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For those thinking of getting into Ether mining read this

servercookieservercookie NorwayMember Posts: 11
If you are thinking of getting into Eather mining and start building an expensive rig then dont, soon in a few months you will not be ble to mine anymore.

PoS will take over and mining will no longer be possible. PoS stands for Proof Of Stake, meaning people that hold Ether can do so called staking where they deposit their coins into a "staking vault" and receive fees for confirming transactions on the network. That works via a consensus algorithm.

My recommendation: Its too late to get into mining, instead buy Ether now with that money and you will make much more money. The required amount for staking is RUMORED to be 1500.

But if you allready have a few AMD cards laying around, then you can at least mine some Ether for now..but dont og out buy expensive equipment now. The party is already over and the only way to make money with Ether is to buy ether as an Investment and hold on to it for future gains in price.

Good Luck

Servercookie
«13

Comments

  • MurzMurz Member Posts: 18
    Ether mining is very profitable right now, and while I don't disagree, I think a better way to approach this is to exercise caution and moderation, especially in this stage of the game.

    Mining will not always be profitable and it is unknown how long this will last. Rapidly declining mining profits is something that HAS happened with every other crypto since the beginning and it will happen to Ether at some point...

    Don't put in what you can't afford to lose.
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @servercookie Rather than relying on rumors, you may want to read this:

    https://blog.ethereum.org/2016/03/05/serenity-poc2/
  • dittoditto Member Posts: 139 ✭✭
    I can't tell if the OP is serious or really trolling hard.
  • patrik2patrik2 Member Posts: 156 ✭✭
    edited March 2016
    ditto said:

    I can't tell if the OP is serious or really trolling hard.

    He is right. Kind off. Same shit happens 3 years ago with Bitcoin. Unless you have a closet filled with 280x which are paid off on LTC mining or you can buy them $100..150 each somewhere..
  • servercookieservercookie NorwayMember Posts: 11
    I am seriously not trying to troll anyone, just informing people if the coming change.

    The majority of the suggestions here are pretty vauge and cryptic, and no one is giving anyone a clear answer. The simple fact is that mining will stop soon and
    then you will sitt there With a lot of shinny Cards you have to mine something else With. If you can find a profitable alt coin that is.


    I was seriously thinking of getting into mining myself. But buying equipment for 5k and only being able to mine for a few more months is not such a great Investment idea. Not if you want a ROI

    I have read the blog, and the conclusion is fairly simple. We are now in PoW and are able to mine, once PoC starts then mining will stop..simple as that really.

    For those who have allready bought Equipment then mine as its the last day on Earth and hope you recoup the Investment.

  • servercookieservercookie NorwayMember Posts: 11
    G416G said:

    OP Is trolling but does make a point or two. At the rate people are moving to mining it will surely be destroyed in a month or two. I have yet to see anything come out of ether beside sergei's nyoc doubler (fraud ponzi russian scam) and augur, which is nothing special anyway and could have been implented with other crypto currencies. When it does go to POS what will the network be doing besides facilitating ether transfers and students trying to start their own coin ??

    Problem with BTC >> chinese took over with asic and 1cent power and BTC diff grew 10x the rate of BTC price. result = dead network with bad price point.

    Problem with Ether >> 1.2 million miners wanting another bitcoin when it isn't going to be that, too many miners, too fast growth with no application or useful purpose relative to cost

    How am i trolling, are you seriously thinking you will be mining once PoC comes out. I would love to see you doing any ether mining at that point.

    Feel free to prove me wrong, just read the eutherum blog
  • servercookieservercookie NorwayMember Posts: 11
    I know this is not what most people want to hear because they really want this to be the next bitcoin.

    But the ether mining train is leaving very soon, for those who started early did good. Even those who started 6 months ago,but starting now with shinny new cards in hope of making a killing is just kidding yourself really. Most will not even get a ROI.

    But no one is forcing anyone, if anyone wants to spend a few k on a new rig then more power to you.

    happy mining
  • dittoditto Member Posts: 139 ✭✭
    edited March 2016
    Don't be basic.
  • MurzMurz Member Posts: 18
    G416G said:


    Problem with Ether >> 1.2 million miners wanting another bitcoin when it isn't going to be that, too many miners, too fast growth with no application or useful purpose relative to cost

    Right, while I believe in nyoc in the long run, but it should be pretty obvious the price is buoyed by pure speculation at this point. Not to say this is uncommon in crypto, it's just Ether is not backed by anything sustainable right now. Despite this, the mining profits right now are insane... we can all enjoy that for the time being.
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,254 mod
    Yes, mining 'right now' is great which is why we're seeing an explosion of farms. If anyone cares to calculate how much some people have made of Ether's 3000% increase in the past 3 months and what this means, then it's kinda obvious how much capital the wiser early adopters have to sink into this. Further consider that nyocs market cap ATM is just a shard under $1b from an origional $19m crowd fund. People still have that money to spend, and obviously some are spending it on huge GPU farms.

    Because of this, mining profits in a months time will probably crash out with the diff explosion.

    It really has nothing to do with POS. POS and POW will both be running in Serenity up until Metropolis which I believe intends only to run POS.

    OP is not trolling, just inexperienced and not fully aware of the more likely factors that threaten our POW returns
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @o0ragman0o Isn't Metropolis before Serenity? That was my understanding, but it's been quite a while since I read the original project timeline (months).
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,254 mod
    @dlehenky, Ah you got me thinking now...

    And digging up the old blogs, yes, you're certainly right.

    Frontier -> Homestead -> Metropolis -> Serenity.

    Only Serenity will have POS, so I've been make many a wrong assumption over the last few days and so apologies to everyone. Especially regards to POW time left, which now is almost certain to be another two years, well beyond a 2Gb GPU's mining ability anyway.

  • BiodomBiodom Member Posts: 693 ✭✭✭
    edited March 2016

    Yes, mining 'right now' is great which is why we're seeing an explosion of farms. If anyone cares to calculate how much some people have made of Ether's 3000% increase in the past 3 months and what this means, then it's kinda obvious how much capital the wiser early adopters have to sink into this. Further consider that nyocs market cap ATM is just a shard under $1b from an origional $19m crowd fund. People still have that money to spend, and obviously some are spending it on huge GPU farms.

    Because of this, mining profits in a months time will probably crash out with the diff explosion.

    It really has nothing to do with POS. POS and POW will both be running in Serenity up until Metropolis which I believe intends only to run POS.

    OP is not trolling, just inexperienced and not fully aware of the more likely factors that threaten our POW returns

    some people like to buy and sell, some like to "mine' as well.
    from the initial investors perspective, if you are selling out of eth, what will you buy?
    I bought eth directly when it was inexpensive (up to 0.008 BTC/eth), but now I want to mine instead of buying because mining insulates you against price volatility somewhat.
    I have spent whatever i can spend and or have electricity/AC for during spring. Maybe one or two more cards and that's it. Total of three rigs with up to ~220mh/s in immediate future and total of ~260-270mh/s final.
    Will mine whatever i will mine, then hold. Will not convert back to fiat, or at least not for a while.
    maybe will sell some to self driving cars with AI later on :)
  • NeoEtherNeoEther Member Posts: 6
    As a noob, I need to hear this honestly before spending money. So I can buy Ether outright at it's current price and use that going forward. Where can I do this? An exchange I'm assuming.
  • kotariuskotarius Member Posts: 329 ✭✭✭
    The entire post is FUD intended to reduce network hashrate. Sorry dude, this forum is not the alpha and omega of eth mining, and hashrate will increase regardless of your shitposting.
  • patrik2patrik2 Member Posts: 156 ✭✭
    NeoEther said:

    As a noob, I need to hear this honestly before spending money. So I can buy Ether outright at it's current price and use that going forward. Where can I do this? An exchange I'm assuming.

    This week will be a really good price because ETH will be dumped massively on the exchanges. If you can catch falling knife, you will be rewarded ;)
  • adasebadaseb Member Posts: 1,043 ✭✭✭
    Right now is still NOT a bad time to start mining ETH simply because the GPUs are in stock and still cheap. So going out and maxing out your credit card at Newegg doesn't seem like a big risk like it did 2 years ago.

    The reason why alot of people got BURNT with Litecoin GPU mining is because when the 280X came out it cost like $299 USD, and then it was out of stock and prices jumped to $450 USD and people kept buying them while the price of BTC and LTC kept falling and difficulty rising.

    With ETH you can get the R7 370 which is like $100 USD and worse case you sell it second hand for like $70 USD in 6-12 months.

  • BiodomBiodom Member Posts: 693 ✭✭✭
    edited March 2016
    NeoEther said:

    As a noob, I need to hear this honestly before spending money. So I can buy Ether outright at it's current price and use that going forward. Where can I do this? An exchange I'm assuming.

    poloniex or kraken or exchange from other crypto on shapeshift.io
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,254 mod
    NeoEther said:

    As a noob, I need to hear this honestly before spending money. So I can buy Ether outright at it's current price and use that going forward. Where can I do this? An exchange I'm assuming.

    You won't go wrong buying now but have missed the 3000% increase so far. As it's functionality is realised and utility grows, there might only be 1000 or 2000% left to over the coming years if you can hold onto it. I'm fully expecting dollar values will in the 100's in time to come as it usurps bitcoin.
    patrik2 said:


    This week will be a really good price because ETH will be dumped massively on the exchanges. If you can catch falling knife, you will be rewarded ;)

    @Patrick, Substantiate please. It's an even more uneducated comment than the OP
    Biodom said:

    Yes, mining 'right now' is great which is why we're seeing an explosion of farms. If anyone cares to calculate how much some people have made of Ether's 3000% increase in the past 3 months and what this means, then it's kinda obvious how much capital the wiser early adopters have to sink into this. Further consider that nyocs market cap ATM is just a shard under $1b from an origional $19m crowd fund. People still have that money to spend, and obviously some are spending it on huge GPU farms.

    Because of this, mining profits in a months time will probably crash out with the diff explosion.

    It really has nothing to do with POS. POS and POW will both be running in Serenity up until Metropolis which I believe intends only to run POS.

    OP is not trolling, just inexperienced and not fully aware of the more likely factors that threaten our POW returns

    some people like to buy and sell, some like to "mine' as well.
    from the initial investors perspective, if you are selling out of eth, what will you buy?
    I bought eth directly when it was inexpensive (up to 0.008 BTC/eth), but now I want to mine instead of buying because mining insulates you against price volatility somewhat.
    I have spent whatever i can spend and or have electricity/AC for during spring. Maybe one or two more cards and that's it. Total of three rigs with up to ~220mh/s in immediate future and total of ~260-270mh/s final.
    Will mine whatever i will mine, then hold. Will not convert back to fiat, or at least not for a while.
    maybe will sell some to self driving cars with AI later on :)
    Biodom said:

    Yes, mining 'right now' is great which is why we're seeing an explosion of farms. If anyone cares to calculate how much some people have made of Ether's 3000% increase in the past 3 months and what this means, then it's kinda obvious how much capital the wiser early adopters have to sink into this. Further consider that nyocs market cap ATM is just a shard under $1b from an origional $19m crowd fund. People still have that money to spend, and obviously some are spending it on huge GPU farms.

    Because of this, mining profits in a months time will probably crash out with the diff explosion.

    It really has nothing to do with POS. POS and POW will both be running in Serenity up until Metropolis which I believe intends only to run POS.

    OP is not trolling, just inexperienced and not fully aware of the more likely factors that threaten our POW returns

    some people like to buy and sell, some like to "mine' as well.
    from the initial investors perspective, if you are selling out of eth, what will you buy?
    I bought eth directly when it was inexpensive (up to 0.008 BTC/eth), but now I want to mine instead of buying because mining insulates you against price volatility somewhat.
    I have spent whatever i can spend and or have electricity/AC for during spring. Maybe one or two more cards and that's it. Total of three rigs with up to ~220mh/s in immediate future and total of ~260-270mh/s final.
    Will mine whatever i will mine, then hold. Will not convert back to fiat, or at least not for a while.
    maybe will sell some to self driving cars with AI later on :)
    Biodom said:

    Yes, mining 'right now' is great which is why we're seeing an explosion of farms. If anyone cares to calculate how much some people have made of Ether's 3000% increase in the past 3 months and what this means, then it's kinda obvious how much capital the wiser early adopters have to sink into this. Further consider that nyocs market cap ATM is just a shard under $1b from an origional $19m crowd fund. People still have that money to spend, and obviously some are spending it on huge GPU farms.

    Because of this, mining profits in a months time will probably crash out with the diff explosion.

    It really has nothing to do with POS. POS and POW will both be running in Serenity up until Metropolis which I believe intends only to run POS.

    OP is not trolling, just inexperienced and not fully aware of the more likely factors that threaten our POW returns

    some people like to buy and sell, some like to "mine' as well.
    from the initial investors perspective, if you are selling out of eth, what will you buy?
    I bought eth directly when it was inexpensive (up to 0.008 BTC/eth), but now I want to mine instead of buying because mining insulates you against price volatility somewhat.
    I have spent whatever i can spend and or have electricity/AC for during spring. Maybe one or two more cards and that's it. Total of three rigs with up to ~220mh/s in immediate future and total of ~260-270mh/s final.
    Will mine whatever i will mine, then hold. Will not convert back to fiat, or at least not for a while.
    maybe will sell some to self driving cars with AI later on :)
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,254 mod
    Biodom said:


    some people like to buy and sell, some like to "mine' as well.
    from the initial investors perspective, if you are selling out of eth, what will you buy?
    I bought eth directly when it was inexpensive (up to 0.008 BTC/eth), but now I want to mine instead of buying because mining insulates you against price volatility somewhat.
    I have spent whatever i can spend and or have electricity/AC for during spring. Maybe one or two more cards and that's it. Total of three rigs with up to ~220mh/s in immediate future and total of ~260-270mh/s final.
    Will mine whatever i will mine, then hold. Will not convert back to fiat, or at least not for a while.
    maybe will sell some to self driving cars with AI later on :)

    I had a few hundred mined eth which I had to sell off at 90c to pay electricity and a BTC loan. It wasn't pretty. But I'll be damned if I sell any more now.

    I'm buying rigs with with mortgage redraw, effectively borrowing from my house with my eth holdings as security.

  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @o0ragman0o Well, there's no doubt you're committed :) I, too, see great value in nyoc, but the question is how long will it take for that to manifest, and how long will investors' patience hold out. As we agreed in an earlier exchange, nyoc wall take a lot longer to be fully baked than anyone can imagine, at this point. One point on which I'm not quite with you is this ETH/BTC inversion scenario. I personally don't see ETH and BTC as competitors, but rather complimentary. BTC is a store of value, the ultimate number of BTC that will be available is already now; it has no potential for inflation. ETH will inflate, but it's core value is not as a currency, but as a smart transaction platform. ETH is, essentially, the stock of nyoc. nyoc is already working hard to develop a bridge between the BTC blockchain and the ETH blockchain to facilitate smart contracts with BTC as one of the base contract currencies. So, although I see great potential for further grow in ETH as a stock proxy, I don't really see it displacing BTC, and even if it were to do that, certainly not in the timeframe you've proposed. Obviously, though, no one knows how this very interesting game will play out.

    -Best Care
    David
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,254 mod
    @dlehenky, The question regarding Bitcoin is, 'what gives it value?' It has scarcity based speculative value. It has utilitarian value for the problems it solves by being a geo-politically agnostic currency and it can be traded for goods and services. However, it's value is not related to any physical fundamentals, not even the energy wasted to keep it going. It was always an experiment, a prototype and so the truest value of Bitcoin is what has been learnt in order to give rise to something like nyoc. And that is a qualitative value rather than quantitative.


    In the longer term, through IoT in particular, nyoc will have physically tangible interaction with mainstream society, as common place and commonly used as are mobile apps now. That is a real social capital. What will Bitcoin have?

    I also don't understand why people say eth is not intended as a currency. It is both a currency and a commodity, and if you don't own any then you can't interact with those real world Etherum conveniences. I've covered this territory on 'value' in a previous thread

    There is nothing in Bitcoin where I can't see nyoc doing a better job except for perhaps Bitcoin's deflationary economic philosophy. That's why I'm BTC pessimistic, it's being superseded. I'm not saying it will disappear but who will want it, who will want to mine it and who will want to maintain it?

    After a few more days thinking, I'll concede that saying there will be a inversion of the ETH/BTC pair in the short term was a bit preemptive. I was thinking that because BTC is the primary purchasing currency for ETH, that BTC holdings would be sold down to buy ETH. What I didn't consider is BTC's roll as the cross currency from fiat to Eth, IOW the demand for BTC remains as it's currently the simplest way to purchase ETH. That all changes once ETH/fiat exchanges are established, again driving down the demand for BTC.
  • ilia7777ilia7777 Member Posts: 113
    So just to summirize everything said. Most probably it will take another 2 years until POW switch occurs and after that expected profitability is going to be about 10% ? I'm not quite sure what is the idea behind "betting" and "penalty" may be somebody could explain. But its written in clear English that the net profit it going to be about 10%.
  • Marvell9Marvell9 Member Posts: 593 ✭✭✭

    Biodom said:


    some people like to buy and sell, some like to "mine' as well.
    from the initial investors perspective, if you are selling out of eth, what will you buy?
    I bought eth directly when it was inexpensive (up to 0.008 BTC/eth), but now I want to mine instead of buying because mining insulates you against price volatility somewhat.
    I have spent whatever i can spend and or have electricity/AC for during spring. Maybe one or two more cards and that's it. Total of three rigs with up to ~220mh/s in immediate future and total of ~260-270mh/s final.
    Will mine whatever i will mine, then hold. Will not convert back to fiat, or at least not for a while.
    maybe will sell some to self driving cars with AI later on :)

    I had a few hundred mined eth which I had to sell off at 90c to pay electricity and a BTC loan. It wasn't pretty. But I'll be damned if I sell any more now.

    I'm buying rigs with with mortgage redraw, effectively borrowing from my house with my eth holdings as security.

    When I hear stuff like this people selling their homes orcretirement to buy miners it tells me things are out of hand

    What if the price tanks back to 2 or 3 then what will you do? It's the Wild Wild West of crypto nothing is promised I understand investing in mining it's really too late to buy large amounts of eth at current prices, like Someone said mining at least insulates you from price fluctuations since you can always sell your hardware

    But buying can work well too I made 3 btc playing the market this weekend sold a bunch at 15

    Then bought back on the huge dump at 12
    It's so easy to do this if I had 10k fiat available I could make 300 a day just following the whales

  • Marvell9Marvell9 Member Posts: 593 ✭✭✭
    @o0ragman0o I feel your pain I mined and bought over 5k with of eth and sold most of it at an average of $1

    Believe me I slap myself every day, I sold it because I didn't expect any price rises till summer and homestead came much faster than I expected

    I had huge old electric bills from Ltc and Bitcoin mining over the summer so I had to pay them
  • WarehousemanWarehouseman Member Posts: 31
    edited March 2016
    dlehenky said:

    I personally don't see ETH and BTC as competitors, but rather complimentary.

    . . . so the truest value of Bitcoin is what has been learnt in order to give rise to something like nyoc.

    In the longer term, through IoT in particular, nyoc will have physically tangible interaction with mainstream society, as common place and commonly used as are mobile apps now. That is a real social capital. What will Bitcoin have?

    If nyoc is "Our Saviour", then BitCoin was "John the Baptist"
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,254 mod
    Marvell9 said:

    I'm buying rigs with with mortgage redraw, effectively borrowing from my house with my eth holdings as security.

    When I hear stuff like this people selling their homes orcretirement to buy miners it tells me things are out of hand
    @Marvell9 Perhaps I made a bit too dramatic a statement. What I've done is redraw a few $1000 from advanced payments on my house, to pay for mining gear instead of funding it from my current nyoc holdings. The holdings though humble compared to many other early adopters, are still in excess of what I've redrawn.

    My first rig was funded with a BTCJam loan because nyoc was still so conceptual and I didn't want to mess with things on the home front. Now there's a whole lot more confidence in the platform.
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,254 mod
    edited March 2016

    dlehenky said:

    I personally don't see ETH and BTC as competitors, but rather complimentary.

    . . . so the truest value of Bitcoin is what has been learnt in order to give rise to something like nyoc.

    In the longer term, through IoT in particular, nyoc will have physically tangible interaction with mainstream society, as common place and commonly used as are mobile apps now. That is a real social capital. What will Bitcoin have?

    If nyoc is "Our Saviour", then BitCoin was "John the Baptist"
    @Warehouseman Nice draw, but I hope I'm not coming across 'that' religious about nyoc :#
  • MrYukonCMrYukonC Member Posts: 627 ✭✭✭
    bitcanuck said:

    patrik2 said:

    I have read the blog, and the conclusion is fairly simple. We are now in PoW and are able to mine, once PoC starts then mining will stop..simple as that really.

    But you have provided no evidence to support your claim that proof of stake is coming "in a few months". While the serenity fork *could* happen as soon as October, I expect we won't see it until 2017. After homestead there is still metropolis before we get to serenity.
    @bitcanuck Exactly. PoS is not "a few months" away.
  • ethfanethfan Member Posts: 458 ✭✭✭
    There will be more stages in between... Maybe POS in 2018!

    From the official nyoc blog:-

    at least one, and probably two as-yet-unnamed steps between Homestead and Metropolis: I’m open to suggestions for names (write to vinay[at]ethdev.com)
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