2012. Maybe buying would be better, but gen you get into trading and that's another rabbit hole....
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Jun 11, 2017 17:00
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SourKraut posted:Is there an easy guide somewhere on how to get going for something like this? I've got a 980 and would love to just let it mine while I do nothing so as to sell the buttcoins. My wife and I had a baby recently and hey, making easy money on the side from hardware I own sounds great. I use nicehash because it is easy and does most of the work for you. You can theoretically make a bit more mining the altcoins directly but that's a lot more effort. Make an account with a Bitcoin exchange in your country. Picking one is basically the only hard part, but just read online whats big and popular in your country. Once you make an account the exchange will give you a Bitcoin address to send Bitcoins too. Run nicehash, pop in your Bitcoin address. Hit start. It does all the poo poo for you and deposits Bitcoins weekly into your wallet on the exchange. Sell Bitcoins like you would a stock and then deposit into your bank. Should make like $4USD a day profit, which is better than a kick in the teeth.
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Jun 11, 2017 17:03
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Loopoo posted:Give me the rundown on SA Mart, did you buy it used from a fellow Goon? I wouldn't mind sticking my 970 for sale on the SA Mart, it'll save me paying Amazon fees. When listing, having your forums name with a date in the picture is a good idea. Make sure to use one of each tags though, I forgot the first tag in my post  I post on some other forums with classifieds that use Heatware and very strict dibs rules, but it doesn't seem to be a thing here. I've noticed in some of the for sale threads here where people will back out of dibs, which usually gets you banned on some other forums. future ghost fucked around with this message at 17:24 on Jun 11, 2017 |
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Jun 11, 2017 17:04
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Also keep in mind unless you are immediately selling for USD those prices could plummet or go to the mooooooon
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Jun 11, 2017 17:56
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redeyes posted:My kid has a RX 480 that has been mining eth for like 3-4 days and he claims his wallet is worth like $40. Thats pretty good for mining for sure. I went from thinking coin mining was for idiots to furiously installing nicehash on all of my computers, I was surprised to find out I can get like $15/day. Now to see how difficult it is to convert this to USD.
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Jun 11, 2017 19:25
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MaxxBot posted:I went from thinking coin mining was for idiots to furiously installing nicehash on all of my computers, I was surprised to find out I can get like $15/day. Now to see how difficult it is to convert this to USD. how many pc's are you running, and what graphics cards do they have?
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Jun 11, 2017 19:34
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Loopoo posted:how many pc's are you running, and what graphics cards do they have? One PC with a 1080 Ti and another with a 1070, I'm debating whether or not I want to mine on the third rig I was about to sell off. Nicehash has a very useful profitability calculator tool. https://www.nicehash.com/?p=calc MaxxBot fucked around with this message at 19:46 on Jun 11, 2017 |
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Jun 11, 2017 19:44
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AMD needs to get those Vega cards out the door yesterday while they can justify jacking up the MSRP since they're "next generation cards" regardless of how poorly they perform compared to Nvidia's current offerings for the price. That's a lot of money they're just leaving on the table for the secondary market to gobble up and they desperately could use the cash to catch up to Nvidia on actual gaming performance. The miners aren't gonna be there to bail their asses out forever once the craze dies down.
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Jun 11, 2017 19:56
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Laslow posted:AMD needs to get those Vega cards out the door yesterday while they can justify jacking up the MSRP since they're "next generation cards" regardless of how poorly they perform compared to Nvidia's current offerings for the price. Pretty sure apple say we now own 50% of every vega card you make and we will pay you money for that. That deal was signed before buttcoins became a thing again.
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Jun 11, 2017 20:04
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Comfy Fleece Sweater posted:Just google how to mine bitcoins and there's a bunch of articles, its stupid easy. You don't mine Bitcoin, you mine Ethereum, and it's much more like $5-6/day at this point.
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Jun 11, 2017 20:04
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My RX470 4GB is going for twice what I paid for it. Does this price rush also effect the 580? I'd like to take advantage of it to go to a 580 8GB. EDit: I guess it does. So what's the NVidia equivalent to an RX 470 then? Because I really don't need much better to play at 1080p, but I'm saving for a high refresh rate monitor and would spend the profits toward the Gsync tax I guess. gently caress. Wirth1000 posted:I'm just a simple guy who likes to play his dumb video games and the impression I'm getting is that don't even bother looking at AMD GPUs cause the immense hassle and frustration of trying to track one down isn't even worth it thanks to bitcoin. I got mine by taking advantage of a bunch of deals including the infamous Jet.com discount one week after helming and hawing a ton. They aren't this difficult always, it's just a speculation bubble. Craptacular! fucked around with this message at 20:36 on Jun 11, 2017 |
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Jun 11, 2017 20:29
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You can sell your RX 470 and get a GTX 1060 6GB for around $220 which is a bit faster and you should still make a decent profit even after ebay fees.
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Jun 11, 2017 20:41
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Craptacular! posted:My RX470 4GB is going for twice what I paid for it. Does this price rush also effect the 580? I'd like to take advantage of it to go to a 580 8GB. I suppose the 1060 is the most comparable but it should still be better than a 470 for almost every scenario in varying amounts. A 1070 will curb stomp it if thats in the budget after you sell edit: http://www.ebay.com/sch/i.html?_from=R40&_trksid=p2322090.m570.l1313.TR12.TRC2.A0.H0.Xrx+470.TRS0&_nkw=rx+470&_sacat=0 literally laughing out loud in real life at this at those crazy flip prices, I'd argue that the importance of future freesync go right out the window. Between a 1070 and a 480/470/290 + freesync, ill take the 1070 any day + a high refresh monitor you were going to get anyway - even if it has freesync. 1gnoirents fucked around with this message at 20:47 on Jun 11, 2017 |
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Jun 11, 2017 20:41
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Fun fact - yesterday was the GTX1070s first birthday  ....and AMD still has nothing to compete with it 
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Jun 11, 2017 20:45
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1gnoirents posted:I suppose the 1060 is the most comparable but it should still be better than a 470 for almost every scenario in varying amounts. A 1070 will curb stomp it if thats in the budget after you sell quote:edit: My MSI Gaming X is like $350 a lot of the time. Wtf
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Jun 11, 2017 20:47
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Somebody just sold 6 470s on ebay for $5,600. 21 bids: http://www.ebay.com/itm/6-GPU-Ethereum-Mining-Rig-Sapphire-RX-470-Nitro-Excellent-condition-/222538942387
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Jun 11, 2017 20:51
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These AMD prices are crazy. If you have a decent mid range AMD GPU sell that poo poo now and upgrade to a fast nvidia card.
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Jun 11, 2017 20:59
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from the research I've done a gtx1070 is as fast as a rx480 at mining while also being more power efficient so the only reason why those ebay cards sell for $500 is pure unadulterated stupidity. the bad news is that nvidia cards will start to sell out once buttcoin miners catch on to this fact.
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Jun 11, 2017 21:11
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I hate buttcoiners so much. I paid $335 CAD for my MSI RX 480 Gaming X 8GB card and apparently it's going for $500 to $800 CAD on eBay, what the gently caress man.
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Jun 11, 2017 21:16
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Jun 11, 2017 21:34
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Jun 11, 2017 21:35
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Wirth1000 posted:I hate buttcoiners so much. There is no better time to sell your RX Cryptominer series card.
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Jun 11, 2017 21:38
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When you buy a 4k freesync monitor and want to get over 60fps
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Jun 11, 2017 21:40
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Risky Bisquick posted:There is no better time to sell your RX Cryptominer series card. But I like my card  Hell, I'm building a Ryzen 5 build next week and the whole plan was to have a all-AMD setup.
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Jun 11, 2017 21:41
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Wirth1000 posted:But I like my card I have amd shares and I'm telling you chase the dollars. Cash out while you can.
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Jun 11, 2017 21:44
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Wirth1000 posted:But I like my card But you can pay for your entire Ryzen 5 build with just your card.
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Jun 11, 2017 21:44
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how far back does the amd price lunacy go? Is my old rear end 7990 worth anything?
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Jun 11, 2017 21:54
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Fauxtool posted:how far back does the amd price lunacy go? Is my old rear end 7990 worth anything? Dunno. My old rear end 7850 sure isn't since it's going for $40.
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Jun 11, 2017 21:55
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