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Gobbeldygook posted:Yes, that's how a Red Queen's Race works. You mean enough mining power is coming online that it's forcing a 25% reduction in payout week over week?
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Jun 24, 2017 07:04
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PerrineClostermann posted:You mean enough mining power is coming online that it's forcing a 25% reduction in payout week over week? 
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Jun 24, 2017 07:13
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shrike82 posted:Thanks for that. Based on "For the median transaction size of 226 bytes, this results in a fee of 81,360 satoshis", am I right in saying that I'd need to "tip" 2 bucks and change to get my transaction thru a < 35 minute time window. much like with the growth in size of the Ethereum DAG file, Bitcoin eventually explodes because it holds a complete transaction record of everything ever and eventually regular people can no longer store a record and cryptographic signature for every pack of chewing gum ever bought on their hard drive, or at some point no longer even just withstand the load on their connection. there are "disagreements" being "resolved" right now (brutal wars for control) between the Bitcoin Core devs and the miners. The core devs want Bitcoin to be a reserve currency where you resolve high-level transactions between other chains (aka make them rich), but they're pushing to fix a rather dumb flaw in the initial Bitcoin implementation (Transaction Malleability) that would enable off-chain transactions to work. Most people agree it's a dumb oversight that is now becoming a crippling flaw to scaling, but it would break some ASIC that is used by a huge percentage of the miners. The miners just want to be able to turn up block size, which works in a sense, but eventually you will only be able to hold this thing on your 48 TB RAID array - or you start trusting authoritative nodes or some other network consensus, which is also a centralization of power. But everybody mines on pools anyway so decentralization is mostly theoretical. Bitcoin is kinda super hosed in general too, because the Chinese pools own some massive share of the hash power because it's all about who can make the fastest SHA ASIC and they do private runs of their designs. It's not remotely decentralized. Ethereum meanwhile is about to probably undergo another fork over the whole POS switchover. I mean do you think miners are just going to give up this cash cow for decline in rewards and an eventual switchover to a totally different and unproven proof-of-stake system (that earns them nothing)? Ethereum classic is rather tainted because the DAO attacker made off with a huge fraction of the money supply (~15% IIRC) so there's no going back there. But do miners want "ethereum as it exists right now, making them lots of money"? on top of that, the memory file that Ethereum needs to work eventually becomes huge too, and at some point it limits you to streaming over the PCIe bus (i.e. 16 GB/s or less for commodity equipment, which is 1/10-1/30th of current bandwidth), on an algorithm that is basically memory bottlenecked so basically just like digital gold, real stable in value Paul MaudDib fucked around with this message at 07:57 on Jun 24, 2017 |
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Jun 24, 2017 07:14
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oh yeah and I forgot, proof of stake is basically just paying interest to every address based on its current balance so this is intended to make bitlords into moustached rentier-class gentlemen of leisure in 50 years this is different, it's the good kind of inflation 
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Jun 24, 2017 07:24
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Why are you guys contributing to some scammy mining pool full of piss?  Why don't goons have their own pool for internet points?
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Jun 24, 2017 07:33
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Computer Serf posted:Why are you guys contributing to some scammy mining pool full of piss? lay in a course for redtext Paul MaudDib fucked around with this message at 07:49 on Jun 24, 2017 |
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Jun 24, 2017 07:41
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Gobbeldygook posted:Yes. That is exactly what is happening. Jesus Christ
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Jun 24, 2017 07:46
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 gently caress I'm glad I posted this thread, this poo poo's about to get fun.
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Jun 24, 2017 07:55
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can you imagine being one of those guys that spent 10k on new equipment seeing that graph? Who am i kidding they wouldnt understand it and are totally oblivious to the 100% guaranteed near future insolvency of their operation
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Jun 24, 2017 08:06
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I'm hoping it'll last a bit longer so the miners will start buying up 1080Ti that they'll have to sell in 2-3 months because they won't be profitable after power costs. 
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Jun 24, 2017 08:08
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eames posted:I'm hoping it'll last a bit longer so the miners will start buying up 1080Ti that they'll have to sell in 1-2 months. Same. If the timing is right I'll even be able to pick one up with the profits from the magic internet money. This is the weirdest future.
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Jun 24, 2017 08:09
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eames posted:I'm hoping it'll last a bit longer so the miners will start buying up 1080Ti that they'll have to sell in 2-3 months because they won't be profitable after power costs. Ooh now THAT would be glorious. Cheap 1080tis for all.
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Jun 24, 2017 08:25
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Gobbeldygook posted:Yes. That is exactly what is happening. I feel bad for people who actually buy video cards just for mining. Their RROI is basically hosed without some kind of "oh Eth suddenly increased in value by 1000%" event. This same thing happened in Bitcoin but with ASICs; bitlords were buying ASIC mining hardware with no actual hope of ever, ever recouping their hardware costs because a bunch of guys in China started building huge warehouses full of ASICs
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Jun 24, 2017 08:41
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ignoring statistics and not planning for likely future outcomes deserves ridicule not pity. Even buying 580s at retail price to mine with is a poor idea when you get more profit flipping them compared to what you would get mining for a month.
Fauxtool fucked around with this message at 09:03 on Jun 24, 2017 |
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Jun 24, 2017 09:01
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QuarkJets posted:I feel bad for people who actually buy video cards just for mining. Their RROI is basically hosed without some kind of "oh Eth suddenly increased in value by 1000%" event. This same thing happened in Bitcoin but with ASICs; bitlords were buying ASIC mining hardware with no actual hope of ever, ever recouping their hardware costs because a bunch of guys in China started building huge warehouses full of ASICs Try this, some chinese company offering preorders for mining devices with a bunch of RX480 MXM modules, then hiking the price on already purchased devices and ultimately falling back to RX460 chips with late July delivery dates. People apparently bought thosands of them. Turns out they're "testing" and "burning in" customers devices in their own mining farm and start shipping them as they become unprofitable.  'course a couple of them burned down for good measure. https://www.youtube.com/watch?v=sefJNg8Bv5I   it gets better:https://www.youtube.com/watch?v=oXY2I6wJJO8 eames fucked around with this message at 09:25 on Jun 24, 2017 |
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Jun 24, 2017 09:23
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eames posted:Try this, some chinese company offering preorders for mining devices with a bunch of RX480 MXM modules, then hiking the price on already purchased devices and ultimately falling back to RX460 chips with late July delivery dates. Hah remember the other day when I said "why don't they make mxm modules for rack servers" but with buttcoin, and also not with the water cooling I conceived of when I placed my finger upon that monkey's paw let me guess, since they use EPYC those are going to be in shortage too? drat it Maxxbot 
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Jun 24, 2017 09:34
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all the mining hardware guys do that where they "test" the customer's stuff for a month and take the bulk of the profitable mining time. Buttcoiners are generally pieces of poo poo who will try and cheat you at every chance because cutthroat business and no chargebacks. When it inevitably happens to them the whining is amazing.
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Jun 24, 2017 09:39
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All of the 1070s and 1060s are now wiped out on nowinstock except for one selling for $800 lol, I really hope they do go for the 1080 Ti next as being able to get those cheap sometime down the line would be neat.
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Jun 24, 2017 09:50
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trunk full of 44x GTX1060 purchased at 279€ (~$310) yesterday https://www.reddit.com/r/EtherMining/comments/6j41ce/44_gtx1060_o6g_ready_for_our_first_7_rigs/
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Jun 24, 2017 10:15
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$300 profit after a year, LOLOLOL Its not even a gamble. He will barely break even and thats not even factoring in any new GPUs being released in the next year raising the difficulty even faster. He still went for 1060s when the profit on 1070s is so much higher, god what a poor idiot Fauxtool fucked around with this message at 10:22 on Jun 24, 2017 |
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Jun 24, 2017 10:20
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makes you wonder how many opportunistic sysadmins or students are mining using their corporate or university CUDA racks on the down-low
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Jun 24, 2017 10:21
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Gobbeldygook posted:Yes. That is exactly what is happening.  zcash is a month behind but it's gonna happen soon, at least i'll get that new PSU
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Jun 24, 2017 11:04
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shrike82 posted:Thanks for that. Based on "For the median transaction size of 226 bytes, this results in a fee of 81,360 satoshis", am I right in saying that I'd need to "tip" 2 bucks and change to get my transaction thru a < 35 minute time window. pretty much. Bitcoin filled in mid-2015, and suddenly transactions went from super-cheap and super-fast to expensive and clogged. It basically hit a brick wall. There are basically too many transactions for capacity, so users are having to guess higher and higher fees in the hope that their transaction will get through. There are plans to expand Bitcoin's capacity: 1. Make the blocks bigger. This will hold off the brick wall for a short while, but make the blockchain even bigger and more unwieldy. 2. Bolt an altcoin on the side and do all the real transactions there. (sidechains) 3. Bolt a new network on the side and do all the real transactions there. (the Lightning Network) 4. Use a different coin that hasn't filled yet. This is what people are actually doing. With all the ICOs, Ethereum is filling too. The Bancor and Status ICOs clogged the network for several hours. It's only going to get worse, not better.
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Jun 24, 2017 11:48
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eames posted:trunk full of 44x GTX1060 purchased at 279€ (~$310) yesterday These people believe in hype
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Jun 24, 2017 13:00
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eames posted:trunk full of 44x GTX1060 purchased at 279€ (~$310) yesterday quote:Just go to the site and put in the numbers please. 
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Jun 24, 2017 13:22
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quote:You are going to work your rear end off for the Ethereum man like a real life miner and never even pay off the cards.
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Jun 24, 2017 14:03
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Fauxtool posted:all the mining hardware guys do that where they "test" the customer's stuff for a month and take the bulk of the profitable mining time. A business model pioneered by Butterfly Labs back in the bitcoin days. How is Butterfly labs doing these days? https://arstechnica.com/tech-policy/2016/02/bitcoin-startup-butterfly-labs-settles-with-ftc-for-38-6m-but-it-cant-pay/
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Jun 24, 2017 15:17
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Oh god I'm touching the poop. My card is only 2GB so it's about to stop doing anything, and I'm not buying another. That said - claymore_zcash starts at 160/s then after a half hour it just goes "click" and the fans start to spin down and it ends up at ~88/s instead. Thermals only get to ~72C so I don't think it's that, but maybe? Is there a way to feed the environment variables from inside nicehash or should I just write a batch file and run it directly? I think it's not reserving enough system RAM or something.
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Jun 24, 2017 16:17
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eames posted:trunk full of 44x GTX1060 purchased at 279€ (~$310) yesterday I think my favorite part is I picked up a 1060 8 months ago for $205. I'm sure buying all these video cards at a $100+ premium late into their lives will work out great...
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Jun 24, 2017 17:29
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It's all happening again. Haha, I can't believe it. Bring on the milk crates and start drying out those berries!
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Jun 24, 2017 19:21
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Shrimp or Shrimps posted:Ooh now THAT would be glorious. Cheap 1080tis for all. Never trust an ether huffer.
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Jun 24, 2017 19:24
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Yeah I don't know if I'd trust buying a used GPU, specially one used for mining
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Jun 24, 2017 21:04
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The 290s turned out fine. Hardware is usually made to be used. I know people who bought 200 dollar 290s in 2014 when people were panic selling them that were still using those cards very recently, until they sold them for more than they paid and updated to a 1070 basically for free.
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Jun 24, 2017 21:07
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I wouldn't buy a used mining GPU for anywhere near MSRP but if it's 50% MSRP like the used 290s were it's worth the risk. Hardware is more resilient than people think.
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Jun 24, 2017 21:07
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craig588 posted:The 290s turned out fine. Hardware is usually made to be used. I know people who bought 200 dollar 290s in 2014 when people were panic selling them that were still using those cards very recently, until they sold them for more than they paid and updated to a 1070 basically for free. Exactly what I did, also you buy the EVGA and MSI cards first as those are under warranty through the serial number.
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Jun 24, 2017 21:13
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Checked in on how my machines were doing, after 2 weeks looks like it might be about time to me to bow out. Made about 100 dollars which was fun, but now my 980 is doing about 2.50 a day and my 1080 about 4 dollars a day. I'll probably drop out my 980 next week and my 1080 might get one extra week. See you next bubble!
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Jun 24, 2017 21:27
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My profitability is still pretty good but I'm gonna sell my RX 580 because I don't think these super inflated prices on AMD cards are gonna last much longer. Their Eth mining capability is gonna start degrading pretty quickly.
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Jun 24, 2017 21:48
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Comfy Fleece Sweater posted:Yeah I don't know if I'd trust buying a used GPU, specially one used for mining I didnt either but turns out even the "cheapest" AMD crap-brands (with no greenlight program to boot) survived happily. "Burning out" or "wearing out" isn't a real thing in this scope, in fact it was joked that a buttmining card was basically proof that the GPU core was actually sound. The only thing that failed were the only moving part - the fan. But yes, even you will buy a 1070 at $138, do not lie
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Jun 24, 2017 21:56
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Attempting to flip my MSI 1070 that I bought last month for $300. They're going for 500 used on ebay right now lol. Gonna pick up a 1080 TI all the while mining currency!
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Jun 24, 2017 22:00
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Yeah this is probably the best possible time to flip a 1070
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Jun 24, 2017 22:54
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