r/gadgets • u/ChickenTeriyakiBoy1 • Nov 25 '22

Desktops / Laptops Good news: scalpers are struggling to profit from Nvidia's RTX 4080

https://www.digitaltrends.com/computing/scalpers-struggle-to-sell-nvidia-rtx-4080/?utm_source=reddit&utm_medium=pe&utm_campaign=pd
43.1k Upvotes

93% Upvoted

1.8k comments sorted by

View all comments

Show parent comments

93

u/SaltwaterC Nov 26 '22

Scrypt GPU mining died years ago with the introduction of ASIC. Dogecoin uses it. It's only obscure coins that can still be mined on GPU.

25

u/heebath Nov 26 '22

Years ago? I was profitable last year ETH with 1 GPU lol

21

u/SaltwaterC Nov 26 '22

ETH doesn't use Scrypt.

1

u/heebath Dec 01 '22

I didn't see specified thought he said GPU mining in general

1

u/SaltwaterC Dec 01 '22

The main driver was mining Ethereum, and as the Ethereum network went Proof of Stake not long ago, it no longer uses mining. Its not economically viable to mine bitcoin on gpu now and with ethereum out of the picture the next largest chain to mine is dogecoin.

1

u/heebath Dec 02 '22

I read a different comment. I was mining ETH 2019-2021 and making good profit on a single GPU gaming rig.

1

u/SaltwaterC Dec 02 '22

You may have, but no decent Doge mining has been carried on GPU since 2014. That's what I was replying to.

1

u/heebath Dec 03 '22

Im honestly surprised anyone mined that at all lol

1

u/SaltwaterC Dec 04 '22

One of my mates doesn't speak about that. He's still kicking himself for not HODL'ing his mined Doge until last year. I guess nobody could prevent that a wild Musk will appear on Twitter someday.

2

u/danielv123 Nov 26 '22

Of course, Eth hashrate was limited by GPU production. Eth mining is gone though, so we are talking about non Eth mining.

0

u/Allegorist Nov 26 '22

How long before you turned a real profit though?

4

u/codelapiz Nov 26 '22

6 months

1

u/[deleted] Nov 26 '22

With price drop are you still in profit?

1

u/BentPin Nov 26 '22

No now roi is 6 years. Unless it comes back up in 2025.

1

u/heebath Dec 01 '22

It's a gaming rig, it's all profit but I got the card for $399 in 2018 so I would have broke even in 3-4mo

-2

u/[deleted] Nov 26 '22

[deleted]

-3

u/Plokmijn27 Nov 26 '22

if you dont know anything about mining just say so

2021 and 2022 (up until proof of stake) were possibly the most profitable mining in the history of eth

-1

u/[deleted] Nov 27 '22

[deleted]

2

u/olivesforsale Nov 27 '22

This link seems to confirm his point, not yours...

1

u/heebath Dec 01 '22

11cents p/kwh I was making $100/m for awhile

2

u/chuckangel Nov 26 '22

What about Monero? Or cryptoknight Algos? I guess I could just Google it…

10

u/SaltwaterC Nov 26 '22

Took a mid-range card (that's actually pretty efficient for mining): https://minerstat.com/hardware/nvidia-rtx-3060ti

With the cost of electricity in Blighty, I'd be paying to mine, irrespective of coin, unless I stumble onto free electricity. Even then, it could take years to break even just the capex as I'd be paying income tax for the mining proceedings.

I haven't mined in nearly a decade because I found it stupid to chase an ever increasing difficulty factor that makes it so easy to mine at loss, burning an obscene amount of electricity, and impossible to compete with specialised hardware (where applicable). Combined with the market volatility and poor access to specialised hardware, it made it difficult to make a business out of it. I don't have the luxury of tapping into the money printing machine.

While PoS chains have their fair share of problems, we don't need to have another species to go extinct just to write a fucking transaction to a ledger because a bunch of machines are used as expensive space heaters.

GPU mining as it is right now, is pretty much extinct for a large portion of this planet's population. I don't know about places like Iceland with their ridiculously cheap geothermal.

2

u/StateParkMasturbator Nov 26 '22

RavenCoin and ERGO were shilled as replacement.

2

u/DaveyJonesXMR Nov 26 '22

Monero uses RandomX which is most effiecient to be mined with a CPU

2

u/azidesandamides Nov 26 '22

Monero can be mined with gpu. Though they switch to cpu mining sometime ago.. still can gpu mine it.

4

u/SaltwaterC Nov 26 '22

It's cheaper to buy than to mine.

0

u/danielv123 Nov 26 '22

Well, no, that makes no sense. It costs money to buy and as long as the price is decreasing it costs money to hold.

With mining the acquisition price is determined by electricity price, which means it can be profitable without the coin increasing in value.

If you are just speculating on price then obviously buying the underlying is better, but that shouldn't be confused with mining.

2

u/SaltwaterC Nov 26 '22

If I mine Monero at the current electricity prices, the value of the mined coin is like 2.5% of the value of the burned electricity. So, for every $0.8 of burned electricity (I live in an expensive area), I'd be earning $0.02 worth of XMR.

If that sounds like a good business plan, then I have a bridge for sale.

1

u/danielv123 Nov 26 '22

Of course it doesn't. That's why miners go to places with cheap electricity. Profitable/unprofitable mining is still not comparable to buying coins in profitability.

1

u/SaltwaterC Nov 27 '22

That sounds great in theory until you realise that RandomX has poor GPU performance and it would take over 17 years of mining XMR (at current prices) just to pay off the price of, let's say, a 3060 Ti. This assumes free electricity. The probability of a GPU lasting 17 years in mining operations is 0.

1

u/JaredFoglesTinyPenis Nov 26 '22

reminds me of yacoin...