PC - Put your GPU's to good use - Make some money

Take a look at the sizes of the trades on Binance and its fairly obvious that people with large volumes of crypto aren't using paper wallets.. it seems only some small time miners think this is a great idea to protect their ~£2k crypto from being hacked.

well i know someone with 40 bitcoins. he has them spread over 4 different exchanges. he's an active trader.

he advised someone who was buying it to hold not to leave it on an exchange but in their own wallet.

so i think that speaks for itself. traders need to leave it on an exchange. holders don't. going around in circles here. your own wallet for holders is best. nobody should be advocating otherwise.
 
I wouldn’t be leaving any significant amounts of crypto coin on an exchange for any significant period of time. Cold storage for me. Each to their own though.
 
I’ve got my 2nd S9 up and running now by the way. Both mining BCH in the ViaBTC pool. My L3+ will be here in the next few weeks. I’ll be mining LTC with that miner.
 
I wouldn’t be leaving any significant amounts of crypto coin on an exchange for any significant period of time. Cold storage for me. Each to their own though.

if all you are doing is holding then I totally agree with you.

however if you are an active trader then you have to leave it on an exchange you have no other option. well you do have an option transfer it in and out inbetween trades but then all your profits get eaten up by withdrawal fees and transaction fees. so yeah no real viable option.

some exchanges are insured. i've already posted a link to coinbase and their insurance and safety set up. albeit a problem it's not as bad in some places as it is others. which is why like i say do your own research.

i very much doubt revolut has insurance for what they are doing. their security will be high as they are a bank however nothing is unhackable IMO. especially when crypto is involved it's easy to move it and launder it unlike money which can be traced from bank to bank.

so that is why banks don't tend to get hacked as you can't use the money you will get caught at some point. with crypto it's different.
 
I’ve got my 2nd S9 up and running now by the way. Both mining BCH in the ViaBTC pool. My L3+ will be here in the next few weeks. I’ll be mining LTC with that miner.

its cheaper and more profitable to buy asics miners than GPUs. Just wish I could convince the mrs to put 1 in the spare room.

LTC has surged in the last 36 hours, expecting it to plunge again after the fork though.
 
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its cheaper and more profitable to buy asics miners than GPUs. Just wish I could convince the mrs to put 1 in the spare room.

LTC has surged in the last 36 hours, expecting it to plunge again after the fork though.

you have pros and cons to everything.

with asics they make a ton of noise. sound like a hoover some of them do. so it's not something you can tuck away in a corner and forget about.

they also have no resale value.

when a new one is released the old one becomes completely useless as the new ones are so much more efficient and powerful.

also a lot of coins will soft fork or hard fork to stop asic's from being able to mine them. they want their coins to be de-centralised. asic's give power to those with the most money.
 
also a lot of coins will soft fork or hard fork to stop asic's from being able to mine them. they want their coins to be de-centralised. asic's give power to those with the most money.

.....doesnt that apply to GPUs as well? No money, no GPUs.
 
.....doesnt that apply to GPUs as well? No money, no GPUs.

not really. gpu's are far more decentralised. far more of the average person owns a gpu than they do an asic.

plus a gpu can be bought for as cheap as £50 and the best ones (for mining) cost around £200-£400 normally (1060/1070). an asic miner is several times that.

sure homeless joe won't be buying any gpu's but most gamers have at least one. would be great if someone created a digital application to mine on consoles and sold it on the psn / xbox stores.

it should be possible. that would make certain coins even more decentralised.
 
if there were no asics miners then imagine how much bigger the gpu shortage would be.
will be interesting to see bitmains ether miner if its not fake.
 
they also have no resale value.

when a new one is released the old one becomes completely useless as the new ones are so much more efficient and powerful.

also a lot of coins will soft fork or hard fork to stop asic's from being able to mine them. they want their coins to be de-centralised. asic's give power to those with the most money.

To add some perspective.

I’d say, they do have resale value, but it’s reduced.

Old, outdated ASIC’s are still being used even though more efficient ones are available.

A lot of coins don’t soft or hard fork, to bypass ASIC miners in fact hardly any do this.
 
To add some perspective.

I’d say, they do have resale value, but it’s reduced.

Old, outdated ASIC’s are still being used even though more efficient ones are available.

A lot of coins don’t soft or hard fork, to bypass ASIC miners in fact hardly any do this.

will see what happens with ethereum. they are going to fork or change their code to get around asic's
 
will see what happens with ethereum. they are going to fork or change their code to get around asic's
ETH will probably go POS and ditch mining altogether [emoji85]

Problem solved for the gamers and the planet!
 
I think ETH is phasing in POS, so it won’t happen all of a sudden.
 
Rumours Bitmain will be releasing an ETH ASIC miner in Q2. This would be a game changer in the ETH mining sector. It could harm a lot of GPU ETH mining rigs. I'm keeping an eye on this news, as it develops.
 
Rumours Bitmain will be releasing an ETH ASIC miner in Q2. This would be a game changer in the ETH mining sector. It could harm a lot of GPU ETH mining rigs. I'm keeping an eye on this news, as it develops.
What do you think will happen?? A lot of small time miners like myself will probably be left with very expensive unwanted graphics cards!
 
What do you think will happen?? A lot of small time miners like myself will probably be left with very expensive unwanted graphics cards!

Get them on the classifieds for us gamers :)
 
do nicehash operate on the same business model as the petrol stations, surely the profits should be shooting up due the day on day bitcoin increase or is it because eth hasnt increased at the same rate?

or they are skimming profit to pay all those who lost there btc in the hack?
 
What do you think will happen?? A lot of small time miners like myself will probably be left with very expensive unwanted graphics cards!

I don't know enough about GPU mining, but could you not just mine a different coin?
 
do nicehash operate on the same business model as the petrol stations, surely the profits should be shooting up due the day on day bitcoin increase or is it because eth hasnt increased at the same rate?

or they are skimming profit to pay all those who lost there btc in the hack?

those talking about skimming don't have a clue how it works.

it's a marketplace. people are buying hashing power and paying for it in bitcoin. nicehash then takes 2% when you get paid. 2% is 2% they cannot take any more or less.

so say i want to pay £500 for 5 million hashes a second for 30 minutes for a pool that will make me £600 worth of altcoin.

Bitcoin goes up in price.

I now pay less bitcoin for the same hashing power. As I want to pay £500 for £600 worth of altcoin.

For your nicehash profits to increase. Your HODL bitcoin will increase with BTC rises. Your daily profits will rise with altcoin rises. altcoins just aren't doing well they are all down compared to bitcoin maybe a handful which are up.

There is much more to it though. Increased difficulty of mining coins. Increased number of miners.

I don't think nicehash mining is going to be worth it long term. There is simply too many miners. The only way to make money from mining is being lucky (mining an altcoin worth pennies and it rockets, which isn't going to happen now), free or extremely cheap electricity (very few have access to this in most countries).

i certainly wouldn't be buying a mining rig now. just buy bitcoin directly and sit on it.
 
those talking about skimming don't have a clue how it works.

it's a marketplace. people are buying hashing power and paying for it in bitcoin. nicehash then takes 2% when you get paid. 2% is 2% they cannot take any more or less.

so say i want to pay £500 for 5 million hashes a second for 30 minutes for a pool that will make me £600 worth of altcoin.

Bitcoin goes up in price.

I now pay less bitcoin for the same hashing power. As I want to pay £500 for £600 worth of altcoin.

For your nicehash profits to increase. Your HODL bitcoin will increase with BTC rises. Your daily profits will rise with altcoin rises. altcoins just aren't doing well they are all down compared to bitcoin maybe a handful which are up.

There is much more to it though. Increased difficulty of mining coins. Increased number of miners.

I don't think nicehash mining is going to be worth it long term. There is simply too many miners. The only way to make money from mining is being lucky (mining an altcoin worth pennies and it rockets, which isn't going to happen now), free or extremely cheap electricity (very few have access to this in most countries).

i certainly wouldn't be buying a mining rig now. just buy bitcoin directly and sit on it.

You’ve certainly changed your tune since originally started this thread, implying that everyone should rush out and start mining as there’s loads of money to be made.
 
You’ve certainly changed your tune since originally started this thread, implying that everyone should rush out and start mining as there’s loads of money to be made.

Well it's still profitable. But at this moment in time it's more worthwhile to buy bitcoin directly.

I'm still making 350 a month. The cost of my rigs has been almost recovered think i'm maybe a month off. So I have around 4-5K in hardware for free at current prices. And if bitcoin increases so does my returns.

at current hardware prices and current profits then no it's not a good deal. had you got in before the slump like me then you would be doing okay like me.

it's still too early to say it's dead. like i say i'm still making decent profits. but the returns are slow and with current hardware prices makes zero sense. luckily i'm not in the market to be buying hardware as it's very risky at the moment i would say. ROI too long and new hardware on the horizon.

i'm tempted to sell all my cards on ebay. take the cash and buy bitcoin. wait for new cards. cash bitcoin out and then buy them for mining again. 4 x 1060's @ 300 each = 1200, 1080 @ 600, 2 x 1070's @ 550 each = 2900 in cash and i paid 1870 for them so around 1130 in profit on the cards. i was expecting them to depreciate. now may be the best time to sell.

it's very tempting. that's with keeping a 1080 for gaming on but really i should sell it and keep a 1070 instead for the extra 50 quid.
 

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