7 ms·

No one mines bitcoin on GPU's anymore, since 8? years.

by SSLy 6y ago

jrrrr 6y ago
[citation needed]
- arcticbull 6y ago
  Here ya go: https://digiconomist.net/bitcoin-energy-consumption/ https://digiconomist.net/bitcoin-energy-consumption/ And here: https://www.solarreviews.com/blog/how-much-does-it-cost-to-charge-a-tesla-is-it-the-same-as-the-cost-to-charge-other-electric-vehicles https://www.solarreviews.com/blog/how-much-does-it-cost-to-c...
  - jrrrr 6y ago
    What needs a citation is the comment I replied to, SSLy's assertion that: > No one mines bitcoin on GPU's anymore, since 8? years.
formerly_proven 6y ago
Which cryptocurrency of the day is mined does not matter to the argument.
windexh8er 6y ago
Yeah this just isn't true. Given the rally in coin prices GPU mining has come back to the black if you have cheap/free access to electricity. With a 3080 you can make over $12/day in BTC and the electricity costs required are less than $2 in a majority of the US [0]. [0] https://www.nicehash.com/profitability-calculator/nvidia-rtx-3080 https://www.nicehash.com/profitability-calculator/nvidia-rtx...
- deepakhj 6y ago
  Btc mining only works on asics. You can mine ethereum on gpu’s. NiceHash rents your hash rate to buyers, you mine ethereum, while they pay your rewards in btc. If you want ethereum directly, you can mine for a pool like ethermine or flexpool.
  - Karunamon 6y ago
    The link directly contradicts this. Pooled mining with BTC (ETH too, but also BTC) on a GPU is something you can do and make a modest amount of money right now, to the tune of around $5/day at current prices. There's a profitability floor on hashes/KWh. When coin's price goes as sky-high as it has been, it pushed GPU mining back into the black. This is likely a temporary state of affairs; either the network difficulty will increase to where only ASICs can break through, or the price will decline.
    - deepakhj 6y ago
      The link shows paying in btc because they don’t give you what you mine. You rent your hash rate and people bid on it with btc. You’re not mining btc directly. I use NiceHash at the moment. Your gpu mines ethereum (or whatever the most profitable coin is as NiceHash has a profit switcher.)
      - hobofan 6y ago
        Could you explain to me why someone would offer their hashing power on NiceHash vs. just directly working for a pool? The main cases I image are: 1. The miner doesn't want to deal with price fluctuations and wants to prevent arbitrage risk 2. It might be more profitable to outsource smallish coins that have to buy hashing power to stabilize their network (though that would probably also be covered by the profit switcher) 3. Money laundering <--- Which I assume is the biggest portion
        deepakhj 6y ago
        I honestly don't understand who's buying the hash power on the other side. I think people start with Nicehash because it's PnP and easy to use. From there you can look at Minerstat which mines directly on pools and offers features like triggers and fancy graphs. Setting up a miner yourself doesn't take much work but it won't have profit switching or extra cloud features that Nicehash or Minerstat have.
        christoph 6y ago

No one mines bitcoin on GPU's anymore, since 8? years.

by SSLy 6y ago

No one mines bitcoin on GPU's anymore, since 8? years.

jrrrr 6y ago

[citation needed]

arcticbull 6y ago
Here ya go: https://digiconomist.net/bitcoin-energy-consumption/ https://digiconomist.net/bitcoin-energy-consumption/ And here: https://www.solarreviews.com/blog/how-much-does-it-cost-to-charge-a-tesla-is-it-the-same-as-the-cost-to-charge-other-electric-vehicles https://www.solarreviews.com/blog/how-much-does-it-cost-to-c...
- jrrrr 6y ago
  What needs a citation is the comment I replied to, SSLy's assertion that: > No one mines bitcoin on GPU's anymore, since 8? years.

formerly_proven 6y ago

Which cryptocurrency of the day is mined does not matter to the argument.

windexh8er 6y ago

Yeah this just isn't true. Given the rally in coin prices GPU mining has come back to the black if you have cheap/free access to electricity. With a 3080 you can make over $12/day in BTC and the electricity costs required are less than $2 in a majority of the US [0]. [0] https://www.nicehash.com/profitability-calculator/nvidia-rtx-3080 https://www.nicehash.com/profitability-calculator/nvidia-rtx...

deepakhj 6y ago
Btc mining only works on asics. You can mine ethereum on gpu’s. NiceHash rents your hash rate to buyers, you mine ethereum, while they pay your rewards in btc. If you want ethereum directly, you can mine for a pool like ethermine or flexpool.
- Karunamon 6y ago
  The link directly contradicts this. Pooled mining with BTC (ETH too, but also BTC) on a GPU is something you can do and make a modest amount of money right now, to the tune of around $5/day at current prices. There's a profitability floor on hashes/KWh. When coin's price goes as sky-high as it has been, it pushed GPU mining back into the black. This is likely a temporary state of affairs; either the network difficulty will increase to where only ASICs can break through, or the price will decline.
  - deepakhj 6y ago
    The link shows paying in btc because they don’t give you what you mine. You rent your hash rate and people bid on it with btc. You’re not mining btc directly. I use NiceHash at the moment. Your gpu mines ethereum (or whatever the most profitable coin is as NiceHash has a profit switcher.)
    - hobofan 6y ago
      Could you explain to me why someone would offer their hashing power on NiceHash vs. just directly working for a pool? The main cases I image are: 1. The miner doesn't want to deal with price fluctuations and wants to prevent arbitrage risk 2. It might be more profitable to outsource smallish coins that have to buy hashing power to stabilize their network (though that would probably also be covered by the profit switcher) 3. Money laundering <--- Which I assume is the biggest portion
      - deepakhj 6y ago
        I honestly don't understand who's buying the hash power on the other side. I think people start with Nicehash because it's PnP and easy to use. From there you can look at Minerstat which mines directly on pools and offers features like triggers and fancy graphs. Setting up a miner yourself doesn't take much work but it won't have profit switching or extra cloud features that Nicehash or Minerstat have.
      - christoph 6y ago