Official Mining Thread

[curio]

What the hell is there to "enjoy"? Watching a bunch of numbers appear on the screen? I fail to see how this is a hobby. I don't understand fishtanks either but at least it's nice to look at

Personally it got me into studying finance and markets. Market cap, liquidity, fungibility, how to read charts and make predictions. Learning about tax code and strategizing.

Bitcoin is ultimately not really that much different than playing in the equities markets; but it's also like playing in the commodities markets. It's like both an equity and a store of value in one, which makes it interesting to me. And the future of decentralized blockchain based apps in the alt-coin market is going to be the next big thing in the world, including the next version of the internet.

And hopefully it'll lead to an early retirement. None of this would have happened for me if I didn't start with those 'numbers on the screen'. I didn't really understand the stock market before this.

[bill dennison]

Nvidia would murder their own sales so badly then. I've bought more cards in the last 3 months than combined ever just for gaming 1987-2020. Let that sink in.
They need to look like they care while still raking in $$ from gamers and miners. Also, the GPU is a compute/machine learning/multi purpose tech. To make it detect all mining algorithms and somehow not mess up people doing data crunching, simulations, etc would be hard. Why would they invest money to create something to lose money with less sales? It's a messed up situation all around.

in the first two bitcoin bubbles hurt AMD before NV cards got as good at mining even if they sold a crap ton of cards to miners
it's bad PR and kills sales after the bubble pops and that one will to

if this Bitcoin bubble last another 4 or 6 more months before millions of Bitcoin go missing again and pops this ponzi scheme again it like last time

AMD will eat NV's market share alive

[bill dennison]

Why would you do that if there is actual demand for mining? The key is to try to meet demand for both markets.

they never will miners will pay more and just buy more
China does this in huge farms of cards and cheap coal fired power plants

NV could put out 20X what they are doing now and it would just fuel miners more

AMD made a crap ton of 5870's and 5970's and 6870's most went to mining
and then we had a little window before the mining software worked with a new card but if you missed that you were SOL

[Riptide]

Why would you do that if there is actual demand for mining? The key is to try to meet demand for both markets.

I agree unfortunately cranking up capacity to meet demand takes a long time and right now the whole supply line is squeezed for a variety of reasons.

For the supply/demand problem we have now, mining is one part of that. Companies know that this source of demand waxes and wanes and has for a while. It makes them leery of spending huge amounts of money to get capacity up to meet the demand when it could literally crater in a matter of months. They don't want to eat their own lunch.

[curio]

in the first two bitcoin bubbles hurt AMD before NV cards got as good at mining even if they sold a crap ton of cards to miners
it's bad PR and kills sales after the bubble pops and that one will to

if this Bitcoin bubble last another 4 or 6 more months before millions of Bitcoin go missing again and pops this ponzi scheme again it like last time

AMD will eat NV's market share alive

There's no such thing as a 'bitcoin bubble' lol

What there is instead is typical market conditions of a predictive supply reduction system in which market activity happens based on planned scarcity and liquidity. You'll have bull runs, then bears, then reccumulations until the next planned halving every 4 years which increases scarcity and starts another bull run.

You want an example of real 'bubbles'? Real bubbles are caused by inflation every time the Federal Reserve prints and injects trillions into a stagnant economy and uses quantitative easing to try to spark economic activity, but the result often is inflation if the economy doesn't outgrow the pace of the increase of the money supply.

That's what causes real bubbles. What bitcoin experiences is much different and is in fact actually a hedge against inflation.


edit: oh and if bitcoin is a ponzi scheme, then so is the entire equities market that our economy is based on. They operate on the exact same market principles, the only real difference is that btc is not centrally controlled & regulated

[Riptide]

they never will miners will pay more and just buy more

More often than not it's the noobs who over-spend to a large degree on equipment. Veterans aren't going to pay $1000 for a 5700xt to mine with. They know better. On my first go around, I overspent on my vegas.

Getting a small rig together now, I'm still spending more than I would like, but not going to do what I did last time. This time I'm going as cheap and budget as possible, and that may mean waiting on backorder for items like 5600xt GPUs.

[curio]

It's not actually volatile nor unpredictable if you dudes understood how the bitcoin market works. It's following basically the same path as every other previous cycle.


edit: Pro tip for my homies here: bitcoin bull run will probably last until sometime at the end of this year. That doesn't make it a 'bubble' but merely a natural part of the cycle in markets which follow a predictive & planned reduction of supply over time. Next year will suck for bitcoin and it will most likely drop back down to the mean. The couple years after that will be more or less stagnant, depending on institutionalization, until the next halving in Q1 2024. 2025 will be hot.

[curio]

If they misread it then they didn't know what they were reading. Again, it's been following the same cycle since inception in 2009 and we're already in the fourth cycle. They literally could have look at the previous three cycles and seen when the runs will happen again next since the supply is reduced on a planned and predictive cycle.

[SuperGeil]

It's not actually volatile nor unpredictable...

1 bitcoin is 48 thousand Euro right now. In June 2018, the last big bubble it was about 14 thousand Euro. It's closing in on being 5x bigger than 2018. I admire your passion on bitcoin, but I think I'm going to respectively disagree.

This is not a ''cycle''. It's a burst. Probably in response to covid.

[curio]

1 bitcoin is 48 thousand Euro right now. In June 2018, the last big bubble it was about 14 thousand Euro. It's closing in on being 5x bigger than 2018. I admire your passion on bitcoin, but I think I'm going to respectively disagree.

This is not a ''cycle''. It's a burst. Probably in response to covid.

Every bull run ends. The difference here is that I can tell you when the next one for bitcoin will happen.

Yeah so unpredictable lol

Seriously the equities stock market is far more unpredictable since supply isn't regulated. Even commodities like gold are less predicable since nobody really knows the supply. I think some of you just don't know what you're talking about when it comes to markets.

[SuperGeil]

Every bull run ends. And I can tell you when the next one will happen.

Yeah so unpredictable lol

Seriously the stock market is far more unpredictable since supply isn't regulated. I think some of you just don't know what you're talking about when it comes to markets.

Wow the arrogance here.
You did not predict this.

[curio]

You guys are funny. You're basing your opinion on a 1 year price difference? Wow okay.

Not my fault you don't understand what I'm talking about:




I'm only rich now because I understand this but okay - I was actually trying to give you some good advice but no sweat off my back if you don't want to actually listen.

[Leprechaun]

BTC will increase overall until end of 2021.
Will fall off sometime after that, how far I don't know. It won't be as low as $10k again.
If you look at total crypto market cap now it's MUCH larger than 2018 bull run. Bitcoin itself is over $1 trillion. With big institutions, banks, governments, corporations behind it this time, it's not going to fall to the floor again.
I wish it did, so I can buy it up cheap and sit on it for 4 years. March 12, 2024 next bitcoin halving. Whatever crypto is GPU mineable then will make sure any RTX 5080's are hard to find.

[curio]

BTC will increase overall until end of 2021.
Will fall off sometime after that, how far I don't know. It won't be as low as $10k again.
If you look at total crypto market cap now it's MUCH larger than 2018 bull run. Bitcoin itself is over $1 trillion. With big institutions, banks, governments, corporations behind it this time, it's not going to fall to the floor again.
I wish it did, so I can buy it up cheap and sit on it for 4 years. March 12, 2024 next bitcoin halving. Whatever crypto is GPU mineable then will make sure any RTX 5080's are hard to find.

Finally someone that gets it

[KAC]

Thanks curio. Was a bit tentative on buying some coin but I think I will get 1 or 2 when I can afford one during the dip. Should’ve done it in November when I was thinking about it.

P.S. this bull run is already 15K over predicted value of 40-45K.

[curio]

Thanks curio. Was a bit tentative on buying some coin but I think I will get 1 or 2 when I can afford one during the dip. Should’ve done it in November when I was thinking about it.

P.S. this bull run is already 15K over predicted value of 40-45K.

The magic of institutionalization. And we're just getting started - the real money will be made in the next cycle.

[curio]

Many investing aspects are over valued and corrections may be heading our way, imho. I wouldn't feel so confident.

Again, unlike most investing prospects this is predicable simply because supply is reduced on a planned basis over time. It's what controls inflation and also causes runs. Yes, you can predict based on that. Which is why every previous cycle did the same sweep.

In fact that's literally in the whitepaper of bitcoin and the plan all the way through the end of the supply.

[Riptide]

Many investing aspects are over valued and corrections may be heading our way, imho. I wouldn't feel so confident.

Agree 100%, and I am leveraged in to the stock market like everyone else is with a retirement account. Moreso than ever before. Rates have been in the toilet for so long now, it's one of the few ways to make money with money.

We recovered so quickly from the selloffs last March. Hard to believe that's really going to be it for a long while.

[curio]

Well yeah nobody's saying don't be diversified - I have money everywhere, I play as many sides as possible.

And rates are great with stablecoin lending and staking. What, 0.10% interest rate from the bank? 9-15% with USDC.

[Riptide]

In fact that's literally in the whitepaper of bitcoin and the plan all the way through the end of the supply.

What is the plan to secure the blockchain for bitcoin once almost every coin is mined and the network difficulty is so high it isn't practical to mine any longer?

[curio]

What is the plan to secure the blockchain for bitcoin once almost every coin is mined and the network difficulty is so high it isn't practical to mine any longer?

Supposed to be that then it switches to miners making money through charging fees for performing transactions. Fee rates will be determined by supply & demand because at that point they're expecting it to be in currency phase.

[Leprechaun]

There will be transaction fees even after all coins are mined (by the Chinese ). That is if anyone even bothers to mine the last few coins since difficulty will be so high. Then again what will computing power be like?

Also, the last coin if it is mined will be somewhere between the years 2070ish-2140. Who knows what tech we have by then. Maybe we'll all be holding hands singing kumbaya and won't need coins or currency by then. Plus what will quantum computers bring?

[SuperGeil]

You guys are funny. You're basing your opinion on a 1 year price difference? Wow okay.

Not my fault you don't understand what I'm talking about:

The link I guess defaults to 1 year. Look at the All portion. You did not predict your bull run from March to now. Bitcoin has jump from 5k USD to 56k. That is not normal whatsoever relative to its entire lifespan and coincidentally correlates to covid.

[Riptide]

XMR is what I'm into and I've been mining recently on moneroocean. Pool is very well run and supports algo switching. Strictly a hobby thing for me, not a business venture, and I have no designs on getting rich.

This time around instead of buying expensive top end parts I've gone with some more budget options. The rig frame is literally going to be a rack from home depot for $25. Not spending $150+ on a veddha lol.

[curio]

The link I guess defaults to 1 year. Look at the All portion. You did not predict your bull run from March to now. Bitcoin has jump from 5k USD to 56k. That is not normal whatsoever relative to its entire lifespan and coincidentally correlates to covid.

You mean certain smart people started reaccumulating in March 2020 in prep for the planned supply halving that happened in May 2020 which triggered the start of the next bull run? :whoaNeo:

Actually many people predicted that happening, which is why they made good money.

I mean how else should it be judged? Just looking at the last halving showed when it would happen again. And it did. If you think this is only because of covid, just wait until this happens again in 2025 at even higher levels after the next 2024 halving. Assuming bitcoin is still legal by then.

[bill dennison]

well very few will be mining with AMD 6800 xt's so ......

AMD has more stock of its own RX 6000 graphics cards coming soon

“Additional reference cards are expected to be available in the first quarter of 2021. We will also continue supporting our partners in the development of their custom AMD Radeon RX 6000 Series graphics card designs.”

https://www.techradar.com/news/amd-h...ds-coming-soon

the Jacket won't be a happy camper

[Nascar24]

Don't buy that for a minute Billy. Looks to me if there is nothing else the 6800 and 6900 are usable.

[bill dennison]

Don't buy that for a minute Billy. Looks to me if there is nothing else the 6800 and 6900 are usable.

the rx 5700 xt is about the same as a 6800 xt and uses half the power
the 3080 is almost 2x more and the same power

they only care about hash rate and power usage .
cost of cards not as much

no NV is toast in gaming if mining stays and they don't kill it .

and if NV does half their hash rate and it works i'm sure AMD will follow

[Nascar24]

They are both dead Billy, when they can’t get their NV card, if any AMD are available they will buy them. Not sure why you think otherwise. Although AMD cards have been less available then NV up to this point.

[bill dennison]

They are both dead Billy, when they can’t get their NV card, if any AMD are available they will buy them. Not sure why you think otherwise. Although AMD cards have been less available then NV up to this point.

odd that that didn't happen in the past when nv mined at about half of the AMD card gamers had no problem getting NV cards then

no they all want the top card and they will just pay more for it

it would be beyond stupid to buy two cards to do the work of one

or 200 cards to do the work of 100 and then have to pay twice to power bills

......

and when the bubble pops again or new cards come out gamers won't be able to give 3080 away with the flood of mining cards hitting ebay

[Nascar24]

Don’t see half in that chart, and something is better then nothing, not buying your argument. Looks like the 6900XT is doing fine.

[curio]

and when the bubble pops again or new cards come out gamers won't be able to give 3080 away with the flood of mining cards hitting ebay

Seriously again, not a bubble - a market cycle based on planned supply reductions over time. Literally described in the whitepaper since 2009 and following the same cycle 4 times in a row now.

I think some of you don't know what a bubble actually is.

[bill dennison]

Seriously again, not a bubble - a market cycle based on planned supply reductions over time. Literally described in the whitepaper since 2009.

Not sure why I have to keep repeating myself on this. Maybe you don't know what a bubble actually is?

believe what you want i don't
it popped after this and others like it

https://www.cnbc.com/2018/06/07/1-po...asy-to-do.html

and it will happen again

[curio]

believe what you want i don't
it popped after this and others like it

It's not my 'belief' it's economics. What you're seeing from bitcoin now is improved price due to pre-planned 4-year supply reduction cycles which creates scarcity.

Considering we are at 88% of supply already mined, I'd say we're in a situation where demand will exceed supply for a long while now - especially as supply get halved again in 3 years, and again 4 years after that - and it will continue to drive up price through scarcity; which is literally the point since that's how you hedge against inflation

https://www.cnbc.com/2018/06/07/1-po...asy-to-do.html

and it will happen again

Yeah that's why they invented cold wallets many years ago. Hell my air-gap stored crypto is more secure from being stolen than your bank money is. And it's not exactly rocket surgery to use, plus you can be your own bank - interest made off of stablecoins pegged to the US dollar with 1980's AYP returns lol

BTW your link has as much to do with bubbles as the price of tea in China, so I guess we're changing the subject now? Considering you don't even mine or do crypto, I'd say you're just trolling at this point.

[Taman Linkin]

you trade crypto curio? nice to see that parabolic chart. since btc break 20k ath still haven't retested so maybe the lowest if the bear market started. but pumped hard with institutional interest this time so maybe just a correction... 70-80% dips from the final ath? what's your thought curio?

[curio]

you trade crypto curio? nice to see that parabolic chart. since btc break 20k ath still haven't retested so maybe the lowest if the bear market started. but pumped hard with institutional interest this time so maybe just a correction... 70-80% dips from the final ath? what's your thought curio?

I'm not a day trader, only in this as a storage value and hedge against inflation. But I am playing with house money at this point so I don't mind risk.

I think bear will start next year and go through 2022, and I think the lowest will be close to that - maybe 30k

[curio]

It's no higher risk than the stock markets or commodities markets. You should only invest in anything if you have the money to do so - that's universal.

Why is crypto held to higher standards that we don't hold to stocks or bonds or mutual funds? That's what I don't get.

What, you think your 10 year bonds will be worth a ton later and there is no bubble there? That there's no risk in your stocks? LOL please

[curio]

And also if you don't participate in crypto, why are you participating in this thread again?

That applies to everyone btw - trolling is actually a violation of the forum rules the last I checked. This thread is not about how you think this is a fail, this thread is for those that participate in crypto.

[SuperGeil]

And also if you don't participate in crypto, why are you participating in this thread again?

That applies to everyone btw - trolling is actually a violation of the forum rules the last I checked. This thread is not about how you think this is a fail, this thread is for those that participate in crypto.

No one is ''trolling''. Discussing the squeeze mining is putting on graphics cards I think is perfectly valid relative to what the very first post stated.

[curio]

No one is ''trolling''. Discussing the squeeze mining is putting on graphics cards I think is perfectly valid relative to what the very first post stated.

I said many posts ago that the mining market ****ed the gaming market - no problem there talking about that because this thread has always been about GPU mining

But if you're here to talk about how btc and mining sucks as a market investment - guess what - enjoy your vacation because that's trolling since that's never been the point of this thread and you can go troll and be off topic somewhere else. Or create your own thread here about how mining and bitcoin sucks as a market investment - your choice. But this ain't that thread because this is the OFFICIAL MINING THREAD not the 'official I hate bitcoin' thread