Ethereum prices drop, GPU prices go down with it, if youre planning on getting a new gpu, wait a little more.
PS. refrain from getting used ones as it might possibly have been used for mining, unless its dirt cheap.
https://www.businessinsider.com.au/ethereum-price-falls-july…
Was is the RX 480's that most people were purchasing for mining?
RX 470/480/570/580s were the most purchased, followed by the 1060s with 6GB. I think they needed at least 4GB for mining since the DAG was increasing in size and 2GB didn't work anymore.
I wanted to buy the 580 for my rig for gaming but was surprised by the low stock and the inflation.
Thanks. I was leaning towards an Nvidia GPU so hopefully it will affect retail prices also. I've was looking at building a budget gaming rig for a few months but was put off after the price rise and scarcity.
Good news for those who have held off building a gaming rig. Bad news for those heavily invested in cryptocurrency.
refrain from getting used ones as it might possibly have been used for mining, unless its dirt cheap.
They're probably in better shape than cards used for gaming given that they're used at 100% all the time. It isn't using the cards that reduces their life span it's temperature changes as the card heats up and cools down going from 100% to zero repeatedly.
RIP Mining.
I feel sorry for this guy who jumped in:
https://www.ozbargain.com.au/node/317297#comment-4858081
Only mine with cards you already have. Don't go chasing the ponzi scheme.
I wouldn't feel sorry for him. People like him buying multiple GPUs just for mining are the reason why legit buyers like gamers, video/photo editors have to suffer for the GPU inflation.
Only mine with cards you already have. Don't go chasing the ponzi scheme.
I agree, I dont mind people who mine cryptocurrencies with their current gear but I dislike the people who gone out and bought like 5 GPUs for mining, causing worldwide shortages of GPUs.
Out of genuine curiosity why do you dislike people who buy cards to mine? What gives you priority access and makes you a "legit buyer" compared to them? To play devil's advocate, an argument could be made that you're just using a card to mess around gaming with whereas they'll be making actual money from it.
Out of genuine curiosity why do you dislike people who buy cards to mine?
I dont - if you're buying 1 or 2 (be it for SLI or crossfire) or driving 10 displays doesn't bother me. If you mined with the 1 or 2 GPUs, then go ahead, its fine.
I said I dislike people who basically buy excess amounts just for mining like 5 GPUs for example. Its mostly evident that they bought for mining. Like if you have the money to buy multiple mid tier GPUs, why didn't you buy a high end GPU instead? Driving multiple displays? why would you need 5 GPUs? I doubt anyone drives more than 4 displays at the most. The result of this craze is a shortage and inflated prices. That's my reason for the dislike.
What gives you priority access and makes you a "legit buyer" compared to them?
I never said give me priority because I'm a "legit" buyer. I said legit buyers had to suffer as a result of the mining craze.
Neg me for my opinion for all I care but I stand by it. FYI I have mined as well, but with my current gear for fun. I dont buy into buying excess multiple GPUs for mining.
I dislike people who basically buy excess amounts just for mining like 5 GPUs for example
But there's no excess of GPUs in this instance, as each GPU they purchase scales linearly with their earnings. It's not somebody buying fifteen 1080s to game with even though after the fourth 1080 there is no benefit to them.
Person A) Single RX 580 for 1080p
Person B) Crossfire RX 580s for 1440p
Person C) Ten RX 580s for mining
Person A says "Hey your dual GPUs are excessive, even though you need it for what you're doing I don't need that many for what I'm doing therefore your purchases are excessive!"
Person B says "Hey your ten GPUs are excessive, even though you need it for what you're doing I don't need that many for what I'm doing therefore your purchases are excessive!"
See how your thinking is analogous with Person A, even though Person B has a "legit" reason for using those cards? Miners are equally "legit" buyers as gamers are.
@airal3rt:
Lets step back. Firstly, I value your argument and I understand what you're saying, there's no concrete definition of a legit buyer since we all can have different intentions. You can argue that people using a piece of hardware, software or other tangible objects for its unintended purposes are still classified as legit buyers still since they are being bought and used, be it whether intended or unintended.
But here's where I stand.
The whole point of a GPUs is for graphical applications. Mining isn't graphical, but people found another use for it in the way of utilising its better processing power for mining cryptocurrency - another form of application which is fair enough just another form of application, although wasn't designed for by the people who created the GPUs, it just so happens to be good for it. Are GPUs mostly designed for gaming and multimedia editing designed to run 24/7 at near 100%?
If I buy a knife for the purpose of hurting someone (not that I will) for example, would I be considered a legit buyer? I guess I could if that was my intended purpose, even though you can argue the knife's main design is for cutting up objects like vegetables and meat and not to intentionally hurt people.
Are people who buy 10x iPhones on release day and then sell online for profits legit buyers of the item? I guess you can argue yes if their purpose is to profit from it and scam others. But what about the others who actually wanted the phone for the phone but now have to wait until demand is met or walk the tightrope of buying it at inflated prices? I don't think its fair for those people who really wanted it to use as a phone.
I know its not apple for apples comparison but having said that, again, I have stated that I have mined in the past for fun with my GPU. Furthermore, my primary uses though are for video/photo editing and light gaming. I'm not hating on miners. I am one for fun.
I just dislike the ones that have bought excessive amounts for the sole purpose of mining - its purpose not designed for and thus have resulted in high prices and worldwide shortages. This is where my dislike comes from mostly - the result of shortages and high prices.
My view of a legit buyers are those who do intend to use it for its intended purpose i.e graphical applications such as gaming or video editing etc. I did have the intention of upgrading a few weeks ago but now cannot as the specific model falls well out of my price range.
Had there been no shortage of GPUs and/or no price increases changed my opinion? Most likely. If you buy 10xGPUs to do mining and if it didn't affect anyone, then its fine with me. But due to the result, then my opinion is there.
So what exactly judges the value of cryptocurrencies? Is it similar to stocks in that you buy it with real currencies?
Yeah, supply and demand.
That's bizarre. Like, stock makes sense, you're selling a share of your company to receive investment.
Cryptocurrencies though? Odd thing to have demand for.
Take for example that a share of ABC Ltd. is marked at $50 a piece with 1 million shares in circulation.
That means market believes that the Net Present Value (NPV) of a single share is $50, i.e. the company is worth $50 million in total. Also means that in perpetuity, market believes that the dividends and the belly up value of the company is worth $50 for a single share of the company.
If a person believes it is worth $50 or more, they will buy in (and hence price fluctuation, yadda yadda).
Take for example a cryptocurrency called XYZcoin is marked at $50 a piece with 1 million coins in circulation.
That means market believes that the Net Present Value (NPV) of a single coin is $50, i.e. the entire currency pegged to the USD is worth $50 million in total. Also means that in perpetuity, market believes that the uses of (and here is when it differs from shares because it's more intrinsic) the uses of the coin will increase in the years to come and will be more apparent.
If a person believes it is worth $50 or more, they will buy in (and hence price fluctuation, yadda yadda).
I would peg cryptocurrencies closer to real currencies however. Some people like to buy USD, let it sit for a few years and sell. Just because currencies are a human bartering concept. At a moment's notice, if something terrible happens like Trump becoming the Miss Universe Pageant winner, the USD can become the equivalent of the ZWD (Zimbabwean Dollar) in a matter of days.
However of course, the biggest problem is that cryptocurrencies are being attacked by speculations in the recent months, ever since such currencies came into the lay public's light. Media like to poke at it like hot cakes, so there is a lot of noise in the pricing. It will be corrected someday, just like regular currencies and shares once market determines the perceived 'true' value.
@Doggiie: if that's the case, shouldn't the value of cryptocurrencies be very little due to the very limited use of it? I understand basic currencies because those are usually backed by an economy circulating the currency, but doesn't cryptocurrencies have no tangible usage aside from black market stuff? If so, how does the market speculate its true value? Heck, how do that even speculate it's false value?
I mean, I understand that any value can be falsified, like the South Sea Company, but assuming that there isn't speculation at play, how exactly is cryptocurrencies value determined?
Mining cards are typically undervolted to increase efficiency so no reason to avoid ex-mining cards, worst case scenario is having to replace fan bearings which is dirt cheap.