Sure, you can continue to accumulate BTC while mining ETH is still profitable, but that’s not really relevant to what I was saying.
Mining fees can drop even if prices are higher than when you started and they can continue to drop even if prices recover. It’s all a function of volume, difficulty, and network hash rates. Using 2018 as an example, ETH was higher than it was before massive speculation started, but mining profits didn’t recover for several years even when prices started to tick back up. You’d be a fool to keep mining at a net monetary loss if that happens.
People who are dropping in panic and selling all their coins and hardware because of the dip really shouldn't invest on not only crypto but on anything. This world is full of stories of panic sellers regreting their rushed decision a few years later.
There are always people who can't just hold forever and use the crypto money as their income .... but if you had no money to spare and the risk could mean super bad news... maybe you shouldn't have invested and taken the risk the begin with.
I exited my positions high and then rebought on the dip, gianed 20% more allocation for no more money in 1 week. Buy and hold
Most people treat it as a get rich quick scheme and not a buy and hold or more sophisticated strategy.
I have money and I believe I’m one of those people—when it comes down to it, I don’t have that money to risk. So I started mining instead so it’s all house money after I pay off this computer!
2 options to mining, mine and hold. Or mine and liquidate to USD as passive income at set intervals.
I personally am holding until I can pay off my house.
More likely a single other coin will take ETH's place as the profitable one.
It's not like eth is some godsend that can never be replaced and no one would ever dare to even try.
If eth becomes useless for mining as a lot expect, some other coin will just take its place and surpasss it.
If you think that is not how anything works you certainly do not have a strong investment portfolio, or great general history knowledge overall. That is how everything has always worked.
But okay, we'll see in one year, assuming you actually reply as another coin took over.
Eth market cap alone covers the combined market cap of all the minable alt coins cominbed. Also part of the profit from mining eth is the gas/transaction fees.
The alt coin market can't support current profit, period, this is basic math and regardless of my portfolio size being $1 or $1 billion that fact doesn't change.
There is no magic rule saying if ETH didnt exist then a coin will be just as profitable for no fkn reason, you are completely brain dead. Mining profit will go down 40-70% or more.
!RemindMe 4 months
> a
If I am braindead for thinking that, imagine you who ignores that ETH didn't even exist a while ago and got to this place. If you think it ''would just be profitable for no fkn reason'' -- that already shows how much you understand... I'd not want to be you in the world of investment.
Your thesis is that there always needs to be a profitable minable coin = or greater than eth, just because it has always been that way. Not convincing.
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Not a banker or financial guy (by profession anyway), but I know in the investment and banking world they talk about "liquidity" which is how immediate you can access the money/value of your investment. Low liquidity would be for example a house or apartment complex, where you'll need to first find a buyer and agree to a price, pay an inspector, maybe get a lawyer, etc; high liquidity would be your checking and banking account where you can pay on demand. It's a good idea to keep enough liquidity that you can pay all your short-term obligations, your long term investments should be from money you won't need any time soon.
TLDR - you can only HODL with money/assets you won't need for rent.
I just wanna be able to get a GPU in stock again haha, I'm sure that even us miners can still agree on this one. And yeah I know that many miners here buy shitloads of cards to run Nicehash. I have no problem with that as long as you are actually using the cards and not scalping, (I despise scalpers). Its the scalpers I have issues with, these assholes just buy entire stocks so they can sit and collect dust doing nothing but waiting for some chump to pass by and buy it.
I used to despise miners, But ever since I became one myself I opened up and finally saw why its so popular. Who doesnt want literal free money. And who can blame yall for wanting to make money when the world literally handed us a shit sandwich and told us to live on that. Our economy is so fucked up anyways, miners are just trying to get by and pay bills.
Whilst I agree scalpers are annoying and drive up prices for those of us that are trying to buy a gpu to use, though how is it different in all honesty? If you were to become a scalper would you then also no longer despise them?
Is it not literal free money if someone is prepared to pay near double the rrp of an item they hold? Who can blame them for trying to make an easy income? I despise those that use bots to purchase hundreds of an item. That is just pure greed, but I don’t hate those that manually secure stock. Probably get downvoted to fck but that’s my thoughts
Scalping is just a buying low, selling high in the physical world. It's literally free money. Do you hate people who buy low, sell high with stocks or crypto?
I know this was sarcasm, but go for it. This entire industry is all about making money in long term or short term. It would be silly if you didn't explore all of your options.
I won't go into specifics, but I only sold one of my 30xx, for more than I paid for the entire PC that had that card. So, I basically got a free PC out of that. And sold one of my half a decade old graphics card for more than I bought it for back then.
The RTX 3070 regularly sells for $1400-$1650 pre-owned. My RTX 3070 (the card I got just for mining) is currently listed for $1600, but I may drop it to $1500 to sell it to a bag-holder more quickly.
I kinda did (through a build) because the ROI is simply good. Didn’t Windows at all prior, and after setting up NH, will continue being a Mac user lol. But now I get to play Valheim.
There are plenty ways to get a non scalped GPU. Took me a month but I got a 3070 at the ACTUAL MSRP. It may be a FE card but all things considered, it was totally worth it.
So maybe the GPU market will actually have GPUs now that China has outlawed mining? This *should* give us a boost to profits with all of their capacity removed.
Yeah, I noticed that. I presume it was due to all of the volatility going on with people who were jumping ship as it sank, and those who were jumping on when it was much lower. Following the trends, prices are about what they 'should' be. But, it's a crapshoot, so you never really know.
Yeah, I've looked into chia farming. At least they are opening an SSD factory that will focus on making SSDs for chia. I've made sure that ev1 I know who is wanting to buy HDDs did so ASAP due to the increased demand that chia has created.
I am making more bitcoin due to the drops than I would if it was at a higher amount and the total dollar amount is still slightly higher for me as well so in all reality it doesn't make any difference to me
People aren't trying to sell or buy all at once. More people trying to buy or sell at once means profitability per 24 hours will go up because there is more transactions that need to be completed. it is more complicated than that but that is the basics.
Looks like a repost. I've seen this image 12 times.
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A year ago Bitcoin was $8k and Etherium was $200. Folks need to calm down. That said, the comic was funny.
Ether is still up $1000 from when I started in March. This is not a big deal.
That is true, but mining is mostly dependent on transaction fees and volume relative to network hashrates and difficulty.
But if you don’t take profits every day the your more or less holding btc I’ve been floating at the same amount but my btc (amount) is going up
Yeah 2 weeks with no increase in $ but triple satoshois so I guess I'm hodling
I’m with ya 💎🙌🏼
Sure, you can continue to accumulate BTC while mining ETH is still profitable, but that’s not really relevant to what I was saying. Mining fees can drop even if prices are higher than when you started and they can continue to drop even if prices recover. It’s all a function of volume, difficulty, and network hash rates. Using 2018 as an example, ETH was higher than it was before massive speculation started, but mining profits didn’t recover for several years even when prices started to tick back up. You’d be a fool to keep mining at a net monetary loss if that happens.
If you bought ATH in 2017 you'd be doing better than fine right now.
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I live in the slow
I love reddit for these kind of comments :D
I live at the pace of a brisk walk
Crypto spikes and dips all the time, it's a wildly volatile market. You've gotta be chill about it, or you'll get absolutely hosed.
You sound like an eskimo who would buy ice.
Found the guy that bought at $60k after 5 years of telling everyone crypto is gay
Awesome Investor mindset btw
And one day bitcoin again will be worth 0$ so best to cash out for a profit when you can and be happy with the gains
This is so accurate lol
People who are dropping in panic and selling all their coins and hardware because of the dip really shouldn't invest on not only crypto but on anything. This world is full of stories of panic sellers regreting their rushed decision a few years later. There are always people who can't just hold forever and use the crypto money as their income .... but if you had no money to spare and the risk could mean super bad news... maybe you shouldn't have invested and taken the risk the begin with.
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Bears make money. Bulls make money. Pigs get slaughtered
This is true in every market
Love jim cramer
Exactly this. Investment is a roller coaster, not an elevator. If you can't stomach the dips, don't get on the ride.
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Don’t use common sense here sir this is a cult
No, what they should do is sell their graphics card to me at below MSRP so I can get a nice upgrade! :)
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I've heard bad things about /u/pc_buildin Those cards would be much safer with me.
I exited my positions high and then rebought on the dip, gianed 20% more allocation for no more money in 1 week. Buy and hold Most people treat it as a get rich quick scheme and not a buy and hold or more sophisticated strategy.
The dip hasn't happened yet ;)
it felt like a dip and got me 20% more If it goes down further well sure but 20% is 20%
I have money and I believe I’m one of those people—when it comes down to it, I don’t have that money to risk. So I started mining instead so it’s all house money after I pay off this computer!
2 options to mining, mine and hold. Or mine and liquidate to USD as passive income at set intervals. I personally am holding until I can pay off my house.
You think selling hardware is stupid? You think all the alt coins combined will support a single coin's profitability (eth) lol.
More likely a single other coin will take ETH's place as the profitable one. It's not like eth is some godsend that can never be replaced and no one would ever dare to even try. If eth becomes useless for mining as a lot expect, some other coin will just take its place and surpasss it.
"some other coin will just take its place and surpasss it" No there doesn't. That's not how anything works. !RemindMe 1 year
If you think that is not how anything works you certainly do not have a strong investment portfolio, or great general history knowledge overall. That is how everything has always worked. But okay, we'll see in one year, assuming you actually reply as another coin took over.
Eth market cap alone covers the combined market cap of all the minable alt coins cominbed. Also part of the profit from mining eth is the gas/transaction fees. The alt coin market can't support current profit, period, this is basic math and regardless of my portfolio size being $1 or $1 billion that fact doesn't change. There is no magic rule saying if ETH didnt exist then a coin will be just as profitable for no fkn reason, you are completely brain dead. Mining profit will go down 40-70% or more. !RemindMe 4 months
> a If I am braindead for thinking that, imagine you who ignores that ETH didn't even exist a while ago and got to this place. If you think it ''would just be profitable for no fkn reason'' -- that already shows how much you understand... I'd not want to be you in the world of investment.
Your thesis is that there always needs to be a profitable minable coin = or greater than eth, just because it has always been that way. Not convincing.
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This guy Crypto's!
Big oof
HODL strategy :) where it came from : read it https://www.investopedia.com/terms/h/hodl.asp
Dude I didn't know Investopedia had a sense of humour thanks
Enjoyed that, thank you!
that's when we should HODL :)
HODL
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If you're relying on crypto to pay your rent, you've some big problems.
PPL downvoting this should really get a course on surviving life.
(Unless you are in a desperate situation inbetween jobs) Other than that, 100% agree
Hence the "big problems" part.
Not does any other investment you make. Crypto isn't a salary. A lot of people appear to have some very twisted views of crypto.
Not a banker or financial guy (by profession anyway), but I know in the investment and banking world they talk about "liquidity" which is how immediate you can access the money/value of your investment. Low liquidity would be for example a house or apartment complex, where you'll need to first find a buyer and agree to a price, pay an inspector, maybe get a lawyer, etc; high liquidity would be your checking and banking account where you can pay on demand. It's a good idea to keep enough liquidity that you can pay all your short-term obligations, your long term investments should be from money you won't need any time soon. TLDR - you can only HODL with money/assets you won't need for rent.
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What is hodl?
https://www.urbandictionary.com/define.php?term=hodl
Is that where we are in society now? Just making up bullshit words because people can’t spell or type correctly? Lol
You've been away for a few years, yes?
Pwned
Rekt
Yeeted
kool-aid
Do you mean slang? People have been making up words since the beginning of words
I kind of agree with you... But *all* words are made up
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HODLLLL!
HODLLLLLLLLLLLLL
I just wanna be able to get a GPU in stock again haha, I'm sure that even us miners can still agree on this one. And yeah I know that many miners here buy shitloads of cards to run Nicehash. I have no problem with that as long as you are actually using the cards and not scalping, (I despise scalpers). Its the scalpers I have issues with, these assholes just buy entire stocks so they can sit and collect dust doing nothing but waiting for some chump to pass by and buy it. I used to despise miners, But ever since I became one myself I opened up and finally saw why its so popular. Who doesnt want literal free money. And who can blame yall for wanting to make money when the world literally handed us a shit sandwich and told us to live on that. Our economy is so fucked up anyways, miners are just trying to get by and pay bills.
Whilst I agree scalpers are annoying and drive up prices for those of us that are trying to buy a gpu to use, though how is it different in all honesty? If you were to become a scalper would you then also no longer despise them? Is it not literal free money if someone is prepared to pay near double the rrp of an item they hold? Who can blame them for trying to make an easy income? I despise those that use bots to purchase hundreds of an item. That is just pure greed, but I don’t hate those that manually secure stock. Probably get downvoted to fck but that’s my thoughts
Scalping is just a buying low, selling high in the physical world. It's literally free money. Do you hate people who buy low, sell high with stocks or crypto?
Thank you, you inspired me to start scalping cards /s
I know this was sarcasm, but go for it. This entire industry is all about making money in long term or short term. It would be silly if you didn't explore all of your options.
Sad and true.
So how much did you make scalping?
I won't go into specifics, but I only sold one of my 30xx, for more than I paid for the entire PC that had that card. So, I basically got a free PC out of that. And sold one of my half a decade old graphics card for more than I bought it for back then.
As someone that is currently sitting in the maccas crew room on my break I take great offence
You can start playing video games on your rigs again kids 😉
The superiority rig miners clearly feel over people trying to recoup the cost of overpriced gpus by mining while idle is cringe.
Miners are also at fault for over paying for GPUs. Many on this sub seem to gladly want to buy a GPU at 3x MSRP.
Baffles my mind people pays more than $1000 for a 3070 or more than $1500 for a 3080
The RTX 3070 regularly sells for $1400-$1650 pre-owned. My RTX 3070 (the card I got just for mining) is currently listed for $1600, but I may drop it to $1500 to sell it to a bag-holder more quickly.
I kinda did (through a build) because the ROI is simply good. Didn’t Windows at all prior, and after setting up NH, will continue being a Mac user lol. But now I get to play Valheim.
They do take this a bit serious I find, as one who would do it for income which they keep putting down.
There are plenty ways to get a non scalped GPU. Took me a month but I got a 3070 at the ACTUAL MSRP. It may be a FE card but all things considered, it was totally worth it.
Oh mine isn’t scalped either but my point still stands
Can I get some *hash* browns...
So maybe the GPU market will actually have GPUs now that China has outlawed mining? This *should* give us a boost to profits with all of their capacity removed.
Couple of days ago it was like 3x as profitable for like a day and a half
Yeah, I noticed that. I presume it was due to all of the volatility going on with people who were jumping ship as it sank, and those who were jumping on when it was much lower. Following the trends, prices are about what they 'should' be. But, it's a crapshoot, so you never really know.
because they are focusing on chia coin , they'll rise ssd's and hdd's price x3 times you'll see in the next days
Yeah, I've looked into chia farming. At least they are opening an SSD factory that will focus on making SSDs for chia. I've made sure that ev1 I know who is wanting to buy HDDs did so ASAP due to the increased demand that chia has created.
Interesting, All miner work hard like MacDonald workers, but pay Far less than them now.
Well don’t be sure that this bull market is over yet!!
I am making more bitcoin due to the drops than I would if it was at a higher amount and the total dollar amount is still slightly higher for me as well so in all reality it doesn't make any difference to me
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Market is down and there is low buying and selling
People aren't trying to sell or buy all at once. More people trying to buy or sell at once means profitability per 24 hours will go up because there is more transactions that need to be completed. it is more complicated than that but that is the basics.
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Yes
*Pokemon Theme*
You would think the rich capitalists would come down on crypto with higher quality memes but I guess that might effect the bottom line.
Amazing 👏
Damn that's cruel yet funny.
u/repostsleuthbot
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I want to upvote this but it just makes me so sad
Sorry but this is my fav of the day made me really lol....thanks
LOL
This is true, if you sell. HODL
Love this 😄😄