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[Jizz_Beard_thePirate]

Chazore said:

Captain_Yuri said:

I think this generation has taught PC gamers a very important lesson and that is the fact that PC is no longer a platform that can supply everyone. Even during the last big mining boom, you could buy decently priced GPUs but this time around? Nope. The GPU market got roflstomped. I think the main contributer was the fact that last time, Nvidia GPUs weren't all that great at mining and Bitcoin was really the only profitable coin which continued to get harder to mine relatively quickly.

This time though, not only was Nvidia GPUs crazy good at mining, you also had ETH which was much easier to mine and the difficulty increase isn't as rapid. There's of course more reasons but assuming crypto dies down and ETH moves to staking, the lesson here is, buy a GPU that will last you a generation. Because Crypto is certainly here to stay for better or for worse. And every time a mining boom happens... It lasts longer than the previous one and affects a larger portion of the market.

I am certainly going to aim for the 4090 on my next go but we shall see.

It also doesn't help that Nvidia just recently stated it's going to increase the prices of it's 30 series across the EU, which means double the punishment for us here, and no one will win, except nvidia. 

Miners won't learn though. They remind me if those who decide to frack or drill for oil, only to find out at the last possible moment that it was a big mistake, yet never learn beforehand from previous knowledge/history. 

We're sadly a species inherently doomed to repeat certain sequences and actions, so seeing the miners like this doesn't really surprise me anymore. They'll just pick up the pieces and waste time/resources/energy again, just to get a smidgen of what they think will be some vast fortune. 

At the end of the day, the world in it's current state isn't likely to accept their digital wealth as being on the same level of say, Bill gate's amassed wealth, and I really do wish that people would see that. The get rich quick schemes never truly work out, not for long anyway. 

I'm pretty certain that even if mining holds on for another 5- years, it's going to be radically changed into a form where those who once thought they could get rich, will just become another lower/middle class. I don't see Govs allowing the entire populace to get rich within the next 10 or more yrs, because then how is the global eco going to work if everyone can just mine digital currency?.

These people do not know what they are messing with (Don't want to come off as a crackpot or The Question, but these people really do not know the bigger picture).

I'll say a few things that are controversial just to play a bit of a devils advocate.

GPU mining is in a situation where it's sort of a risk free investment for majority of miners. The math is more or less there as to how many days it will take until they get their ROI back and even if they do or don't, GPUs can be sold at a profit or at worst case, slight loss. Like for example, with my mining with one 3080, I was able to make 3x the return from it's original value that I bought it for. And don't even let it mine all that much. Only really when I am working and during coldish days (Granted in Canada, that's 9/12 months lol). Now imagine someone that has a bunch of GPUs that are mining 24/7.

The trick isn't to cash out only when you have enough to get rich, the trick is to cash out once you have reached your return on investment and then the rest is profit. Typically with a 3080, that's about 4 months of consistent mining if the crypto market stays the same which for my case, the value went up so it took less time. Then once you cash out and the rest is profit. Even if Crypto market dies at that point and you sell a 3080 for $300, you will make $300 profit. Now I am not saying buy GPUs and start mining right now but if you time it correctly, you should be profitable.

I do think at some point, governments will do something about it but it's hard to tell exactly what. Like we see China, India, Russia etc all ban crypto but the reality is, this isn't the first time they "banned" crypto. The issue is that they only "ban" it when it becomes a problem and then once crypto goes back to reasonable levels, they loosen it up. And a lot of governments like US/Canadian and etc are looking to more so regulate it then ban it completely.

Personally I do think crypto is here to stay and I don't mind mining... But I don't like when people buy GPU in droves to mine. I think mining with one GPU as a form of side income is fine because it's one of many benefits of owning a PC. Using it to play games is great but when it's not playing games, may as well use it to make money so I can buy more stuff. But it's when people start buying them in droves is when I raise my fist but sadly, is it what it is.

Last edited by Jizz_Beard_thePirate - on 22 January 2022