Official Mining Thread

[Nascar24]

SELL SELL SELL!

[SirBaron]

If it means all chinese miners will suddenly vanish, that's going to leave a huge hole for mining .

[Leprechaun]

All they did was repeat the news from 2017, which they repeated a dozen times. This seems too setup. Elon made a tweet that tesla has diamond hands.

0.0013 BTC in 4hrs. New record here

[Trunks0]

Ars has a pretty good article that seems to explain the current bust.

https://arstechnica.com/tech-policy/...t-600-billion/

[pax]

Originally Posted by Nascar24

SELL SELL SELL!

DIE DIE DIE!

And after that print out all remaining coins for the investors no mining required.

This thing is eating up too much silicon and juice.

[acroig]

If Curio was here he'd have banned you for this.

[Nascar24]

So much for using Bitcoin in China.

[NIGELG]

Originally Posted by acroig

If Curio was here he'd have banned you for this.

Yes ,the thread title should be changed to 'The Praise Mining' thread because no hate for or criticism of mining is allowed here.

[SirBaron]

Plus China is making their own coin soooo. Kill competition in China I guess.

[bill dennison]

Originally Posted by NIGELG

Yes ,the thread title should be changed to 'The Praise Mining' thread because no hate for or criticism of mining is allowed here.

[Riptide]

Originally Posted by Nunz

I dunno. Musk literally pump and dumped bitcoin. None of the coins are safe.

They're mostly paired to btc and from what I understand because it dives in value that typically will drag them down with it unless there is really strong upward pressure to counter it.

Originally Posted by Leprechaun

Elon had to retract and let the world know Tesla didn't sell all their Bitcoin. He would of got in trouble over his earlier tweet.

Elon's a weirdo. Assuming you believe the overblown hooey about the energy consumption the issue isn't bitcoin it's china and their lack of interest in clean renewables. Something he chose not to discuss.

Originally Posted by Lazy8s

The man's IQ is likely through the roof, but he still comes off as petty and immature at times.

I liken him to a modern Howard Hughes.

[acroig]

Originally Posted by NIGELG

Yes ,the thread title should be changed to 'The Praise Mining' thread because no hate for or criticism of mining is allowed here.

Originally Posted by bill dennison

[Leprechaun]

Originally Posted by bill dennison

Tututututu "Are you Bart?". Tututututu

[KAC]

[Leprechaun]

How did you get a picture of my place?

[KAC]

I think buying off a mining farm is the best investment.

[xCLAVEx]

Ethereum moves to kill graphics card mining 'in the upcoming months'
By Jacob Ridley 4 days ago

Ethereum Foundation promises a much less power and GPU hungry cryptocurrency network.

Illuminated mining rigs operate inside racks at the CryptoUniverse cryptocurrency mining farm in Nadvoitsy, Russia, on Thursday, March 18, 2021.

It's not often we dive into updates on specific cryptocurrency algorithms here at PC Gamer, but this one could have a material impact on our humble hobby. While the relationship between Ethereum—the most popular crypto for GPU mining—and PC gaming has been, uh, rocky at the best of times, that could be all about to change.

Ethereum is looking to shift to a proof-of-stake model within months, the Ethereum Foundation has said, and that brings with it some major changes to how the cryptocurrency operates fundamentally.

Today, Ethereum uses proof-of-work to shift transactions and generate new Ether, which is the currency used on the Ethereum network. Proof-of-work requires lots and lots of computational power to operate, much the same way as Bitcoin does, but while Bitcoin is largely powered by application specific integrated circuits (ASICs), Ethereum is powered almost exclusively by graphics cards.

Proof-of-stake will cut the requirement for GPUs. Instead, the very network itself will verify transactions, or blocks, according to their stake in Ethereum. The system remains secure because the wealth of Ether in the world has already been distributed across millions of people.

As a result, Proof-of-stake would cut the requirement for GPU mining, which means less demand for cards and less power sapped from the limited resource that is planet Earth.

"Ethereum will be completing the transition to Proof-of-Stake in the upcoming months," Carl Beekhuizen, Ethereum Foundation, says in a blog post, "which brings a myriad of improvements that have been theorized for years. But now that the Beacon chain has been running for a few months, we can actually dig into the numbers. One area that we’re excited to explore involves new energy-use estimates, as we end the process of expending a country’s worth of energy on consensus."

Beacon Chain is the system by which the Ethereum network will manage a proof-of-stake network. It differs from the mainnet blockchain in use today for proof-of-work. Both effectively aim to produce a secure network for verifying Ether transactions, however.

Ethereum has been eyeing up a Proof-of-Stake concept for years now. I remember talking about it during the last great GPU shortage of 2017/2018, but so far nothing truly game changing has come out of it to alter how Ether is mined. Thus, Ethereum has remained a power-sap of gargantuan proportions. Its power demand has been compared to countries, and is only increasing as the price goes ever higher—it makes you realise all your individual efforts recycling and riding a bike to work are nothing in the face of millions of people trying to make a quick buck.

Really depressing stuff.

Proof-of-stack, if successful, would cut Ethereum's power use by up to 99.95%, the foundation claims.

Racks of graphics cards being used for cryptocurrency mining

But what happens to all the miners when proof-of-stake inevitably happens?

Either miners can pack up shop, sell their GPUs for a quick buck second-hand, and move on with their lives. Or they move to one of the many, many alternative cryptocurrencies out there that are still happily mining away.

There will likely always be cryptocurrencies that use the tried-and-tested proof-of-work approach to get off the ground, which means we'll never quite be free of the cryptocurrency's power and hardware requirements entirely.

But these altcoins still have to prove themselves profitable to see the graphics card river run dry, and in that there's some hope for affordable GPUs sometime in the next few years, even if proof-of-stake may not quite the magic fix-all we're praying for.

https://www.pcgamer.com/ethereum-set...coming-months/

Intredasting...

[KAC]

Would be a good way to kill Ether lol.

[Trunks0]

Ah, there it is. Should bring a flood of used GPU's to the market

[SirBaron]

This has been known for a long time, and is supposed to be July/August when EIP 1559 appears.

[Riptide]

The July update is not POS. Not sure if you were suggesting that or not.

POS just puts the network in the hands of big bag holders/whales. Kind of counter to the spirit of the whole thing in some sense.

Someone at work has a 5700xt reference card, going to trade straight up for my 6700xt. Should get about 5 more MH and reduced power use out of it.

[Nascar24]

Lots of 24/7 mining 3080's coming to market with China putting the hammer down. According to reports China does 75 percent of the crypto mining.


SELL SELL SELL SELL!

[pax]

https://arstechnica.com/tech-policy/...haUUZ778P95bhA

Sounds for real this time tho chinese gov has been railing against crypto for years... The gov really doesnt like losing control of something fundamental like finances. And I think the drop that overflowed the glass is their power grid has taken a major hit.

Bitcoin took investors on another rollercoaster ride over the weekend after a top regulator in China announced a crackdown on mining, a new tack in the country’s ongoing fight against the cryptocurrency.

The government will “crack down on bitcoin mining and trading behavior and resolutely prevent the transfer of individual risks to the society,” said the statement, which was issued by the Financial Stability and Development Committee of the State Council, the country’s cabinet equivalent. The committee is chaired by Vice Premier Liu He, who acts as President Xi Jinping’s top representative on economic and financial matters.

“The wording of the statement did not leave much leeway for cryptocurrency mining,” Li Yi, chief research fellow at the Shanghai Academy of Social Sciences, told the South China Morning Post. “When all mining activities are banned in China, it will be a turning point for the fate of bitcoin, as a large chunk of its processing power is taken out of the picture.”

The Chinese government isn’t just worried about financial stability, either. A commentary piece in Xinhua News, the Communist Party’s official media outlet, elaborated on the government’s stance, voicing concerns about bitcoin’s role in money laundering, drug trafficking, and smuggling. It also mentioned bitcoin’s profligate energy use. Last week, China warned financial institutions not to participate in crypto-transactions or related services.

[Nunz]

Keep on praising Elon Musk as he continues to manipulate the market.. so many blind dummies.

[SirBaron]

Originally Posted by Riptide

The July update is not POS. Not sure if you were suggesting that or not.

POS just puts the network in the hands of big bag holders/whales. Kind of counter to the spirit of the whole thing in some sense.

Someone at work has a 5700xt reference card, going to trade straight up for my 6700xt. Should get about 5 more MH and reduced power use out of it.

No but the EIP 1559 update will destroy mining profitibility with Ethereum none the less.

Plus Elon wishes he could manipulate the market, the fact is the markets Crypto and non crypto have all crashed for various reasons.

Plus as much as many want crypto to go the markets are still much higher than this time last year, and are slowly recovering.

Hell Matic/Polygon which is the bulk of my portfolio is still much higher than it was 3 weeks ago, so is that even a Crash? It lost 30% but compared to 2 months ago it's still 6x increase.

Sooooo, BUY BUY BUY.

[Leprechaun]

Big whales buying up big. I've HODLed and am just farming more coins. Love this 5k up 5k down business. Easy 20% gains every 2 days. Matic was a good ROI. Bought Luna at obscenely low prices, should pay nicely sometime in the future.

[Riptide]

If I didn't want to deal with the tax issues I'd be more interested in trading. Between mining and trading though, more than I want to have to account for at EOY.

The July update may not make eth unprofitable. Less profitable than it has been though, yes. Considering how (with a few exceptions) gas prices haven't been all that great it may not even matter as much as people seem to be fearing.

I just traded my 6700xt tuf for a 5700xt reference card. This may seem like a dumb idea in some sense as the 6700xt has better resale value long term. That said I've pushed up my eth hash rate with it and this weekend will be bios modding the card to get it up to 54-55 MH.

[Leprechaun]

It will depend on the price of eth by year's end. It's expected to be high, so mining profits might still be good. I'm not worried. I see another 7 months of decent eth mining ahead with crudcoins thereafter.

In Canada I'm still unclear on taxes and trading. Many laws are still developing when it comes to crypto.

[Leprechaun]

Lowest mining revenue week since I started. $$wise but not BTCwise. Still very profitable

[Riptide]

I traded someone at work straight up my asus tuf 6700xt for his amd reference 5700xt.

I've flashed two other navi cards and had no issues. This time things also seemed to go OK. Copied the straps from 1500mhz up and set tref to 2x. Just like with my powercolor red devil. Flashed it, it accepted it, and rebooted. Mined for a few hours and had some stability issues with what looked like vcore. While in the process of addressing that, the rig locked up hard, and after that the amd reference 5700xt checked out.

I tried all sorts of things to recover it. Spent several hours fighting with it. Put it in my desktop and it would not POST. Back in the rig the computer would POST but the card was code 43 in device manager. Was unable to get it to accept the original bios back, kept erroring out when I would try to flash. Even from a rufus USB boot drive this was not possible to flash back. I thought I was screwed for sure.

What finally worked was using amdvbflash 2.93 instead of 3.04+ to flash the original bios back on it. What a relief! I was about ready to throw this $900 gpu in the garbage. You can bet I'm not going to flash this card again, it's going to stay stock now.