5 ms·

> mining equipment as collateral So the same hardware that becomes useless when the btc price falls?

• hef19898 4y ago
  Good for the miners, the equipment and the coins are worthless, worst case, and thr money is gone. The bank will hold the bag so.
  • bottled_poe 4y ago
    If you think the bank is losing out here, I have a bridge to sell you.
    • hef19898 4y ago
      Depending on the bank in question that bag will be passed on rather quickly. Doesn't mean a bank cannot be bitten, in 2008 most banks held CDOs only for a short period of time, it was tue volume they held thatvwas the problem for those banks.
• jedberg 4y ago
  I guess it depends if they are custom ASICS or just GPUs. GPUs can be useful elsewhere, custom ASICS not so much.
  • icelancer 4y ago
    They're ASICs. GPUs haven't been used for BTC mining in a long time.
    • droidist2 4y ago
      But people are always blaming crypto miners for the shortage of GPUs.
      • thematrixturtle 4y ago
        ASIC are used for major cryptos like Bitcoin that can justify the design and fabrication costs. For random shitcoins, you need GPUs.
      • forgotpwd16 4y ago
        There're cryptocoins other than BTC. Ethereum and Monero are two that are popular and GPU profitable.
        • droidist2 4y ago
          Aren't all their prices pretty correlated though? When Bitcoin falls like this, the altcoins do too.
          • jstanley 4y ago
            Even if there were a fixed peg between cryptocurrencies, that still wouldn't imply that GPU-mining BTC is just as good as GPU-mining other cryptocurrencies.
    • ChuckNorris89 4y ago
      >GPUs haven't been used for BTC mining in a long time. False. For westerners who have to pay market price on electricity that's true, but GPUs have still been used in geographic areas where dirty energy is super cheap of even free for the right connected people (China, Iran, Russia and former Soviet republics, disputed conflict zones in former Yugoslav states, etc.) That's also where most of the mining is still happening.
      • renonce 4y ago
        GPUs are being used to mine ETH, not BTC. Hashrate by GPU cards on BTC is tiny compared to ASIC. It takes literally 1000x more power and 1000x the cost at the same hashrate.
      • shawabawa3 4y ago
        This is just not true Other coins are minable with GPUs (because their algorithm was purposely designed to be ASIC resistant) But bitcoin has been exclusively ASIC mined since probably 2013 at least Even with free electricity and stolen GPUs you cannot profitably mine bitcoin (you'd get a fraction of a penny a month, less than the cost of simply storing a gpu)
        • icelancer 4y ago
          >> Even with free electricity and stolen GPUs you cannot profitably mine bitcoin (you'd get a fraction of a penny a month, less than the cost of simply storing a gpu) And even if you could mine it profitably, you would be better off mining the worst shitcoin instead, much less a reasonable alternative like ETH or RVN.
      • caymanjim 4y ago
        No one smart enough to mine BTC is dumb enough to use GPUs for it, regardless of the price of electricity. If electricity is so cheap that there's profit to be made from GPU mining, the profit would be astronomically higher with ASIC mining.
        • 4y ago
  • sgt101 4y ago
    For BTC I think ASICS have been required (to make money) for a long time, and you needed to be able to get them early - buying them and finding that there were other people using newer more efficient chips meant your money was wasted because you would not discover any coins.