What say you?
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I guess I was thinking mostly about the price of GPU's going astronomical due to the crypto mining demand for them. Cards are often getting a serious premium over the suggested retail and even used cards are pricey. And as you noted, often of suspect quality.
With Bitmain (the leading manufacturer of ASIC miners) now releasing miners that can mine outside of Bitcoin, it should relieve demand for GPU miners some. Or I would be surprised if it did not, given the superiority of the Bitmain product (such as a D3 miner) compared to the miners home brewed 6 GPU mining rig.
I am trying to scrabble up enough to build a GPU miner now and then get a couple of the Bitmain units in the future. While crypto currency really appeals more to the young these days, it will likely find a lot of supporters among the older population that are wary of the large US dollar debt and concerned about currency manipulation and value - whether it is American dollars or Chinese yuan.
The benefit of the GPU approach in a gamer's computer is that I can put a better one in my computer, game with it, and then let it make money for my gaming habit with something like NiceHash that takes most of the searching for profitable mining out of my hands and automates it. I like that!
A good GPU should last 10 years of intermittent use. And maybe 6 or 7 years of heavy mining use. So do you see yourself gaming on the same card in 5 years? Probably not, unless you are cheapskate like myself. How about if that card could make you 50 bucks a month when you are not gaming? A good GTX 1070 should pull close to $44 US dollars using NiceHash currently. A GTX 1080 ti will pull $63 roughly. And that is with a deduction of 0.11 for electricity. So look at your electricity cost and see if you are far off my numbers.
Is Bitcoin and other coins speculative? Well, yes, but so is FIAT currency, the stuff in your wallet. Is it tied to any tangible thing? Not really, just the reputation of the country that issues it. So currencies go up and down all the time. That is what FOREX trading is all about. And the stock market, and CryptoCurrency. It's just that Big Banking and Governments don't have their thumb on the Crypto market (yet).
But I'm not saying take your hard earned cash and invest it in Bitcoins or Litecoins or whatever. But rather take that high end graphics card and let it pay its way. And yes, the IRS wants you to pay taxes on your Bitcoins when you use them. If you convert those Bitcoins to FIAT currency - dollars, rubles, yen or whatever, then you should add it to your annual income figure. And let it help you pay that somewhat elevated electric bill you now get monthly.
Now there are other things you could set your computer to do that is worthwhile. Lend it to researchers to help work on complex medical research when it is sitting idle. Good stuff and will make you feel warm and fuzzy inside. But I get warm and fuzzy if I have a few extra dollars in my pocket so I'll be mining with a GTX 1070 in the near future and my old computer will have a serious upgrade as a gamer too.
Tweet me @ www.twitter.com/BlackHawk8100 OR join Discord to chat! https://discord.gg/PStJBcJ
(Paragraph) Blackhawk, Yes ... If you are doing it enough, it becomes a small business. So you can itemize and deduct your expenses for it, which would be the cost of the card and the power of electricity. I would set up an LLC (in the USA) if I did much more than a graphic card or twos worth. Once you start building 'mining rigs' with 6 or more GPU's or going in whole hog with ASIC antminers then it only makes sense to take advantage of the tax benefits.
(Paragraph) Toby5, Anyone that inserts a program without permission should be prosecuted, imho. Mining as a gamer so you can slip a few extra bucks in your pocket is one thing. Stealing the power and GPU use of unknowing visitors to your website or service is simply theft and should be a crime. So while I generally like torrents, I have no such pity on a torrent related service that does something like that.
(Paragraph) Lezacy - If I pop $350 for a GTX 1070 8gb card, getting $45 a month back in bitcoin is about the only justification I can make to my wife. I'm hoping that GTX 1070 can do dual monitors, I think it only has one DVI out port.
(Paragraph) A bit more on IRS and crypto currency here:
IRS & Crypto Currency
Sorry - paragraphing doesn't seem to be working here again ... <sigh>
Edited by user Saturday, October 14, 2017 2:58:11 AM(UTC)
| Reason: Not specified
(Paragraph) I think the price of graphic cards may start dropping in the future. Bitmain, the prime manufacture of application specific mining systems has started adding more flexible versions at pretty good prices. So these new units can mine many coins that earlier asic style miners could not. They can do it at a much higher rate and a great profit. That will take a lot of the pressure off the graphic card sector, maybe? If so, the price of GPU's should start to come back down to the MSR and not be the not-so-petty robbery price they are today.
My old 'beater' specs:
Windows 10 Pro 64-bit
Intel Core 2 Duo E6300 @ 1.86GHz 40 °C
Conroe 65nm Technology
4.00GB Dual-Channel DDR2 @ 399MHz (6-6-6-18)
Intel Corporation DG31PR (J3E1) 46 °C
Standard Monitor (1280x1024@60Hz)
2048MB ATI AMD Radeon HD 6900 Series (ATI) 64 °C
372GB Seagate ST3400832AS ATA Device (SATA) 33 °C
232GB Crucial CT250BX100SSD1 ATA Device (SSD) 27 °C
No optical disk drives detected
Realtek High Definition Audio
NOTE: My wife insisted I order the card now. This is a 180 degree turn for expenditures on computers for her. Before it was, "Do you really need that? Our computer works fine!" but after watching some youtube videos on mining and looking at the payouts ... last payday she said, "Order something now!"
Edited by user Friday, November 03, 2017 3:53:26 AM(UTC)
| Reason: PostScript Note
Kudos for having the wife onboard. But most peoples experiences with mining are that its hard to make any money on your own and you need to join a decent sized pool in order to have a constant stream of income in small amounts (a few $$ a day vs a few thousand once or twice in a lifetime) vs. you finding one coin yourself after 4-8 years of mining.