Are there still popular cryptos that rely on proof of work (not stake) and don’t have specific (not GPU) hardware available? Is the hypothesis that with all these GPUs sitting around from miners, that some new proof of work crypto will become popular because of this excess mining capacity?
I’m prepared to stick to my 1080 until cards get closer to MSRP, or I see a pre-built system that is a little overpriced but comes with the right card.
I think scalpers may be as much if not more responsible at this point than miners.
Is possible!
Somehow this person has 3 of them to sell, on release day… >.>
Ethereum was able to absorb all the people flocking to GPUs for mining because it has enough trasnaction volume and buyers to support the price.
All other PoW coins have almost no natural transaction volume, even with their low number of miners. What that (based on theoretical economics at least) means is that as miners flock to these alt-coins, these alt-coins will drop in value because the number of coins being produced won’t increase, but the number of people wanting to sell coins they are making will increase (miners need to pay the bills from their mining rigs). That should drop the prices and make them unprofitable.
In other words, most people mining alt-coins today are doing so because they believe the alt-coin will go up in value, not for regular mining profit. Miners that switch to those alt-coins will be switching for regular mining profit and will thus want to sell sooner than those mining for speculating. Thus more coins will be available for sale while demand has little reason to increase as compensation.
Now Nvidia / AMD know (some) people will pay $1500 for a gpu… they’ll try and keep that going one way or another. High prices are here to stay. Maybe not for the whole market. Maybe.
Sucks. I was ready and waiting to upgrade my 2080 Ti to the 3080 Ti as a lower-priced 3090 alternative, but they’re just too expensive for what you get.
Console yourself with the knowledge you’d never find one anyway :)
Just sign up for the EVGA queue, and whenever it pops you can make your decision. That’s what I did and got a 3080 FTW3.
Timing really matters there. If you didn’t click the button yet, do so immediately. Could save weeks or months.
Haha, yeah that makes me feel better! There are a couple on the local ebay though… priced at around $5k… :P
I see what you did there.
habibi
8817
At this rate, I will probably be playing games on the console, not PC anymore… oh! wait!
Exactly, these price increases don’t stop until people stop buying GPUs for these prices. But I suspect people will continue to do so, because between hobbyists and miners we have enough people that do want the latest greatest 60fps 4k gaming experiences. And some of those hobbyists are grown-ups with nice incomes who can afford such things.
If I was Nvidia/AMD what I’d be nervous about is fragmenting the market so badly by selling only to the affluent niche that the game devs would stop targeting the super high end cards.
This ignores the fact that crypto value is basically defined by market manipulation. The people at the top will choose a GPU mined coin to buy into, start offering bitcoin or etherium in exchange, that crypto will gain a reputation for being “the hot new mover” and the space will flood with miners and speculators. Suddenly another GPU mined coin is “profitable”, the first movers will cash out to the sheep and the cycle will continue.
Right, it’s all kind of a scammy nihilist “lul nothing really matters” sort of thing, like the whole stonks thing and NFTs. It isn’t driven by rational behavior.
Tim_N
8821
I agree with the first sentence, but I am missing why whales would want to pump-and-dump a PoW coin over a PoS coin? PoS coins can be manipulated just as easily, if not more easily because it takes miners out of the equation. Unless Nvidia want to pump a PoW coin for their new range of miner GPUs haha, then I would see a direct financial incentive.
Again, not driven by rational behavior. Rationally thinking humans don’t buy Blackberry stock in 2021.
Probably the dudes sitting on warehouses full of gpus sitting next to coal plants would benefit from a PoW coin shooting up in value since they would be the ones who could take advantage.
While yes crypto as a whole has a lot of pumping and dumping, this isn’t how mining works. When mining you have to mine a certain amount before you can even withdraw your coins. For example, on my 3070 I could never generate enough to withdraw more than every 2.5-3 weeks. Even if you have enough GPUs to generate enough to get a withdraw once a week, that’s still not fast enough to react to pump and dump schemes.
Furthermore, as more people start moving to Coin X difficulty spikes up and it becomes much slower to mine it. So yes some people might migrate based on pump and dumps but they won’t last long.
You’ve got to be kidding me, right? I mean, that’s as much as an entire nicely configured PC, including the GPU. Who in their right minds would even consider paying this much? Greed is off the rails.
Supply and demand is a harsh mistress, and sometimes the invisible hand of Adam Smith is a clenched fist.
Someone in their right mind will pay it.
