Why is nyoc actually the only cryptocurrency worth GPU mining?

acacioscacaciosc BrazilMember Posts: 11
I don't understand why others ASIC resistant cryptocurrencies such as Vertcoin and Monero aren't worth mining. At all. It's not worth buying a high-end GPU to mine these coins even for those who don't have to pay for electricity bill. But I do. And it's pretty expensive here (~$0.121) .

I'm about to buy (1) R9 280x HIS R9 280X IceQ Boost Clock 3GB GDDR5 PCI-E DLDVI-I/HDMI/2xMini DP + (1) 750W PSU. I'm confident that I will be able to ROI, but it seems too risky because nothing else is worth mining with it besides nyoc.

Comments

  • adasebadaseb Member Posts: 1,043 ✭✭✭
    Its because people get smart really quick and either mine with their GPUS when its the most profitable or build an ASIC. Its what happened with Bitcoin, Litecoin and Darkcoin.

    So if nyoc is no longer profitable to mine, there will be nothing to mine at all unless another 1 billion market cap coin appears. However that might not happen for a few years or ever.

    You just sell your GPU on eBay then. Or sell it on Craigslist to some gamers.
  • BubbaPumpsBubbaPumps Member Posts: 31
    You will be disappointed with such a pathetic return you will receive. Plus difficulty will most likely double by the time you are up and running. And with new GPU tech months away from release your current purchase will crater in value. It's a lose-lose situation for new potential miners. There won't be anything profitable to mine after ETH.
  • acacioscacaciosc BrazilMember Posts: 11
    edited May 2016
    That's what I thought. Miners [and also cryptocurrency traders!) rely on luck, mainly.
  • adasebadaseb Member Posts: 1,043 ✭✭✭
    The newer GPUs might only be a little more efficient but with the new high costs they won't be worth it either way. Problem right now with nyoc is every Tom, Dick and Harry started to mine it and the difficulty keeps doubling every 2 months or so.

  • BubbaPumpsBubbaPumps Member Posts: 31
    Yep unless you live next to a dam, the little guys will be muscled out in months if not sooner.
  • shutfushutfu Member Posts: 320 ✭✭
    there are multiple cryptocurrencies that are profitable to mine at the moment, just not nearly as much as nyoc. Do your research.

    If i were to build another rig, I would have to be convinced that I would make my investment back in 2.5 months or less, and while I'm considering it, I'm not exactly convinced that it would net me more nyoc in the long run than just investing the same amount of money into nyoc today.
  • BubbaPumpsBubbaPumps Member Posts: 31
    shutfu said:

    there are multiple cryptocurrencies that are profitable to mine at the moment, just not nearly as much as nyoc. Do your research.

    You must be new, but if Eth was to crash or go PoS there would be multiple no profitable cryptocurrencies to mine. Do your research, the only reason they are profitable is because of the horde is on ETH. HA noobs....they think they know everything.

  • shutfushutfu Member Posts: 320 ✭✭
    others have been profitable for awhile, but just barely so after power cost. Not worth getting new hardware to get in to, but if you had hardware already paid for, then yes.

    Also, I think most people will be unloading their hardware once eth mining becomes unprofitable, so I'm not sure how much the other currencies will get hoarded on.
  • acacioscacaciosc BrazilMember Posts: 11
    I made this same question in Bitcointalk and a veteran told me "we will talk about another more profitable coin in 1-2 years, guaranteed...", so we don't need to worry about it stopping being profitable soon... I asked him/her how s/he can be so confident, and the reply was that it's because it happened 3 times before. I said that it doesn't mean it will be the same thing from now on just because of that. He didn't reply me anymore...
  • zedzednovazedzednova Member Posts: 53
    acaciosc said:

    I made this same question in Bitcointalk and a veteran told me "we will talk about another more profitable coin in 1-2 years, guaranteed...", so we don't need to worry about it stopping being profitable soon... I asked him/her how s/he can be so confident, and the reply was that it's because it happened 3 times before. I said that it doesn't mean it will be the same thing from now on just because of that. He didn't reply me anymore...

    heh, I saw that thread. :wink:

    Cheers,

    - zed
  • adasebadaseb Member Posts: 1,043 ✭✭✭
    acaciosc said:

    I made this same question in Bitcointalk and a veteran told me "we will talk about another more profitable coin in 1-2 years, guaranteed...", so we don't need to worry about it stopping being profitable soon... I asked him/her how s/he can be so confident, and the reply was that it's because it happened 3 times before. I said that it doesn't mean it will be the same thing from now on just because of that. He didn't reply me anymore...

    This would be like me buying Apple stock for $100 a share and Apple promising that it will never go below $100 a share, it won't happen.

  • syaoran99syaoran99 Member Posts: 204
    adaseb said:

    The newer GPUs might only be a little more efficient but with the new high costs they won't be worth it either way. Problem right now with nyoc is every Tom, Dick and Harry started to mine it and the difficulty keeps doubling every 2 months or so.

    Whatever happened to nyoc is still very profitable to mine and people should stop listening to those preaching about difficulty bomb?
  • syaoran99syaoran99 Member Posts: 204
    That said, it's still very profitable which is why huge farms are being set up because it will continue to be very profitable till the end of time. I have cards to help those who want to mine that I need to get rid of so PM me if you wanna buy some :)

    Ask @ditto @o0ragman0o they will tell you to keep buying cards to mine till the day you die! They'll vouch for this movement. 40T? Meh that's nothing. Still profitable.
  • BitsBeTrippinBitsBeTrippin Member Posts: 59
    edited May 2016
    Bottom line, if there is interest, if there is people to provide to a network, there will always be an incentive. Platforming a new blockchain tech to the enthusiast community is and will continue to be the bridge/stepping stone. Is there GPU life after Ether? Most certainly, there is a lot of investment in GPU farms these days, as some would say, follow the hashrate.

    Profitability will be spread out some, but have faith and never overspend what you cant get back. We will provide a costing spreadsheet on our next episode drop, this will allow you to keep taps on B/E. Working on finishing the API calls for difficulty/pricing.

  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,254 mod
    edited May 2016
    acaciosc said:

    I don't understand why others ASIC resistant cryptocurrencies such as Vertcoin and Monero aren't worth mining.

    @acaciosc The primary reason that nyoc is so profitable isn't because it's ASIC resistant but because it's the only coin with a generalized intrinsic value. That value being that ether is the only coin that can run a Turing Complete smart contract (or more technically the only coin that enforces a Turing Complete contract to 'halt').

    So the platform itself has general practical value above all other crypto's and that value grows with broader adoption. The high profitability of mining now is only because the mining infrastructure has not been able to keep pace with the growth in value. The huge Chinese farms that are coming online now are putting a huge dent in the equation though. :(

    Regardless, the devs made a pretty sterling effort in making nyoc ASIC/centralization resistant, but that resistance has been weakened now by the delay in PoS. But, that just means we get to mine longer, even if it's harder.


    As for what to do with GPU's post PoW, maybe other coins will come along but if Casper (PoS) proves itself then that kills pretty much all need for PoW on any new coins. I don't think many people in crypto actually realize how many problems nyoc solves and that we are looking at a pending extinction level event for just about all other alt-coins, and perhaps Bitcoin also.

    So with no other alt-coins and no GPU PoW, your options are to try and sell on a depressed market, or to actually realise the actual comput value of having kickass super computers in your lounge room.

    With projects like Golem you'll be able to hire out your compute power through nyoc to industries such as science, mining, CGI movie producers, etc...who generally need huge capital to invest in their own super computer data centers.

    It might not be any more profitable than PoW but, I personally think it a lot more worthy than just wasting energy.
    syaoran99 said:

    That said, it's still very profitable which is why huge farms are being set up because it will continue to be very profitable till the end of time. I have cards to help those who want to mine that I need to get rid of so PM me if you wanna buy some :)

    Ask @ditto @o0ragman0o they will tell you to keep buying cards to mine till the day you die! They'll vouch for this movement. 40T? Meh that's nothing. Still profitable.

    @syaoran99 We'll you've certainly changed your tune ;) But no I've never said that, I believe in plenty of natural limits before death.... :)
    Post edited by o0ragman0o on
  • syaoran99syaoran99 Member Posts: 204
    @o0ragman0o I've obviously "changed" my tune that's why I'm selling my cards lol. For the greater good of interested miners. I'm such a nice guy aren't I.

    Then again "maybe" I was "right" all along? lol.

    It isn't only China mining centres. Genesis and quite a few other Western farms are being expanded and set up so yah! It's still technically "impossible" for us to see mining become unprofitable for the general home miner isn't it ;)
  • mangshawnmangshawn Member Posts: 4
    How wrong you all were, gpu mining still going strong way into April 2017. But the more miners you scare away the more profits i can make so thanks.
  • wirelessnet2wirelessnet2 Member Posts: 368 ✭✭✭
    edited April 25
    also
    this is for the second half of your post
    DO NOT BUY ANY GCN 1.0 CARDS FOR nyoc
    THEY HASH LIKE SHIT
    THIS INCLUDES THE 7950, 7970, 280, AND 280x
    "confident I can ROI"
    yeah with a card that burns 200W for 13MH/s yeah no
  • boysieboysie Member Posts: 590 ✭✭✭
    lol you lot. This is what I get on Awesome miner coin list
  • AlelekseushkaAlelekseushka Member Posts: 2
    By the fact that he is the fastest.
    But in principle, it only applies to the amount of ether, not its price. If the price falls by half, then the payback of the farm will be twice as long and this formula applies to everyone. The safest method here is extracting the air and transferring it to bitcoins.
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